智通财经网·2025-11-28 01:56Core Viewpoint - Huaxi Securities maintains a "Buy" rating for Bosideng (03998), citing a favorable low base for the second half of the year, potential for accelerated growth in direct sales and online channels, and ongoing growth in outdoor product lines [1] Company Performance - For FY25/26H1, Bosideng reported revenues of 8.928 billion, down from 6.568 billion for down jackets, with a net profit attributable to shareholders of 1.189 billion, aligning with market expectations [1] - The company’s other income reached 239 million, up from 196 million in the same period last year, while goodwill impairment was 71 million, slightly up from 70 million [1] - The net profit, excluding other income and goodwill impairment losses, was 1.078 billion, reflecting a year-on-year growth of 6.9% [1] - A mid-term dividend of 0.063 HKD per share was proposed, with a payout ratio of 60.87% [1] Revenue Growth - The revenue growth for down jackets and the main brand Bosideng was 8.3%, driven primarily by store openings, although online growth has slowed [2] - Revenue breakdown for FY25/26H1 includes down jackets at 6.568 billion, OEM at 2.044 billion, women's wear at 251 million, and diversified clothing at 64 million [2] - The brand revenue for down jackets includes Bosideng at 5.719 billion, Xuezhongfei at 378 million, and Bingjie at 15 million [2] - Direct sales, wholesale, and other channels generated revenues of 2.411 billion, 3.701 billion, and 456 million respectively, with year-on-year growth of 6.6%, 7.9%, and 22.8% [2] - Online revenue for the entire brand was 1.426 billion, up 2.2%, with down jacket online direct sales and franchise sales at 1.324 billion and 102 million respectively [2] - The total number of stores reached 3,558, with a net increase of 88 stores, representing an 11.6% growth [2] Profitability Metrics - The gross margin for FY25/26H1 improved by 0.2 percentage points to 50.0%, with specific margins for down jackets at 59.1%, OEM at 20.5%, women's wear at 59.9%, and diversified clothing at 27.8% [3] - Operating profit margin (OPM) and net profit margin for FY25/26H1 were 17.0% and 13.3%, respectively, reflecting increases of 0.3 and 0.5 percentage points [3] - The increase in OPM was attributed to a 1.7 percentage point decrease in sales expense ratio and a 0.4 percentage point increase in other income proportion [3] Inventory Management - As of FY25/26H1, the company’s inventory was 4.735 billion, a decrease of 20% year-on-year, with raw materials, work-in-progress, and finished goods accounting for 35.7%, 1.6%, and 63.7% respectively [4] - The inventory-to-revenue ratio was 53.0%, down 14.4 percentage points year-on-year, with inventory turnover days reduced to 178 days, a decrease of 11 days [4] - Accounts receivable increased by 1.1% to 4.6 billion, while accounts payable decreased by 0.2% to 7.4 billion [4] E-commerce Growth - In FY25/26H1, Bosideng added approximately 400,000 members on Tmall and JD platforms, totaling around 21.4 million members as of September 30, 2025 [5] - The brand also has approximately 11 million followers on Douyin [5]