Zhi Tong Cai Jing·2025-11-28 02:00Core Viewpoint - Huaxi Securities maintains a "Buy" rating for Bosideng, 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 categories [1] Company Performance - For FY25/26H1, Bosideng reported revenues of 8.928 billion, down from 6.568 billion for down jackets, with net profit attributable to shareholders at 1.189 billion, aligning with market expectations [2] - The main brand showed strong growth, with down jacket revenue increasing by 8.3%, driven by store openings, while online growth slowed [2] - Other income for FY25/26H1 was 239 million, up from 196 million in the same period last year, with goodwill impairment of 71 million [2] Revenue Breakdown - Revenue from down jackets, OEM, women's wear, and diversified clothing for FY25/26H1 was 6.568 billion, 2.044 billion, 251 million, and 64 million respectively [2] - The brand revenue breakdown for down jackets showed Bosideng at 5.719 billion, Xuezhongfei at 378 million, and Bingjie at 15 million [2] Channel Performance - Revenue from direct sales, wholesale, and other (raw material sales) was 2.411 billion, 3.701 billion, and 456 million respectively, with year-on-year growth of 6.6%, 7.9%, and 22.8% [3] - Online revenue for the group reached 1.426 billion, with a year-on-year increase of 2.2% [3] Operational Metrics - The company had 3,558 stores, with a net increase of 88 stores (+11.6%), including 1,239 direct and 2,319 franchise stores [3] - Gross profit margin for FY25/26H1 improved by 0.2 percentage points to 50.0% [4] Financial Ratios - Operating profit margin (OPM) and net profit margin for FY25/26H1 were 17.0% and 13.3%, respectively, with increases of 0.3 and 0.5 percentage points [4] - The increase in OPM was attributed to a decrease in sales expense ratio and an increase in the proportion of other income [4] Inventory Management - As of FY25/26H1, inventory decreased by 20% to 4.735 billion, with inventory-to-revenue ratio at 53.0%, down 14.4 percentage points [5] - Inventory turnover days were 178 days, a decrease of 11 days year-on-year [5] E-commerce Growth - The brand gained approximately 400,000 new members on Tmall and JD platforms, totaling around 21.4 million members as of September 30, 2025 [6] - The brand also has approximately 11 million followers on Douyin [6]