Ge Long Hui·2026-03-09 23:14Core Viewpoint - The company is expected to achieve steady growth in sales for FY26, with overall revenue projected to increase in the mid-single digits despite external pressures and a warmer winter impacting traditional sales patterns [1]. Group 1: Sales Performance - The FY26 sales season is concluding, with the company anticipating stable sales performance and a mid-single-digit growth in overall revenue [1]. - The down jacket business, as the company's largest segment, is expected to grow steadily, while the OEM business is facing temporary adjustments due to tariffs [1]. - The main brand, Bosideng, is projected to have a growth rate slightly better than the overall group, while Xuezhongfei is expected to grow faster than the main brand due to its focus on the mass ice and snow sports market [1]. Group 2: Channel Optimization - The company is optimizing its channel structure, with a focus on refined single-store operations and maintaining a top store system [2]. - Online sales are expected to be the core source of growth, with the company achieving significant rankings on major e-commerce platforms during the 2025 Double Eleven shopping festival [2]. - The strategy of "one store, one plan" will continue in FY26, with offline sales expected to remain stable while online channels drive growth [2]. Group 3: Product Innovation - The company has achieved notable success in product innovation, collaborating with designer Kim Jones to launch the AREAL high-end urban line, which has received positive feedback [2]. - The Puff series, known for its fashionable design and comfort, is also expected to perform well [2]. - Future collaborations with top designers and the introduction of more global designer partnerships are planned to enhance brand competitiveness and drive growth [2]. Group 4: Multi-Brand Strategy - The company's multi-brand strategy is becoming increasingly refined, with the main brand focusing on the mid-to-high-end down jacket market and other brands targeting specific niches [3]. - The company has a strong presence in the down jacket industry, leveraging its deep industry experience and effective organizational changes to expand its competitive edge [3]. - Profit forecasts have been slightly adjusted due to the impact of warm winter weather, with expected net profits for FY26-28 being 3.73 billion, 4.06 billion, and 4.39 billion respectively [3].