Guohai Securities·2025-07-01 01:33Group 1 - The report highlights the robust performance of Bosideng, with FY2025 group revenue reaching 25.9 billion RMB, a year-on-year increase of 11.6%, and a net profit of 3.51 billion RMB, up 14.3% year-on-year [3][4] - The gross margin for Bosideng was 57.3%, a decrease of 2.3 percentage points, while the net margin improved by 0.4 percentage points to 13.6% [4] - The brand's down jacket business generated revenue of 21.67 billion RMB, representing an 11% increase year-on-year, accounting for 83.7% of total revenue [4] Group 2 - The report indicates a continuous optimization of channel quality and improvement in store operational efficiency, with a total of 2,421 Bosideng brand stores as of March 31, 2025, an increase of 135 stores year-on-year [5] - Online revenue for Bosideng's brand down jackets increased by 9.4% to 7.48 billion RMB, solidifying its leading position in the market [5] - The company effectively managed expenses, with distribution expenses accounting for 32.9% of revenue, a decrease of 1.8 percentage points year-on-year [6] Group 3 - The report discusses the rising prices of ketone, propylene, and aniline, with ketone prices increasing by 10.27% to 7,250 RMB/ton [17] - The chromium salt market is highlighted as a key area of focus, with expectations of continued demand growth driven by various industries [9] - The supply-demand tension in phosphate rock is expected to persist, with significant expansions planned by companies like Batian Co., which aims to increase its phosphate rock production capacity [10] Group 4 - The report emphasizes the high demand in the pet industry, with the market expected to reach 300.2 billion RMB by 2024, particularly in the pet medical sector [49] - The report suggests that the pig farming sector may experience a price and policy turning point, with recommendations for companies with low costs and strong expansion capabilities [47] - The poultry industry is expected to see price improvements due to a shortage of quality breeding sources, with recommendations for companies like San Nong Development [48]