NORTHEAST SECURITIES·2025-07-01 07:46Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the near term [5]. Core Insights - The company achieved a revenue growth of 11.6% year-on-year, reaching 25.9 billion yuan, and a net profit increase of 14.3% to 3.51 billion yuan for the fiscal year 2024/2025 [1][2]. - The brand's down jacket segment saw a revenue increase of 11% to 21.67 billion yuan, with the main brand, Bosideng, growing by 10.1% to 18.48 billion yuan [2]. - The company is focusing on enhancing operational efficiency through the expansion of its store network and improving single-store performance [3]. Financial Performance - The company reported a gross margin of 57.3%, a decrease of 2.3 percentage points year-on-year, while the net profit margin improved by 0.3 percentage points to 13.6% [3][4]. - The company’s inventory increased by 23.6% to 3.95 billion yuan, with a cash position of 4.18 billion yuan, indicating healthy cash flow [4]. - The company plans to achieve revenue growth of approximately 10% annually from FY2026 to FY2028, with projected revenues of 28.51 billion yuan, 31.46 billion yuan, and 34.77 billion yuan respectively [4]. Business Segments - The OEM processing management business grew by 26.4% to 3.37 billion yuan, while women's clothing and diversified apparel segments saw declines of 20.6% and growth of 2.8% respectively [2]. - The self-operated and wholesale channels for brand down jackets reported revenue increases of 5.2% and 24.3%, reaching 15.09 billion yuan and 5.72 billion yuan respectively [3]. Market Position - The company has expanded its retail store count by 253 to a total of 3,470 stores, with a net increase of 210 Bosideng brand stores [3]. - Online sales for brand down jackets grew by 9.4% to 7.48 billion yuan, accounting for 34.5% of total sales [3].