Core Viewpoint - The company reported a revenue of 25.9 billion RMB and a net profit of 3.51 billion RMB for the fiscal year 2024/25, reflecting a year-on-year growth of 11.6% and 14.3% respectively, indicating strong performance despite external challenges [3][4]. Group 1: Financial Performance - For the fiscal year 2024/25, the company achieved a gross margin of 57.3%, a decrease of 2.3 percentage points year-on-year, while the operating margin increased by 0.2 percentage points to 19.2% [3][6]. - The company proposed a final dividend of 0.22 HKD per share, resulting in a total payout ratio of 84.1% for the year [3]. - The company's inventory increased to 3.95 billion RMB, up 23.6% from the beginning of the year, with inventory turnover days slightly increasing to 118 days [7]. Group 2: Business Segmentation - Revenue from the main business segments showed varied performance: brand down jackets grew by 11%, OEM processing by 26.4%, women's wear declined by 20.6%, and diversified clothing increased by 2.9% [4]. - The brand down jacket segment accounted for 83.7% of total revenue, with the main brand Bosideng contributing 85.3% of this segment's revenue [4][5]. - Online sales for the entire brand reached 7.58 billion RMB, a year-on-year increase of 9.3%, with online sales of brand down jackets accounting for 34.5% of the segment's revenue [4]. Group 3: Strategic Focus - The company is implementing a dual-focus strategy on down jackets and fashionable functional apparel, aiming for steady growth despite challenges such as warm winters and changing consumer environments [8]. - The company has strengthened its brand building, market promotion, product quality, and supply chain management, which contributed to its resilient performance [8].
【波司登（3998.HK）】需求较弱环境下业绩实现稳健高质量增长，扎实推进双聚焦战略——25财年业绩点评（姜浩/孙未未/朱洁宇）
光大证券研究·2025-07-01 13:47