价值研究所｜一纸任命47亿，波司登再追“高端梦”

Core Viewpoint - The appointment of Kim Jones as the creative director for Bosideng's high-end series is a significant move towards the company's strategy of high-end branding and internationalization, which has been positively received by the capital market, resulting in a stock price increase of nearly 9% [2][3][5]. Group 1: Strategic Moves - Kim Jones' joining is seen as a critical step in Bosideng's high-end strategy, showcasing the company's foresight in brand internationalization and product innovation [5]. - The global downtrend of high-end down jacket brands like Canada Goose presents an opportunity for Bosideng to capture a portion of the high-end market [5][19]. - Bosideng has previously collaborated with various international designers, but Kim Jones' role is more integrated, involving design, visual arts, and global marketing strategies [9][10]. Group 2: Market Context - The down jacket market is experiencing a shift, with traditional high-end brands facing growth challenges, allowing domestic brands like Bosideng to explore high-end opportunities [19]. - Bosideng's revenue reached 25.9 billion yuan in the 2024/25 fiscal year, marking a historical high for eight consecutive years, with a net profit increase of 14.3% to 3.51 billion yuan [19]. - The competitive landscape is complex, with Bosideng facing challenges from both high-end brands and cross-category competitors, which could impact its market positioning [20]. Group 3: Challenges Ahead - Despite the positive market reaction, Bosideng's high-end strategy faces challenges, including consumer perception issues and a heavy reliance on marketing expenditures, which have surged from 2.45 billion yuan to 8.055 billion yuan from 2018 to 2024, while revenue growth has been modest [19][20]. - The long-term realization of value from Kim Jones' appointment remains to be seen, as the brand must navigate a multifaceted competitive environment [20].