【波司登（3998.HK）】品牌羽绒服业务稳健增长，贴牌加工业务下滑形成拖累——2026财年中期业绩点评（姜浩/孙未未/朱洁宇）

Core Viewpoint - Bosideng reported its mid-term performance for the fiscal year 2025/2026, showing a slight revenue increase and profit growth, indicating resilience in its core down jacket business despite external challenges [4]. Financial Performance - The company achieved a revenue of 8.93 billion RMB, a year-on-year increase of 1.4%, and a net profit of 1.19 billion RMB, up 5.3%, with an EPS of 0.1 RMB and a proposed interim dividend of 6.3 HKD cents [4]. - Gross margin improved by 0.1 percentage points to 50%, operating margin increased by 0.3 percentage points to 17%, and net profit margin rose by 0.5 percentage points to 13.3% [4]. Business Segment Analysis - The down jacket business saw a revenue growth of 8%, while the OEM processing business faced a 12% decline due to external factors such as tariff policies and weak overseas consumer demand [4]. - Revenue contributions from various segments for the first half of the fiscal year were 73.6% from branded down jackets, 22.9% from OEM processing, 2.8% from women's wear, and 0.7% from diversified clothing, with respective year-on-year changes of +8.3%, -11.7%, -18.6%, and -45.3% [4]. Brand and Channel Performance - In the branded down jacket segment, the main brand Bosideng accounted for 87.1% of revenue, with year-on-year growth of 8.3%, while other brands like Xuezhongfei and Bingjie saw declines [5]. - Online sales for all brands reached 1.43 billion RMB, a 2.2% increase, with branded down jackets contributing 1.38 billion RMB, up 2.4%, representing 21.1% of down jacket revenue [5]. Store Network and Operations - As of September 2025, the company operated 3,558 stores for its down jacket business, a net increase of 88 stores (2.5%) since the beginning of the fiscal year [6]. - The breakdown of stores showed 1,239 self-operated and 2,319 franchised, with respective increases of 3 and 85 stores [6]. Cost and Inventory Management - The gross margin for the branded down jacket business decreased by 2 percentage points to 59.1%, influenced by changes in channel structure and increased inventory [8]. - The company reported a decrease in the expense ratio by 1.1 percentage points to 32.4%, with sales, management, and financial expense ratios showing mixed changes [8]. - Inventory as of September 2025 was 4.74 billion RMB, a 19.9% increase from the beginning of the fiscal year but a 20.3% decrease year-on-year, with inventory turnover days reduced by 11 days to 178 days [9].