波司登(3998.HK)：中期业绩再创同期新高，为高质量发展夯实基础

Core Viewpoint - Bosideng's latest financial report for the 25/26 fiscal year shows strong performance, with revenue and profit reaching new highs, indicating a sustained high-quality growth trajectory driven by brand enhancement, product innovation, and refined channel operations [2][3][30] Financial Performance - Revenue reached 8.928 billion yuan, with a net profit of 1.201 billion yuan, representing year-on-year growth of 1.4% and 5.2% respectively [2] - The down jacket segment saw an 8.3% increase in revenue, with self-operated and wholesale channels growing by 6.6% and 7.9% respectively [2] - Overall gross margin and operating profit margin improved to 50.0% and 17.0% [2] - Inventory turnover days decreased by 11 days to 178 days, indicating improved operational efficiency [2] Brand Strategy - Bosideng is focused on becoming a "global leader in down jackets," implementing a "four-dimensional differentiation" strategy to enhance brand value [5] - The brand is expanding its matrix by investing significantly in sub-brands like Xuezhongfei, which aims to become "China's first brand in ice and snow down jackets," showing over 20% year-on-year growth [7] - The internationalization of the brand is evident through collaborations with high-profile designers and participation in global fashion events, enhancing its presence in the luxury market [8][9] Product Innovation - Bosideng is leveraging consumer insights to drive product innovation, focusing on multi-scenario applicability and addressing consumer pain points [12][13] - The "Puff Down Jacket" series exemplifies this approach, combining style and comfort for urban consumers, leading to significant sales growth [14][16] - The AREAL series targets urban elites, addressing the dual need for warmth and style, and has shown strong market performance [20][21] Channel Strategy - Bosideng is enhancing channel efficiency through refined operations, focusing on flagship stores and a top-store system to create a unique brand experience [22][23] - The company is actively reducing inventory levels and improving operational efficiency in both self-operated and wholesale channels, with inventory down over 20% year-on-year [28] - A user-centric, omnichannel ecosystem is being developed to enhance customer engagement and brand value [29]