新浪财经《酒业内参》获悉，对于2026年，茅台保健酒业公司党委书记、董事长冯铖表示，战略层面锚 定双赛道定位，厘清品牌边界。一方面全面梳理，精简结构，构建双赛道品牌发展矩阵，做到"品价匹 配、层次清晰、错位发展"，不搞内耗、精准卡位。 另一方面资源聚焦，明确路径，大众酱香板块将以茅台醇系列作为核心布局200元以下价格带、台源为 补充布局百元以下价格带，全力巩固大众消费市场；酱香露酒构建以茅台不老酒为引领，茅源、 MTC、微舒为多元支撑的"1+3"差异化品牌矩阵。 12月29日，"转型创新锚定双赛道 聚焦务实携手启新程"2026年茅台集团保健酒业全国经销商联谊会在 贵阳举行。 同时，会议也明确了其未来核心推广策略，2026年计划加大内容营销专项费用，实现突破十亿级以上消 费者触达，快速建立品牌独特认知。 据《酒价内参》显示，飞天茅台近五日终端成交价稳定在1816-1827元；精品茅台价格则在五日内上涨 114元，由2281元一路涨至2395元，涨幅达5%。 在产品层面，聚焦消费需求，产品迭代创新，未来将推出更多基于独特草本原料的露酒产品，匹配市场 多元化需求。在市场推广层面，推动内容营销转型，实现品牌精准破圈。 ...

Core Viewpoint - Bosideng reported a solid financial performance for FY2025, with revenue reaching 25.9 billion RMB, a year-on-year increase of 11.6%, and a net profit of 3.51 billion RMB, up 14.3% from the previous year [1] Financial Performance - FY2025 revenue reached 25.9 billion RMB, a growth of 11.6% year-on-year - Net profit attributable to shareholders was 3.51 billion RMB, reflecting a 14.3% increase - Gross margin stood at 57.3%, down 2.3 percentage points, while net margin improved by 0.4 percentage points to 13.6% - The annual dividend per share was 0.28 HKD, with a payout ratio of 84.1%, up 3% year-on-year [1] Business Segments - **Brand Down Jacket Business**: Revenue increased by 11% to 21.67 billion RMB, accounting for 83.7% of total revenue, with a gross margin of 63.4%, down 1.6 percentage points - Bosideng brand revenue rose by 10.1% to 18.48 billion RMB, with a gross margin of 69.0% - Xuezhongfei revenue grew by 9.2% to 2.21 billion RMB, with a gross margin of 42.8% - Bingjie revenue decreased by 12.9% to 130 million RMB, with a gross margin of 24.2% - Self-operated, wholesale, and other revenues increased by 5.2%, 24.3%, and 49.4% respectively [1] - **OEM Business**: Revenue grew by 26.4% to 3.37 billion RMB, accounting for 13% of total revenue, with a gross margin of 19.1%, down 1.5 percentage points [1] - **Other Businesses**: Women's wear revenue fell by 20.6% to 650 million RMB, with a gross margin of 63.2%, while diversified clothing revenue increased by 2.8% to 210 million RMB, with a gross margin of 21.7% [1] Channel Optimization - As of March 31, 2025, Bosideng increased its offline store count by 135 to 2,421, with direct stores up by 38 to 707 and third-party dealer stores up by 97 to 1,714 - The online revenue for brand down jackets grew by 9.4% to 7.48 billion RMB, with a focus on core categories and content innovation - Membership on Tmall and JD platforms reached approximately 21 million, with Douyin followers around 10 million [2] Cost Management - Distribution expenses accounted for 32.9% of total revenue, down 1.8 percentage points year-on-year, while administrative expenses were 6.4%, down 0.1 percentage points - Inventory turnover days were 118, up 3 days year-on-year, accounts receivable turnover days remained at 19, and accounts payable turnover days increased by 10 days to 171 [3] Future Outlook - The company is expected to continue product innovation and channel quality upgrades, with projected revenues of 28.62 billion, 31.48 billion, and 34.46 billion RMB for FY2026 to FY2028, and net profits of 3.92 billion, 4.37 billion, and 4.84 billion RMB respectively [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Insights - The company reported a revenue of 25.9 billion RMB for FY2025, representing a year-on-year growth of 11.6%, and a net profit of 3.51 billion RMB, which is a 14.3% increase year-on-year [4][6] - The gross margin was 57.3%, down by 2.3 percentage points, while the net margin improved by 0.4 percentage points to 13.6% [4][6] - The company continues to enhance its brand image as a leading expert in down jackets through stable and high-quality growth in its main business [6][9] Financial Performance - For FY2025, the brand down jacket business generated revenue of 21.67 billion RMB, a year-on-year increase of 11%, accounting for 83.7% of total revenue [6] - The OEM business saw a revenue increase of 26.4% to 3.37 billion RMB, representing 13% of total revenue [6] - The women's wear segment experienced a decline in revenue by 20.6% to 650 million RMB [6] Channel Optimization - As of March 31, 2025, the company increased its exclusive stores by 135 to a total of 2,421, with direct stores increasing by 38 to 707 [6] - Online sales for the brand's down jackets grew by 9.4% to 7.48 billion RMB, solidifying its leading position in the market [6] Future Projections - The company is expected to achieve revenues of 28.62 billion RMB, 31.48 billion RMB, and 34.46 billion RMB for FY2026, FY2027, and FY2028 respectively, with net profits projected at 3.92 billion RMB, 4.37 billion RMB, and 4.84 billion RMB [8][10] - The estimated P/E ratios for FY2026, FY2027, and FY2028 are 12, 11, and 10 respectively [8][10]