Core Viewpoint - Bosideng, known as the "King of Down Jackets" in China, demonstrates strong operational resilience with an 11.6% revenue increase to approximately RMB 25.902 billion and a 14.3% rise in net profit to about RMB 3.514 billion for the fiscal year 2024-2025, marking eight consecutive years of record highs [1][8]. Financial Performance - The company's revenue for the main brand increased by 10.1% to approximately RMB 18.481 billion, achieving a historical high for the same period [13]. - The operating profit margin improved from 18.9% to 19.2%, despite facing challenges such as a slight increase in inventory turnover days from 115 to 118 days [12][13]. Operational Resilience - Bosideng's resilience stems from enhanced brand effect and supply chain management capabilities driven by technological empowerment [8][13]. - The company has adopted a demand-driven inventory management strategy, reducing inventory turnover days from 175 days in fiscal year 2021 to 115 days in fiscal year 2024 [14]. Market Trends - The rise of outdoor and ice sports in China has created new growth opportunities for down jacket companies, with a reported 14.99% increase in outdoor sports-related orders in 2023 and a 59.78% increase in the first half of 2024 [15]. - Following the Beijing Winter Olympics, participation in ice sports surged from under 100 million in 2015 to 313 million in 2022, with the ice sports consumption scale exceeding RMB 150 billion in the 2023-2024 season [17]. Product Innovation - Bosideng has launched a new series of outdoor jackets that balance fashion and functionality, featuring water resistance, windproof, and breathability [19]. - The company has also introduced a new wind and snow series under its Snow Flying brand, incorporating innovative standards for wind and snow protection [19].