Core Viewpoint - Bosideng, a leading down jacket brand, reported a revenue of 25.902 billion yuan for the fiscal year ending March 31, 2025, marking an 11.6% year-on-year increase, with net profit rising 14.3% to 3.514 billion yuan [1][3]. Revenue and Profit Summary - The brand down jacket business generated approximately 21.668 billion yuan, accounting for 83.7% of total revenue, with a year-on-year growth of 11.0% [1][4]. - The OEM management business saw a revenue increase of 26.4% to 3.373 billion yuan, reaching a historical high [4]. - Women's clothing revenue decreased by 20.6% to 651 million yuan, while diversified clothing revenue rose by 2.8% to 209 million yuan [4]. Margin Analysis - Despite revenue and net profit growth, the gross margin declined by 2.3 percentage points to approximately 57.3% [6][7]. - The gross margin for the brand down jacket business decreased by 1.6 percentage points to 63.4%, while the OEM management business saw a decline of 1.5 percentage points to 19.1% [6][7]. - The women's clothing gross margin fell by 4.3 percentage points to 63.2% [6]. Inventory Management - The inventory turnover days increased to 118 days, up by 3 days compared to the previous year [8]. - The company maintains that its inventory levels are normal, focusing on high-quality, best-selling items [10]. Market Strategy and Product Diversification - Bosideng aims to attract new consumers during the summer by expanding its product range beyond down jackets, including sun protection and outdoor apparel [10][11]. - The company emphasizes that diversification is aligned with its core brand identity and aims to enhance down jacket sales [10][11]. - Bosideng plans to leverage technology and establish standards for new product categories to educate consumers and improve market positioning [10].