机构：国联民生证券 研究员：高旭和/华思怡 事件 公司FY2025 实现收入259.0 亿元，同比+11.6%；实现归母净利润35.1 亿元，同比+14.3%；符合预期。 公司全年派发股息0.28 港元/股，派息率维持80%以上。 品牌羽绒服稳健增长，毛利率受业务结构和原材料影响承压品牌羽绒服全财年实现收入216.7 亿元，同 比+11.0%。其中，波司登、雪中飞、冰洁分别同比+10.1%、+9.2%、-12.9%至184.8、22.1、1.3 亿元， 暖冬环境下表现较优。分模式，自营、批发、其他分别同比+5.2%、+24.3%、+49.4%至150.9、57.2、 8.6 亿元，加盟业务对收入增长贡献较大。分渠道，线上、线下分别同比+9.4%、+11.9%，羽绒服门店 同比+253 家至3470 家，波司登、雪中飞分别净增210、43 家，店效分别同比+10.5%、+4.4%。品牌羽 绒服毛利率同比-1.6pct 至63.4%，主因加盟增速较高、防晒新品毛利率低于羽绒服、核心原材料羽绒成 本上涨。 贴牌加工收入高增，女装承压，校服驱动多元化业务增长贴牌加工管理业务FY2025 实现收入337.3 亿 元，同 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on projected earnings growth and valuation metrics [4][5]. Core Insights - The company reported a revenue of 5.736 billion yuan for 2024, reflecting a year-on-year growth of 3.87%. However, the net profit attributable to shareholders decreased by 33.53% to 503 million yuan [2][5]. - The main revenue source is the brand "Winona," which saw a revenue decline of 5.45% to 4.909 billion yuan, while "Winona Baby" and "Aikeman" experienced significant growth of 34.03% and 65.59%, respectively [2][4]. - The gross margin for 2024 was 73.74%, with a slight decrease of 0.16 percentage points year-on-year. The net profit margin decreased by 4.93 percentage points to 8.77% [3][4]. Financial Performance Summary - Revenue projections for 2025, 2026, and 2027 are 6.285 billion yuan, 7.153 billion yuan, and 8.146 billion yuan, respectively, with growth rates of 9.6%, 13.8%, and 13.9% [5][7]. - The net profit attributable to shareholders is expected to recover to 700 million yuan in 2025, with a growth rate of 39.2%, followed by 856 million yuan in 2026 and 1.059 billion yuan in 2027 [5][7]. - The report indicates an increase in operating expenses, with sales, management, and R&D expense ratios rising significantly in recent quarters [3][4]. Brand Strategy and Market Position - The company is expanding its market presence with a multi-brand strategy, focusing on the main brand "Winona" and introducing new products in the sensitive skin segment [4]. - The launch of the "Winona 2.0" strategy aims to enhance brand positioning and product offerings, which is expected to drive long-term growth [4][5].