Group 1 - The arrival of strong cold air in October is expected to boost winter clothing sales, with significant temperature drops across various regions in China, particularly in northern areas [1] - The delayed Spring Festival in 2026 (February 17) compared to 2025 (January 29) may further benefit winter apparel sales [1] Group 2 - The "Master Puff" series by Bosideng debuted at Paris Fashion Week, showcasing a successful exploration of lightweight down jackets, marking a significant step in the brand's globalization [2] - The series breaks the traditional heavy and bulky image of down jackets, featuring architectural silhouettes with intricate tailoring and modernized classical elements [2] - The innovative filling structure and high-quality materials contribute to a unique balance of visual fullness and lightweight comfort [2] Group 3 - Bosideng appointed renowned designer Kim Jones as the creative director for the newly established AREAL high-end urban line, which emphasizes luxury aesthetics and functional design for diverse climates [3] - The company maintains its profit forecast, expecting revenues of RMB 28.4 billion, 31.1 billion, and 34.1 billion for FY26-28, with net profits of RMB 4 billion, 4.4 billion, and 5 billion respectively [3]

Investment Rating - The investment rating for the company is "Buy" with a target price set above the current price of 4.96 HKD, indicating an expected relative return of over 20% within the next six months [6][4]. Core Insights - The report highlights that the early winter and late spring may benefit winter clothing sales, as significant cold air is expected to impact various regions in China, leading to a temperature drop of over 10°C in some areas [1]. - The company has made a notable appearance at Paris Fashion Week with its "Master Puff" series, showcasing a successful exploration of the "light warmth" quality of down jackets, breaking the traditional heavy and bulky image [2]. - The appointment of renowned designer Kim Jones as the creative director for the newly established AREAL high-end urban line is expected to enhance the brand's appeal and align with modern urban aesthetics [3]. Financial Projections - The company maintains its profit forecast, expecting revenues of RMB 28.4 billion, RMB 31.1 billion, and RMB 34.1 billion for FY26, FY27, and FY28 respectively. The net profit attributable to shareholders is projected to be RMB 4 billion, RMB 4.4 billion, and RMB 5 billion for the same periods, with earnings per share (EPS) of RMB 0.34, RMB 0.38, and RMB 0.43 [4].