风险提示 天气异常、内需复苏不及预期、新品拓展不及预期、原材料涨价 产品强势迭代+精细化渠道运营，品牌势能继续引领产品端，公司冬季聚焦极寒、户外、泡芙三大心智 品类，在原优势系列上继续迭代升级：1）户外联合机能教父Errolson Hugh 推出全新叠变三合一，搭载 Gore-Tex 弹力面料；2）10 月7 日波司登"大师泡芙"系列登陆巴黎时装周，以利落的线条设计打破传统 羽绒服厚重刻板印象。渠道端，公司继续优化渠道质量，分店态精细化运营提升单店效率。 10 月中下旬多地气温骤降，利好旺季羽绒销售据中国天气网10.20 发布，冷气强力输出，20 日全国22 个省会、省府、直辖市气温创下半年来新低，0℃冰冻线推进至H2 最南界，即华北中部一带。剧烈冷热 切换为公司旺季开启创下较好的外部条件，新品强势推出及极寒等热销系列陆续迭代，有望拉动羽绒服 销售。另外，2026 年春节对应公历2026 年2 月17 日（2025 年为1 月29 日），同比口径下旺季时间窗口 期延长，利好冬装表现。 盈利预测与投资建议 公司在巩固羽绒服主业基础上聚焦"时尚功能科技服饰"赛道，全局打造品牌矩阵，并持续做实单店经营 提质增效，构 ...

Investment Rating - The report maintains a strong buy rating for the company, with a target valuation not specified [5]. Core Views - The company is expected to achieve high-quality growth in FY25, with a projected revenue increase of 11.6% and a net profit increase of 14.3%, demonstrating strong operational resilience amid a warm winter [1][11]. - The company is focusing on the "fashion functional technology apparel" segment while optimizing its product categories and channel quality [11]. Revenue and Profitability - For FY25, the company's total revenue reached 25.9 billion RMB, with a significant increase in operating profit by 12.9% to 4.97 billion RMB and a net profit attributable to shareholders of 3.51 billion RMB, reflecting a 14.3% year-on-year growth [11][10]. - The gross margin for the brand's down jackets decreased by 2.3 percentage points to 57.3%, while the net profit margin increased by 0.4 percentage points to 13.6% due to expense optimization [4][11]. Brand Performance - The brand's down jacket revenue grew by 11.0% to 21.67 billion RMB, with the main brand contributing 85.3% of total down jacket revenue [10][2]. - Online and offline sales for the brand's down jackets were 7.48 billion RMB (+9.4%) and 14.19 billion RMB (+11.9%), respectively [2]. Channel and Retail Expansion - The company added 253 retail outlets, bringing the total to 3,470, with a significant presence in first and second-tier cities [2]. - The self-operated and wholesale channels generated revenues of 15.09 billion RMB (+5.2%) and 5.72 billion RMB (+24.3%), respectively [2]. Financial Health - The company maintains healthy cash flow and inventory turnover, with a cash flow net amount of 3.98 billion RMB, which is 1.13 times the net profit [11]. - The asset-liability ratio stands at 37.9%, indicating a solid financial position [5][14]. Future Projections - The company forecasts net profits of 3.91 billion RMB, 4.34 billion RMB, and 4.76 billion RMB for FY26, FY27, and FY28, respectively, with corresponding growth rates of 11% [11][10]. - Revenue projections for FY26, FY27, and FY28 are 28.5 billion RMB, 31.3 billion RMB, and 34.2 billion RMB, with growth rates of 10%, 10%, and 9% [11][10].