21世纪经济报道记者朱艺艺 报道 近日，国内羽绒服龙头波司登（03998.HK）交出一份并不亮眼的中期成绩单。 2025/26上半财年（截至2025年9月30日止六个月），波司登实现营收约89.28亿元（人民币，下同）， 同比小幅上升1.4%，净利润约12.01亿元，同比增长5.2%。 需要指出的是，作为业务基本盘的品牌羽绒服收入增速有所放缓，2025/26上半财年该板块贡献收入约 65.68亿元，占总收入的73.6%。尽管实现增速8.3%，但相比2023/24上半财年、2024/25上半财年动辄两 位数的高增速（对应增速分别为28.1%、22.7%），已明显放缓。 在"聚焦羽绒服主航道、聚焦时尚功能科技服饰主赛道" 的战略方向下，品牌羽绒服业务为波司登公司 的最大收入来源。 2025/26上半财年，品牌羽绒服业务实现收入约65.68亿元，占总收入的73.6%，同比上升8.3%。但该业 务板块毛利率下降2个百分点至59.1%，主要由于经销商渠道在2025/26上半财年的销售增长速度高于自 营渠道，且经销商的毛利率较自营渠道较低所致。 拉长时间线看，相比2023/24上半财年、2024/25上半财年高达28.1 ...

Core Viewpoint - Bosideng (03998.HK), a leading down jacket brand in China, reported a modest mid-term performance for the first half of the 2025/26 fiscal year, with revenue of approximately 8.93 billion yuan, a year-on-year increase of 1.4%, and a net profit of about 1.20 billion yuan, up 5.2% [2]. Revenue Performance - The brand's down jacket business generated approximately 6.57 billion yuan, accounting for 73.6% of total revenue, with a year-on-year growth of 8.3%. However, this growth rate has slowed compared to the previous two fiscal years, which saw growth rates of 28.1% and 22.7% respectively [3][5]. - The main brand, Bosideng, contributed 5.72 billion yuan in revenue, also achieving an 8.3% growth rate, significantly lower than the previous years' growth rates of 25.5% and 19.4% [5]. Market Challenges - The slowdown in growth is attributed to intensified competition in the high-end down jacket market, with brands like Arc'teryx, KAILAS, Descente, The North Face, and others attracting high-net-worth consumers [5]. - Rising raw material costs have also pressured Bosideng's cost structure, with the price of duck down increasing from 304 yuan/kg in 2020 to 669 yuan/kg in 2025 [5]. Strategic Initiatives - Despite market challenges, Bosideng is committed to maintaining its high-end positioning, launching the "Master Puff" series during Paris Fashion Week and collaborating with renowned designers to introduce premium product lines [6][8]. - The company has strategically invested in the Canadian luxury down jacket brand Moose Knuckles, acquiring approximately 31.6% of its shares to strengthen its high-end market presence [7]. Brand Development - The management indicated that the AREAL series has performed better than expected, with around 60% of sales revenue coming from new customers, primarily younger consumers [8]. - Bosideng aims to deepen its focus on down jackets while exploring new categories, ensuring that all new product developments align with its core business strategy [9][14]. Snow Flying Brand Performance - The Snow Flying brand, positioned in the mid-range market, experienced a revenue decline of 3.2% to 378 million yuan, despite increasing its retail outlets [10][13]. - The management expressed optimism about Snow Flying's recovery, noting a shift from negative to positive growth in sales during October and November [13].

Core Insights - The company has announced the appointment of renowned British fashion designer Kim Jones as the creative director for the Bosideng brand, launching the high-end urban AREAL series to redefine the concept of business down jackets [1] Product Development and Market Strategy - The company is focusing on three key categories for winter: extreme cold, outdoor, and puff jackets, with strong iterations on existing successful lines [2] - A new three-in-one jacket has been launched in collaboration with outdoor expert Errolson Hugh, featuring Gore-Tex elastic fabric [2] - The "Master Puff" series debuted at Paris Fashion Week on October 7, showcasing a sleek design that breaks the traditional heavy image of down jackets [2] Market Conditions and Sales Outlook - A significant drop in temperatures across 22 provincial capitals in China on October 20 is expected to positively impact down jacket sales during the peak season [2] - The upcoming Spring Festival in 2026, which falls on February 17, extends the sales window for winter apparel compared to the previous year, benefiting winter product performance [2] Financial Projections and Investment Recommendations - The company aims to strengthen its core down jacket business while focusing on the "fashion functional technology apparel" sector, enhancing single-store operations for improved efficiency [2] - The company maintains its previous profit forecasts, expecting net profits of 3.93 billion, 4.37 billion, and 4.91 billion yuan for FY26, FY27, and FY28, respectively, with corresponding PE ratios of 13, 12, and 11 times, and maintains a "buy" rating [2]

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].