Investment Rating - The industry investment rating is "Hold" [1] Core Insights - The down jacket market in China is expanding, with the market size increasing from 120.9 billion yuan in 2019 to 196 billion yuan in 2023, representing a CAGR of 12.84%. It is projected to reach 227 billion yuan in 2024 and exceed 330 billion yuan by 2028 [3][20][21]. Summary by Sections Market Overview - China is the largest consumer market for down jackets globally, showing steady growth and resilience within the apparel sector [20]. - The market's growth is driven by consumer upgrading trends and increasing demand for quality products [20]. Consumer Preferences - Over 53% of consumers prioritize quality when purchasing down jackets, followed by style (48.72%) and color (43.96%). Price (45.79%) and brand (44.51%) are also significant factors [4][21]. - The main purchasing channels include large shopping malls and e-commerce platforms, indicating a shift towards online shopping convenience [4][21]. Supply Side Dynamics - Consumer preferences for filling materials show that duck down is the most popular choice (53.3%), followed by down cotton (49.45%) and goose down (49.27%) [5][24]. - The price of down has seen a significant decline, with 95% white goose down prices dropping by 18.14% compared to the previous year [5][24]. Technological Innovations - Brands are focusing on technological innovations to enhance product performance. For instance, Gao Fan's "future wool" down jackets have advanced waterproofing and insulation capabilities [6][26]. - The industry is transitioning from a focus on material quantity to technological advancements, including eco-friendly materials and smart temperature control [6][29]. Competitive Landscape - The market exhibits a "head concentration, small dispersion" structure, with domestic brands like Bosideng and Gao Fan leveraging cost-effectiveness and channel advantages [8][30]. - Bosideng has shown robust growth, with revenue increasing from 13.517 billion yuan in 2020 to 25.902 billion yuan in 2024, achieving a CAGR of 17.66% [8][33]. Recent Market Performance - From November 10 to November 14, 2025, the textile and apparel sector saw a 4.41% increase, outperforming the broader market indices [9][37].