Group 1 - Recent nationwide temperature drop and early winter in northern regions are beneficial for the company's main product, down jackets, leading to positive sales impacts, especially in the East China market [1] - The sales peak season has been significantly extended due to the later Chinese New Year date, which is expected to positively influence the company's FY2026 financial performance [1] - The company's main brand has shown strong performance during the ongoing Double Eleven shopping festival [1] Group 2 - Appointment of renowned designer Kim Jones as creative director for the new AREAL high-end urban line is expected to enhance brand strength and international influence, despite the high-end product line's sales contribution being relatively low [2] - The company demonstrates resilient operational performance with projected revenue and profit compound growth rates of 17.66% and 19.73% respectively from FY2021 to FY2025, indicating strong growth potential in the coming years [2] - The company has maintained a high dividend payout ratio, averaging around 78% since its listing, which is expected to continue, enhancing investment attractiveness [2] Group 3 - Future earnings forecasts have been slightly adjusted, with EPS predictions for FY26, FY27, and FY28 set at 0.34, 0.38, and 0.42 CNY respectively, and a target price of 6.31 HKD based on a 17x PE for FY26 [3]

Group 1 - The core viewpoint of the report is that Dongfang Securities maintains a "Buy" rating for Bosideng (03998) with a target price of HKD 6.31, highlighting positive sales impacts from recent weather changes in key markets [1] - The company is expected to benefit from an extended sales season due to the later timing of the 2026 Spring Festival, which falls on February 17, compared to January 29 last year, potentially enhancing FY2026 performance [1][2] - The appointment of renowned designer Kim Jones as the creative director for the new AREAL high-end urban line is anticipated to positively influence the brand's international presence and overall brand strength, despite the expected low sales contribution from this high-end line [1] Group 2 - The company is projected to achieve a compound annual growth rate (CAGR) of 17.66% in revenue and 19.73% in profit from FY2021 to FY2025, demonstrating resilience amid economic fluctuations [2] - Future revenue growth is expected to remain in double digits over the next three years, with profit growth likely to slightly exceed revenue growth, supported by favorable weather conditions and an extended sales season [2] - The company has maintained a high dividend payout ratio, averaging around 78% since its listing, and is expected to continue this trend, enhancing its investment appeal [2]