Core Viewpoint - In FY26H1, the company's revenue and net profit attributable to shareholders increased by 1.4% and 5.3% year-on-year, respectively, with the down jacket business growing by 8.3% [1][2] Financial Performance - FY26H1 revenue reached 8.93 billion, with an operating profit of 1.52 billion and a net profit of 1.19 billion, alongside a proposed interim dividend of 0.063 HKD per share, representing a cash dividend payout ratio of 60.9% [1][2] - The gross profit margin was 50.0%, up by 0.1 percentage points, mainly due to the increased proportion of high-margin down jacket business [3] - The operating profit margin was 17.0%, an increase of 0.3 percentage points, while the net profit margin was 13.3%, up by 0.5 percentage points [3] Business Segments - The brand down jacket business accounted for 73.6% of FY26H1 revenue, with the main brand Bosideng generating 5.72 billion, an increase of 8.3% [2] - The OEM and women's wear segments faced short-term pressure, with revenues of 2.04 billion and 0.251 billion, down by 11.7% and 18.6%, respectively [3] Store and Channel Performance - As of the end of September, the number of Bosideng and Snow Flying brand stores was 3,140 and 389, respectively, with changes of -67 and +126 stores since the beginning of the fiscal year [2] - Online revenue was 1.43 billion, up by 2.2%, while offline revenue was 4.73 billion, up by 9% [2] Future Outlook - In FY26H2, the company expects accelerated growth due to the sales peak season, with increased investment in the Bosideng main brand and the introduction of new product lines [4] - Revenue forecasts for FY26 to FY28 are 28.5 billion, 31.22 billion, and 34.09 billion, with corresponding net profits of 3.92 billion, 4.34 billion, and 4.8 billion, reflecting growth rates of 10.0%, 9.6%, and 9.2% [4]