机构：华源证券 研究员：丁一 公司发布2025 财年全年业绩。公司发布FY2025 年报，全财年实现营收259.02 亿元，同比+11.6%， FY2021-FY2025 公司营收CAGR 为17.7%，营收持续稳健增长；FY2025 营业利润49.67 亿元，同比 +12.9%；FY2025 归母净利润35.14 亿元，同比+14.3%，FY2021-FY2025 公司归母净利润CAGR 为 19.7%。近五个财年，公司经营溢利率及库存周转天数整体呈改善趋势，此外，FY2025 派息率达 84.1%，为近五个财年新高。 分业务看，品牌羽绒服及贴牌加工业务为营收增长驱动。公司持续锚定"聚焦羽绒服主航道、聚焦时尚 功能科技服饰主赛道"的"双聚焦"战略方向。拆分业务看，1）公司品牌羽绒服业务维持快速增长， FY2025 业务营收录得216.68 亿元，同比+11.0%，其中，波司登主品牌及雪中飞营收分别同比增长 10.1%/9.2%，为品牌羽绒服业务核心增长驱动；2）FY2025 公司贴牌加工业务营收为33.73 亿元，同比 +26.4%，代工业务前五大客户占比同比提升0.9pct 至90.4%，伴随公司拓展品类 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 事件： 2024/25财年收入、归母净利润同比增12%、14% 波司登发布截至2025年3月末的2024/2025财年业绩。2024/2025财年公司实现营业收入259.0亿元（人民 币，下同），同比增长11.6%，归母净利润35.1亿元，同比增长14.3%，EPS（基本）为0.32元人民币，拟 每股派末期股息22.0港仙，全年合计派息率达到84.1%。 利润率指标方面，2024/25财年毛利率同比下降2.3PCT至57.3%，经营利润率同比提升0.2PCT至19.2%，归 母净利率同比提升0.3PCT至13.6%。 点评： 品牌羽绒服/贴牌加工/女装/多元化服装收入同比+11%/+26%/-21%/+3% 占主导的品牌羽绒 ...

机构：光大证券 研究员：姜浩/孙未未/朱洁宇 点评： 品牌羽绒服/贴牌加工/女装/多元化服装收入同比+11%/+26%/-21%/+3% 分业务来看，2024/25 财年公司主业品牌羽绒服/贴牌加工/女装/多元化服装收入占比为 83.7%/13%/2.5%/0.8%，收入同比+11%/+26.4%/-20.6%/+2.9%。 占主导的品牌羽绒服业务再拆分：1）按品牌，主品牌波司登/雪中飞/冰洁/其他（系羽绒服产品有关的 原材料等） 收入占品牌羽绒服业务的比重分别为85.3%/10.2%/0.6%/3.9%，收入分别同比增长 10.1%/9.2%/-12.9%/49.4%。 2）按渠道，自营/批发/其他收入占品牌羽绒服业务的比重分别为69.6%/26.4%/4%，收入分别同比增长 5.2%/24.3%/49.4%。 3）分线上线下来看，公司全品牌线上销售收入为75.8 亿元，同比增长9.3%，其中品牌羽绒服线上渠道 实现收入74.8 亿元，同比增长9.4%，在羽绒服业务收入中占比达到34.5%；女装业务线上收入1.0 亿 元，同比增长2.0%，在女装业务中占比达到14.9%。 2024/25 财年收入、归母净利 ...

2025 年 6 月 30 日 公司研究 需求较弱环境下业绩实现稳健高质量增长，扎实推进双聚焦战略 ——波司登（3998.HK）2025 财年业绩点评 买入（维持） 当前价：4.46 港元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 115.44 | | 总市值(亿港元)： | 514.87 | | 一年最低/最高(港元)： | 3.46/5.14 | | 近 3 月换手率： | 22.0% | 股价相对走势 -30% -20% -10% 0% 10% 20% 30% 40% 50% 24/06 24/07 24/08 24/09 24/10 24/11 24/12 25/01 25/02 25/03 25/04 25/05 波司登 恒生指数 | 收益表现 | | | | | --- | --- | --- | -- ...

"聚焦羽绒服主航道、聚焦时尚功能科技服饰主赛道"的"双聚焦"战略方向。波司登（03998）在复杂的市场环境中交出了一份高质量的2024/25财年全年业绩 答卷。 智通财经APP获悉，6月26日，波司登发布2024/25财年年度业绩公告。财报显示，公司实现收入259.02亿元（人民币，下同），同比增长11.6%；经营溢利 49.67亿元，同比增长12.9%；股东应占溢利35.14亿元，同比增长14.3%；经营溢利率提升至19.2%。这组数据的含金量在于，波司登已实现连续8年营收和净 利润创同期历史新高，同时每一分收入增长都转化为更扎实的利润。 从财务健康度来看，波司登经营活动现金流净额达39.82亿元，现金及等价物41.85亿元，充沛的现金流为企业的持续发展和战略布局提供资金保障。这也是 波司登获得穆迪和标普"双投资级"评级的重要原因。 2024年，波司登升级推出全新极地极寒系列，首创动态御寒科技，采用北极熊绒仓结构、南极鲨鳃式排湿呼吸系统以及人体力学减负系统，更保暖、更透 气、更轻量。中国南北极考察同款系列产品，严选90%高绒子含量、800+高蓬松抗水鹅绒以及户外专业高效防风GORE-TEX面料，满足高寒地区 ...

研究员：林骥川/杨润渤/陈婕 FY25 业绩（2024 年4 月-2025 年3 月）符合我们预期 机构：中金公司 公司FY25 收入同比增长12%至259 亿元，归母净利润同比增长14%至35亿元，业绩符合我们预期。公司 宣派末期股息22 港仙/股，对应全年派息率约84%。 羽绒服主业在多重不利因素下仍旧保持稳健增速。2HFY25 品牌羽绒服业务收入在高基数、暖冬、消费 环境波动等不利因素影响下，仍旧录得7%的收入增速，体现出公司品牌在羽绒服行业的影响力和销售 韧性。分渠道看，直营/批发收入分别同增1%/47%。期内公司继续聚焦标杆Top 店打造，截至3 月末， 公司约31%的门店位于一二线城市，同比提升2.8ppt；同时公司关注战略增量市场开拓，全财年公司净 开门店253 家。分品牌看，2HFY25 核心品牌波司登收入同增7%至132 亿元，占羽绒服收入的85%。 OEM 业务FY25 收入同增26.4%至33.7 亿元，在波动的环境中OEM 业务的高增长体现出公司积极拓展 高质量新客户，打造订单快反能力和拓展海外产能布局所带来的成效。 渠道结构、产品结构调整下主品牌毛利率表现出色，体现出色的折扣控制能力 ...

随着市场需求的不断变化，波司登积极应对，持续创新产品品类。春夏季打造防晒衣、单壳冲锋衣等功 能性外套，拓展冲锋衣鹅绒服、升级极寒极地系列、开展城市品牌联名。这些品类创新为非旺季销售带 来增量，提升品牌热度，赋能主业。 基于"双聚焦"战略的指引，波司登在业务发展上取得显著成果。品牌坚持"聚焦羽绒服主航道、聚焦时 尚功能科技服饰主赛道"，使得品牌羽绒服收入增长11.0%至约216.68亿元，创同期新高。同时，贴牌加 工管理业务也实现良好发展，收入达33.73亿元，同比上涨26.4%。旗下雪中飞品牌深挖"冰雪"基因，发 力线上业务，收入约22.06亿元，同比增长9.2%。而这些业绩增长，与波司登的渠道建设战略紧密相 连。 在渠道建设方面，波司登积极布局并优化运营。通过拓展TOP店、分层级分店态精细化运营，实现经销 渠道增长，优化渠道质量，提升运营效率。在线上销售方面，品牌大力推动抖音等新兴平台建设。2024 年9月，借抖音平台推广轻薄羽绒服并举办大秀。2024/25财年，波司登品牌在抖音新增粉丝超100万， 至2025年3月31日，抖音粉丝约1000万。同期，在天猫及京东平台新增粉丝约700万、会员约300万，至 ...

Core Insights - Shanghai Jahwa held its 2024 annual shareholder meeting on June 25, where management discussed strategic direction, operational philosophy, brand development, and channel reform [1] - CEO Lin Xiaohai expressed that the company's performance over the past year "basically met expectations" and emphasized the importance of operational capability moving forward [1] Strategic Focus - The company is deepening its "Four Focuses" strategy, which includes focusing on core brands, brand building, online presence, and efficiency [2] - Lin Xiaohai highlighted that the strategic transformation is showing initial results, with brands undergoing rebranding and repositioning [2] - The Yuze brand has strengthened its collaboration with renowned hospitals, leading to comprehensive upgrades in brand image and product offerings [2] - The Six God brand has introduced a new slogan to promote a "refreshing culture," targeting younger consumers [2] - The company has categorized its brands into three tiers for differentiated resource allocation, with Six God and Yuze in the top tier [2] Performance and Growth - The company's major brands achieved double-digit growth across online channels during the 618 shopping festival, attributed to organizational optimization and strategic focus [3] - Lin Xiaohai indicated that the organization is entering a "deep water zone" of reform, with a focus on enhancing operational capabilities and brand investment [4] - The company aims for double-digit revenue growth by 2025, which is positioned as a pivotal year for brand development and competitive advantage [4]

Group 1 - The company held its 2024 annual shareholders' meeting on June 25, where 14 proposals were approved, including the 2024 Board of Directors' work report and the 2024 annual report [2] - In 2024, the company achieved a revenue of 5.679 billion yuan, indicating improved governance and operational standards [2] - The shareholders' meeting approved a profit distribution plan for the first half of 2025 to reward investors, along with employee stock ownership and long-term incentive fund management plans to enhance employee engagement [2] Group 2 - During the "618" shopping festival, the company's main brands achieved double-digit growth across online channels, attributed to effective planning and improved operational efficiency [3] - The company plans to deepen reforms in the second half of the year, focusing on core brands and increasing investment in brand building to achieve double-digit revenue growth by 2025 [3]

Core Viewpoint - The company is facing a significant decline in performance, with a 49.7% drop in revenue and a 97.72% decrease in net profit for 2024, primarily due to the poor performance of its high-end product line, "Neican Series" [1][5] Group 1: Financial Performance - In 2024, the company's revenue fell to 1.423 billion yuan, and net profit dropped to 12.49 million yuan, marking the lowest levels since 2015 [1] - The "Neican Series" revenue plummeted from 1.157 billion yuan in 2022 to 235 million yuan in 2024, a decline of 67.06%, with gross margin decreasing from 91.63% to 87.71% [1] Group 2: Inventory Issues - Despite claims of over 100% distribution and sales rates, investors are skeptical about the actual inventory reduction, which is reported to be less than 5% [2] - The company maintains high finished goods inventory levels to ensure "reasonable stocking" for sales, reflecting a lack of confidence in the distribution channels [2] Group 3: Distributor Reduction - The number of distributors decreased from 1,774 to 1,336 in 2024, as the company aims to improve distributor quality by eliminating inefficient clients [3] - This strategy has caused short-term channel disruptions but is intended to optimize the distribution structure and focus on core markets [3] Group 4: Strategic Focus - The company is shifting from aggressive national expansion to a "focus strategy," pausing production capacity expansion and reducing SKU by 50% to streamline operations [4] - The focus will be on the Hunan market and select external markets, abandoning low-return areas like Beijing and Shanghai [4] Group 5: Industry Context - The company's challenges reflect broader issues faced by regional liquor companies during a period of industry adjustment, including high-end market difficulties and channel instability [5] - The management's focus strategy aims to establish a stronghold in the Hunan market, where the current market share is approximately 15% [5]