Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [8][18]. Core Insights - The company has announced a collaboration with renowned British fashion designer Kim Jones to launch the high-end urban AREAL series, aiming to redefine the concept of business down jackets [3][5]. - The company is focusing on three key product categories for winter: extreme cold, outdoor, and puff jackets, with strong product iterations and refined channel operations to enhance brand momentum [6]. - Recent weather conditions, with significant temperature drops across multiple regions, are expected to positively impact down jacket sales during the peak season [7]. Financial Forecast and Investment Recommendations - The company is projected to achieve net profits of 3.93 billion yuan, 4.37 billion yuan, and 4.91 billion yuan for FY26, FY27, and FY28 respectively, corresponding to P/E ratios of 13, 12, and 11 times [8]. - Revenue forecasts indicate a growth trajectory with expected revenues of 28.5 billion yuan, 31.4 billion yuan, and 34.8 billion yuan for FY26, FY27, and FY28, reflecting growth rates of 10% to 11% [8][13].