Core Insights - The company reported a revenue of 8.93 billion and a net profit of 1.19 billion for FY26H1, showing a year-on-year increase of 1.4% and 5.3% respectively [1] - The brand's down jacket revenue reached 6.57 billion, reflecting an 8.3% year-on-year growth [1] - The company plans to distribute an interim dividend of 0.063 HKD per share [1] Brand Leadership - The company is reinforcing its brand image as a "global leader in down jackets" through innovative brand campaigns and comprehensive product promotion [1] - In FY26H1, the company linked its brand to the Everest polar gene and launched the "Master Puff" series at Paris Fashion Week [1] Core Product Development - The company is focusing on its core product categories and expanding its spring and summer offerings [1] - Key product series include down jackets, functional outerwear, and sun protection clothing, with several products winning the ISPO Award for global design [1] Channel Optimization - The company is enhancing its channel operations by expanding top-tier stores and improving single-store performance [1] - Online sales of the brand's down jackets have shown steady growth, with strong performance during the Double Eleven shopping festival [1] Membership Experience Enhancement - The company has established better communication channels with customers, adding approximately 400,000 new members on Tmall and JD platforms [2] - As of September 30, 2025, the total membership on these platforms reached about 21.4 million [2] Financial Forecast - The company maintains its financial forecasts, expecting revenues of 28.4 billion, 31.1 billion, and 34.1 billion for FY26-28, with net profits of 4 billion, 4.4 billion, and 5 billion respectively [2]

Core Viewpoint - Bosideng reported a 1.4% year-on-year increase in revenue and a 5.3% increase in net profit for the first half of FY26, with a declared interim dividend of 6.3 HK cents per share, indicating healthy growth despite a challenging market environment [1] Financial Performance - For the first half of FY26, Bosideng's revenue reached 8.928 billion yuan, up 1.4% year-on-year, while net profit attributable to shareholders was 1.189 billion yuan, up 5.3% year-on-year, with a gross margin increase of 0.1 percentage points to 50.0% [1] - The brand's down jacket business saw revenue grow by 8.3% to 6.568 billion yuan, although gross margin declined by 2.0 percentage points to 59.1% [2] Brand Performance - The main brand recorded revenue of 5.719 billion yuan, an increase of 8.3% year-on-year, with new product lines introduced to enhance consumer choice, but the gross margin fell by 1.5 percentage points to 64.8% due to faster growth in distribution channels compared to self-operated channels [2] - The Snow Flying brand focused on high cost-performance strategies, with revenue declining by 3.2% to 378 million yuan and a gross margin decrease of 2.2 percentage points to 47.9% [2] - The Ice Cleansing brand underwent brand repositioning and inventory clearance, resulting in a revenue drop of 26% to 15 million yuan and a significant gross margin decline of 82.5 percentage points to -63.4% [2] OEM Business - The OEM business faced challenges from tariff policies, geopolitical issues, and weak overseas consumer demand, leading to an 11.7% revenue decline to 2.044 billion yuan, but gross margin improved by 0.4 percentage points to 20.5% due to enhanced supply chain management [2] Women's Wear Business - The women's wear segment experienced a decline in revenue by 18.6% to 251 million yuan, with a gross margin decrease of 1.9 percentage points to 59.9% due to a persistently weak market environment [3] Diversification Efforts - Revenue from diversified businesses fell by 45.3% to 64 million yuan, while gross margin improved by 0.2 percentage points to 27.8%, primarily due to a decrease in school uniform revenue by 49.3% [3] Channel Optimization - The company is focusing on optimizing channel quality and enhancing single-store operations, with a net increase of 88 stores in the down jacket business, bringing the total to 3,558 stores [3] Investment Outlook - The company is expected to perform well in the upcoming peak season, with projected EPS for FY26-28 at 0.35, 0.38, and 0.43 yuan respectively, and a target price of 6.0 HK dollars, maintaining a "buy" rating [3]

Group 1 - The winter season has led to a significant change in consumer habits in Tongchuan, with a surge in demand for warm clothing and hot food products, indicating a vibrant consumption market [1][11] - Various winter clothing items such as down jackets, cashmere coats, and fleece hoodies are prominently displayed in stores, attracting many consumers who are taking advantage of promotional activities [3][11] - Accessories like cotton hats, gloves, scarves, and heating devices such as hand warmers and electric blankets are also in high demand, showcasing a trend towards purchasing smaller warm items [5][11] Group 2 - The cold weather has increased the popularity of hot food and beverages, with many consumers opting for warm drinks like milk tea and coffee, leading to a noticeable rise in orders at beverage shops [7][9] - Dining establishments, particularly hot pot and soup restaurants, are experiencing a surge in customer traffic, contributing to a unique winter consumption landscape [8][11] - The overall "warm economy" driven by the cold weather reflects the adaptability of consumer demand and highlights the potential of the Tongchuan market [11]

12月2日-5日，2025企业家博鳌论坛系列活动在海南博鳌举行。 十次聚首，十载春秋。今年，企业家博鳌论坛迎来了它的第一个十年。 2016年，当第一批参会企业家带着对"丝路新梦想"的憧憬踏上这片土地时，或许不曾预料到这个平台将如此深刻地参与并见证中国经济的转型升级。10年 后的今天，新能源车静静穿行于椰林大道，零碳建筑与蓝天白云相映成趣。 从一到十，企业家博鳌论坛始终与时代同频共振，激荡前行的力量。 走进今年企业家博鳌论坛会场入口，海浪在弧形巨幕上奔涌，与寓意"十载同心"的流光拱门，共同奏响迎宾的序曲。 一 12月2日-5日，2025年企业家博鳌论坛在海南博鳌举行。新华网发 12月2日-5日，2025年企业家博鳌论坛在海南博鳌举行。新华网发 往里走，擎朗机器人向人们展示可应用的生活场景，将算法转化为服务动能；格力空调正在进行直播带货，将关注度转化为商业价值；深色波司 登"∞"（极限）造型展馆展出最新的潮品，将品牌理念转化为消费引力…… 这些场景如同一个个高能粒子，在论坛这个"强磁场"中碰撞、交织、反应。 十年间，企业家博鳌论坛的功能发生深刻变化。如今，论坛已从初期单一的观点交流空间，演进为"讲台+展台+平台" ...

Core Insights - Bosideng reported a revenue of 8.928 billion yuan for the first half of the 2025/26 fiscal year, reflecting a year-on-year growth of 1.4%, while operating profit increased by 3.1% to 1.517 billion yuan [1] - The revenue growth rate for the Bosideng brand has declined compared to previous fiscal years, with an increase of 8.3% this year compared to 19.4% and 25.5% in the first halves of the 2023/24 and 2022/23 fiscal years, respectively [1] Group 1: Market Position and Strategy - The high-end down jacket market is competitive, with both international brands like Moncler and The North Face and local brands like Gaofeng and Kailas [2] - Bosideng has shifted focus to the mass market, emphasizing high cost-performance products, with a net increase of 88 retail outlets in the first half of the fiscal year, all from its budget brands Xuezhongfei and Bingjie [2][3] - The brand's strategy to strengthen its presence in the mass market is seen as a rational return to ensure cash flow and scale, as high-end products primarily serve brand image [2] Group 2: Store Expansion and Brand Positioning - Bingjie has opened 29 new stores, all dedicated retail outlets, after previously closing most offline channels [3][6] - Xuezhongfei's store count increased from 276 to 389, with a significant presence in mid-range shopping malls [7] - The main brand Bosideng, however, has reduced its store count by 67 to 3,140, indicating a strategic shift to optimize channel structure and improve quality [9] Group 3: High-End Product Development - Bosideng is launching high-end product lines to enhance brand image, including the "Dengfeng" series and collaborations with high-profile designers [10][11] - The introduction of the VERTEX concept store aims to reshape consumer perception of Bosideng as a high-end brand [13] - Despite these efforts, the brand's presence in high-end shopping districts remains limited, with only 2.61% of stores located in high-end areas [13] Group 4: Financial Performance and Challenges - Xuezhongfei reported a revenue of approximately 378 million yuan, down 3.2% year-on-year, while Bingjie faced a significant revenue decline of 26% [16] - The management has indicated that investments in brand marketing and product development for Xuezhongfei have increased, leading to a turnaround in revenue growth in recent months [16] - The high-end market for down jackets has seen a rise in competition, with brands like Gaofeng and Moose Knuckles gaining traction [17][19]

商业世界喜欢讲消费升级的故事，盟可睐和加拿大鹅动辄上万块的价格总是被拿来论证中产阶级的身份焦虑。但当你把目光从CBD的写字楼挪开，会发 现羽绒服的尽头是300块。 最近，羽绒原料价格飙升到十二年以来的历史高位，不少网友还在讨论300元以内到底能不能买到真羽绒的时候，淘宝和抖音的榜单却给出了一个反直觉 的答案：300元以下的羽绒服，不仅没死，而且销量居然遥遥领先。 打开淘宝我们会发现，销量排名前5的羽绒服爆款，有3件都低于300元。在天猫双11服饰销量排行榜上，波司登、雪中飞、鸭鸭这几个专业羽绒服品牌， 店内销量排名第一的羽绒服全都低于300元。 鸭鸭成立于1972年，波司登成立于1976年，雪中飞稍晚，成立于1999年，300元以内你不仅能买到羽绒服，还是几十年的老牌国货。"老"一点都不耽误他 们卷，他们在300元以内这个价格带卷参数、卷营销、卷价格，甚至除了这些老品牌之外，还有一堆服饰品牌正在加入300元以内的羽绒服战场。 300块的羽绒服为什么好卖？ 在羽绒服的鄙视链里，大家普遍认为万元以上卖的是Logo和社交货币，千元以上卖的是设计和品牌背后的品质保证，300元以下，是否填充了真羽绒都要 被反复拷问，压 ...

Core Points - The article emphasizes the importance of promoting high-quality development of the private economy in Suzhou, aligning with the spirit of the 20th Central Committee's Fourth Plenary Session and Xi Jinping's important discussions on private economic development [1][6] - The focus is on creating a first-class business environment to stimulate the vitality of business entities and continuously develop and strengthen the private economy [1][6] Company Insights - Bosideng Group, a globally recognized brand in the down jacket sector, is encouraged to deepen its market expansion, green development, and non-public enterprise party building, while leveraging local industrial resources and innovation elements [2][8] - Jiangsu Henrui Fraunhofer New Materials R&D Co., Ltd. is highlighted for its focus on automotive lightweight materials, with encouragement to strengthen collaborative innovation and accelerate the application of research results [2][8] - Zhengli New Energy Company, which specializes in lithium-ion power, energy storage, and aviation batteries, is urged to optimize its industrial layout and actively participate in the development of Suzhou's new energy industry [2][10] Policy and Development Initiatives - The article discusses the need for local governments to prioritize the healthy development of private enterprises and implement policies to promote the private economy [5][10] - It mentions the "Three Services" special action aimed at addressing practical issues such as financing, land use, and talent acquisition for enterprises [5][10] - The overall goal is to assist companies in overcoming challenges, achieving breakthroughs in new technologies, creating new products, and expanding into new markets for high-quality development [5][10]

资金流向方面，今日该股主力资金净流出5156.49万元，其中，特大单净流出2562.70万元，大单资金净 流出2593.79万元。近5日主力资金净流出7288.40万元。 融资融券数据显示，该股最新（12月3日）两融余额为1.53亿元，其中，融资余额为1.53亿元，融券余额 为31.63万元。近5日融资余额合计增加2111.13万元，增幅为16.04%。融券余额合计增加5.30万元，增幅 20.13%。 10月29日公司发布的三季报数据显示，前三季度公司共实现营业收入21.30亿元，同比下降6.02%，实现 净利润3.10亿元，同比增长129.63%。（数据宝） 九牧王12月4日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 中国中金财富证券有限公司杭州江河汇证券营业部 | 1248.12 | | | 买二 | 国信证券股份有限公司浙江互联网分公司 | 848.92 | | | 买三 | 东方财富证券股份有限公司拉萨金融城南环路证券营业 | 746.01 | | | | 部 ...

来源：新闻坊 相信许多坊友对 艾格Etam这个品牌都不会陌生 许多80后、90后的衣柜里 都曾有一件他们家的衣服 不过近日 法国服饰品牌Etam 在天猫、小红书等官方账号 发布闭店公告称 因公司业务调整 Etam天猫官方旗舰店 于11月30日停止运营 公告表示，在此之前下单的货品将按原计划送达，店铺在线客服将开放至12月15日。据其工作人员透 露，小红书、抖音店铺也同步关闭。 12月3日，在Etam天猫官方旗舰店查阅发现，店里仅留下少量内衣产品供中奖和会员积分兑换，已无新 品供应。这也意味着，进入中国市场30多年的Etam，或将彻底退出。 Etam可谓是很多女生的青春回忆 有不少消费者在社交平台 晒出当年购买的衣服 且不舍品牌的离开 在中国市场 有人评论： "上大学的时候穿一件艾格 走路昂着头，脖子都上天了" 其实 这并不是首家欧洲服饰品牌 退出中国市场 11月21日，德国内衣品牌黛安芬集团中国子公司宣布，自2025年12月31日起停止在中国大陆的运营，其 线上和线下渠道将从12月起陆续停止运营。 艾格、黛安芬等外资品牌的中国之旅，见证了他们在华发展的黄金时代与转型阵痛。不过，这些品牌的 关闭只是市场竞争下的 ...

中国商报（记者 于佳鑫）又一承载了不少消费者青春回忆的服饰品牌，将于近期正式退出中国内地市场。法国服饰品牌艾格（Etam）日前宣布，其天猫旗 舰店于11月30日停止运营。这也标志着该品牌继2018年出售中国市场成衣业务，仅保留内衣业务、2020年关闭在华所有门店后，彻底退出中国内地市场。 值得注意的是，此前不久，德国内衣品牌黛安芬也宣布即将全面退出内地市场。两大经典内衣品牌的相继撤离，说明了什么？ 艾格线上渠道停止运营 拥有超过百年历史、曾在中国掀起时尚潮流的法国服饰品牌艾格，继2018年出售在华全部成衣业务后，在国内仅剩的线上内衣业务也即将关闭。 今年10月，艾格在天猫、小红书等官方账号发布闭店公告称，因公司业务调整，Etam天猫官方旗舰店于11月30日停止运营。 对于在此日期前下单的消费者，艾格表示，将按原计划送达货品。此外，针对"双十一会员挑战计划"中奖的消费者，艾格提醒，其应于12月8日前在店内选 购并完成奖品兑换。仓库将于12月8日停止发货，逾期将无法安排发货。店铺在线客服将开放至12月15日。 Etam官方旗舰店发布闭店公告。（图片截自淘宝App） 12月3日，记者查看天猫"Etam旗舰店"发现， ...