Core Viewpoint - The dual-focus strategy of Bosideng, concentrating on the main channel of down jackets and the main track of fashionable functional apparel, has achieved significant results during the reporting period, with down jacket business leading industry growth and fashionable functional apparel becoming a new growth engine [1][18]. Financial Performance - For the first half of the fiscal year 2025/26, Bosideng reported a revenue of 8.93 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 1.19 billion yuan, up 5.3% year-on-year. The gross margin remained high at 50%, with a slight increase of 0.1 percentage points, and the operating margin improved by 0.3 percentage points to 17% [1]. Down Jacket Business - The down jacket segment continued to show strong growth, generating revenue of 6.57 billion yuan in the first half, a year-on-year increase of 8.3%, accounting for 73.6% of total revenue, making it the core driver of the company's performance [2]. Product Innovation - Bosideng has deepened the integration of technology and fashion, continuously enriching its product matrix. In the sun protection apparel sector, the company has developed new functional fabrics achieving UPF50+ sun protection, while also being breathable and comfortable [4]. The outdoor apparel line features a three-in-one design for versatile wear, and collaborations with renowned designers have enhanced the brand's appeal [5]. Channel Development - The company has optimized its channel quality, increasing the number of down jacket retail outlets to 3,558, with a net addition of 88 stores. The self-operated channel revenue grew by 6.6% year-on-year, while wholesale channel revenue increased by 7.9% [8]. Supply Chain Management - Bosideng's flexible and responsive supply chain is a key competitive advantage, allowing for efficient inventory management and rapid market response. The average inventory turnover days decreased to 178 days, reflecting improved operational efficiency [9]. ESG Practices - Bosideng is the first and only company in the Asian textile and apparel industry to receive an MSCI ESG AAA rating, demonstrating its commitment to sustainable development. The company integrates sustainability into all operational aspects, balancing economic and social benefits [10]. Multi-Brand Strategy - The company has expanded its multi-brand strategy to build a diverse brand matrix in the fashionable functional apparel sector. This includes high-end collaborations and investments in luxury brands, enhancing its presence in the premium market [16]. Future Growth Prospects - Bosideng plans to continue its dual-focus strategy, consolidating its leadership in the down jacket industry while increasing investments in fashionable functional apparel. The company aims to enhance product innovation and expand its market presence, positioning itself to capitalize on consumer upgrades and industry changes [18].

Core Viewpoint - Bosideng, a leading down jacket brand in China, reported a revenue increase of 11.6% to 25.902 billion yuan and a net profit increase of 13.9% to 3.553 billion yuan for the fiscal year 2024/25, marking the eighth consecutive year of record highs in both revenue and net profit [1] Group 1: Financial Performance - Revenue for the reporting period reached 25.902 billion yuan, up 11.6% year-on-year [1] - Net profit increased by 13.9% to 3.553 billion yuan, achieving historical highs for eight consecutive years [1] - Operating profit margin improved to 19.2% [1] Group 2: Brand Strategy and Market Focus - Bosideng plans to increase investment in the mass down jacket market, focusing on high cost-performance growth opportunities [1] - The company aims for double-digit growth for its Snow Flying brand in the new fiscal year [1] - Revenue from the Bosideng brand increased by 10.1% to 18.481 billion yuan, while Snow Flying brand revenue grew by 9.2% to 2.206 billion yuan [1] Group 3: Channel Development and Online Presence - Bosideng has optimized its online content platform structure, focusing on self-operated construction, content upgrades, and new product launches [2] - The brand gained approximately 7 million new fans on Tmall and JD platforms, with total members reaching about 21 million by March 31, 2025 [2] - Offline, Bosideng is enhancing channel quality through TOP store expansion and refined operations [2] Group 4: Product Innovation and R&D - The company increased R&D investment, launching new product categories such as waterproof and windproof down jackets [2] - In the fiscal year, Bosideng filed 466 patent applications and received 527 patent authorizations, totaling 1,498 patents by March 31, 2025 [3]