"快来看一看，年终大促销啦，全场最高打5折。"2月2日，巴彦淖尔市临河区摩尔城广场人声鼎沸， 热"淖"新春·河套"优"礼年货节主会场内，众多展位挂起红灯笼，各类年货商品与本土特产交相辉映， 绘就出一幅红火的新春消费画卷。 摩尔城核心会场与胜利路商圈紧密联动，黄河湾步行街以及百货大楼、河港商城、富源商场等传统商业 体同步开启促销热潮。购物补贴、限时秒杀、满减优惠等多元举措，极大地激发了消费者的购物热情。 各街道积极组织便民市场、零售场所开设年货专区，满足居民"一站式"购置年货的需求，构建起"城区 15分钟年货圈"，让市民购物更加便捷高效。 （来源：内蒙古日报） 转自：内蒙古日报 □本报记者 图古斯毕力格 "今年的年货节真是太亲民了，不仅年货种类丰富多样，而且优惠力度也特别大，逛上一天就能把所需 的年货都备齐，就等着开开心心过大年啦。"临河区市民陈东满脸喜悦地说。 此次年货节打破城乡壁垒，将集市延伸至乡镇中心集市与城郊零售大卖场。精心挑选的智能电饭煲、品 牌羽绒服等商品同步在乡镇展区上架，实现了城乡消费品质同标同质。在临河区城关镇年货集市，五四 村的现磨面粉、友谊村的胡麻油、继光村的剪纸窗花等产品汇聚一堂，形成特 ...

（原标题：民银国际：给予波司登(03998)买入评级 目标价5.80港元） 智通财经APP获悉，民银国际发布研报称，给予波司登(03998)买入评级，目标价5.80港元。该行认为公 司股息率吸引，预计FY26保持80%以上派息率，现价对应FY26股息率约6.0%。预计公司FY26E-FY28E 营收285.1/316.0/349.3亿元，同比分别+10.1%/+10.8%/+10.5%，归母净利润39.0/43.7/49.0亿元，同比 +10.9%/+12.0%/+12.2%。现价对应26EPE为13倍。 民银国际主要观点如下： (2)品牌羽绒服占比上升使集团利润率提升。FY26H1集团毛利率同比+0.1pp至50.0%，主品牌毛利率为 64.8%，因1H批发增长快于自营及主动去库。 深化功能科技+时尚美学，多动力推动旺季动销，10-11月表现亮眼 (1)产品端，主品牌新品阵容强大，夯实功能科技+时尚美学，差异化竞争。期内户外极寒、小香风、泡 芙创新系列增长亮丽，聚焦户外/休闲/商务/时尚四大场景，与国际顶尖设计大师合作。主品牌合作前顶 奢创意总监KimJones推出Areal高端线、合作机能风设计大师Err ...

FY26H1集团收入同比+1.4%至89.3亿元，归母净利润同比+5.3%至11.9亿元，利润增长快于收入。期末 存货额同比-20%，主因公司放缓原材采购节奏+主动去库铺垫旺季，应收周转天数同比-4天至59天。 民银国际发布研报称，给予波司登(03998)买入评级，目标价5.80港元。该行认为公司股息率吸引，预计 FY26保持80%以上派息率，现价对应FY26股息率约6.0%。预计公司FY26E-FY28E营收285.1/316.0/349.3 亿元，同比分别+10.1%/+10.8%/+10.5%，归母净利润39.0/43.7/49.0亿元，同比+10.9%/+12.0%/+12.2%。 现价对应26EPE为13倍。 (1)分部收入中，品牌羽绒服同比+8%至65.7亿元。品牌羽绒服业务，主品牌增长好于其他，线下好于线 上。FY26H1主品牌收入同比+8%至57.2亿元，批发/自营同比+8%/+7%，线上营收同比+2.4%。 民银国际主要观点如下： (2)品牌羽绒服占比上升使集团利润率提升。FY26H1集团毛利率同比+0.1pp至50.0%，主品牌毛利率为 64.8%，因1H批发增长快于自营及主动去库。 FY ...

Core Viewpoint - Bosideng reported a stable revenue growth driven by its brand down jacket business, while the OEM processing business faced pressure due to tariffs [1][2] Group 1: Financial Performance - For the first half of FY2025/26, the company achieved revenue of 8.928 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 1.189 billion yuan, up 5.3% [1] - The brand down jacket business generated revenue of 6.568 billion yuan, growing by 8.3%, with the main Bosideng brand contributing 5.719 billion yuan, also up 8.3% [1] - The OEM processing business revenue declined by 11.7% to 2.044 billion yuan, while women's clothing revenue fell by 18.6% to 0.251 billion yuan [1] - The overall gross margin slightly increased by 0.1 percentage points to 50.0%, with the brand down jacket business gross margin decreasing by 2.0 percentage points to 59.1% [2] Group 2: Channel and Inventory Management - The company optimized its channel structure, resulting in a net increase of 88 retail stores to 3,558, with self-operated stores increasing by 3 to 1,239 [1] - The average inventory turnover days decreased by 11 days to 178 days, attributed to a slowdown in raw material procurement and inventory reduction efforts [3] - The online channel for the brand down jacket business saw a revenue increase of 2.4% to 1.383 billion yuan, accounting for 21.1% of the business [1] Group 3: Future Outlook - The company expects the OEM business to stabilize and return to growth in the second half of the fiscal year, while maintaining a focus on product innovation and channel quality improvement [3] - The net profit forecasts for FY2026-2028 are 3.931 billion yuan, 4.382 billion yuan, and 4.786 billion yuan, with corresponding PE ratios of 13.5, 12.1, and 11.1 times [3]

Investment Rating - The report maintains a "Buy" rating for the company [4][9] Core Views - The company is expected to achieve steady growth in the first half of FY2026, with a notable performance in its main product line, down jackets, which showed resilience during the off-season [8] - The company’s revenue and profit are projected to accelerate in the second half of FY2026, supported by favorable inventory levels and an extended sales season due to the late Chinese New Year [8] - The company aims to maintain sustainable growth over the next three years through a dual-focus strategy on its down jacket core business and a multi-brand matrix [8] Financial Performance Summary - Revenue for FY2024A is projected at 23,214 million, with a year-on-year growth of 38.4%, and is expected to reach 34,759 million by FY2028E, with a CAGR of approximately 10.6% [3] - Operating profit is forecasted to grow from 4,398 million in FY2024A to 6,711 million in FY2028E, reflecting a steady increase in profitability [3] - Net profit attributable to the parent company is expected to rise from 3,074 million in FY2024A to 4,879 million in FY2028E, with a CAGR of 11.8% [3] - Earnings per share are projected to increase from 0.26 in FY2024A to 0.42 in FY2028E [3] Valuation Metrics - The target price is set at 6.36 HKD, based on a 17x PE ratio for FY2026 [3][9] - The company’s PE ratio is expected to decrease from 17.1 in FY2024A to 10.7 in FY2028E, indicating improving valuation attractiveness [3] - The PB ratio is projected to decline from 4.0 in FY2024A to 2.5 in FY2028E, suggesting a potential undervaluation over the forecast period [3]

Investment Rating - The report does not explicitly state the investment rating for Bosideng International Holdings Core Insights - The principal brand of Bosideng drove growth in 1H25, while other business segments contracted year-on-year [1][3] - Total operating revenue for 1H25 was RMB 8.93 billion, a year-on-year increase of 1.4%, with profit attributable to owners rising by 5.3% to RMB 1.19 billion [2][8] - The gross profit margin for 1H25 was 50.0%, reflecting a slight year-on-year increase of 0.2 percentage points but a decrease of 7.3 percentage points from the previous half-year [2][8] - The company optimized inventory turnover days to 178 days, down from 189 days in the same period last year [2][8] Revenue Breakdown - Revenue from the Bosideng brand grew by 8.3% to RMB 6.57 billion, accounting for 73.6% of total revenue [3][9] - The ODM business saw a revenue decline of 11.7% year-on-year, while womenswear revenue decreased by 18.6% to RMB 250 million [3][9] - The diversified clothing business, primarily school uniforms, recorded a significant revenue drop of 45.3% to RMB 64 million [3][9] - Raw material sales revenue increased by 22.8% year-on-year, indicating strong demand in that segment [3][9] Operational Efficiency - The company employs a smart distribution center and integrated inventory management to enhance sales growth and manage inventory effectively [4][10] - The operational model allows for rapid response to market changes, contributing to a significant reduction in inventory turnover days [4][10] - AI technology is being utilized to drive apparel design and improve online operations, significantly reducing operational costs [4][10] Marketing Strategy - The company focuses on high-quality store openings in landmark commercial complexes to maximize brand exposure [5][12] - A refined operation model of "unique design per store, specific strategy per store" is being implemented [5][12] - During the Double Eleven shopping festival, the company achieved growth with lighter discounts, ranking first in several e-commerce platforms [5][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is experiencing positive revenue and profit growth, driven by a new designer series that enhances brand value [5] - The company maintains a strong dividend policy, declaring an interim dividend of HKD 0.063 per share, a year-on-year increase of 5.0% [8] - The company's core business, branded down jackets, saw revenue growth of 8.3% year-on-year, contributing significantly to overall performance [8] Financial Summary - For FY2025, the company is projected to achieve revenue of RMB 25,902 million, with a year-on-year growth rate of 11.58% [7] - The net profit attributable to the parent company is expected to reach RMB 3,514 million in FY2025, reflecting a year-on-year growth of 14.31% [9] - The earnings per share (EPS) is forecasted to be RMB 0.32 for FY2025, with a projected increase to RMB 0.42 by FY2028 [7][9] - The return on equity (ROE) is expected to be 20.77% in FY2026, gradually decreasing to 16.25% by FY2028 [7][9] Business Performance - The company is focusing on a "dual focus" strategy, enhancing operational efficiency through refined store management and channel collaboration [8] - The online revenue for the first half of FY2025/26 increased by 2.4%, with strong performance during the "Double Eleven" shopping festival [8] - The company is actively adjusting its women's clothing and diversified apparel business to improve overall operational and management efficiency [8]

Core Viewpoint - Everbright Securities maintains a "Buy" rating for Bosideng (03998), highlighting stable revenue growth and an increase in net profit margin despite a volatile external environment [1] Financial Performance - For the first half of the 2025/2026 fiscal year, the company achieved a revenue of 8.93 billion RMB, a year-on-year increase of 1.4%, and a net profit of 1.19 billion RMB, up 5.3% year-on-year, with an EPS of 0.1 RMB and a proposed interim dividend of 0.063 HKD per share [2] - Key profitability metrics showed a gross margin increase of 0.1 percentage points to 50%, operating profit margin up 0.3 percentage points to 17%, and net profit margin up 0.5 percentage points to 13.3% year-on-year [2] Business Segmentation - In the first half of the fiscal year, the revenue breakdown by business segment was 73.6% from branded down jackets, 22.9% from OEM management, 2.8% from women's wear, and 0.7% from diversified clothing, with the core branded down jacket business showing steady growth [3] - The branded down jacket revenue composition by brand was 87.1% from the main brand Bosideng, 5.8% from Xuezhongfei, 0.2% from Bingjie, and 6.9% from other related materials [4] - Revenue by sales channel showed 36.7% from self-operated stores, 56.4% from wholesale, and 6.9% from other sources, with year-on-year growth of 6.6%, 7.9%, and 22.8% respectively [4] Online and Offline Sales - Online sales for all brands reached 1.43 billion RMB, a 2.2% increase year-on-year, with branded down jackets contributing 1.38 billion RMB, up 2.4%, accounting for 21.1% of down jacket revenue [4] - As of September 2025, the company operated 3,558 stores for its down jacket business, a net increase of 88 stores (+2.5%) since the beginning of the fiscal year [4] Profitability and Efficiency - The gross margin for the branded down jacket business was 59.1%, with Bosideng and Xuezhongfei at 64.8% and 47.9% respectively, while the OEM business gross margin was 20.5%, reflecting improvements from focusing on core clients and enhancing ODM capabilities [5] - The company's expense ratio decreased by 1.1 percentage points to 32.4% year-on-year [6] - As of September 2025, inventory was 4.74 billion RMB, a 19.9% increase from the beginning of the fiscal year but a 20.3% year-on-year decrease, with inventory turnover days reduced by 11 days to 178 days [6] Long-term Strategy - The company is committed to long-term development, launching upgraded products and enhancing brand presence through collaborations with top designers and flagship store renovations [7]

2025/26 Interim Results November 28, 2025 Disclaimer The information contained in this presentation is intended solely for your personal reference. Such information is subject to change without notice, its accuracy is not guaranteed and it may not contain all material information concerning Bosideng International Holdings Limited (the "Company") and/or its business. The Company makes no representation regarding, and assumes no responsibility or liability for, the accuracy or completeness of, or any errors o ...

Core Insights - Bosideng reported a revenue increase of 11.6% year-on-year to 25.9 billion yuan and a net profit increase of 14.3% to 3.51 billion yuan for the fiscal year 2024/25, indicating stable growth in core business segments [1] - The company declared a final dividend of 0.22 HKD per share, maintaining a high payout ratio of over 80% [1] - The brand's down jackets and OEM segments saw revenue growth of 11.0% and 26.4%, respectively, while women's wear and diversified apparel experienced declines of 20.6% and growth of 2.8% [1] Revenue and Growth - The main brand Bosideng and Xuezhongfei achieved revenue growth of 10.1% and 9.2% to 18.41 billion yuan and 2.21 billion yuan, respectively, driven by enhanced brand building and optimized channel structures [2] - The number of franchise and self-operated stores increased by 253 to a total of 3,470, contributing to revenue growth [2] - Online sales for brand down jackets grew by 9.4% to 7.47 billion yuan, reflecting a strong digital presence [2] Profitability and Cost Management - The company's gross margin decreased by 2.3 percentage points to 57.3%, primarily due to structural adjustments in business segments [2] - Operating profit margin increased by 0.3 percentage points to 19.2%, supported by improved operational efficiency and reduced distribution and administrative expenses [2] - The company is expected to see profit recovery after completing channel and product structure adjustments [2] ESG Initiatives - Bosideng's ESG rating was upgraded from A to AA by MSCI, positioning it as a leader in the Chinese textile and apparel industry [3] - The company joined the United Nations Global Compact and participated in initiatives aimed at carbon neutrality in the textile industry [3] - The ESG strategy focuses on sustainability across the value chain, with themes centered on environmental improvement, product innovation, and human-centric approaches [3] Forecast and Valuation - Due to uncertainties in retail recovery, the company has adjusted its revenue growth forecast for the main brand Bosideng, with net profit estimates for FY26-28 revised down by 5.6% to 39.1 billion yuan [3] - The target price is set at 5.5 HKD, with a price-to-earnings ratio of 13.9x for FY26, reflecting confidence in operational efficiency and ESG leadership [3]