近期，波司登发布了2025/26上半财年成绩单。截至2025年9月30日的6个月，公司实现营收89.28亿元，同比增长1.4%；经营溢利为15.17亿元，同比增长 3.1%。 专注中高端市场的波司登品牌收入增速同比下滑。本财年，波司登品牌收入同比上升8.3%，而在2023/2024财年上半年，波司登品牌收入同比增速为 19.4%，2023/2024财年上半年则是25.5%。 羽绒服高端市场既有Moncler、北面等海外品牌布局，也有高梵、凯乐石等本土品牌瓜分，波司登的高端化转型挑战较大。 有意思的是，一直高喊高端化转型的波司登，今年以来在加强大众市场布局。早些时候，波司登管理层提出将加码大众羽绒服市场，重点关注高性价比领 域。截至9月30日，波司登羽绒服业务常规零售网点（不含旺季店）总数较上一财年同期净增加88个，全部来自走平价路线的雪中飞和冰洁两个品牌。 冰洁、雪中飞分别净增29、126家店 波司登2018年提出高端化转型后，渠道方面做出相应调整。 作为大众定位的冰洁，自2020/21财年开始大力收缩线下代理渠道，发展线上渠道。2022/23财年内，冰洁线下渠道几乎全部关闭，仅剩两家寄售网点。 然而到了本财 ...

21世纪经济报道记者朱艺艺 报道 近日，国内羽绒服龙头波司登（03998.HK）交出一份并不亮眼的中期成绩单。 2025/26上半财年（截至2025年9月30日止六个月），波司登实现营收约89.28亿元（人民币，下同）， 同比小幅上升1.4%，净利润约12.01亿元，同比增长5.2%。 需要指出的是，作为业务基本盘的品牌羽绒服收入增速有所放缓，2025/26上半财年该板块贡献收入约 65.68亿元，占总收入的73.6%。尽管实现增速8.3%，但相比2023/24上半财年、2024/25上半财年动辄两 位数的高增速（对应增速分别为28.1%、22.7%），已明显放缓。 在"聚焦羽绒服主航道、聚焦时尚功能科技服饰主赛道" 的战略方向下，品牌羽绒服业务为波司登公司 的最大收入来源。 2025/26上半财年，品牌羽绒服业务实现收入约65.68亿元，占总收入的73.6%，同比上升8.3%。但该业 务板块毛利率下降2个百分点至59.1%，主要由于经销商渠道在2025/26上半财年的销售增长速度高于自 营渠道，且经销商的毛利率较自营渠道较低所致。 拉长时间线看，相比2023/24上半财年、2024/25上半财年高达28.1 ...

Core Viewpoint - Bosideng's latest financial report for the 25/26 fiscal year shows strong performance, with revenue and profit reaching new highs, indicating a sustained high-quality growth trajectory driven by brand enhancement, product innovation, and refined channel operations [2][3][30] Financial Performance - Revenue reached 8.928 billion yuan, with a net profit of 1.201 billion yuan, representing year-on-year growth of 1.4% and 5.2% respectively [2] - The down jacket segment saw an 8.3% increase in revenue, with self-operated and wholesale channels growing by 6.6% and 7.9% respectively [2] - Overall gross margin and operating profit margin improved to 50.0% and 17.0% [2] - Inventory turnover days decreased by 11 days to 178 days, indicating improved operational efficiency [2] Brand Strategy - Bosideng is focused on becoming a "global leader in down jackets," implementing a "four-dimensional differentiation" strategy to enhance brand value [5] - The brand is expanding its matrix by investing significantly in sub-brands like Xuezhongfei, which aims to become "China's first brand in ice and snow down jackets," showing over 20% year-on-year growth [7] - The internationalization of the brand is evident through collaborations with high-profile designers and participation in global fashion events, enhancing its presence in the luxury market [8][9] Product Innovation - Bosideng is leveraging consumer insights to drive product innovation, focusing on multi-scenario applicability and addressing consumer pain points [12][13] - The "Puff Down Jacket" series exemplifies this approach, combining style and comfort for urban consumers, leading to significant sales growth [14][16] - The AREAL series targets urban elites, addressing the dual need for warmth and style, and has shown strong market performance [20][21] Channel Strategy - Bosideng is enhancing channel efficiency through refined operations, focusing on flagship stores and a top-store system to create a unique brand experience [22][23] - The company is actively reducing inventory levels and improving operational efficiency in both self-operated and wholesale channels, with inventory down over 20% year-on-year [28] - A user-centric, omnichannel ecosystem is being developed to enhance customer engagement and brand value [29]

Core Insights - Bosideng reported a mid-term performance for the fiscal year 2025/26, achieving revenue of approximately RMB 89.28 billion, a year-on-year increase of 1.4%, and a net profit of about RMB 12.01 billion, up 5.2%, marking a historical high for the same period [1] Business Performance - The core business of Bosideng showed strong performance, with revenue from branded down jackets increasing by 8.3% to approximately RMB 65.68 billion, driven by a 6.6% increase in self-operated channel revenue to RMB 24.11 billion and a 7.9% increase in wholesale channel revenue to RMB 37.01 billion [1] - The company is positioned as a "global leader in down jackets," focusing on product innovation to enhance brand value and internationalization [1] Product Innovation and Collaborations - Bosideng collaborated with top luxury brand creative director Kim Jones to launch the high-end product line Bosideng AREAL, integrating high fashion aesthetics with 49 years of expertise in down jacket craftsmanship [2] - The company also partnered with "functional fashion guru" Errolson Hugh to introduce the VERTEX three-in-one down jacket series, aiming to provide an all-scenario wearing experience [2] Market Strategy - Bosideng focuses on the main track of fashionable functional technology apparel, continuously optimizing and expanding product lines such as sun-protective clothing and down jackets, appealing to the outdoor and sports lifestyle of younger consumers [2] - The brand's consumer structure is becoming younger, with a significant increase in consumers under 30 on major e-commerce platforms like Tmall and JD, indicating enhanced brand value [2] Channel Strategy - The company emphasizes core categories and quality reputation as key assets, expanding market presence through product iteration and innovation while avoiding blind expansion [3] - Bosideng adapts its channel strategy to align with evolving consumer demands, enhancing operational efficiency through the expansion of flagship stores and distinctive brand stores [3] Online Sales Growth - In the first half of the fiscal year 2025/26, Bosideng's online sales revenue reached RMB 14.26 billion, a year-on-year increase of 2.2%, with a total of approximately 21.4 million members on Tmall and JD platforms [4] - The brand also gained over 1 million followers on Douyin, totaling approximately 11 million followers on the platform by September 30, 2025 [4] Inventory Management - The company improved its gross profit margin by 1.7% to approximately RMB 44.67 billion, supported by an efficient inventory management system that reduced inventory turnover days to 178 days, down 11 days year-on-year [4] - This reduction in inventory turnover days reflects Bosideng's effective product management capabilities and operational resilience in responding to market changes [4]

Core Insights - The core message emphasizes that successful companies are those that grow and adapt to changing times, as articulated by the chairman of Bosideng, Gao Dekang [1] - Bosideng aims to become a world-leading fashion functional technology apparel group, focusing on down jackets and fashionable functional clothing [1] Financial Performance - For the first half of the 2025/26 fiscal year, Bosideng reported revenue of approximately 8.928 billion RMB, a year-on-year increase of 1.4% [1] - The profit attributable to equity shareholders rose by 5.2% to about 1.189 billion RMB, marking the highest mid-term performance in eight consecutive years [2][7] Dividend and Stock Performance - Based on strong operational performance, Bosideng declared an interim dividend of 0.063 HKD per share [2] - The company's stock price reached a year-high of 5.37 HKD, with a maximum increase of 46.7% within the year [2] Strategic Focus and Business Growth - Since 2018, Bosideng has focused on its core down jacket business, enhancing brand building, product innovation, and retail upgrades, which has strengthened its resilience against market fluctuations [4] - The brand's down jacket segment generated approximately 6.568 billion RMB in revenue, accounting for 73.6% of total revenue, with an 8.3% year-on-year growth [4] Profitability and Cost Management - The company's profit attributable to equity shareholders grew by 5.3% to 1.189 billion RMB, indicating a high-quality growth trend with revenue growth outpacing profit growth [7] - Gross margin increased by 0.1 percentage points to 50%, driven by supply chain efficiency and cost structure optimization [7] Inventory and Supply Chain Management - As of September 30, 2025, the inventory turnover days decreased significantly by 11 days to 178 days, reflecting effective inventory management strategies [7] Brand Development and Innovation - Bosideng has made significant strides in brand high-end positioning and product innovation, launching a high-end product line in collaboration with Kim Jones and showcasing at Paris Fashion Week [9][10] - The company filed 398 patent applications and achieved a total of 1,520 patents, enhancing its digital R&D capabilities [10] Market Opportunities and Sales Channels - The upcoming winter season and favorable climatic conditions are expected to boost sales, with the 2026 Spring Festival occurring later, extending the winter apparel sales period [11] - Bosideng is actively expanding its online presence, with significant growth in followers on platforms like Douyin and Tmall, contributing to a 2.2% year-on-year increase in online sales [11][12] Retail Network Expansion - The company increased its retail network by 88 stores to a total of 3,558, enhancing its market coverage in both first-tier and lower-tier cities [12] Analyst Outlook - Analysts maintain a positive outlook on Bosideng's growth potential, with several brokerages issuing "buy" ratings based on the company's solid fundamentals and growth prospects [12][13]

Core Insights - The company, Bosideng, has achieved a revenue increase of 1.4% year-on-year, reaching approximately RMB 8.928 billion for the fiscal year 2025/26, marking a historical high for the eighth consecutive year [3] - The brand's down jacket business has seen a steady growth of 8.3%, amounting to about RMB 5.719 billion, reinforcing its market leadership [1] - The operating profit margin improved to 17.0%, up by 0.3 percentage points compared to the same period last year, indicating strong development resilience [1] Product Innovation - Bosideng has positioned itself as a "global leader in down jackets," focusing on product innovation and category development [1] - Significant product launches include the "Master Puff" series at Paris Fashion Week and collaborations with top designers like Kim Jones and Errolson Hugh for high-end product lines [1] Channel Development - The company has expanded its flagship stores and brand image stores, enhancing its unique store characteristics while improving operational efficiency [1] - A refined operational system has been established to boost profitability and operational efficiency [1] Supply Chain Management - The company has implemented a responsive replenishment mechanism during peak sales periods, effectively managing channel inventory and product structure [2] - As of September 30, 2025, inventory turnover days decreased to 178 days, down by 11 days year-on-year, reflecting improved operational efficiency [2] Sustainability Efforts - Bosideng is actively exploring sustainable development, achieving an upgrade in its MSCI ESG rating from AA to AAA, making it the first and only Asian textile and apparel brand to reach this highest rating [4]

Core Viewpoint - Bosideng (03998) reported a mid-term performance for the fiscal year 2025/26, achieving a revenue of approximately RMB 8.928 billion, a year-on-year increase of 1.4%, and a net profit of approximately RMB 1.201 billion, reflecting a year-on-year growth of 5.2%, marking the highest mid-term performance in eight consecutive years [1] Group 1: Financial Performance - The company's revenue for the down jacket business under the Bosideng brand increased by 8.3% to approximately RMB 5.719 billion, reinforcing its market leadership [1] - The operating profit margin for the first half of the fiscal year 2025/26 improved to 17.0%, an increase of 0.3 percentage points compared to the same period last year, indicating strong development resilience [1] Group 2: Product Innovation - Bosideng launched a series of significant product releases and participated in international fashion events in the fall of 2025, including the "Master Puff" series at Paris Fashion Week and collaborations with top luxury brand creative director Kim Jones for the Bosideng AREAL high-end product line [1] - The company also partnered with "functional godfather" Errolson Hugh to introduce the VERTEX three-in-one down series, enhancing brand value and internationalization [1] Group 3: Channel and Supply Chain Management - The company expanded its flagship stores and brand image stores, creating unique Bosideng stores while continuously developing top stores and refining single-store operations to enhance profitability and operational efficiency [2] - Bosideng implemented a pull replenishment mechanism during peak sales periods, effectively managing channel inventory and product structure, which significantly improved channel efficiency and product management flexibility during peak seasons [2] - As of September 30, 2025, the inventory turnover days for Bosideng were 178 days, a significant decrease of 11 days compared to the same period in 2024, reflecting improved operational efficiency [2] Group 4: Sustainability and ESG Rating - Bosideng actively explores sustainable development and received an upgrade in its MSCI ESG rating from AA to AAA on October 22, 2025, becoming the first and only Asian textile and apparel brand to achieve this highest rating [2] - The company has consistently improved its ESG rating for three consecutive years [2]

11月27日晚，波司登发布 2025/26 财年中期业绩，截至2025年9月30日，公司实现营收约人民币 89.28亿 元，同比上涨1.4%；净利润同比增长5.2%达约人民币12.01亿元，中期业绩连续8年创同期历史新高。 渠道建设方面，公司拓展头部势能门店、多家品牌形象大店，打造具有波司登特色的门店，同时持续拓 展Top店、做实单店经营，构建精细化运营体系，推动盈利能力与经营效率双提升。 供应链方面，公司在确保首次订货比例保持较低占比的同时，在旺季销售期间，持续按照销售反馈实施 小单快反的拉式补货机制，从而有效推动渠道库存和商品结构的动态统一管理，显著提升了旺季销售的 渠道效率和商品管理的灵活性，为旺季业绩的持续提升提供有力支持。 截至2025年9月30日，波司登库存周转天数为178天，同比2024年9月30日同期库存周转天数大幅下降了 11天。库存周转天数的进一步有效降低，不仅彰显了本集团在旺季销售中高效的商品管理能力和快速响 应市场变化的运营韧性，也反映了本集团整体运营效率的持续提升。 此外，作为全球领先的中国羽绒服品牌，波司登始终积极探索可持续发展的创新之路，2025年10月22 日，摩根士丹利资本国 ...

Core Viewpoint - The recent cold wave has significantly boosted the "warm economy," particularly benefiting the down jacket industry and leading companies like Bosideng, which recently reached a new high stock price of 5.09 HKD, indicating both short-term catalysts and long-term value enhancement [1] Group 1: Short-term Catalysts - The cold wave has led to an early winter in many regions, driving sales growth for warm products like down jackets, with reports of "explosive orders" in down processing enterprises in Anhui [2] - The upcoming Chinese New Year on February 17, 2026, which is nearly 20 days later than in 2025, is expected to extend the sales window for winter clothing, alleviating inventory pressure and allowing for more flexible marketing strategies [3] Group 2: Long-term Value Reconstruction - As consumer needs evolve beyond basic warmth to more diversified and personalized demands, leading companies like Bosideng are driving industry upgrades through "light warm aesthetics," "diverse scenarios," and "high-end value," effectively reshaping the value boundaries of down jackets [4] - Bosideng has been addressing consumer pain points related to down jackets, such as bulkiness and limited styles, through continuous technological research and design innovation [5] Group 3: Product Innovations - The "Master Puff" series launched at Paris Fashion Week redefines traditional down jacket aesthetics, utilizing innovative design techniques to create a lightweight and warm experience [8][9] - The AREAL series, led by newly appointed creative director Kim Jones, aims to cater to diverse scenarios and climates, enhancing the brand's positioning in the high-end business fashion sector [12][14] Group 4: Market Potential and Institutional Support - The penetration rate of down jackets in China is still low at around 10%, compared to over 30% in Europe and 70% in Japan, indicating significant growth potential for Bosideng's innovative products [15] - Multiple institutions have expressed optimistic forecasts for Bosideng, highlighting its strong performance potential in the upcoming sales season, with recommendations to buy or hold the stock [16][17]

Core Insights - The company has announced the appointment of renowned British fashion designer Kim Jones as the creative director for the Bosideng brand, launching the high-end urban AREAL series to redefine the concept of business down jackets [1] Product Development and Market Strategy - The company is focusing on three key categories for winter: extreme cold, outdoor, and puff jackets, with strong iterations on existing successful lines [2] - A new three-in-one jacket has been launched in collaboration with outdoor expert Errolson Hugh, featuring Gore-Tex elastic fabric [2] - The "Master Puff" series debuted at Paris Fashion Week on October 7, showcasing a sleek design that breaks the traditional heavy image of down jackets [2] Market Conditions and Sales Outlook - A significant drop in temperatures across 22 provincial capitals in China on October 20 is expected to positively impact down jacket sales during the peak season [2] - The upcoming Spring Festival in 2026, which falls on February 17, extends the sales window for winter apparel compared to the previous year, benefiting winter product performance [2] Financial Projections and Investment Recommendations - The company aims to strengthen its core down jacket business while focusing on the "fashion functional technology apparel" sector, enhancing single-store operations for improved efficiency [2] - The company maintains its previous profit forecasts, expecting net profits of 3.93 billion, 4.37 billion, and 4.91 billion yuan for FY26, FY27, and FY28, respectively, with corresponding PE ratios of 13, 12, and 11 times, and maintains a "buy" rating [2]