Core Viewpoint - Bosideng, known as the "King of Down Jackets" in China, demonstrates strong operational resilience with an 11.6% revenue increase to approximately RMB 25.902 billion and a 14.3% rise in net profit to about RMB 3.514 billion for the fiscal year 2024-2025, marking eight consecutive years of record highs [1][8]. Financial Performance - The company's revenue for the main brand increased by 10.1% to approximately RMB 18.481 billion, achieving a historical high for the same period [13]. - The operating profit margin improved from 18.9% to 19.2%, despite facing challenges such as a slight increase in inventory turnover days from 115 to 118 days [12][13]. Operational Resilience - Bosideng's resilience stems from enhanced brand effect and supply chain management capabilities driven by technological empowerment [8][13]. - The company has adopted a demand-driven inventory management strategy, reducing inventory turnover days from 175 days in fiscal year 2021 to 115 days in fiscal year 2024 [14]. Market Trends - The rise of outdoor and ice sports in China has created new growth opportunities for down jacket companies, with a reported 14.99% increase in outdoor sports-related orders in 2023 and a 59.78% increase in the first half of 2024 [15]. - Following the Beijing Winter Olympics, participation in ice sports surged from under 100 million in 2015 to 313 million in 2022, with the ice sports consumption scale exceeding RMB 150 billion in the 2023-2024 season [17]. Product Innovation - Bosideng has launched a new series of outdoor jackets that balance fashion and functionality, featuring water resistance, windproof, and breathability [19]. - The company has also introduced a new wind and snow series under its Snow Flying brand, incorporating innovative standards for wind and snow protection [19].

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company is expected to achieve steady growth against a backdrop of a warm winter, with active share buybacks reflecting management's confidence [3][5] - Adjustments to earnings forecasts for FY25-27 have been made, with EPS projected at 0.30, 0.35, and 0.40 RMB respectively [4][5] Financial Performance Summary - Revenue for FY23A was 16,774 million RMB, with a projected increase to 25,545 million RMB in FY25E, reflecting a 10.0% year-on-year growth [4][8] - Operating profit is expected to rise from 2,826 million RMB in FY23A to 4,762 million RMB in FY25E, indicating an 8.3% growth [4][8] - Net profit attributable to the parent company is forecasted to grow from 2,139 million RMB in FY23A to 3,515 million RMB in FY25E, a 14.3% increase [4][8] - The company’s gross margin is projected to remain stable around 59% over the forecast period [4][8] Market Position and Strategy - The company is enhancing its brand presence in Northeast China through strategic collaborations, such as the partnership with Harbin [4][5] - The opening of a new flagship store in Beijing aims to elevate brand visibility and consumer engagement [4][5] - The introduction of AI-driven product designs is expected to improve operational efficiency significantly [4][5] Valuation Metrics - The target price is set at 5.26 HKD, based on a 14x PE valuation for FY26 [1][5] - The company’s current market capitalization is approximately 48,913 million HKD [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company is expected to achieve steady growth in the context of a warm winter, with a focus on brand strength and market expansion [3][4] - The earnings per share (EPS) forecasts for FY25-27 have been slightly adjusted to 0.30, 0.35, and 0.40 RMB respectively, reflecting changes in revenue and expense rates [4][5] - The target price is set at 5.26 HKD, based on a 14x PE valuation for FY26 [4][5] Financial Performance Summary - Revenue for FY23A was 16,774 million RMB, with a projected growth of 10.0% for FY25E, reaching 25,545 million RMB [4][8] - Operating profit for FY23A was 2,826 million RMB, with an expected increase of 8.3% for FY25E, totaling 4,762 million RMB [4][8] - Net profit attributable to the parent company for FY23A was 2,139 million RMB, with a forecasted growth of 14.3% for FY25E, amounting to 3,515 million RMB [4][8] - The company has a gross margin of 59.0% and a net margin of 13.8% for FY25E [4][8] Market Strategy and Initiatives - The company is deepening its collaboration with Harbin to enhance its market presence in Northeast China [4][5] - A new concept store was opened in Beijing to elevate brand visibility and consumer engagement [4][5] - The company is leveraging digital innovations, including AI in product design, to improve operational efficiency [4][5] - The management has shown confidence through active share buybacks, totaling 5,621 million shares since January 15, 2025, amounting to 209 million HKD [4][5]

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Insights - The company is expected to achieve steady growth despite a warm winter, with a projected close to 10% growth in its down jacket business for FY25 [4][5] - The target price is set at 5.26 HKD, based on a 14x PE valuation for FY26 [4][5] - The company has actively repurchased shares, reflecting management's confidence, with a total of 56.21 million shares repurchased since January 15, amounting to 209 million HKD [4][5] Financial Performance Summary - Revenue for FY23A was 16,774 million HKD, with a projected increase to 25,545 million HKD in FY25E, reflecting a 10% year-on-year growth [4][8] - Net profit attributable to the parent company is expected to grow from 2,139 million HKD in FY23A to 3,515 million HKD in FY25E, representing a 14.3% increase [4][8] - Earnings per share are forecasted to be 0.30, 0.35, and 0.40 HKD for FY25E, FY26E, and FY27E respectively [4][5] Market Position and Strategy - The company is deepening its strategic cooperation with Harbin to enhance its brand presence in Northeast China [4][5] - A new concept store was opened in Beijing, aimed at boosting brand visibility and consumer engagement [4][5] - The company is leveraging digital innovations such as AI in product design, significantly reducing development time [4][5]