Core Viewpoint - Bosideng has successfully implemented a "dual focus" strategy on down jackets and fashionable functional apparel, achieving high-quality financial results for the fiscal year 2024/25 despite a complex market environment [1] Financial Performance - The company reported a revenue of 25.902 billion RMB, an increase of 11.6% year-on-year - Operating profit reached 4.967 billion RMB, up 12.9% year-on-year - Shareholder profit amounted to 3.514 billion RMB, reflecting a 14.3% increase year-on-year - Operating profit margin improved to 19.2%, marking eight consecutive years of record revenue and net profit [1] - Cash flow from operating activities was 3.982 billion RMB, with cash and cash equivalents totaling 4.185 billion RMB, supporting ongoing development and strategic initiatives [1] Dividend and Stock Performance - Based on strong operational performance, Bosideng declared a final dividend of 0.22 HKD per share - The stock price reached a year-high of 4.79 HKD, with a maximum increase of 23.5% within the year - The company saw a net inflow of 615 million HKD over nearly 60 trading days [4] Strategic Focus and Brand Development - Bosideng's long-term value-driven approach and strategic consistency have garnered investor trust - The company has positioned itself as a "global leader in down jackets," focusing on brand activation and consumer recognition [7] - The strategic focus includes enhancing brand leadership, category management, channel operations, and customer experience [7] Brand Value and Innovation - Bosideng ranked 46th in the Brand Finance "Global Most Valuable Apparel Brands" list for 2024 and 268th in the "Asia Brand 500" ranking - The company filed 466 patent applications and received 527 patent grants in the fiscal year, totaling 1,498 patents as of March 31, 2025, supporting its innovation in down jacket technology [8] - New product lines, including a polar extreme series and sun protection clothing, were launched to meet evolving consumer demands [9][10] Sales Performance - The down jacket segment generated revenue of 21.668 billion RMB, a year-on-year increase of 11% - The main brand, Bosideng, contributed 18.481 billion RMB, up 10.1%, while the Snow Flying brand achieved 2.206 billion RMB, a 9.2% increase [10][12] Operational Efficiency - Bosideng's retail network expanded to 3,470 stores, with a net increase of 253 stores, ensuring coverage across various city tiers - Online sales reached 7.575 billion RMB, growing 9.3%, with significant contributions from live-streaming sales on platforms like Douyin [13] - The company has implemented an intelligent supply chain management system, optimizing inventory turnover to 118 days and achieving a 99% replenishment rate for top-selling items [14] Future Outlook - Bosideng plans to continue its "dual focus" strategy, enhancing brand leadership and operational efficiency to maintain its leading position in the global down jacket market [14]

拆解看，报告期内，公司品牌羽绒服收入增长11%至216.68亿元；其中，波司登品牌收入提升10.1%至 184.81亿元。雪中飞品牌持续发力线上业务，实现经营业绩稳健增长。报告期内，雪中飞品牌实现收入 22.06亿元，同比增长9.2%。此外，贴牌加工管理业务保持健康良好发展，实现收入达33.73亿元，同比 上涨26.4%。 近年来，波司登持续打造线上线下（300959）结合的渠道建设战略。财报显示，2024/25财年，波司登 对线上内容平台的组织架构进行了优化，重点聚焦自营建设、内容升级、新品上新等。报告期内，波司 登品牌在天猫及京东平台，新增粉丝约700万，新增会员约300万；截至2025年3月31日，波司登品牌在 天猫及京东平台共计会员约2100万。同时，波司登品牌在抖音平台，新增粉丝超100万；截至2025年3月 31日，波司登品牌在抖音平台共计粉丝约1000万。 6月26日晚间，国内羽绒服龙头波司登(03998.HK)发布2024/25财年业绩，报告期内，波司登实现收入增 长11.6%至259.02亿元；净利润增长13.9%至35.53亿元，营收和净利润连续8年创同期历史新高。此外， 公司经营溢利率提 ...