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 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]