Group 1 - The company announced that British fashion designer KIM JONES will serve as the creative director for the AREAL series, aiming to redefine the concept of business down jackets [1] - KIM JONES has a notable background, having worked as the artistic director for men's wear at LV and as a designer for Dior, aligning with the company's strategy of "professional down + high-quality design" [1] - The AREAL series targets the high-end business fashion sector, featuring transformable layering designs and high-quality materials, with product prices ranging from 2399 to 3999 yuan [1] Group 2 - The company continues to innovate its product offerings, focusing on three main series: puff, outdoor, and extreme cold, with the extreme cold series expected to exceed 3.5 billion yuan in revenue [2] - The company is optimizing store locations and enhancing store image to improve channel structure, while also focusing on the quality of store operations [2] - Recent temperature drops in major cities are expected to stimulate demand for winter clothing, with the sales period for the upcoming Spring Festival extended by 2 to 3 weeks [2] Group 3 - The company is expected to achieve its annual sales targets due to ongoing product innovation and improved channel quality, with projected net profits for fiscal years 2026-2028 being 3.931 billion, 4.382 billion, and 4.786 billion yuan respectively [3] - The projected price-to-earnings ratios for fiscal years 2026-2028 are 13.2, 11.9, and 10.9 times, maintaining a "Buy-A" rating [3]

Investment Rating - The report maintains a "Buy-A" rating for Bosideng (03998.HK) [1][7] Core Insights - Bosideng has appointed renowned British fashion designer KIM JONES as the creative director for its high-end urban line AREAL, aiming to redefine the concept of business down jackets [2][4] - The AREAL series targets the high-end business fashion sector, featuring transformable layering designs and high-quality materials, with prices ranging from 2399 to 3999 yuan [4] - The company continues to focus on product innovation and optimizing store operations, with a strong emphasis on seasonal sales and rapid response to market demand [5][6] Financial Performance and Projections - The company is expected to achieve net profits of 3.93 billion, 4.38 billion, and 4.79 billion yuan for the fiscal years 2026, 2027, and 2028 respectively, with corresponding P/E ratios of 13.2, 11.9, and 10.9 [7] - Projected revenue for the fiscal years 2024 to 2028 shows a steady increase from 23.21 billion yuan in 2024 to 34.11 billion yuan in 2028, with year-on-year growth rates of 38.4%, 11.6%, 10.1%, 9.9%, and 8.9% respectively [9][11] - The gross margin is expected to stabilize around 57.6% to 57.8% over the next five years, while the net profit margin is projected to improve slightly from 13.2% in 2024 to 14.0% in 2028 [9][11]