12月4日，以"链接全球，引领未来：'十五五'新机遇"为主题的2025（第十届）企业家博鳌论坛主论 坛在海南博鳌举行。本届论坛汇聚了众多世界500强、中国500强企业及行业领军者，共同探讨新时 期高质量发展路径。 论坛十年，亦是波司登与时代同频共振的缩影。波司登创业49年来，始终坚守实业报国初心，专注 羽绒服核心主业，从常熟乡间的缝纫组成长为全球知名的羽绒服品牌企业，连续30年中国市场销量 领先，产品畅销全球，品牌价值达1180.58亿元，连续入选世界品牌500强。 在全球化布局方面，波司登早在上世纪90年代就进入瑞士等欧洲市场，成为早期出海的中国品牌之 一。近年来，品牌相继亮相纽约、米兰、伦敦、巴黎等国际时装周，并持续拓展海外市场和产能，推 动从"产品出海"向"品牌出海"的转型。 创新被视为波司登塑造竞争新优势的核心。依托国家级工业设计中心、CNAS认证实验室等高端平 台，其登峰系列、泡芙系列等创新产品屡获国内外大奖。通过深度融合数字智能与制造体系，波司登 构建起"研产供销服"全链路协同体系，产品交付周期缩短至7-10天，"BSD.AI美学大脑"实现从设计 到虚拟成衣的数字化闭环。波司登坚信，唯有持续进行" ...

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 ...

新华网海南博鳌12月4日电 十载博鳌潮涌，共绘时代新章。12月4日，以"链接全球，引领未来：'十五五'新机遇"为主题的2025企业家博鳌论坛 主论坛在海南博鳌举行。汇聚众多世界500强、中国500强企业及行业领军者，共话新时期高质量发展路径。 以品牌为桥，波司登链接全球创新资源迈向价值链中高端。早在上世纪90年代，波司登就率先进入瑞士等欧洲市场，成为中国品牌出海先行 者。近年来，品牌以全球视野高点定位，相继亮相纽约、米兰、伦敦、巴黎国际时装周，响应共建"一带一路"倡议，升级运营伦敦旗舰店，稳健拓 展国际产能与市场。通过品牌、产品、渠道与服务的一体化布局，波司登实现了从"产品出海"到"品牌出海"的价值跃升，让"中国温暖"赢得全球信 赖。 以创新为核，波司登加快形成新质生产力塑造竞争新优势。依托国家级工业设计中心、CNAS认证实验室等高端平台，其登峰系列、泡芙系列 等创新产品屡获国内外大奖。通过深度融合数字智能与制造体系，波司登构建起"研产供销服"全链路协同体系，产品交付周期缩短至7-10 天，"BSD.AI美学大脑"实现从设计到虚拟成衣的数字化闭环。波司登坚信，唯有持续进行"不可复制的创新"，才能真正将科技创新 ...

Core Viewpoint - The appointment of Kim Jones as the creative director for Bosideng's high-end series is seen as a significant step in the company's strategy to upscale its brand and product offerings, leading to a notable market response with a stock price increase of nearly 9% [2][4][10]. Company Strategy - Bosideng aims to transition towards a high-end market, as evidenced by its previous initiatives, including a logo redesign and the launch of its first high-end series "Dengfeng" priced above 10,000 yuan [7][8]. - The company has previously collaborated with various international designers, but Kim Jones's role marks a deeper involvement in design, visual arts, and global marketing strategies [6][8]. Market Dynamics - The global down jacket market is experiencing shifts, with traditional high-end brands like Canada Goose facing growth challenges, creating opportunities for domestic brands like Bosideng to capture market share [4][10]. - The competitive landscape is becoming more complex, with Bosideng needing to address both high-end competitors and cross-category challengers [12]. Financial Performance - Bosideng reported a revenue of 25.9 billion yuan for the 2024/25 fiscal year, marking a historical high for eight consecutive years, with a net profit increase of 14.3% to 3.51 billion yuan [10]. - The company's sales and distribution expenses have surged from 2.45 billion yuan to 8.055 billion yuan from 2018 to 2024, indicating a high dependency on marketing for growth [12]. Industry Impact - Kim Jones's appointment is viewed as a pivotal moment for Bosideng, potentially enhancing its brand perception and market positioning in the high-end segment [4][11]. - The fashion industry is witnessing a trend towards rational consumer behavior, where both high-end appeal and cost-effectiveness are prioritized [10].

Core Insights - Canada Goose, once a leading luxury down jacket brand, is facing significant challenges in the market, particularly in China, where its growth has slowed dramatically from double digits to just 1% since 2022 [1][6] - The brand's decline is attributed to changing consumer preferences, with middle-class consumers shifting their focus to domestic brands like Bosideng and outdoor brands such as Arc'teryx, Salomon, and Lululemon [1][8][10] - Bain Capital, a major shareholder, is reportedly considering selling its stake in Canada Goose, indicating a potential exit from the brand as it struggles to maintain its luxury status [1][10] Group 1: Rise of Canada Goose - Canada Goose became a popular brand among the middle class in China after its entry in 2018, with a significant increase in store openings from 1 to 20 within three years [4] - The brand's peak was marked by its IPO in 2017, reaching a market value of $7.8 billion [4] - The brand's marketing strategy included collaborations with film productions and sponsorships of major film festivals, which helped elevate its status [2][3] Group 2: Decline in Performance - From 2022 to 2025, Canada Goose's annual sales growth rate plummeted from 21.54% to just 1.1%, with the Greater China region showing minimal growth [6] - The brand has faced management instability in China, changing its regional president three times since 2022, reflecting strategic uncertainty [6] - A significant public relations issue arose in 2021 when a consumer was denied a return in China, leading to a backlash and a perception of the brand as "arrogant" [6][7] Group 3: Market Competition - Competitors like Arc'teryx, Salomon, and Lululemon are gaining market share among middle-class consumers, with Arc'teryx showing strong growth in the Greater China region [8][10] - The rise of domestic brands like Bosideng, which has successfully diversified its product offerings, poses a significant threat to Canada Goose's market position [8][10] - The shift in consumer preferences towards functional outdoor wear, such as jackets and pants, has diminished the appeal of high-priced down jackets [10][11] Group 4: Future Outlook - Canada Goose is attempting to pivot by launching new product lines, such as the Snow Goose spring/summer capsule collection, but the effectiveness of this strategy remains uncertain [10] - The overall trend indicates a cooling market for foreign luxury brands in China, as both high-end and fast-fashion brands face increasing pressure from local competitors and changing consumer attitudes [10][11]

Core Insights - Bosideng has evolved from a small operation with 8 sewing machines to a global leader in the down jacket industry over 49 years, showcasing resilience through various market challenges [2] - The company emphasizes the integration of technology and fashion, achieving a 90% automation rate in key manufacturing processes and holding over 1,600 patents [2][10] - Bosideng's brand strategy focuses on consumer trust and adapting to changing consumer demands, which is seen as the foundation of its enduring success [2][6] Brand as Core Competitiveness - The significance of brand development is highlighted as a crucial element for both corporate and national competitiveness, with Bosideng establishing its brand in 68 countries [5][6] - The company views brand value as a collaborative achievement between the enterprise and consumers, necessitating a long-term commitment to brand building [5][15] - Bosideng has maintained its position as the top-selling down jacket brand in China for 30 consecutive years, attributing this success to its strong brand identity [6] Technology and Fashion Integration - Bosideng employs a "technology + fashion" approach to enhance its brand image, responding to the diverse and sophisticated demands of modern consumers [7][8] - The company has invested in innovative product lines, including the Summit series and high-end outdoor collections, to elevate industry standards [8][10] - AI and digital technologies are being integrated into various operational aspects, enhancing efficiency and decision-making processes [9][10] Commitment to Sustainability - Bosideng has set ambitious sustainability goals, including achieving net-zero emissions by 2038, and has implemented green practices across its operations [11][12] - The company promotes a flexible supply chain model to minimize waste and carbon emissions, while also advocating for energy conservation within the industry [12][13] - Bosideng's ESG rating of AA from MSCI reflects its leadership in sustainable practices within the textile and apparel sector [13] Future Directions - The company aims to continue its global expansion while focusing on core competencies in down jackets, emphasizing the importance of brand trust and social responsibility [14][20] - Bosideng is committed to ongoing innovation and collaboration with top international designers to enhance its product offerings and brand appeal [19][20] - The narrative of Bosideng exemplifies the rise of Chinese brands in the international market, demonstrating that quality and cultural heritage can lead to global recognition [20]

Core Viewpoint - Bosideng showcased its digital transformation in the fashion industry through an innovative AI fashion show at the 2025 China Brand Night, highlighting the integration of technology and fashion [1][2]. Group 1: Digital Transformation and AI Integration - Bosideng's AI model "BSD.AI Aesthetic Brain" demonstrated the complete process of creating a down jacket, from demand generation to design and rendering [2]. - The company has established a comprehensive clothing database by integrating decades of design and user research data with global fashion trends [5]. - The introduction of AI technology has significantly improved design efficiency, reducing sample development time from 100 days to 27 days [5]. Group 2: Product Innovation and Market Response - Bosideng launched various product lines, including the Summit Series and Extreme Cold Series, to meet diverse consumer needs while enhancing product value through technology [5]. - The Extreme Cold Down Jacket features a groundbreaking dynamic cold protection technology, achieving a milestone in the field of scientific research equipment [5]. Group 3: Sustainability and ESG Strategy - Bosideng is accelerating its green and low-carbon transformation, aiming for net-zero emissions in operational aspects by 2038 [6]. - The company has developed an intelligent manufacturing system, GiMS, utilizing digital technologies to enhance production efficiency and reduce carbon footprints [6]. - Bosideng's national-level intelligent manufacturing demonstration factory has achieved 100% coverage of energy consumption monitoring systems, continuously optimizing key performance indicators [6].

Core Points - The 2025 World Brand Moganshan Conference opened on May 10, focusing on the theme "Brands Make the World a Better Place" [1] - Bosideng Group was recognized in the Xinhua News Agency's brand project, marking significant progress in brand building and global communication [3][5] - Bosideng's brand value reached 107.582 billion yuan, ranking among the world's top 500 brands and consistently appearing in the top 50 most valuable apparel brands globally [7] Group 1: Brand Development and Innovation - Bosideng has consistently implemented a brand development strategy, enhancing its brand through continuous shaping, cultivation, and innovation [7] - The company integrates traditional craftsmanship with international fashion, showcasing its cultural confidence and professional strength on global platforms like New York Fashion Week and Milan [7] - Bosideng aims to align with national development, focusing on innovative paths to enhance brand influence and quality, contributing to market consumption and quality-driven national initiatives [7] Group 2: Technological Integration and Market Strategy - High-tech innovations are crucial for traditional industries to ascend to higher-end markets, with Bosideng focusing on high-quality supply to meet evolving consumer demands [9] - The company has launched various product lines, including the "Summit Series" and "Extreme Cold Series," which cater to diverse consumer needs and incorporate advanced technology [9] - Bosideng is expanding its global presence in the mid-to-high-end down jacket market, establishing a brand matrix with international influence [9] Group 3: Sustainability and Corporate Responsibility - Bosideng's fashion show at the China Brand Night highlighted the integration of AI technology and sustainable fashion, showcasing the company's commitment to ESG principles [10][11] - The company aims to create a green factory and supply chain system, with its MSCI ESG rating projected to reach AA by 2025 [11] - Bosideng emphasizes the importance of both "hard technology" and "soft power" in building a truly global brand, reflecting its commitment to cultural confidence and technological strength [12]