Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 5.4 [1][7]. Core Insights - The company achieved a revenue of RMB 25.9 billion for the fiscal year 2024/25, representing a year-on-year increase of 11.6%, and recorded a net profit attributable to shareholders of RMB 3.51 billion, up 14.3% year-on-year, slightly below expectations [7]. - The company plans to distribute a cash dividend of HKD 0.22 per share, resulting in a dividend yield of 6.1% for the fiscal year [7]. Summary by Sections Company Overview - The company operates in the textile and apparel industry, with a market capitalization of RMB 42.34 billion as of June 26, 2025 [2]. - The stock price on June 26, 2025, was HKD 4.62, with a 12-month high of HKD 4.94 and a low of HKD 3.50 [2]. Recent Ratings - The company has consistently received "Buy" ratings in recent evaluations, with the latest rating issued on December 2, 2024, at a closing price of HKD 4.05 [3]. Financial Performance - The main revenue driver is the down jacket business, which generated RMB 21.67 billion, a year-on-year increase of 11%. The OEM processing business saw revenue of RMB 3.37 billion, up 26% year-on-year [8]. - The overall gross margin decreased by 2.3 percentage points to 57.3%, with the down jacket segment's gross margin down 1.6 percentage points to 63.4% [8]. - Despite the decline in gross margin, the net profit margin improved by 0.4 percentage points to 13.6% due to enhanced operational efficiency [8]. Future Outlook - The company is expected to achieve net profits of RMB 4.1 billion, RMB 4.65 billion, and RMB 5.16 billion for the fiscal years 2025/26, 2026/27, and 2027/28, respectively, with year-on-year growth rates of 16.8%, 13.2%, and 11.1% [10]. - The projected earnings per share (EPS) for the next three fiscal years are RMB 0.36, RMB 0.40, and RMB 0.45, with corresponding price-to-earnings (P/E) ratios of 12, 10, and 9 [10].