波司登表示，由Kim Jones参与打造的首个AREAL系列计划于今年10月在全球上市，首季共推出超过20 款设计，涵盖男女装及配饰。 目前已在波司登天猫旗舰店上线的6款羽绒服产品，定价区间为2399至3999元。 此次合作层级较波司登以往与国际设计师的合作显著提升。 波司登亦强调，此次合作是基于长期战略，而非短期联名。Kim Jones将深度参与AREAL系列的全方位 打造，包括设计、视觉艺术及全球营销策略。 波司登正持续深化其高端时尚叙事。 近日，波司登正式推出全新"AREAL高级都市线"，并宣布任命英国设计师Kim Jones担任该系列的创新 总监。 Kim Jones在奢侈时装领域资历深厚，曾于Louis Vuitton担任男装设计总监逾七年，其间主导了LV与街 头潮流品牌Supreme的里程碑式联名，被业界誉为"无缝连接经典与潮流"的设计师。 此后他加入LVMH集团，先后执掌Dior男装及Fendi女装与高级定制系列，直至2024年初卸任。 2021年底，波司登与德国奢华运动品牌Bogner成立合资公司，将其主线与副线引入中国市场。 2024年又战略投资加拿大奢侈羽绒服品牌Moose Knuckle ...

Summary of Bosideng Conference Call Company Overview - **Company**: Bosideng - **Industry**: Down Jacket Market in China Key Points and Arguments Brand and Market Positioning - Bosideng has successfully upgraded its brand and improved supply chain quality, allowing it to enter the mid-to-high-end market through price increases, achieving high turnover, high gross margins, and low inventory levels [2][4][10] - The main brand's gross margin is higher than that of Canada Goose, and inventory turnover days are faster than Uniqlo, indicating superior operational efficiency [2][5] - The company aims to increase its market share from the current 11% over the next five years, with a focus on brand upgrades and supply chain optimization [6][12] Financial Projections - For the fiscal year 2025, Bosideng's revenue is expected to reach 25.9 billion yuan, with the down jacket business accounting for 84% and the main brand contributing 85% [2][8] - The company is projected to maintain a revenue growth rate of over 10% annually for the next three years [6][16] Growth Opportunities - Bosideng's future growth points include replacing international brands, increasing market share, opening seasonal stores, and implementing a multi-brand strategy [12] - The Chinese down jacket market has a low penetration rate, with per capita consumption significantly lower than in the U.S., indicating substantial growth potential [6][13] Supply Chain and Pricing Strategy - The key to Bosideng's successful price increases lies in product quality, channel management, and supply chain collaboration [2][10] - The company has a flexible supply chain that allows for quick responses to market demand, reducing the risk of unsold inventory and improving gross margins [11] Competitive Landscape - Bosideng's valuation is currently underestimated, with a dividend yield exceeding 6.5% and a price-to-earnings ratio of 11-12 times, compared to competitors like Li Ning, which has a higher valuation despite stagnant growth [3][7][17] - The company has a competitive advantage due to its unique supply chain and the growing demand for outdoor products [17] Product Diversification - Bosideng is expanding its product offerings beyond down jackets, including lightweight down jackets and sun protection clothing, which have seen rapid growth [6][14] - The sun protection clothing market is projected to reach 8.3 billion yuan by 2024, with Bosideng's online average price higher than the industry average [14] International Expansion - The acquisition of a stake in the luxury brand Mutinac is part of Bosideng's strategy to enhance its brand matrix, targeting both high-end and mass-market segments [15] Online and Offline Channel Development - Revenue and profit growth for the fiscal years 2025 to 2026 are expected to be 10% and 12%, respectively, with a focus on online sales through platforms like Douyin [16] Conclusion - Bosideng's strategic focus on brand enhancement, supply chain efficiency, and market expansion positions it well for future growth, despite current undervaluation in the market [3][17]