这一成绩的背后，是波司登连续30年蝉联中国市场销量冠军的产业根基。而支撑其穿越周期的核心战略，正是创始人高德康常说的"一厘米宽度、一公里深 度"——在羽绒服主航道上极致聚焦，以长期主义对抗市场波动。 【文 霍东阳】智能生产线上的机械臂精准缝合每一道线迹，数字设计屏幕上的AI算法正在生成下一个冬季的流行廓形。在波司登集团总部，传统服装制造 业的边界正被重新定义。 近日，世界品牌实验室发布《世界品牌500强》榜单，波司登连续入选，排名较去年攀升8位至第449位，是中国服装服饰领域唯一入选品牌。 2025/26上半财年，波司登实现营业收入89.28亿元，归母净利润11.89亿元，均创下同期历史新高。更值得关注的是公司盈利能力与运营效率的持续优化。上 半财年，公司毛利率维持在50%的高位，经营溢利率则提升了0.3个百分点。尤为亮眼的是库存周转天数降至178天，同比减少了11天。 自2018年重新聚焦主业以来，波司登已实现营收和净利润连续八年创下历史新高。 复盘其路径，一个清晰的"T型"结构浮出水面：纵向是围绕羽绒服主航道的极致深耕，构筑深厚壁垒；横向是向时尚功能科技服饰主赛道与ESG发展的审慎 拓展，打开成长空间。纵 ...

Core Insights - The company reported a revenue of 8.93 billion and a net profit of 1.19 billion for FY26H1, showing a year-on-year increase of 1.4% and 5.3% respectively [1] - The brand's down jacket revenue reached 6.57 billion, reflecting an 8.3% year-on-year growth [1] - The company plans to distribute an interim dividend of 0.063 HKD per share [1] Brand Leadership - The company is reinforcing its brand image as a "global leader in down jackets" through innovative brand campaigns and comprehensive product promotion [1] - In FY26H1, the company linked its brand to the Everest polar gene and launched the "Master Puff" series at Paris Fashion Week [1] Core Product Development - The company is focusing on its core product categories and expanding its spring and summer offerings [1] - Key product series include down jackets, functional outerwear, and sun protection clothing, with several products winning the ISPO Award for global design [1] Channel Optimization - The company is enhancing its channel operations by expanding top-tier stores and improving single-store performance [1] - Online sales of the brand's down jackets have shown steady growth, with strong performance during the Double Eleven shopping festival [1] Membership Experience Enhancement - The company has established better communication channels with customers, adding approximately 400,000 new members on Tmall and JD platforms [2] - As of September 30, 2025, the total membership on these platforms reached about 21.4 million [2] Financial Forecast - The company maintains its financial forecasts, expecting revenues of 28.4 billion, 31.1 billion, and 34.1 billion for FY26-28, with net profits of 4 billion, 4.4 billion, and 5 billion respectively [2]

Core Viewpoint - Bosideng has established itself as the leading down jacket brand in China, achieving significant revenue growth while facing challenges related to market competition and succession planning [1][6]. Financial Performance - For the first half of the fiscal year 2025/2026, Bosideng reported a revenue of 8.93 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 1.19 billion yuan, up 5.3% [1][6]. - The company's revenue reached 23.21 billion yuan in 2023, with a net profit of 3.074 billion yuan, and is projected to grow to 25.9 billion yuan and 3.514 billion yuan in 2024 [5]. Business Strategy - High-end positioning has allowed Bosideng to achieve a gross margin of approximately 60%, significantly higher than the 46.4% recorded in 2017 [7]. - The company has attempted diversification into other clothing segments, including men's and women's apparel, but these efforts have largely failed [8]. Market Challenges - The brand faces increased competition from international high-end brands such as Canada Goose and Moncler, which has intensified market pressure [7]. - Consumer complaints about high prices have emerged, with average prices for Bosideng's down jackets rising from 1,000 yuan in 2017 to between 1,800 and 3,000 yuan in 2024 [7]. Leadership and Succession - The founder, Gao Dekang, is currently 73 years old and has not yet identified a suitable successor, raising concerns about the company's future leadership [1][9]. - Gao's son, Gao Xiaodong, has been involved in the business since 2002, but his performance has not met expectations, particularly in the diversified business segments [9].

Core Insights - Bosideng International Holdings Limited reported its financial results for the first half of the 2025/2026 fiscal year, showing a revenue of 8.93 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 1.19 billion yuan, up 5.3% [1] - The gross profit margin remained high at 50%, with a slight increase of 0.1 percentage points, while the operating margin improved by 0.3 percentage points to 17% [1] Revenue Breakdown - The down jacket business continued to show strong growth, achieving revenue of 6.57 billion yuan, a year-on-year increase of 8.3%, accounting for 73.6% of total revenue, making it the core driver of the company's performance [1] - The company also expanded its product offerings in the fashion functional technology apparel segment, introducing products such as functional jackets and sun protection clothing for the spring and summer seasons [1] Channel Development - Bosideng optimized its channel quality, with the number of regular outlets for its down jacket business reaching 3,558, an increase of 88 from the end of the previous fiscal year [1] - The company focused on expanding flagship stores and concept stores while enhancing single-store operations through a refined operational system tailored to different store locations and consumer characteristics [1] Inventory and Sales Channels - Inventory turnover days decreased to 178 days, down by 11 days year-on-year [2] - The self-operated channel revenue grew by 6.6% year-on-year, while wholesale channel revenue increased by 7.9% [2] - Online sales continued to rise, with a greater focus on live e-commerce and social marketing to attract younger consumers, further increasing the online sales proportion [2] Brand Strategy - Bosideng is expanding its presence in the fashion functional technology apparel sector through a multi-brand strategy, developing a diverse brand matrix to meet various consumer needs [2] - In the high-end market, the company collaborated with Kim Jones on the AREAL series and made strategic investments in luxury down jacket brands, quickly entering the high-end functional apparel market [2] - In the value-for-money segment, Bosideng covers a broader consumer base through sub-brands such as Xuezhongfei and Bingjie [3]

Core Viewpoint - Bosideng's "dual focus" strategy on down jackets and fashionable functional apparel has shown significant results during the reporting period, with steady revenue and profit growth despite a challenging global consumer market [1][17]. Financial Performance - The company reported a revenue of 8.93 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 1.19 billion yuan, up 5.3% year-on-year [1]. - The gross margin remained high at 50%, with a slight increase of 0.1 percentage points, and the operating margin improved by 0.3 percentage points to 17% [1]. Business Segments - The down jacket business achieved a revenue of 6.57 billion yuan, growing by 8.3% year-on-year, accounting for 73.6% of total revenue, serving as the core growth driver [2]. - The fashionable functional apparel segment performed well, expanding product offerings such as functional jackets and sun-protective clothing for spring and summer [2]. Product Innovation - Bosideng continues to integrate fashion and technology, enhancing its product matrix with innovative materials and designs, such as UV-resistant and cooling fabrics in sun-protective clothing [4]. - Collaborations with renowned designers, like Errolson Hugh for multifunctional jackets and Kim Jones for the AREAL high-end line, have received positive market responses [6][19]. Channel Development - The company optimized its channel quality, increasing the number of down jacket retail outlets to 3,558, with a net addition of 88 stores [7]. - Self-operated and wholesale channels both saw revenue growth, with self-operated channels up 6.6% and wholesale channels up 7.9% [9]. Supply Chain Management - Bosideng has established a "superior supply chain" system, enhancing efficiency in raw material procurement, production, and logistics [10]. - The company has reduced inventory turnover days to 178, a decrease of 11 days year-on-year, indicating improved inventory management [9]. ESG Practices - Bosideng is the first and only Asian textile and apparel company to receive an MSCI ESG AAA rating, reflecting its commitment to sustainable development [13][15]. - The company emphasizes fair labor practices within its supply chain, ensuring compliance with local wage laws and conducting third-party audits of suppliers [16]. Future Outlook - The dual focus strategy is expected to continue driving growth, with plans to expand the product matrix and enhance brand competitiveness in both down jackets and fashionable functional apparel [20]. - Bosideng aims to leverage its strong brand influence and efficient supply chain management to capitalize on opportunities in the evolving consumer market [20].

Core Viewpoint - The dual-focus strategy of Bosideng, concentrating on the main channel of down jackets and the main track of fashionable functional apparel, has achieved significant results during the reporting period, with down jacket business leading industry growth and fashionable functional apparel becoming a new growth engine [1][18]. Financial Performance - For the first half of the fiscal year 2025/26, Bosideng reported a revenue of 8.93 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 1.19 billion yuan, up 5.3% year-on-year. The gross margin remained high at 50%, with a slight increase of 0.1 percentage points, and the operating margin improved by 0.3 percentage points to 17% [1]. Down Jacket Business - The down jacket segment continued to show strong growth, generating revenue of 6.57 billion yuan in the first half, a year-on-year increase of 8.3%, accounting for 73.6% of total revenue, making it the core driver of the company's performance [2]. Product Innovation - Bosideng has deepened the integration of technology and fashion, continuously enriching its product matrix. In the sun protection apparel sector, the company has developed new functional fabrics achieving UPF50+ sun protection, while also being breathable and comfortable [4]. The outdoor apparel line features a three-in-one design for versatile wear, and collaborations with renowned designers have enhanced the brand's appeal [5]. Channel Development - The company has optimized its channel quality, increasing the number of down jacket retail outlets to 3,558, with a net addition of 88 stores. The self-operated channel revenue grew by 6.6% year-on-year, while wholesale channel revenue increased by 7.9% [8]. Supply Chain Management - Bosideng's flexible and responsive supply chain is a key competitive advantage, allowing for efficient inventory management and rapid market response. The average inventory turnover days decreased to 178 days, reflecting improved operational efficiency [9]. ESG Practices - Bosideng is the first and only company in the Asian textile and apparel industry to receive an MSCI ESG AAA rating, demonstrating its commitment to sustainable development. The company integrates sustainability into all operational aspects, balancing economic and social benefits [10]. Multi-Brand Strategy - The company has expanded its multi-brand strategy to build a diverse brand matrix in the fashionable functional apparel sector. This includes high-end collaborations and investments in luxury brands, enhancing its presence in the premium market [16]. Future Growth Prospects - Bosideng plans to continue its dual-focus strategy, consolidating its leadership in the down jacket industry while increasing investments in fashionable functional apparel. The company aims to enhance product innovation and expand its market presence, positioning itself to capitalize on consumer upgrades and industry changes [18].

Core Viewpoint - Huaxi Securities maintains a "Buy" rating for Bosideng, citing a favorable low base for the second half of the year, potential for accelerated growth in direct sales and online channels, and ongoing growth in outdoor product categories [1] Company Performance - For FY25/26H1, Bosideng reported revenues of 8.928 billion, down from 6.568 billion for down jackets, with net profit attributable to shareholders at 1.189 billion, aligning with market expectations [2] - The main brand showed strong growth, with down jacket revenue increasing by 8.3%, driven by store openings, while online growth slowed [2] - Other income for FY25/26H1 was 239 million, up from 196 million in the same period last year, with goodwill impairment of 71 million [2] Revenue Breakdown - Revenue from down jackets, OEM, women's wear, and diversified clothing for FY25/26H1 was 6.568 billion, 2.044 billion, 251 million, and 64 million respectively [2] - The brand revenue breakdown for down jackets showed Bosideng at 5.719 billion, Xuezhongfei at 378 million, and Bingjie at 15 million [2] Channel Performance - Revenue from direct sales, wholesale, and other (raw material sales) was 2.411 billion, 3.701 billion, and 456 million respectively, with year-on-year growth of 6.6%, 7.9%, and 22.8% [3] - Online revenue for the group reached 1.426 billion, with a year-on-year increase of 2.2% [3] Operational Metrics - The company had 3,558 stores, with a net increase of 88 stores (+11.6%), including 1,239 direct and 2,319 franchise stores [3] - Gross profit margin for FY25/26H1 improved by 0.2 percentage points to 50.0% [4] Financial Ratios - Operating profit margin (OPM) and net profit margin for FY25/26H1 were 17.0% and 13.3%, respectively, with increases of 0.3 and 0.5 percentage points [4] - The increase in OPM was attributed to a decrease in sales expense ratio and an increase in the proportion of other income [4] Inventory Management - As of FY25/26H1, inventory decreased by 20% to 4.735 billion, with inventory-to-revenue ratio at 53.0%, down 14.4 percentage points [5] - Inventory turnover days were 178 days, a decrease of 11 days year-on-year [5] E-commerce Growth - The brand gained approximately 400,000 new members on Tmall and JD platforms, totaling around 21.4 million members as of September 30, 2025 [6] - The brand also has approximately 11 million followers on Douyin [6]

(3)羽绒服分渠道来看，直营/批发/其他(原材料销售)收入分别为24.11/37.01/4.56亿元，同比增长 6.6%/7.9%/22.8%，集团全品牌线上收入为14.26亿元，同比增长2.2%，其中羽绒服线上直营/线上加盟收 入分别为13.24/1.02亿元，从而推出线下直营为10.87亿元。 华西证券主要观点如下： 公司业绩 FY25/26H1收入/羽绒服收入/归母净利/经营活动现金流为89.28/65.68/11.89/10.84亿元，业绩符合市场预 期，主品牌增长靓丽。FY25/26H1公司其他收入2.39亿元(去年同期为1.96亿元)，商誉减值计提0.71亿元 (去年同期为0.7亿元)，剩余商誉余额为6.27亿元。剔除其他收入、商誉减值亏损、应占联营公司及合营 企业亏损的影响后，公司归母净利为10.78亿元，同比增长6.9%。公司拟每股派发中期股息6.3港仙，派 息率60.87%。 羽绒服/主品牌波司登收入增长8.3%/8.3%、主要来自开店驱动、线上增长放缓，代工业务下滑 (1)分业务来看，FY25/26H1羽绒服/OEM/女装/多元化服装收入分别为65.68/20.44/2.51/0.64亿元 ...

Core Viewpoint - Bosideng (03998) reported a revenue of RMB 8.928 billion for the six months ending September 30, 2025, reflecting a year-on-year increase of 1.4% [1] - The company's net profit attributable to equity shareholders was RMB 1.189 billion, up 5.28% year-on-year, with a basic earnings per share of 10.35 cents and an interim dividend of 6.3 Hong Kong cents per share [1] Revenue Breakdown - The brand down jacket business remains the largest revenue source, generating approximately RMB 6.568 billion, accounting for 73.6% of total revenue, with a year-on-year increase of 8.3% [1] - The OEM processing management business generated about RMB 2.044 billion, representing 22.9% of total revenue, down 11.7% year-on-year [1] - The women's wear business reported revenue of approximately RMB 251 million, making up 2.8% of total revenue, with a year-on-year decline of 18.6% [1] - The diversified clothing business achieved revenue of around RMB 64 million, accounting for 0.7% of total revenue, down 45.3% year-on-year [1] Strategic Focus - The company is concentrating on its core business to enhance its competitive edge, aiming to become a leader in the global down jacket industry [1] - In the brand down jacket segment, the company is implementing a strategy based on "four enhancements": strengthening brand leadership, category management, channel operations, and customer experience [1] Brand and Product Development - The company is committed to establishing Bosideng as a "global leader in down jackets," enhancing brand value and recognition as the "first brand in down jackets" [2] - Product strategy focuses on mainstream consumer groups, expanding product lines to include functional outerwear and sun protection clothing, while also collaborating with designers to innovate and improve product performance [2] Channel Strategy - The company aims to achieve breakthroughs in flagship projects, creating distinctive high-quality stores, and expanding brand image stores while focusing on the TOP store system to enhance consumer recognition and shopping experience [2] - A refined operational system based on customer segmentation is being developed to improve profitability and operational efficiency [2]

Core Insights - Bosideng (03998) reported a revenue of RMB 8.928 billion for the six months ending September 30, 2025, representing a year-on-year increase of 1.4% [1] - The company's net profit attributable to equity shareholders was RMB 1.189 billion, up 5.28% year-on-year, with basic earnings per share of 10.35 cents and an interim dividend of 6.3 Hong Kong cents per share proposed [1] Revenue Breakdown - The brand down jacket business remains the largest revenue source for the company, generating approximately RMB 6.568 billion, accounting for 73.6% of total revenue, with a year-on-year increase of 8.3% [1] - The OEM management business generated about RMB 2.044 billion, representing 22.9% of total revenue, down 11.7% year-on-year [1] - The women's wear segment reported revenue of approximately RMB 251 million, making up 2.8% of total revenue, down 18.6% year-on-year [1] - The diversified clothing business generated around RMB 64 million, accounting for 0.7% of total revenue, down 45.3% year-on-year [1] Strategic Focus - The company is concentrating on its core business, leveraging resources to enhance core competitiveness, aiming to become a leader in the global down jacket industry [1] - In the brand down jacket segment, the company is focusing on "four enhancements": strengthening brand leadership, category management, channel operations, and customer experience [1] Brand Development - The company is committed to establishing Bosideng as a "global leader in down jackets," enhancing brand value and recognition as the "first brand in down jackets" [2] - Product strategy revolves around the brand positioning of "global leading down jacket expert," targeting mainstream consumer demographics and enhancing product structure with functional outerwear and sun protection clothing [2] - The company is innovating through designer collaborations and advanced fabric technologies to improve product performance and comfort [2] Channel Strategy - The company aims to achieve breakthroughs in flagship projects, creating distinctive high-quality stores [2] - Expansion of brand image stores and focus on developing a TOP store system to enhance consumer recognition and optimize shopping experience [2] - The company is implementing a refined operational system based on customer segmentation to improve profitability and operational efficiency [2]