智通财经记者 | 朱咏玲 智通财经编辑 | 楼婍沁 波司登旗下中端羽绒服品牌雪中飞日前发售了与盗墓笔记IP的联名系列，在多个社交平台上都收获了超 出平日的关注度。 这不是雪中飞第一次做联名，实际上，该品牌在过去几年已经将IP联名作为品牌年轻化和时尚化转型的 策略之一。但对比雪中飞以往的联名对象，此次合作的盗墓笔记IP知名度更高，有小说和影视剧内容支 撑，在年轻群体中有一定影响力。 雪中飞向智通财经表示，盗墓笔记的核心粉丝群为18岁至35岁的年轻人，正是品牌近年来的年轻化策略 瞄准的用户群体。 盗墓笔记以户外冒险为主题，故事背景涉及四姑娘山、长白山、新疆等户外场景，所以此次联名系列也 以户外服饰为主，包含4款冲锋衣和1款运动T恤。 联名系列在雪中飞的价格带中不算便宜：T恤售价99元，冲锋衣有799元、999元和1299元三个价位。作 为对比，雪中飞当下主推的"山海"冲锋衣系列售价在399元到769元之间。 这其中或许有成本上的差异，但不可否认也有品牌溢价。一位盗墓笔记资深粉丝告诉智通财经，近两年 盗墓笔记与其他品牌的联名产品定价都普遍偏高。 价格的确"劝退"了一部分消费者。多位盗墓笔记粉丝都告诉智通财经，他们认 ...

Core Insights - The company reported a revenue of 25.902 billion yuan for FY2025, representing a year-on-year growth of 11.6% [1] - The operating profit for FY2025 was 4.967 billion yuan, up 12.9% year-on-year, while the net profit attributable to shareholders was 3.514 billion yuan, reflecting a 14.3% increase [1] - The company has shown a consistent revenue CAGR of 17.7% from FY2021 to FY2025, with a net profit CAGR of 19.7% during the same period [1] Business Segments - The brand down jacket and OEM processing businesses were the main drivers of revenue growth, with the brand down jacket segment achieving a revenue of 21.668 billion yuan in FY2025, up 11.0% year-on-year [2] - The OEM processing business recorded a revenue of 3.373 billion yuan, marking a significant year-on-year increase of 26.4%, with the top five clients accounting for 90.4% of the revenue [2] Channel Development - The Top Store model and online-offline collaboration have significantly contributed to the company's high-quality development, with direct sales and wholesale channels for brand down jackets growing by 5.2% and 24.3% respectively in FY2025 [3] - The number of offline stores increased by 253 to 3,470, while online revenue for brand down jackets rose by 9.4% to 7.478 billion yuan in FY2025 [3] Profit Forecast - The company is expected to achieve net profits of 3.928 billion yuan, 4.388 billion yuan, and 4.879 billion yuan for FY2026 to FY2028, with year-on-year growth rates of 11.78%, 11.71%, and 11.20% respectively [4] - The company's strong brand presence, product development capabilities, and efficient supply chain management are anticipated to drive growth in the down jacket segment [4]

Core Viewpoint - Bosideng, known as the "King of Down Jackets" in China, demonstrates strong operational resilience with an 11.6% revenue increase to approximately RMB 25.902 billion and a 14.3% rise in net profit to about RMB 3.514 billion for the fiscal year 2024-2025, marking eight consecutive years of record highs [1][8]. Financial Performance - The company's revenue for the main brand increased by 10.1% to approximately RMB 18.481 billion, achieving a historical high for the same period [13]. - The operating profit margin improved from 18.9% to 19.2%, despite facing challenges such as a slight increase in inventory turnover days from 115 to 118 days [12][13]. Operational Resilience - Bosideng's resilience stems from enhanced brand effect and supply chain management capabilities driven by technological empowerment [8][13]. - The company has adopted a demand-driven inventory management strategy, reducing inventory turnover days from 175 days in fiscal year 2021 to 115 days in fiscal year 2024 [14]. Market Trends - The rise of outdoor and ice sports in China has created new growth opportunities for down jacket companies, with a reported 14.99% increase in outdoor sports-related orders in 2023 and a 59.78% increase in the first half of 2024 [15]. - Following the Beijing Winter Olympics, participation in ice sports surged from under 100 million in 2015 to 313 million in 2022, with the ice sports consumption scale exceeding RMB 150 billion in the 2023-2024 season [17]. Product Innovation - Bosideng has launched a new series of outdoor jackets that balance fashion and functionality, featuring water resistance, windproof, and breathability [19]. - The company has also introduced a new wind and snow series under its Snow Flying brand, incorporating innovative standards for wind and snow protection [19].