Group 1: Financial Performance - In the fiscal year 24/25, the company's revenue increased by 11.6% to 25.9 billion yuan, with brand down jackets revenue growing by 11% [1] - The main brand, Bosideng, saw a revenue increase of 10.1% to 18.48 billion yuan, achieving growth despite the impact of a warm winter [1] - Net profit attributable to shareholders rose by 14.3% to 3.51 billion yuan, driven by effective cost control [1] Group 2: Product Development and Brand Strategy - Bosideng launched the "Puff" series during Paris Fashion Week, featuring celebrities to enhance brand visibility [2] - The AREAL high-end urban line was introduced, including over 20 products priced between 2399 to 3999 yuan, focusing on business down jackets with functional materials and stylish designs [2] - The company collaborates with internationally renowned designers, such as Kim Jones, to strengthen brand positioning and international influence [2] Group 3: Market Conditions and Sales Outlook - A significant drop in temperatures starting October 16 is expected to boost winter clothing sales, with some regions experiencing temperature drops of over 10°C [3] - The upcoming Spring Festival in late February 2026 will extend the winter clothing sales season by approximately 15 days compared to 2025, benefiting brand apparel sales [3] - The company anticipates revenue growth of 10.1% to 28.51 billion yuan in FY2026, with net profit expected to grow by 11.7% to 3.92 billion yuan [3]

Core Viewpoint - Northeast Securities maintains a "Buy" rating for Bosideng (03998), projecting revenue growth of 10.1%/10.4%/10.5% for FY2026-FY2028, reaching 28.51 billion/31.46 billion/34.77 billion yuan, and net profit growth of 11.7%/12.4%/11.8%, reaching 3.92 billion/4.41 billion/4.93 billion yuan, corresponding to valuations of 13/12/11 times [1] Group 1: Financial Performance - For FY2024/25, Bosideng's revenue is expected to grow by 11.6% to 25.9 billion yuan, with brand down jacket revenue increasing by 11%, and the main brand revenue rising by 10.1% to 18.48 billion yuan, achieving growth despite a warm winter [1] - The company’s net profit is projected to increase by 14.3% to 3.51 billion yuan, driven by effective cost control leading to a steady rise in net profit margin [1] - For the first half of FY2025/26, the brand down jacket business is expected to develop steadily, while the OEM business faces pressure, with overall group revenue expected to remain flat year-on-year [1] Group 2: Product and Brand Development - Bosideng launched the "Puff" series during Paris Fashion Week, featuring celebrities like Guo Jingjing and Dong Jie, enhancing brand visibility [2] - The AREAL high-end urban line was officially launched on October 20, featuring over 20 products, including men's and women's clothing and accessories, priced between 2399-3999 yuan, focusing on business down jackets with functional fabrics and stylish designs [2] - The company continues to collaborate with internationally influential designers, including Kim Jones, former artistic director of men's wear at Louis Vuitton and Dior, to strengthen brand upgrades and enhance international influence [2] Group 3: Market Conditions - A significant cold front is expected to sweep through central and eastern China starting October 16, with temperature drops exceeding 10°C in some regions, marking the beginning of the down jacket sales season [2] - The winter clothing sales peak before the 2026 Spring Festival, which falls in late February 2026, is expected to be extended by approximately 15 days compared to 2025, benefiting brand winter clothing consumption [2]

Core Viewpoint - Dongfang Securities maintains a "Buy" rating for Bosideng (03998), projecting revenue growth of 10.1%/10.4%/10.5% for FY2026-FY2028, reaching 28.51 billion/31.46 billion/34.77 billion yuan, and net profit growth of 11.7%/12.4%/11.8%, reaching 3.92 billion/4.41 billion/4.93 billion yuan, with corresponding valuations of 13/12/11 times [1] Group 1: Financial Performance - For FY2024/25, Bosideng's revenue is expected to increase by 11.6% to 25.9 billion yuan, with brand down jacket revenue growing by 11%, and the main brand revenue increasing by 10.1% to 18.48 billion yuan, achieving growth despite a warm winter [1] - The company’s net profit is projected to grow by 14.3% to 3.51 billion yuan, driven by effective cost control [1] - For the first half of FY2025/26, the brand down jacket business is expected to develop steadily, while the OEM business faces pressure, with overall group revenue expected to remain flat year-on-year [1] Group 2: Product and Brand Development - Bosideng launched the "Puff" series during Paris Fashion Week, featuring celebrities like Guo Jingjing and Dong Jie, enhancing brand visibility [2] - The AREAL high-end urban line was officially launched on October 20, featuring over 20 products, including men's and women's clothing and accessories, priced between 2399-3999 yuan, aligning with the company's strategy of "professional down jackets + high-quality design" [2] - The company continues to collaborate with internationally influential designers, such as Kim Jones, former artistic director of Louis Vuitton and Dior menswear, to strengthen brand upgrades and international influence [2] Group 3: Market Conditions - A significant cold front is expected to sweep through central and eastern China starting October 16, with temperature drops exceeding 10°C in some regions, marking the beginning of the down jacket sales season [2] - The winter clothing sales peak before the 2026 Spring Festival, which falls in late February 2026, is expected to be extended by approximately 15 days compared to 2025, benefiting brand clothing winter sales [2]

Group 1 - The core viewpoint of the report is that CICC maintains the EPS forecast for Bosideng at 0.34/0.38 HKD for FY26/27, with a target price increase of 4.6% to 5.89 HKD, indicating a 20% upside potential from the current stock price [1] - Recent research indicates that Bosideng's flagship store on Nanjing East Road in Shanghai has shown robust retail performance during the off-season, laying a solid foundation for the upcoming peak season [1] - Despite renovations at the main flagship store, Bosideng's sales in the Shanghai region remained strong in 1HFY26, supported by enhanced product and brand strength, as well as refined marketing management [1][2] Group 2 - CICC expects Bosideng's revenue to remain stable in 1HFY26, with healthy growth in the core down jacket business despite some fluctuations in OEM due to tariffs [2] - The company’s distribution channels have performed well under flexible policy guidance, contributing significantly to business growth in 1HFY26 [2] - Bosideng's collaboration with renowned designer Kim Jones to launch the new "AREAL Advanced Urban Line" demonstrates its commitment to upgrading its brand towards a high-end strategy [2]

Core Viewpoint - CICC maintains the EPS forecast for Bosideng at 0.34/0.38 HKD for FY26/27, with a target price increase of 4.6% to 5.89 HKD, indicating a 20% upside potential from the current stock price [1] Group 1: Company Performance - Recent research indicates that Bosideng's new flagship store on Nanjing East Road in Shanghai has shown robust retail performance during the off-season, laying a solid foundation for the upcoming peak season [2] - Despite renovations at the flagship store, Bosideng's sales in the Shanghai region remained strong in 1HFY26, supported by enhanced product and brand strength, as well as refined marketing management in high-end shopping areas [3] - The company has closely collaborated with distributors to improve operational quality, leading to excellent retail performance from distributors, particularly after a temperature drop in East China in mid-October [3] Group 2: Financial Outlook - CICC expects Bosideng's revenue to remain stable in 1HFY26, with healthy growth in the core down jacket business despite some fluctuations in OEM due to tariffs [4] - The company’s flexible policy guidance for distribution channels has driven significant business growth, while self-operated business performance remained stable due to strategic adjustments during the off-season [4] - A slight decrease in OEM proportion is anticipated to enhance the group's profit margin, maintaining a trend of profit growth alongside stable revenue [4] Group 3: Brand Strategy - Bosideng's collaboration with renowned designer Kim Jones to launch the new "AREAL Advanced Urban Line" demonstrates the company's commitment to upgrading its high-end brand strategy [5] - This initiative reflects the company's forward-looking approach in strategic high-end positioning, international brand development, and product innovation [5]

Market Overview - The A-share market rebounded strongly, with the Shanghai Composite Index surpassing 3900 points, while the Hong Kong market showed a weaker closing despite an initial jump [1] - U.S. President Trump indicated a potential for a fair trade agreement with China, which may influence market sentiment [1] - The ongoing U.S. government shutdown has entered its 20th day, with expectations of resolution soon, which could stabilize the market [1] Technology Sector - Morgan Stanley reported that the storage industry is in the early to mid-stage of a strong upward cycle, suggesting that the best gains may still be ahead for investors [2] - The deep earth economy concept is gaining traction, with significant potential for resource development in China, particularly in energy security and strategic minerals [3][4] - Companies involved in deep earth resources, such as Sinopec Oilfield Services and Shandong Molong, have seen stock increases of 12% and over 8%, respectively [4] Individual Companies - Apple has achieved record highs, with the iPhone 17 series sales outperforming the iPhone 16 series by 14%, particularly strong in China [3] - BYD Electronics is rapidly developing its AI business and has become a key supplier for NVIDIA's new server architecture, positioning itself for growth in the AI server market [8] - Apple is deepening its collaboration with BYD, planning to produce home devices in Vietnam, which could drive new business growth for BYD Electronics [9] Government Initiatives - The Guangdong provincial government has launched an action plan to enhance the quality of manufacturing through AI, encouraging local governments to support industrial model services [2] - Hubei province is advancing state-owned asset management reforms, which could benefit securities firms like CICC and CITIC Securities [7]

Core Viewpoint - Bosideng (03998) saw a significant stock price increase, rising over 7% during trading and currently up 5.11% at HKD 4.73, with a trading volume of HKD 150 million [1] Company Developments - On October 20, Bosideng appointed renowned British designer Kim Jones as the creative director for the newly established AREAL high-end urban line [1] - Kim Jones previously served as the artistic director for men's wear at Dior, a luxury brand under LVMH, and left the position in January of this year. He also held the role of artistic director for men's wear at Louis Vuitton [1] Industry Context - Reports indicate that cold air is moving east and south, affecting a large area of central and eastern China. Many northern regions are experiencing continued low temperatures, while southern areas are expected to reach new lows for the second half of the year [1] - Guosheng Securities highlights the upcoming autumn and winter peak season, suggesting a focus on Bosideng as a leading brand in the down jacket market [1]

Core Insights - Bosideng appointed renowned British designer Kim Jones as the creative director for the newly established AREAL high-end urban line [1] - Kim Jones previously served as the artistic director for men's wear at Dior and has a history with Louis Vuitton [1] Company Developments - The launch of the AREAL high-end urban line marks a strategic move for Bosideng to enhance its brand positioning in the luxury market [1] - The appointment of Kim Jones is expected to bring significant design expertise and elevate the brand's appeal [1]

Core Viewpoint - Bosideng has appointed renowned British designer Kim Jones as the creative director of its newly established AREAL high-end urban line, marking a significant step in the company's strategy to elevate its brand image and product offerings [1][3]. Group 1: Appointment of Kim Jones - Kim Jones, previously the artistic director for men's wear at Dior and Louis Vuitton, has been appointed by Bosideng to lead the AREAL line [1][3]. - Jones is recognized for his successful collaborations, including a notable partnership with Supreme that generated direct profits of €3.64 billion for LVMH [3]. Group 2: Bosideng's Brand Strategy - Bosideng has shifted its focus towards high-end positioning since 2018, which includes upgrading product positioning, technological innovation, and internationalization [4]. - The company plans to elevate its main product price range to between 1,500 to 2,500 yuan by 2025, with its high-end series "Dengfeng" being the first domestic down jacket brand to exceed the 10,000 yuan price point [4]. Group 3: Financial Performance - Bosideng reported a revenue of 25.902 billion yuan for the fiscal year ending March 31, 2025, reflecting a year-on-year growth of 11.58% [5]. - The net profit attributable to shareholders increased by 14.31% to 3.514 billion yuan during the same period [5].

Group 1 - The core point of the article is the appointment of renowned British designer Kim Jones as the creative director of the newly established AREAL high-end urban line at Bosideng, following his departure from Dior earlier this year [1] - Kim Jones previously held the position of artistic director for men's wear at Dior and has also served as the artistic director for men's wear at Louis Vuitton [1]