Group 1 - The core viewpoint of the report is that Dongfang Securities maintains a "Buy" rating for Bosideng (03998) with a target price of HKD 6.31, highlighting positive sales impacts from recent weather changes in key markets [1] - The company is expected to benefit from an extended sales season due to the later timing of the 2026 Spring Festival, which falls on February 17, compared to January 29 last year, potentially enhancing FY2026 performance [1][2] - The appointment of renowned designer Kim Jones as the creative director for the new AREAL high-end urban line is anticipated to positively influence the brand's international presence and overall brand strength, despite the expected low sales contribution from this high-end line [1] Group 2 - The company is projected to achieve a compound annual growth rate (CAGR) of 17.66% in revenue and 19.73% in profit from FY2021 to FY2025, demonstrating resilience amid economic fluctuations [2] - Future revenue growth is expected to remain in double digits over the next three years, with profit growth likely to slightly exceed revenue growth, supported by favorable weather conditions and an extended sales season [2] - The company has maintained a high dividend payout ratio, averaging around 78% since its listing, and is expected to continue this trend, enhancing its investment appeal [2]