BOSIDENG (03998): Steady foundation behind continuous growth in revenue and net profit for nine consecutive years across cycles.

On June 25, 2026, BOSIDENG (03998) released its performance report for the 2025/26 fiscal year ending on March 31, 2026. The financial report showed that the group achieved revenue of approximately RMB 27,350.0 million, a year-on-year increase of 5.6%; net profit attributable to equity shareholders was approximately RMB 3,994.4 million, an increase of 13.7% year-on-year. With this, BOSIDENG has achieved double growth in revenue and net profit for the ninth consecutive fiscal year, with both core indicators reaching historical highs for the same period. It is worth mentioning that the growth rate of operating profit exceeded the growth rate of revenue again during the period, with the operating profit margin increasing to 19.4%. Against the backdrop of an overall warm winter in 2025, this report reflects the company's comprehensive competitive barriers in brand strength, product strength, and operational efficiency. The core business is stable, with new product contributions driven by innovation Down jackets are still the most core foundation for BOSIDENG. During the reporting period, revenue from this segment increased by 8.7% year-on-year to RMB 23,560.1 million, accounting for 86.2% of the total group revenue and continuing to be the largest revenue segment. The core brand BOSIDENG showed strong growth momentum, with annual revenue reaching RMB 19,752.2 million, a year-on-year increase of 6.9%, reaching a new high for the same period. Product innovation has become the core engine driving growth. During the reporting period, the BOSIDENG brand continued to iterate its core professional cold protection product line, launching the sixth generation Polar Extreme Cold seriesthe product designated for the Chinese Arctic and Antarctic expedition teams, equipped with self-developed dynamic cold protection technology 2.0, catering to the demands for professional cold protection and lightweight wear. In the high-end business track, the brand collaborated with former luxury brand creative director Kim Jones to create the high-end product line BOSIDENGAREAL, with an average product price exceeding RMB 2,600, successfully opening up the high-end business down jacket market space. The puff pastry-themed series for urban daily wear integrated cutting-edge popular designs from Paris Fashion Week, balancing warmth, comfort, and fashion attributes, becoming a popular product line of the year. The sales proportion and revenue contribution of new products in this fiscal year showed a significant increase. Similarly, the sub-brand Xuezhongfei maintained high-speed growth, achieving revenue of RMB 2,572.4 million, a year-on-year increase of 16.6%. The brand anchors the mainstream high-performance-price ratio down jacket segment, continuously deepening its ice and snow and sports genes, intensifying its presence in online channels such as Douyin, establishing a clear differentiated market positioning. Facing multiple external challenges in the overseas OEM business, amidst sustained pressure on industry order demand, the company achieved annual revenue of RMB 3,093.6 million, maintaining long-term cooperation relationships with global core partners through stable quality control, on-time delivery capabilities, and deep ODM empowerment, showcasing the balanced risk resistance of the group's diverse business sectors. Operational efficiency continues to improve, with net profit growth outpacing revenue growth for nine consecutive years Since launching the focused transformation strategy on its core down jacket business in 2018, BOSIDENG has achieved net profit growth higher than revenue growth for the ninth consecutive fiscal year. The key to this achievement lies in the group's excellent product operation capabilities and years of deep cultivation of a flexible supply chain. On the product operations front, the group continued to differentiate between direct sales and wholesale with two independent ordering mechanisms, fully implementing a pull replenishment system, small order quick response flexible supply chain adjustment system. Direct sales stores used actual sales data from each store as the basis to match initial inventory, dynamically adding orders based on feedback during the sales process; distributors matched different ordering rules and tiered rebate policies based on store size. The company actively controlled the initial order ratio, maintaining a low percentage, and dynamically added orders based on real-time sales data during peak seasons, achieving a dynamic balance between channel inventory and product structure. As of March 31, 2026, the group's inventory turnover days had been optimized to 117 days, a slight decrease of 1 day compared to the same period last year, maintaining a healthy inventory level even in the face of a warm winter impact. In terms of retail channel management, the company expanded its top-tier momentum stores, creating characteristic stores with brand genes, consolidating the Top store system, restructuring channel classification standards, and forming a store clustering operating model. At the store level, customized "one store, one strategy" based on different customer needs, building a fine-grained operational system based on customer segmentation to drive a process change centered on "stores as the core, customer value as the starting point". AI digital empowerment throughout the entire chain, ESG ratings among the world's best The company achieved high-quality growth in its online business through a dual-line layout of traditional e-commerce and content e-commerce. Online sales revenue for the reporting period totaled approximately RMB 8,769.2 million, a year-on-year increase of 15.8%. The content e-commerce segment focused on the Douyin platform, with BOSIDENG continuously expanding its brand's self-operated live broadcast rooms, upgrading content creation capabilities, establishing a professional PGC live broadcast base, and completing the transformation of the self-operated mode of the official flagship store on Douyin, effectively increasing the new product display ratio and average product price in the store. By the end of the fiscal year, BOSIDENG had approximately 23.1 million accumulated members on Tmall and JD platforms; the brand had approximately 17 million fans on the Douyin platform, steadily expanding its online private domain assets. In terms of digitalization, the group continued to advance AI-driven smart operations throughout the entire product lifecycle. At the product research and development end, the "BSD.AI Aesthetic Brain" was created to achieve a fully digital closed-loop process from design concept to virtual garment, with multiple AI design patterns and clothing models already launched on the market. On the supply chain end, a smart supply chain ecosystem platform was built to achieve dynamic and accurate matching of raw materials, full traceability throughout the entire chain, and automatic sales forecasting and procurement planning. At the product operations end, smart distribution, replenishment, and allocation were employed to enhance product operational efficiency. For retail operations, AI technology effectively empowered content creation and store managementonline innovative applications automatically generated text, images, and short videos using AI, and the offline intelligent retail operation platform generated weekly store diagnostic reports. In terms of member management, the company integrated AI large models with member data assets to create an "AI shopping guide assistant", providing personalized and accurate service in multiple scenarios. In the ESG field, BOSIDENG also achieved a milestone breakthrough. In October 2025, MSCI raised BOSIDENG's ESG rating from AA to AAA, steadily improving for three consecutive years, making BOSIDENG the first brand in the Asian textile and apparel industry to receive the highest rating. In February 2026, the company was included for the first time in the S&P Global "Global Sustainable Development Yearbook 2026" and won the Industry Mover award for best progress in the global textile industry. Additionally, the company was successfully included in the Dow Jones Index for Best Practices (DJ BIC), transitioning from leading domestically to leading internationally in ESG performance, further enhancing its attractiveness for long-term capital.