Listed Company: Bosiden Released Its Report For The First Half Of 2024/25

　　 On November 28, Bosiden released the report for the first half of 2024/25, and the company's revenue and net profit achieved high-quality growth. Among them, the profit attributable to equity shareholders rose by more than 20 percentage points, a record high.

　　 Bosiden pointed out that with the gradual emergence of the effects of various policies and the further release of market demand, China's textile and clothing industry ushered in new development opportunities. The company adheres to the pulse of the times, focuses on core businesses, adheres to brand leadership, strengthens innovation drive, practices corporate culture, and achieves steady and high-quality growth in performance.

　　 Guolian Securities believes that Bosiden still adheres to the "focus" at present, excavates the demand potential of the down category, and is committed to upgrading the brand potential to "the first brand of down jacket". The down jacket category itself is characterized by high functionality and high sense of experience, so it is easy to drive the penetration and growth of the leader in a longer consumption cycle.

　　 The financial report shows that in the first half of fiscal year 2024/25, Bosiden's revenue rose 17.8% year on year to about 8.8 billion yuan; The profit attributable to equity shareholders rose by 23% to about 1.13 billion yuan, a record high in the medium term. In the first half of fiscal year 2024/25, Bosiden's operating profit increased by 19.6% year on year, and the operating profit of its main business unit (excluding women's clothing business) increased by 28.3% year on year.

　　 The continuous growth of performance is not unrelated to Bosiden's strategy of focusing on the main business. In 2018, Bosiden proposed the strategy of "focusing on the main channel, shrinking diversification", shifting the development focus to the main business of down jacket. In recent years, Bosiden's performance has also continued to grow.

　　 According to the latest research of CICC, Bosiden, on the basis of strengthening the core business of down jacket, focuses on the track of "fashion function technology clothing", promotes innovation of new categories, further improves the quality and efficiency of single store operation, and improves the ability of fine operation.

　　 Data shows that in the first half of fiscal year 2024/25, Bosiden's brand revenue rose 19.4% year on year to about 5.28 billion yuan. In the first half of fiscal year 2024/25, the revenue of Xuezhongfei brand was about 390 million yuan, up 47.1% year on year, and the gross profit margin rose 6.0 percentage points year on year.

　　 Xuezhongfei brand focuses on the high cost performance down jacket market track, focusing on three key strategies of "category value innovation and extension, strategic omni channel model breakthrough, and brand user mental remodeling" to achieve good performance growth.

　　 Huayuan Securities pointed out that the scale of China's down clothing market rapidly increased to 196 billion yuan in 2023. With the change of Chinese consumer consumption mode from traditional brands and price oriented to personality, creativity and emotional expression oriented, all brands tap consumer demand and provide diversified and innovative products as the core driving force for future industry development. It is expected that by 2028, The industry scale will maintain rapid growth, and the compound annual growth rate is expected to reach about 11%.

　　 Despite the challenges of geopolitical risks and export pressures, Bosiden's OEM management business remained stable in the first half of 2024/25, with revenue rising 13.4% year on year to about 2.32 billion yuan. OEM processing management business focuses on core customers, continues to build core competitiveness of OEM and ODM, build order quick reaction ability and expand overseas production capacity layout.

　　 Bosiden has always attached importance to brand building, strengthened brand leadership, and continuously consolidated the brand image of "the world's leading down jacket expert".

　　 During the financial reporting period, Bosiden helped the brand strategy by implementing the strategy of brand leadership, brand campaign, and product and sales boom, from the promotion and creation of Top models, to the diversion and empowerment of Top stores, to constantly deepen consumers' awareness and reputation of the brand, and to achieve the goal of brand leadership perception and product and sales maximization.

　　 It is worth mentioning that during the financial reporting period, Bosiden has won many awards, demonstrating the global leading brand strength and market competitiveness.

　　 Ranked 46th in the list of apparel brands by Brand Finance, one of the five global brand value evaluation authorities, in a row; Ranked 268th in the World Brand Lab's "Top 500 Asian Brands in 2024"; In the "2024 World Textile and Garment Brand Strength Evaluation Results" released by the International Academy of Brand Sciences, Bosiden brand ranked No. 8 on the list of the world's top 100 textile and clothing brands, becoming the highest ranked Chinese brand on the list.

　　 Through category iterative innovation and incremental business expansion, Bosiden injected power into the performance growth in off peak seasons. In the first half of fiscal year 2024/25, the focus will be on the creation of functional coats such as sunscreen clothes and single shell assault jackets. Through the linkage of Fashion Bazaar, we will create a flash shop with limited time, a sunscreen show in combination with the Beijing Film Festival, a cooperation with the Strawberry Music Festival, a "superimposed" cloud show in Shanghai, and many other groundbreaking activities such as lighting up the Shanghai Central Building, Continue to win the attention and favor of the market and consumers on functional coats.

　　 Through category innovation, material innovation and technological innovation, Bosiden has continuously won the minds of consumers through precise development of consumers. For example, the "superimposed" three in one series of rush jackets and down jackets newly launched in the autumn of 2024 successfully entered the outdoor heat preservation market and quickly occupied the minds of consumers. This product also won the Red Dot Design Award.

　　 At the moment of rapid development of science and technology, Bosiden strives to be at the forefront of digital transformation, and has made remarkable achievements in digital practice in the fields of intelligent manufacturing, intelligent logistics, and intelligent commodity operation. It has gradually established the focus on users, retail, and commodities as the driving force for future digital transformation. At the same time, Bosiden has explored the development mode of combining online and offline, Strive to promote the high-quality development of marketing channels.

　　 During the financial reporting period, Bosiden expanded to build a top store system, customized one store one policy, and created in-depth cooperation with core top store managers to form a leading model and replicate and promote it.

　　 At the same time, Bosiden pays attention to the strategic incremental market, iterates the hierarchical management system of channels, strengthens the differentiated matching of branch resources, and meets the needs of customers at different levels. Realize the operation of single store, improve the refined management ability and operation efficiency, and the omni channel growth of Bosiden brand can be more than 30% compared with the same store.

　　 Bosiden focuses on the development of self support construction and content upgrading, for example, in September, the integration of the new trend focus of the dithering platform IP promotion of lightweight down jacket. Double 11 Tmall clothing stores, women's clothing stores and men's clothing stores ranked second, first and second respectively. In the first half of fiscal year 2024/25, the online sales revenue of down jacket of Bosiden brand increased by 24.1% year on year.

　　 S&P Global released the "Sustainable Development Yearbook (China Version) 2024" on July 16, 2024. With its outstanding performance in ESG, Bosiden stood out from 60 industries and 1735 assessed enterprises, and was selected into the "Sustainable Development Yearbook (China Version) 2024" for the first time, becoming one of the two selected enterprises in China's brand clothing industry, It is in the leading position in China's textile and clothing industry.

　　 During the financial reporting period, Bosiden formulated the "1+3+X" ESG strategic framework, defined the ESG vision of "consumer oriented, leading sustainable fashion", and set the goal of "achieving net zero emissions in the operation process by 2038" and the phased goals in the process.

　　 In terms of carbon path planning, Bosidenji carried out carbon emission accounting for the enterprise value chain, covering the whole link links of the group itself, suppliers, dealers, transportation and product sales, and completed independent carbon audit. Based on these improved carbon data systems, and according to the medium-term strategic objectives, Bosidenji formulated a practical and perfect carbon path planning.

　　 In the first half of fiscal year 2024/25, Bosiden's supply chain continued to systematically plan and upgrade in terms of flexible quick reaction, excellent quality, scientific research technology, resource integration and cost leadership.

　　 In terms of digital operation, we have preliminarily completed the design, development and testing of the core business operation platform (users, retail, commodities) in accordance with the principle of one portal, one platform and one digital warehouse in combination with the use of Bosiden's existing systems or applications, laying the foundation for the ultimate goal of office mobility, online business, digital operation and intelligent decision-making.

　　 In particular, Bosiden's smart operation case was selected into the 2024 Typical Case Set of Digital Transformation of Manufacturing Industry by the Ministry of Industry and Information Technology, becoming the only selected enterprise case in the textile and clothing industry, providing valuable experience and demonstration guidance for the digital transformation and upgrading of the industry.