BOSIDENG (ASX: BOS) has released its financial results for the fiscal year ending March 31, 2026. The report shows the group achieved revenue of approximately RMB 27,350.0 million, a year-on-year increase of 5.6%. Profit attributable to equity shareholders was approximately RMB 3,994.4 million, marking a 13.7% increase. This represents the ninth consecutive fiscal year of growth in both revenue and net profit, with both core metrics reaching new historical highs for the period.
Notably, the growth rate of operating profit once again outpaced revenue growth, with the operating profit margin rising to 19.4%. This performance highlights the company's comprehensive competitive strengths in brand power, product innovation, and operational efficiency, achieved against the backdrop of a warmer-than-average winter in China during 2025.
Core Business Remains Strong, Fueled by Product Innovation
Branded down apparel continues to be the most critical segment for BOSIDENG. During the reporting period, revenue from this segment grew by 8.7% to RMB 23,560.1 million, accounting for 86.2% of the group's total revenue and solidifying its position as the largest income contributor.
The core BOSIDENG brand demonstrated robust growth momentum, with full-year revenue reaching RMB 19,752.2 million, a 6.9% increase, setting another new record for the period. Product innovation served as the key growth engine. The brand continued to refine its core professional cold-weather product lines, officially launching the sixth-generation Polar Extreme series, which is designated equipment for China's Antarctic and Arctic research teams and features proprietary dynamic thermal technology 2.0, balancing professional warmth with lightweight wearability.
Simultaneously, the brand achieved a breakthrough in the high-end business segment. Collaborating with former luxury brand creative director Kim Jones, BOSIDENG launched its high-end AREAL product line, with an average product price exceeding RMB 2,600, successfully tapping into the premium business down jacket market. The Puff theme series, targeting urban daily wear, integrated cutting-edge design trends from Paris Fashion Week, combining lightweight warmth and comfort with fashion, becoming a best-selling product line for the year. The sales contribution from new products saw significant improvement this fiscal year.
The sub-brand Snow Flying also maintained rapid growth, achieving revenue of RMB 2,572.4 million during the period, a 16.6% increase. The brand focuses on the mass-market, high-value segment, deepening its roots in winter sports and athleticism, while expanding its presence on online channels like Douyin, establishing a clear and differentiated market position.
Facing multiple external challenges, the overseas OEM business achieved full-year revenue of RMB 3,093.6 million against a backdrop of sustained pressure on industry order demand. Relying on stable quality control, on-time delivery capabilities, and deep ODM support, the business maintained long-term partnerships with global core partners, demonstrating the group's balanced risk resilience across multiple business segments.
Operational Efficiency Drives Sustained Profit Growth
Since initiating its strategic pivot to focus on the down apparel business in 2018, BOSIDENG has achieved net profit growth outpacing revenue growth for the ninth consecutive fiscal year. This achievement is significantly driven by the group's excellent merchandise operations and its long-cultivated flexible supply chain.
In merchandise operations, the group continues to distinguish between independent ordering mechanisms for direct-operated and wholesale channels, fully implementing a pull-based replenishment and small-batch, quick-response flexible supply chain system. Direct-operated stores are stocked based on actual sales data, with dynamic order additions during the sales process based on real-time feedback. Distributors follow differentiated ordering rules and tiered rebate policies based on store scale.
The company proactively controls the initial order ratio, keeping it low, and rolls out replenishment orders based on real-time peak-season sales data to achieve a dynamic balance between channel inventory and product mix. As of March 31, 2026, the group's inventory turnover days were optimized to 117 days, a slight decrease of 1 day compared to March 31, 2025, maintaining healthy inventory levels despite the impact of the warm winter.
In terminal price management, the group adheres to a high-quality, controlled discount strategy. Financial metrics showed comprehensive improvement: the full-year gross profit margin reached 57.2%; the operating profit margin improved to 19.4%, up 0.2 percentage points year-on-year; and the net profit margin rose to 14.6%, an increase of 1.0 percentage points.
For offline channels, the company expanded its leading high-potential stores, created distinctive stores with brand DNA, consolidated its top store system, redefined channel classification standards, and formed a clustered store operation model. At the single-store level, operations are customized around different customer needs with "one store, one design" and "one store, one strategy," building a refined operational system based on customer segmentation to drive process transformation centered on the store and customer value.
AI and ESG Advancements Strengthen Long-Term Foundation
Through dual deployment in traditional and content-based e-commerce, the group's omnichannel online business achieved high-quality growth. Online sales revenue for the period was approximately RMB 8,769.2 million, a 15.8% increase. The content e-commerce segment focused on the Douyin platform, where BOSIDENG continued to expand its brand-operated live-streaming rooms, upgraded content creation capabilities, established a professional PGC live-streaming base, and completed the transition to a self-operated model for its Douyin flagship store, effectively increasing the proportion of new product listings and the average order value.
By the end of the fiscal year, BOSIDENG had accumulated approximately 23.1 million members on Tmall and JD.com platforms. The brand's total follower count on Douyin reached approximately 17 million, indicating continued expansion of its online private domain assets.
In digitalization, the group continues to advance AI-driven, full-lifecycle intelligent operations. On the product R&D front, it created the "BSD.AI Aesthetic Brain," achieving a fully digitalized closed loop from design conception to virtual garment creation, with several AI-designed patterns and garments already launched in the market. The supply chain side built a smart supply chain ecosystem platform, enabling dynamic and precise matching of raw and auxiliary materials with full-chain traceability, and automatic generation of sales forecasts and procurement plans.
Merchandise operations leverage intelligent distribution, replenishment, and allocation to enhance efficiency. In retail operations, AI technology effectively empowers content output and store management—online through innovative applications like AI-generated copy, images, and short videos, and offline via an intelligent retail operations platform that automatically generates weekly store diagnostic reports.
For member management, the company integrates AI large language models with member data assets to create an "AI Shopping Assistant," delivering personalized and precise services across multiple scenarios.
Landmark breakthroughs were also achieved in ESG. In October 2025, MSCI upgraded BOSIDENG's ESG rating from AA to AAA, marking steady improvement for three consecutive years. BOSIDENG became the first brand in Asia's textile and apparel industry to receive this highest rating. In February 2026, the company was selected for the first time for inclusion in S&P Global's *Sustainability Yearbook 2026* and received the Global Textile Industry Best Improver Award (Industry Mover).
Furthermore, the company was successfully included in the Dow Jones Sustainability Indices (DJSI), signifying a transition in its ESG performance from "domestically leading" to "internationally exemplary," further enhancing its appeal to long-term capital.
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