On the evening of June 25, BOSIDENG (HKEX: 03998) released its full-year results for the 2025/26 financial year. The report shows the company achieved revenue of approximately RMB 27.35 billion, a year-on-year increase of 5.6%. Net profit attributable to owners of the parent company rose 13.7% year-on-year to about RMB 3.994 billion, marking the ninth consecutive year of setting a new historical high for the period. The operating profit margin for the period improved to 19.4%, up 0.2 percentage points from the same period last year.
Despite the industry-wide backdrop of a generally warmer 2025 winter across China, the company still achieved a profit growth rate that has outpaced revenue growth for nine consecutive years. Breaking down by business segment, revenue from branded down apparel increased steadily by 8.7% to approximately RMB 23.56 billion. Within this, the BOSIDENG brand's revenue rose 6.9% year-on-year to about RMB 19.75 billion, a new historical high for the period, while the Snow Flying brand's revenue surged 16.6% year-on-year to roughly RMB 25.72 billion. The OEM processing management business, affected by adverse factors such as tariff policies, generated revenue of RMB 3.09 billion.
Foundations of Sustained Growth
This high-quality growth is underpinned by the group's persistent commitment to its positioning as the "global leading down apparel expert," building a systematic competitive advantage across product innovation, channel operations, and supply chain management. Product innovation was the core growth driver this fiscal year.
In October 2025, BOSIDENG launched its "Master Puff" series at Paris Fashion Week. Collaborations with Kim Jones on the AREAL series achieved a sell-through rate exceeding 95% for the first season. A partnership with Errolson Hugh resulted in the VERTEX Transformable 3-in-1 down series. The company also upgraded its sixth-generation Extreme Cold series, incorporating Dynamic Cold Protection Technology 2.0, which reduced garment weight by 500g and improved the warmth-to-weight ratio by 10%. Core IP series maintained healthy growth, with the Puff series more than doubling, driving a continuous increase in the proportion of new product sales.
Channel and Operational Excellence
In channel operations, the group continued to optimize channel quality by expanding flagship stores and large brand image stores, consolidating its top-tier store system, and enhancing single-store performance through tailored "one store, one strategy" plans. Online, sales revenue reached RMB 8.77 billion during the reporting period, a 15.8% year-on-year increase.
While solidifying its presence on traditional e-commerce platforms like Tmall and JD.com, the group focused on developing content-driven platforms such as Douyin. By establishing a self-broadcasting matrix, upgrading content quality, and promoting online new product launches, it built an operational system adapted to new channels. As of March 31, 2026, approximately 77.5% of the BOSIDENG brand's Douyin revenue originated from live-streaming sales.
Regarding membership and followers, the BOSIDENG brand added about 2.1 million new members on Tmall and JD.com, bringing the cumulative total to around 23.1 million. On Douyin, the brand gained over 7 million new followers, with cumulative followers reaching approximately 17 million as of March 31, 2026.
Supply Chain and Sustainability Recognition
In supply chain management, the group maintained a low initial order ratio, implementing a pull-based replenishment mechanism with small, quick-response batches during peak seasons based on sales feedback. This effectively promoted dynamic unified management of channel inventory and product structure.
As of March 31, 2026, BOSIDENG's inventory turnover days were 117, a slight decrease of one day year-on-year. Inventory across all channels remained at healthy levels, providing favorable support for stable discounts and gross margins and laying a solid foundation for growth in the next fiscal year.
Notably, in October 2025, MSCI upgraded the company's ESG rating from AA to AAA, making it the first Asian apparel and textile brand to receive this highest rating, achieving steady improvement for three consecutive years. In 2026, the group was selected for the first time for inclusion in S&P Global's *Sustainability Yearbook 2026* and was also included in the Dow Jones Sustainability Indices (DJSI) for Best in Class.
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