BOSIDENG FY2025/26: Revenue Rises to RMB27.35 Billion, Shareholder Profit Up 13.7%; Final Dividend HKD0.25 Proposed

Bulletin Express06-25

Bosideng International Holdings (BOSIDENG) released full-year results for the 12 months ended 31 March 2026.

• Revenue grew 5.6% year-on-year to RMB27.35 billion, driven mainly by the core branded down-apparel segment. • Gross profit rose 5.5% to RMB15.65 billion; gross margin edged down 0.1 percentage point to 57.2%. • Operating profit increased 6.6% to RMB5.29 billion. • Profit attributable to equity shareholders advanced 13.7% to RMB3.99 billion. • Basic EPS was RMB0.3457, up from RMB0.3158. • The Board proposes a final dividend of HKD0.25 per share; together with the interim HKD0.063 already paid, total dividends for the year amount to HKD0.313 per share.

Segment performance • Branded down apparel: revenue RMB23.56 billion (86.2% of total), up 8.7%; segment margin 62.7% (-0.7 ppt). – Flagship Bosideng brand delivered revenue of RMB19.75 billion, +6.9%. – Snow Flying grew 16.6% to RMB2.57 billion. • OEM management: revenue RMB3.09 billion, ‑8.3%; margin improved to 19.5% (+0.4 ppt). • Ladieswear: revenue RMB0.56 billion, ‑14.3%; margin fell to 45.9% (-17.3 ppt) after destocking. • Diversified apparel (school uniforms & others): revenue RMB0.14 billion, ‑34.0%.

Balance-sheet and cash • Net assets stood at RMB18.43 billion (↑8.2%). • Cash and cash equivalents were RMB2.98 billion; time deposits and other financial assets totaled RMB13.38 billion. • Interest-bearing borrowings amounted to RMB0.96 billion, keeping gearing at 5.2%. • Inventory closed at RMB3.58 billion; turnover days improved by one day to 117.

Operational highlights • Total down-apparel stores (excluding peak-season pop-ups) rose by 177 to 3,647; self-operated outlets accounted for 35%. • Online sales contributed RMB8.77 billion, representing 36.8% of branded down-apparel revenue and growing 15.8% year-on-year. • R&D investment delivered 471 new patent applications, taking the cumulative total to 1,812. • MSCI ESG rating upgraded to AAA; listed in S&P Global Sustainability Yearbook 2026.

Outlook Management will retain its “dual-focus” strategy of reinforcing down-apparel leadership while expanding into fashionable, functional and technology-driven categories, citing continued investment in product innovation, digital operations and supply-chain flexibility.

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