BOSIDENG (03998) announced its full-year results for the 2025/26 fiscal year on June 25th.
The financial report shows that the company's revenue increased by 5.6% year-on-year to approximately 27.35 billion yuan, while net profit attributable to shareholders rose by 13.7% to about 3.994 billion yuan, with an operating profit margin of 19.4%.
Reflecting its solid operational foundation, the board has proposed a final dividend of HK$0.25 per ordinary share.
Since the implementation of its strategic transformation began in 2018, BOSIDENG has now achieved nine consecutive fiscal years where its net profit growth has outpaced its revenue growth.
The company has long adhered to its "dual-focus" strategic direction, concentrating on its main channel of down jackets and its primary track of fashionable, technological, and functional apparel, with the goal of becoming a world-leading group in this sector.
The sustained and robust performance growth fully validates the value of this long-term development strategy.
Product Innovation and Omnichannel Synergy Strengthen Growth Foundation
Examining the business segments, the BOSIDENG brand's down jacket operations generated revenue of 23.56 billion yuan in the 2025/26 fiscal year, accounting for 86.2% of total revenue and representing an 8.7% year-on-year increase.
The main BOSIDENG brand has consolidated its positioning as the "global leading down jacket expert," with revenue rising 6.9% to approximately 19.752 billion yuan, driven by category deepening, channel efficiency improvements, and digital implementation.
The Snow Flying brand, targeting the high-value segment, leveraged its winter sports and athletic heritage, focusing on online channel operations and reshaping user perception to achieve annual revenue of around 2.572 billion yuan, a 16.6% increase.
This creates a differentiated matrix where the primary and secondary brands offer layered coverage and complementary growth.
The OEM processing management business maintained a focus on quality and on-time delivery, deepened ODM collaborative empowerment, and solidified long-term core partnerships, with annual revenue of 3.094 billion yuan, keeping the business scale stable.
The continuous enhancement of brand power is BOSIDENG's core competitive advantage for navigating market cycles, with product innovation serving as the fundamental support for brand leadership.
During the reporting period, the company adhered to a "fashion + function + technology" R&D approach, covering four major scenarios: outdoor, casual, business, and fashion.
The sales contribution from new products steadily increased, helping to optimize terminal discount structures and raise the average product price.
In its high-end market layout, BOSIDENG collaborated with international designer Kim Jones to launch the BOSIDENG AREAL high-end urban series, combining haute couture tailoring with professional down craftsmanship to redefine the business down jacket category.
This series blends Eastern practical aesthetics with Western fashion design, covering diverse scenarios and consumer groups, and has been showcased at Galeries Lafayette in Paris and Hong Kong's K11 MUSEA.
Management stated that the terminal sell-through rate for the AREAL series has been ideal, with customer conversion results exceeding expectations.
Over 60% of its consumers are new to the brand, primarily mainstream consumers seeking high-quality attire and fashionable style.
Leveraging fifty years of down expertise and top global design resources, the brand's core approach for its high-end product line is "luxury democratization."
Moving forward, the company will continue to refine its high-end product matrix by honing a standardized single-store operational model for the AREAL series to enable scalable replication based on its operational capabilities, and by optimizing the ratio of men's to women's styles and the structure of four-season categories around contemporary consumer demand.
This will balance brand positioning, store operations, and user needs, deepen high-end user perception, and steadily elevate brand value.
In the professional extreme cold segment, the BOSIDENG sixth-generation Polar Extreme Cold series, used as equipment for Antarctic and Arctic scientific expeditions, incorporates self-developed Dynamic Cold Protection Technology 2.0.
It reduces the weight of a single item by 500g while improving warmth-to-weight ratio by 10% and breathability by 15%, creating a constant-temperature microclimate wearing environment and solidifying its technical barriers in professional down apparel.
To meet diverse styling needs, BOSIDENG has developed multiple differentiated outdoor and urban product lines to enrich its matrix.
The Puff series focuses on lightness, warmth, and comfort, integrating cutting-edge designs from Paris Fashion Week for the Master series and introducing the annual hit color, Bruce Blue.
It uses high-loft goose down from the golden down belt paired with precise filling technology to solve the problem of bulky winter outfits.
The Storm Down series is divided into Transform and Urban Outdoor lines; the Urban Outdoor line, co-created with functional master Errolson Hugh, features a single garment with three wearing modes adaptable to a 20°C temperature range, covering multiple seasons and outdoor scenarios and effectively extending the sales cycle for individual items.
BOSIDENG's high-quality products efficiently reach the market through a well-developed omnichannel system.
In the 2025/26 fiscal year, the company established an operational system of "increment online, quality improvement offline," with online and offline channels complementing each other.
Online sales revenue for all brands reached 8.769 billion yuan, a 15.8% year-on-year increase, with over 96% coming from self-operated business.
The online channels collaborated with e-commerce platforms to create exclusive IPs like "Super New Show" and "Super Fashion Launch," simultaneously executing brand campaigns such as the Transform campaign, Paris Fashion Week, and the Polar Extreme Cold series launch.
AI-driven refined operations enhanced platform efficiency.
On the Douyin channel, the focus was on building self-operated stores and PGC live streaming bases, completing the transformation to a flagship store self-operation model, which drove simultaneous increases in the proportion of new products and average customer spend.
Live streaming rooms contributed 77.5% of the Douyin channel's annual sales revenue.
Private domain user assets continued to accumulate, with approximately 1 million new followers and 2.1 million new members added on Tmall and JD.com platforms during the year, bringing the total member count across both platforms to about 23.1 million by period-end.
Douyin added over 7 million new followers, reaching a follower base of roughly 17 million by period-end, achieving simultaneous brand exposure and sales conversion.
The focus for offline channels shifted to quality deepening.
The company expanded into flagship stores in core commercial districts, refined its TOP premium store system, and implemented customized "one store, one design; one store, one strategy" operations tailored to different商圈 customer groups.
Simultaneously, it established a segmented store format management system based on customer stratification, reconstructing store operational processes around consumer needs, leading to simultaneous improvements in single-store profitability and consumer experience.
Full-Link Digital Intelligence Penetration and Agile Operations Build Resilience
Behind the rich product matrix and omnichannel layout, the digital and flexible supply chain system forms the core strength enabling BOSIDENG to withstand climate fluctuations and ensure efficient inventory turnover.
In the 2025/26 fiscal year, AI technology comprehensively covered the entire chain from R&D and supply chain to terminal retail, combined with成熟的 small-batch quick-response and pull-based replenishment models, achieving efficient inventory management.
As of March 31, 2026, BOSIDENG's inventory turnover days were 117, a decrease of one day year-on-year.
The company strictly controls terminal discounts, utilizing a flexible ordering mechanism to maintain healthy turnover levels.
Its direct-operated and distributor ordering systems are completely separate, with the initial pre-season order proportion kept low.
During peak sales seasons, production replenishment is dynamically triggered based on real-time terminal sales, allowing for flexible regional inventory adjustments and reducing operational risks from market forecasting.
After years of development, BOSIDENG's digitalization has fully entered an AI-empowered stage.
In R&D, the BSD.AI aesthetic brain streamlines the process from design to virtual garment, shortening development cycles and reducing sampling costs.
On the supply chain side, sales and inventory big data are used to automatically generate sales forecasts, linking with suppliers for precise raw material matching and full-chain traceability, transforming the supply chain from passive order-taking to proactive demand anticipation.
Digital value is also realized in terminal and member operations.
An offline intelligent operations platform automatically outputs store diagnostic solutions for refined single-store management.
Online, AI automatically generates graphics and short videos, paired with digital avatar livestreams to reduce operational costs.
The membership segment leverages AI large language models to build intelligent shopping assistant tools, enabling personalized, precision services to enhance user repurchase value.
The implementation of full-link digitalization optimizes inventory turnover, operational costs, and single-store output, building the company's long-term digital competitive advantage.
In terms of sustainable development, the company's ESG performance continues to gain recognition from international authoritative institutions.
Its MSCI ESG rating was upgraded to AAA, marking a steady improvement for three consecutive years.
During the year, it was首次入选 the S&P Global Sustainability Yearbook 2026 and recognized as the Global Textile Industry's Most Improved Company, while also being included in the Dow Jones Sustainability Indices.
Its sustainable operational strength continues to attract attention from long-term capital.
Concluding Remarks
In 2026, BOSIDENG stands at the milestone of its 50th anniversary.
The company's delivery of nine consecutive years of steady growth is the result of both the compound interest of half a century dedicated to its main down jacket track and the inevitable outcome of its long-term commitment to the "dual-focus" strategy.
Supporting this impressive growth is the operational capability BOSIDENG has built over the long term.
Enhancing product competitiveness through innovation, expanding growth space through omnichannel布局, improving rapid response capabilities through a flexible supply chain, and upgrading operational efficiency through full-link digital intelligence have all worked to smooth out industry cycle disturbances and demonstrate operational resilience.
Standing at a new starting point for development, BOSIDENG will further amplify its comprehensive advantages to create long-term value for end consumers, the capital markets, and the domestic apparel industry.
Comments