Recently, a netizen from Jiangsu posted on social media, questioning the high brand premium of a BOSIDENG store jacket priced at 2,099 yuan with only 86 grams of down fill. This issue has attracted significant public attention.
On January 9, based on the care label product number from the netizen's photo, inquiries at BOSIDENG's flagship store on a third-party shopping platform revealed that the product is a 2025 men's business series goose down jacket. It features a fill power exceeding 700, is designed as a thick, short style with a detachable inner lining, and has a down cluster content reaching 90%. The down fill weight varies by size; the 175 size indeed contains 86 grams, while the 180 size contains 91 grams. The original price of this jacket was 2,299 yuan, discounted to 1,999 yuan. Responding to the质疑 regarding brand premium, BOSIDENG's official customer service stated on January 9th that their down fill weight complies with national standards, and the price is determined by comprehensive factors beyond just the fill weight.
The current national standard for down jackets, GB/T 14272-2021, does not specify a minimum required down fill weight in grams. It only stipulates that the actual fill weight must not be less than 95% of the labeled value and requires the label to display both "down cluster content" (≥50%) and "fill weight (g)". This means the national standard sets no universal lower limit for down fill quantity. Manufacturers can label any grammage suitable for the style (lightweight/regular/heavy), as long as the labeling is compliant and meets the standard.
Notably, on the National Standard Information Public Service Platform under the State Administration for Market Regulation, it was found that BOSIDENG is the first participating enterprise in the drafting of this national standard. The primary drafter listed is BOSIDENG's Board Chairman, Gao Dekang. While leading industry players participating in drafting group or national standards is common domestically, such companies often leverage standard-setting opportunities to secure favorable market positions. BOSIDENG's response to media, claiming the "86-gram down jacket complies with national standards," appears untenable as no specific national standard exists for the fill weight itself. The core of consumer质疑 is more about whether BOSIDENG's brand premium is excessively high.
This necessitates a cost calculation. According to the tag shared by consumers on social media, the jacket's outer fabric is nylon and spandex, with other materials being polyester. Current market prices for premium nylon fabric range from 120-200 yuan per square meter, while polyester fabric is about 80-150 yuan per square meter. For a short jacket, estimating roughly 1 square meter each for outer and lining fabric totals 2 square meters, costing approximately 350 yuan, rounded up to 400 yuan. Many assume down is the most expensive component, but it isn't. According to the China Feather and Down Industrial Association's January price summary, the most expensive 95% white goose down costs about 1,000 yuan per kilogram, equating to 1 yuan per gram. Thus, the cost for 86 grams of down is only 86 yuan.
Based on this calculation, the material cost for a short down jacket using top-grade fabrics and premium down is approximately less than 500 yuan. Whether the nearly 2000 yuan discounted price for BOSIDENG's 86-gram jacket represents reasonable溢价 is left to the readers' judgment.
While the author cannot definitively calculate if BOSIDENG's brand premium is justified due to additional costs like labor, sales, and channels, it is clear that BOSIDENG's shareholders and executives are indeed "expensive." This is because BOSIDENG offers generous dividends, and its executives receive very high compensation.
According to BOSIDENG's 2024/25 annual report data, the total remuneration for directors was 75.73 million yuan. Chairman Gao Dekang received 11.94 million yuan, the Executive Director and CEO received 15.38 million yuan, and Executive Director and Senior Vice President Rui Jinsong received 16.579 million yuan (excluding share-based payments). Including 26.71 million yuan in share-based payments, his total remuneration for the fiscal year reached 43.28 million yuan! Compared to the previous fiscal year's total board remuneration of 51.65 million yuan, this represents a sharp increase of 46.6%. In the prior year, the remunerations for Gao Dekang, Mei Dong, and Rui Jinsong were 7.438 million, 4.285 million, and 35.815 million yuan respectively, indicating rapid growth in executive pay.
Besides high executive salaries, BOSIDENG's cash dividend payout ratio is also very high, with the bulk of these dividends flowing to the controlling shareholders of the listed company. Its 2024/25 annual report shows a cash dividend per share of 0.28 HKD, totaling approximately 2.94 billion RMB, accounting for 83.6% of the net profit attributable to owners of 3.514 billion RMB that year. In the 2023/24 fiscal year, the cash dividend was 2.512 billion RMB, representing 81.7% of the net profit. The payout ratio was similarly high at 84.24% in 2022/23 and 80% in the year before.
Evidently, high cash dividend payouts are a long-standing "fine tradition" at BOSIDENG. The majority of these dividends benefit the controlling shareholder, who holds over 60% of shares, as well as executives who also hold significant stakes. The fundamental basis for both the high dividend payouts and executive compensation is BOSIDENG's financial performance. However, BOSIDENG's financial reports indicate that its revenue and net profit growth rates have been declining rapidly in recent years.
Revenue growth rates for FY2024, H1 FY2025, FY2025, and H1 FY2026 were 38.39%, 17.83%, 11.58%, and 1.4% respectively. Net profit growth rates for the same periods were 43.74%, 22.98%, 14.31%, and 5.28%. Clearly, based on the declining growth trajectory, BOSIDENG is approaching a critical juncture in its performance. Regarding whether BOSIDENG's brand premium is justified, one might also need to consider the multi-million yuan salaries of its executives and the billions in dividends received by the controlling shareholder. (Disclaimer: The data and information in this article are sourced from publicly available information such as listed company financial reports, Tonghuashun Finance, Qiyeyujingtong, and industry official websites. Corrections are welcome if any data or information is missing. Unauthorized reproduction, plagiarism, or rewriting of this article is prohibited.)
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