Open Source Securities expects bosideng's net income attributable to owners for FY2025-2027 to be 2.55/2.95/3.39 billion yuan.
Zhixun Finance APP learned that Open Source Securities released a research report stating that it maintains a "buy" rating for bosideng (03998), and maintains its profit forecast, expecting net income attributable to owners of 2.55/2.95/3.39 billion yuan for FY2025-2027. The company's FY2025H1 revenue was 8.804 billion yuan (+17.83%), with a net income of 1.13 billion yuan (+23%), maintaining a high dividend payout ratio of over 50%. With a firm leading position in down jackets, continuous growth is expected to be driven by product iteration, category innovation, and optimized channels.
The report states that the company's FY2025H1 revenue was 6.06 billion yuan (+22.7%), with bosideng/Xuezhongfei achieving 5.28/0.39 billion yuan respectively, a year-on-year increase of +19.4%/+47.1%. The growth of the main brand is attributed to the popularity of new product categories such as sun-protective clothing and assault jackets, as well as hierarchical and refined channel operations, synchronized efforts in online platforms; Xuezhongfei's growth is attributed to strengthening competitiveness in the mid-to-low price range.
By channel: In FY2025H1, there were 3188 offline down jacket stores, including a net increase of +95 Xuezhongfei stores to 315. In addition, nearly 700 peak season stores were gradually opened. Online revenue in FY2025H1 increased by 24.1% to 1.35 billion yuan, accounting for 22% of down jacket revenue. The core categories are progressing in online and offline channels at the same pace, achieving high online growth through category focus, brand campaigns, content innovation, and other strategies.
By mode: Direct operation/franchise/other revenue in FY2025H1 was 2.26/3.43/0.37 billion yuan, with a year-on-year increase of +36.7%/+12.6%/+54.6%. Franchise growth was slower than direct operation mainly due to strategically controlling franchise shipments. All-channel same-store year-on-year growth of over 30% reflects the improvement in single-store management quality and efficiency.
