分模式：FY2025H1直营/加盟/其他收入22.6/34.3/3.7亿元，同比+36.7%/+12.6%/+54.6%，加盟增速慢于直营主系策略性控制加盟发货，全渠道同店同比增长30%+，体现单店经营提质增效。Kyg Securities released a research report stating that it maintains a "buy" rating for bosideng (03998), keeps its profit forecast unchanged, and expects the net income attributable to the parent for FY2025-2027 to be 2.55/2.95/3.39 billion yuan. The company's revenue in FY2025H1 was 8.804 billion yuan (+17.83%), and the net income attributable to the parent was 1.13 billion yuan (+23%), maintaining a high dividend ratio of over 50%. The leading position in down jackets is solid, and it is expected that product iteration, category innovation, and channel optimization will continue to drive growth.
The report states that the company’s revenue in FY2025H1 was 6.06 billion yuan (+22.7%), with bosideng and Xuezhongfei achieving 5.28/0.39 billion yuan respectively, year-on-year growth of +19.4%/+47.1%. The growth of the main brand is attributed to the strong sales of new categories such as sun protection clothing and jackets, layered distribution and refined operation, with online platforms also making efforts; the growth of Xuezhongfei is due to strengthened competitiveness in the mid-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.