The spring and summer company's light outdoor and assault clothing categories are worth paying attention to

Bosideng has added an innovative urban lightweight outdoor series to the sunscreen product collection. Its fresh, bright colors and two-color stitching enhance the fashion style of sunscreen clothing. Various perforated designs enhance physical breathability, while increasing volumetric silhouettes to meet the needs of young consumers. At the same time, for the female version of the product, a variety of waist slimming versions and simple designs are used to create an overall look with perfect proportions; the series products not only fit everyday outdoor scenes, but also provide a simple double fit. They are energetic and light sports styles to meet the diverse outdoor wear needs of consumers.

Bosideng has launched a new line of jacket products. These products seek a balance between fashion and functional protection, and have water-repellent, windproof, and breathable properties. In order to meet diverse styles and fashion needs, they extend to multiple scene categories such as wind cases, soft cases, and hard cases, and become customers with lightweight protective functional jacket products suitable for urban/outdoor wear.

Consolidate the brand image of “the world's leading down jacket expert”

Upgraded from a world-leading brand perception for down jackets to a global leader in down jackets. In terms of brand building, integrating brand strategy, creative vision, PR experience, and digital intelligence content, etc., it helps the brand strategy by implementing brand leadership, brand campaign strength, and good sales strategies to help the brand strategy, continuously deepening consumers' awareness and reputation of the brand, and achieving the goal of brand leadership and product sales maximization.

Intelligent logistics is an effective guarantee for the intelligent operation of product numbers

Continuing the product operation management concept, the company's intelligent distribution center serves all offline direct sales and distribution stores, as well as traditional online e-commerce, online Douyin platforms, WeChat market/video accounts, O2O and other businesses across the country. Through an integrated inventory management platform, the inventory of 9 directly managed warehouses and 12 small dealers nationwide is managed uniformly.

This includes supplier delivery to warehousing/market return warehousing, sorting and listing. Storage space configuration and product storage are implemented according to market sales conditions and different strategies. In the process, the top model is strengthened, and the yield of replenishment is continuously improved.

The ability to achieve high quality and rapid response in the supply chain is an important competitive advantage that the company continues to win in the industry. It is one of the core competencies that maintain the company's high-quality, efficiency/steady development. The company implements the leading future/spot product operation model in the down clothing industry. The first order rate is controlled within 40%, and the remaining ratio continues to be placed on a rolling basis during the peak sales season based on market terminal sales data and trend forecasts. It supports an efficient turnover cycle and operational efficiency through pull-out, quick delivery and quick reversal of small orders, and consolidates the high-quality fast response capabilities of “best-selling products with few out of stock and no shortage”.

Adjust profit forecasts to maintain a “buy” rating

Considering changes in the macro consumption environment, we slightly adjusted the company's profit forecast. The estimated revenue for FY25-27 was RMB 25.7 billion, RMB 28.6 billion, and RMB 32.2 billion (original value was RMB 26.5 billion, RMB 30.1 billion, RMB 34.1 billion), respectively;

Net profit to mother was 3.5 billion yuan, 3.9 billion yuan, and 4.4 billion yuan (original value 3.6 billion, 4.1 billion yuan, 4.6 billion yuan); EPS was 0.30 yuan, 0.34 yuan, and 0.38 yuan (original value was 0.32 yuan, 0.37 yuan, 0.42 yuan), respectively.

Risk warning: Industry competition increases risk, raw material price fluctuation risk, brand operation risk, etc.