波司登發佈FY24年報
FY24(2023/4/1-2024/3/31)公司營收232.1億元，同增38.4%；歸母淨利30.7億元，同增43.7%。營收及利潤大幅上升創歷史新高，營收首次突破人民幣200億大關，利潤增速連續9年高於收入增速。
派息穩健且保持高派息比率
末期派息每股20.0港仙，全年派息25.0港仙，同增38.9%。
各業務單元收入均實現穩定高質量增長
主品牌收入167.8億元，同增42.7%；雪中飛收入20.2億元，同增65.3%；OEM收入同增16.4%；女裝收入同增16.6%；多元化服裝收入同增0.3%。
FY24 revenue sets a new record and profit growth trumps the past 9 years
Key metrics:
Bosideng released financial results for FY24 (fiscal year ended March 2024) with revenue crossing the RMB20bn mark for the first time to reach RMB23.21bn, up 38.4%, while net profit growth outperformed the previous 9 fiscal years at RMB3.07bn, up 43.7%. Record revenue and profit levels once again affirm the brand’s global leadership as a down jacket producer.
Stable high DPR:
the company set a final dividend of HKD0.20 per share, which brought its full-year dividend to HKD0.25 per share, an increase of 38.9% yoy.
Quality revenue growth:
all business units generated stable and high-quality revenue growth in FY24:
•Bosideng, the main brand, generated RMB16.78bn, up 42.7% yoy;
•Snow Flying posted RMB2.02bn, a growth spike of 65.3% yoy;
•OEM revenue increased 16.4% yoy;
•Women’s apparel revenue grew 16.6% yoy; and
•Diversified apparel revenue rose 0.3% yoy.
波司登主品牌發力產品創新、品牌建設、渠道建設
產品創新方面，
主品牌堅持品類創新、拓展增量業務，強化功能性服飾定位，持續贏得消費者心智；
品牌建設方面，
持續夯實“全球領先的羽絨服專家”品牌形象:通過品牌戰役打造，實現品牌引領感知和品銷最大化目標。
如米蘭達芬奇莊園大秀重新定義輕薄羽、阿勒泰雪山實景大秀與抖音平臺共建“中國好羽絨”IP，打造波司登品牌首個雪山快閃店及雪山實景大秀。
渠道建設方面：
通過打造Top店體系、坐實單店運營，將有限的優質的資源聚焦在明確的目標市場。如北京王府井銀泰in88店：23 年全球首家登峯主題概念店，打造大戶外場景，聯動 KOL等資源，助力品牌及門店流量推廣，優質拓客近7萬人。
Bosideng brand: product innovations, brand consolidation and channel buildout
Product innovations:
the Bosideng core brand focuses on product category innovations to expand incremental business and consolidate its functional apparel advantage to expand consumer mindshare.
Raising brand profile:
the company reinforced its positioning as the world’s leading down jacket expert through brand marketing campaigns that raised awareness of its global brand leadership and maximized product sales. One was the La Vigna di Leonardo fashion show in Milan in September last year, which debuted Bosideng’s “weightless” down apparel that redefined the classics. Another utilized livestreaming on location at China’s snow capital Altay in collaboration with TikTok, which showcased the launch of the China’s Best Down IP and Bosideng’s first pop-up store at Wild Snow Park.
Channel buildout:
the company prioritized top-performing stores and enhanced single-store operations to focus limited premium resources on target markets. Its first mountaineering concept store for the global market, which opened last year at the Yintai in88 mall in Beijing’s Wangfujing St, features a large outdoor setting. Ties with influencers and other resources helped promote the brand and drive store footfall to expand its premium customer base to nearly 70,000.
雪中飛持續投入線上，OEM打造快反能力持續佈局海外
雪中飛持續發力線上業務，堅持普惠品牌升級持續打造爆品；整合行業頭部供方資源、核心平臺資源、優質渠道資源，實現品牌業務快速增長。OEM業務實現經營能力和經營質量的進一步穩定提升，同時保存量、拓增量，打造OEM訂單的快反能力，持續進行海外產能佈局。
Snow Flying: investing into online; OEM quick responses; foreign capacities
Online:
the Snow Flying brand continued to grow its online business, working on brand upgrades and creating best-selling products. It integrated the industry’s top suppliers, core platform resources and premium channel resources to drive rapid growth.
OEM:
its OEM business sustained stable growth by improving operational capability as well as quality, maintained current volumes and added incremental volumes to enable quick responses in OEM orders, and also deployed foreign production capacities.
女裝精細化管理，多元化業務關注颯美特校服
女裝實現穩定且健康的恢復性增長，公司積極強化品牌形象、提升商品運營效率、拓展升級渠道建設精細化管理客戶。多元化業務主力關注颯美特校服，坐實品類專家美譽；另外，合資公司博格納面向高端市場：拓展線上線下渠道，打造全方位消費者互動體驗逐步滲透中國高端目標市場。
Refined women’s apparel management; Sameite school uniforms add diversity
Women’s:
the women’s clothing business was stable and tracked a healthy growth recovery in FY24. It strengthened the brand profile by improving product operational efficiency, expanding and upgrading its channel business, and making customer management refinements.
School uniforms:
the diversification into school uniforms, a business branded as Sameite, has firmed the company’s reputation as a strong niche player.
Bogner JV:
for the joint venture with Bogner, which targets the high-end market, the company expanded online and offline channels to enable a full spectrum of interactive consumer experiences that aim to gradually penetrate China’s high-end target market.
