Northeast Securities has published a research report confirming its "Buy" rating for BOSIDENG (03998). The firm anticipates revenue growth of 10.1%/10.4%/10.5% for FY2026-FY2028, reaching RMB 28.51 billion, RMB 31.46 billion, and RMB 34.77 billion, respectively. Net profit attributable to shareholders is expected to grow by 11.7%/12.4%/11.8%, reaching RMB 3.92 billion, RMB 4.41 billion, and RMB 4.93 billion, resulting in corresponding valuations of 13/12/11 times.

The company is enhancing product strength by collaborating with globally renowned designers and increasing the use of functional fabrics. On the distribution side, it is promoting store operations and upgrades to bolster individual store performance. The revamping of the Xuezhongfei and Bingjie brands aims to penetrate the affordable high-value market. The report mentions that BOSIDENG experienced counter-cyclical growth in the 2024/25 fiscal year, with steady performance expected through the 2025/26 fiscal year.

For the 2024/25 fiscal year, the company’s revenue is projected to grow by 11.6% to RMB 25.9 billion, with brand down jacket sales increasing by 11%. The main BOSIDENG brand revenue is expected to rise by 10.1% to RMB 18.48 billion, achieving growth despite the impact of a warm winter. Improved cost control is likely to enhance net profit margins, with net profit attributable to shareholders rising by 14.3% to RMB 3.51 billion.

In the first half of the 2025/26 fiscal year, the brand's down jacket business shows steady growth, while the OEM business faces pressure, with group revenue expected to remain relatively flat year-on-year. The company maintains a revenue growth target of 10% for the full fiscal year, with net profit growth outpacing revenue growth guidance.

On October 7th, BOSIDENG launched its "Puff" series at Paris Fashion Week, featuring sports and entertainment celebrities like Guo Jingjing, Dong Jie, and Wu Qianyu in the collection. On October 20th, the AREAL high-end urban line was officially launched, offering over 20 styles in its first season, targeting both men's and women's apparel and accessories. The line focuses on business down jackets, blending functional fabrics with stylish designs, and is priced between RMB 2399 and RMB 3999.

This further strengthens the BOSIDENG brand upgrade, aligning with the company's strategy of "professional down jackets + high-quality design." The AREAL series has appointed former Louis Vuitton and Dior men's wear artistic director Kim Jones as its creative director. BOSIDENG continues to collaborate with internationally influential designers, driving brand upgrades and enhancing global influence.

According to China Weather Network, the strongest cold air mass since the second half of 2025 swept through central and eastern China from October 16, with temperature drops exceeding 10°C in northern North China, southern Northeast China, central and western Inner Mongolia, Hunan, and Guizhou from the 16th to the 19th. As the cold air moves southward, minimum temperatures in large areas including Shanghai, Zhejiang, Jiangsu, Sichuan, and Chongqing will drop to between 10 and 20°C, marking the beginning of the peak sales season for down jackets. Furthermore, the 2026 Spring Festival (Lunar New Year) will fall in late February 2026, extending the winter apparel sales peak period by approximately 15 days compared to 2025, benefiting the brand’s winter clothing consumption.