公司发布24/25财年报告营收259亿，同比+12%，毛利率57%，同比-2pct，OPM19%略有提升，净利润36亿元，同比+14%。营收和净利润连续8年创同期历史新高，其中经营溢利增速再次快于收入增速，经营溢利提升13%。毛利率下降2pct，主要受到三个因素的影响：1)渠道结构变化：经销商渠道销售增长高于自营，且经销商毛利率相比自营较低；2)产品品类结构变化：防晒服等新品类毛利率相较羽绒服产品...
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