核心观点FY25（自然年24 年4 月-25 年3 月）公司营收、归母净利润分别同比+11.6%、+14.3%，其中FY25 羽绒服业务在暖冬挑战下同比+11%，批发模式营收增速（+24.3%）快于直营（+5.3%）。FY25公司直营、经销渠道数量为1236 家/净增100 家、2234 家/净增153 家。FY25 公司OEM 业务高增，高端女装继续承压减值。受原材料价格上涨影响以及业务结构变化...
Source Link核心观点FY25（自然年24 年4 月-25 年3 月）公司营收、归母净利润分别同比+11.6%、+14.3%，其中FY25 羽绒服业务在暖冬挑战下同比+11%，批发模式营收增速（+24.3%）快于直营（+5.3%）。FY25公司直营、经销渠道数量为1236 家/净增100 家、2234 家/净增153 家。FY25 公司OEM 业务高增，高端女装继续承压减值。受原材料价格上涨影响以及业务结构变化...
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