主品牌增速放缓,雪中飞负增长 波司登如何守住羽绒服基本盘?

21世纪经济报道
Dec 03, 2025

近日,国内羽绒服龙头波司登(03998.HK)交出一份并不亮眼的中期成绩单。  2025/26上半财年(截至2025年9月30日止六个月),波司登实现营收约89.28亿元(人民币,下同),同比小幅上升1.4%,净利润约12.01亿元,同比增长5.2%。  需要指出的是,作为业务基本盘的品牌羽绒服收入增速有所放缓,2025/26上半财年该板块贡献收入约65.68亿元,占总收入的73.6%。尽管实现...

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