业绩创新高背后隐忧浮现,波司登高端化与性价比赛道如何破局?

ITBEAR科技资讯
Dec 04, 2025

寒冬时节,羽绒服市场的竞争态势愈发激烈,各大品牌的市场表现备受关注。近日,羽绒服行业巨头波司登(03998.HK)公布了截至2025年9月30日的六个月中期业绩,这份成绩单呈现出喜忧参半的局面,既创下历史同期业绩新高,又暴露出增速放缓、核心业务毛利率波动等问题,引发了市场对其未来发展的深度思考。在盈利水平方面,2025/26财年上半年,波司登品牌羽绒服板块毛利率较上财年同期下降2个百分点至...

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