智通财经APP讯，波司登(03998)发布公告，于2026年2月9日就根据股份计划发行29万股;于2026年2月10 日就根据股份计划发行17万股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 波司登國際控股有限公司 第 1 頁 共 6 頁 v 1.3.0 | 2). 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | 44,000 | 0.0004 % | HKD | 3.65 | | | --- | --- | --- | --- | --- | --- | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | 2024購股權計劃 (於20/08/2024 採納) | | | | | | | 變動日期 2026年2月10日 | | | | | | | 3). 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | 50,000 | 0.0004 % | HKD | 3.24 | | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | 2017購股權計劃 (於25/08/2017 採納) | | | | | | | 變動日期 2026年2月10日 | | | | | | | 4). 就 ...

Core Viewpoint - The article discusses the challenges faced by Bosideng in its high-end positioning strategy, highlighting the disconnect between consumer expectations and the brand's pricing strategy, particularly in light of recent controversies regarding product value and pricing transparency [4][6][32]. Group 1: Brand Controversy and Consumer Perception - A recent incident involving a consumer questioning the value of a Bosideng down jacket priced at 2099 yuan with only 86 grams of down filling has sparked widespread discussion about the brand's pricing strategy and perceived value [6][8]. - Bosideng's response to the controversy emphasized compliance with national standards, but this did not alleviate consumer concerns about the brand's pricing compared to competitors offering similar products at lower prices [8][18]. - The article notes that many consumers lack a clear understanding of technical parameters like down filling, which complicates their purchasing decisions and contributes to the perception of overpricing [14][16]. Group 2: Financial Performance and Market Position - Bosideng's revenue growth has slowed significantly, with a reported increase of only 1.4% in the latest financial period, down from 17.83% in the previous year [23]. - The company's main brand revenue growth has also declined to 8.3%, while its other brands, such as Xuezhongfei and Bingjie, have experienced revenue declines of 3.2% and 26.09%, respectively [23][27]. - Despite the challenges, Bosideng's revenue has grown from 10.383 billion yuan in 2019 to an expected 25.902 billion yuan by 2025, indicating a significant increase in overall sales despite the recent slowdown [21]. Group 3: Market Trends and Competitive Landscape - The down jacket market in China is experiencing a shift, with an overall market size expected to exceed 227 billion yuan in 2024, indicating a growing demand for down products [35]. - Competitors are also raising prices, with brands like Yaya and Xuezhongfei moving into higher price ranges, reflecting a broader trend of price increases across the industry [38]. - The article highlights the increasing competition from outdoor brands and the impact of e-commerce on consumer purchasing behavior, suggesting that traditional down jacket brands must adapt to changing market dynamics [40][41]. Group 4: Strategic Challenges and Future Outlook - Bosideng's high-end strategy appears to be primarily focused on price increases rather than creating a corresponding brand experience and service system that justifies these prices [44]. - The brand's significant presence in lower-tier cities contrasts with its attempts to establish a high-end image in first- and second-tier markets, indicating a misalignment in brand positioning [44]. - The article concludes that the future of the down jacket market will involve a new round of competition focused on high-end positioning and creating meaningful consumer experiences [44].

Investment Rating - The report maintains a positive outlook on the textile and apparel industry, indicating a "Look Favorably" investment rating [2]. Core Insights - The textile and apparel sector outperformed the market, with the SW textile and apparel index rising by 1.3% from February 2 to February 6, 2026, surpassing the SW All A index by 2.9 percentage points [3][4]. - The report highlights the impact of the Milan Winter Olympics on the sportswear market, suggesting that the event will catalyze interest in winter sports and boost sales for brands involved in the Olympics [10][11]. Summary by Sections Industry Performance - The SW apparel and home textiles index increased by 2.2%, outperforming the SW All A index by 3.8 percentage points, while the SW textile manufacturing index also rose by 2.2%, exceeding the SW All A index by 3.7 percentage points [3][4]. Recent Industry Data - Retail sales in China for the year reached 50.12 trillion yuan, a year-on-year increase of 3.7% [28]. - In December, textile and apparel exports amounted to $25.99 billion, reflecting a year-on-year decline of 7.4% [34]. - Cotton prices showed a slight decrease, with the national cotton price B index at 15,908 yuan per ton, down 0.2% [39]. Textile Insights - The report expresses confidence in the long-term cycle of Australian wool prices, which stabilized at 1,177 cents per kilogram, with a year-on-year increase of 54.9% [10][41]. - Supply constraints are evident, with a projected 10.3% decrease in the Australian sheep population for the 2025/26 season [10]. Apparel Insights - The opening of the Milan Winter Olympics is expected to enhance marketing opportunities for sports brands, with notable partnerships such as Li Ning and Anta providing official gear for their respective national teams [11][12]. - The report recommends focusing on brands like Li Ning, Anta, and 361 Degrees, which are expected to benefit from increased consumer interest in winter sports [11]. Market Trends - The report anticipates a gradual recovery in domestic demand throughout 2026, with a focus on high-performance outdoor apparel and discount retail [14]. - The competitive landscape is evolving, with brands seeking innovation in channels and products to adapt to changing consumer preferences [14][15].

Investment Rating - The report does not explicitly provide an investment rating for the apparel industry Core Insights - The luxury jewelry market is seeing a rise in interest from high-net-worth individuals towards traditional gold jewelry, which has significantly higher sales per store compared to established luxury brands like Cartier and Van Cleef & Arpels, achieving a gross margin of 40% [1] - The second-hand luxury market and emerging local brands are putting pressure on affordable luxury brands, which are experiencing declining sales, although some brands like Coach and Ralph Lauren are showing signs of recovery through product innovation and marketing adjustments [4] - The domestic sportswear market is undergoing a transformation with local brands capturing 60% of the global market share, led by Anta and Li Ning, which are focusing on technological advancements and channel optimization to build competitive barriers [4] - The demand for affordable down jackets is surging among middle-class consumers, leading to a decline in sales for high-end brands, which are struggling with high pricing and quality concerns [5][7] - The outdoor gear market is evolving with the popularity of trail running, leading to increased interest in trail backpacks, which are expected to see significant market growth by 2030 [8] Industry Environment - The luxury jewelry market is being disrupted by traditional gold jewelry brands that are attracting high-net-worth consumers, leading to a shift in customer traffic away from established luxury brands [1] - The affordable luxury segment is facing challenges due to tightening consumer spending, with brands like Michael Kors and Coach reporting significant revenue declines in Asia, although some are beginning to recover [4] - The domestic sportswear market is witnessing a major shift with local brands like Anta and Li Ning leading in revenue and brand value, while international brands are experiencing slower growth [4] - The affordable down jacket market is thriving as consumers prioritize value, leading to a stark contrast in sales performance between high-end and budget brands [5][7] - The trail running trend is driving demand for specialized outdoor gear, particularly trail backpacks, which are becoming essential for outdoor enthusiasts [8] Top Brand News - Pop Mart's Labubu toy line experienced a significant market crash after initial success, highlighting the volatility of collectible markets [10] - Li Ning showcased its Honor Gold Label series at Milan Fashion Week, emphasizing a blend of high-quality design and sports technology [11] - Deckers Brands announced the closure of two niche brands to focus on more profitable core brands like Hoka and UGG [14] - Aokang held an AI fashion show to innovate marketing strategies in the footwear industry, showcasing a digital transformation approach [16]

乡村要振兴，活力在青年。省政协委员、波司登股份有限公司董事长高晓东扎根基层多年，深知年轻人 对乡村振兴的重要性。 （来源：新华日报） □ 本报记者 黄 伟 "乡村天宽地阔，年轻人能留在乡村，首先是成家立业，有个好归宿，有份好工作。"高晓东建议，农村 的房屋许多年代较长，应允许群众在符合政策规定、规划要求的前提下，适当更新改造，满足年轻人的 生活需求。与此同时，因地制宜发展富民产业，完善体育、休闲等公共服务设施，根据人口变化趋势统 筹调配教育资源，让年轻人在农村"住有所居""业有所成"，让下一代快乐成长。他表示，乡村也要以包 容心态鼓励年轻人发挥聪明才智，用新理念、新技术推动产业升级，为乡村发展注入新活力。 ...

波司登(03998)发布公告，于2026年2月6日，该公司根据2017购股权计划(采纳于2017年8月25日)发行合 计105.4万股股份。于2026年2月6日，该公司根据2024购股权计划(采纳于2024年8月20日)发行109.5万股 股份。 ...

| 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 03998 | 說明 | 不適用 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | | | | 於下列日期開始時的結存(註1) | 2026年1月31日 | | 11,676,156,872 | | 0 | | 11,676,156,872 | | 1). 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 而發行新股或轉讓庫存股份 - 涉及新股 | | | 126,000 | 0.0011 % | | HKD ...

Group 1 - The top three brands in the comprehensive heat index are Bosideng, Adidas, and Skechers, with scores of 1.89, 1.82, and 1.53 respectively [2] - The women's footwear and fashion bag sectors are shifting from a "function-oriented" approach to one driven by "cultural recognition and experiential engagement," indicating a competitive landscape focused on design, cultural significance, and emotional connection with consumers [2] - Daphne Group's international strategy is highlighted by its collaboration with Chinese designer brand DIDU at Paris Fashion Week, showcasing a collection that emphasizes cultural identity and design uniqueness [2][3] Group 2 - The popularity of the "high cost-performance + high recognition" products among Generation Z is evident, with the launch of a new series of products in September becoming a seasonal phenomenon [3] - Bosideng's strong performance, with a heat index of 1.89 and a 12-position increase, is attributed to its "light warm technology series" and collaborations with renowned designers, successfully appealing to urban young professionals and outdoor enthusiasts [3][4] - The competitive landscape for down jackets is characterized by a dual focus on "professional brand fashionization" and "the return of domestic brand value," with brands like Yaya and Taiping Bird launching products that meet seasonal demands and resonate with contemporary consumer narratives [4]

Group 1 - The core viewpoint of the article highlights the strong performance of Hong Kong consumer stocks, with notable increases in share prices for companies such as Mengniu Dairy and Sun Art Retail, both rising over 2% [1] - Other companies in the consumer sector, including Haidilao, Zhou Hei Ya, and Bosideng, also experienced share price increases, indicating a positive trend in the market [1]