Bosideng International (3998.HK): Resilience Against Weather Impact

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Bosideng International (3998.HK): Resilience Against Weather Impact

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28 Jun 2026 18:02:24 ET │ 14 pages

Bosideng International (3998.HK)

Resilience Against Weather Impact

CITI'S TAKE

Bosideng has continued to demonstrate its proven resilience against warm

weather impact with +8.9% yoy in its down apparel segment revenue in

2HFY26 (Oct 25’ – Mar 26’). We expect its agile product strategy, advanced Buy

innovation and enhanced supply chain capability should position it to Price (26 Jun 26 16:10) HK$3.95

navigate through another likely warm winter ahead. We fine-tune our FY27-

Target price HK$5.0029 earnings forecasts by 0-4% and maintain TP unchanged at HK$5.0.

Valuation is compelling with high dividend yield. See our 25 Jun note (link). Expected share price return 26.6%

Expected dividend yield 8.1%

Strategies against warm winter — 1) Agile product planning, i.e., shift to more light Expected total return 34.7%

down apparel; 2) advanced fabric technique catering to temperature dynamics; 3)

flexible supply chain lowering inventory risk. Its channel inventory is healthy, per Market Cap HK$46,155M

mgmt. Exchange policy is also offered to distributors to optimize their inventory US$5,887M

structure. This year, it sets distributors’ orders at 80% of annual target and leaves

the remaining 20% on demand-pull replenishment. The initial feedback from

distributors on winter trade fair has been positive, reflecting optimized product mix.

Price PerformanceFurther product segmentation — For core categories, its growth strategies are 1)

further segmentation in each category (i.e., by premium/quality/classic tier); 2) (RIC: 3998.HK, BB: 3998 HK)

strengthening product innovation; and 3) price point matching different customer

preference.