Bosideng International Holdings Limited · HKEX:3998
Bosideng International — FY2025/26 Earnings Presentation
37 slides from Bosideng International's earnings presentation, Jun 26, 2026
Slide 1: 2025/26 Annual Results
2025/26 Annual Results June 26, 2026
Slide 2: Disclaimer
Disclaimer The information contained in this presentation is intended solely for your personal reference. Such information is subject to change without notice, its accuracy is not guaranteed and it may not contain all material information concerning Bosideng International Holdings Limited (the “Comp
Slide 3: Agenda
Agenda 01 Financial Review 02 Business Review 03 Future Development Plan 3
Slide 4: Financial Review
Ralls BOSIDENG Financial Review
Slide 5: Financial Highlights
Financial Highlights For the year ended March 31 (RMB million) 2026 2025 Change Revenue 27,350.0 25,901.7 +5.6% Gross profit 15,650.8 14,839.9 +5.5% Profit from operations 5,294.4 4,966.9 +6.6% Profit attributable to equity holders of the Company 3,994.4 3,513.9 +13.7% Earnings per share (RMB cents)
Slide 6: Financial Highlights (Cont’)
Financial Highlights (Cont’) For the year ended March 31 2026 2025 Change Gross profit margin 57.2% 57.3% -0.1 ppt. Operating profit margin 19.4% 19.2% +0.2 ppt. Effective tax rate 28.2% 31.0% -2.8 ppt. Net profit margin* 14.6% 13.6% +1.0 ppt. Dividend pay-out ratio 80.2% 84.1% -3.9 ppt. * Net profi
Slide 7: Financial Highlights in FY2025/26
Financial Highlights in FY2025/26 Profit attributable to (RMB million) Revenue (RMB million) equity holders 32,000 5,000 27,350.0 25,901.7 3,994.4 4,000 3,513.9 23,214.0 24,000 3,074.1 3,000 16,213.616,774.2 16,000 2,062.3 2,138.6 2,000 Payout ratio 8,000 1,000 0 0 80.0%+ 21/22 22/23 23/24 24/25 25/
Slide 8: Revenue Breakdown
Revenue Breakdown RMB 25,901.7 million RMB 27,350.0 million (RMB million) 651.1 209.0 (RMB million) (2.5%) (0.8%) 558.3 138.0 3,093.6 (2.0%)(0.5%) 3,373.4 (11.3%) (13.0%) Revenue increased by +5.6% FY24/25 FY25/26 Branded down apparels OEM management 21,668.2 Ladieswear apparels Diversified apparels
Slide 9: Revenue Breakdown - by Business
Revenue Breakdown - by Business For the year ended March 31 (RMB million) 2026 2025 Change Branded down apparels 23,560.1 21,668.2 +8.7% OEM management 3,093.6 3,373.4 -8.3% Ladieswear apparels 558.3 651.1 -14.3% Diversified apparels 138.0 209.0 -34.0% Total 27,350.0 25,901.7 +5.6% 9
Slide 10: Revenue Breakdown - Branded Down Apparels Business
Revenue Breakdown - Branded Down Apparels Business For the year ended March 31 (RMB million) 2026 2025 Change % Change Bosideng 19,752.2 18,481.0 1,271.2 +6.9% Snow Flying 2,572.4 2,205.5 366.9 +16.6% Binjora 125.9 126.6 -0.7 -0.6% Other* 1,109.6 855.1 254.5 +29.8% Total 23,560.1 21,668.2 1,891.9 +8
Slide 11: Revenue Breakdown - Ladieswear and Diversified Apparels Business
Revenue Breakdown - Ladieswear Apparels Business and Diversified Apparels Business For the year ended March 31 (RMB million) 2026 2025 Change % Change JESSIE 220.7 252.9 -32.2 -12.7% BUOU BUOU 122.6 147.1 -24.5 -16.6% KOREANO & KLOVA 215.0 251.1 -36.1 -14.4% Total 558.3 651.1 -92.8 -14.3% Sameite sc
Slide 12: Gross Margin - Business
Gross Margin - Business For the year ended March 31 2026 2025 Change Branded down apparels 62.7% 63.4% -0.7 ppt. OEM management 19.5% 19.1% +0.4 ppt. Ladieswear apparels 45.9% 63.2% -17.3 ppt. Diversified apparels 20.2% 21.7% -1.5 ppt. The Group 57.2% 57.3% -0.1 ppt. 12
Slide 13: Gross Margin - Branded Down Apparels Business
Gross Margin - Branded Down Apparels Business For the year ended March 31 2026 2025 Change Bosideng 69.1% 69.0% +0.1 ppt. Snow Flying 40.9% 42.8% -1.9 ppt. Binjora 28.5% 24.2% +4.3 ppt. Branded Down Apparels 62.7% 63.4% -0.7 ppt. 13
Slide 14: Gross Margin - Ladieswear Apparels Business
Gross Margin - Ladieswear Apparels Business For the year ended March 31 2026 2025 Change JESSIE 50.5% 58.7% -8.2 ppt. BUOU BUOU 54.0% 52.2% +1.8 ppt. KOREANO & KLOVA 36.6% 74.0% -37.4 ppt. Ladieswear Apparels 45.9% 63.2% -17.3 ppt. 14
Slide 15: Operation Expenditure
Operation Expenditure (RMB million) Expense-to- Expense-to sales ratio -sales ratio 12,000 Distribution Expenses 10,719.6 10,176.1 As a percentage of the 10,000 1,785.3 6.5% Group’s total revenue 0.2 ppt. 1,652.3 6.4% • Mainly comprising advertising and promotion 8,000 expenses, depreciation of righ
Slide 16: Inventories
Inventories As at As at (RMB million) Mar 31, 2026 Mar 31, 2025 Change Raw materials 1,160.9 1,438.3 -19.3% Work in progress 6.2 28.6 -78.3% Finished goods 2,408.7 2,483.7 -3.0% Total 3,575.8 3,950.6 -9.5% 16
Slide 17: Working Capital Management
Working Capital Management - Inventories Turnover Days, Trade and Bills Receivables and Payables Turnover Days For the year ended March 31 2026 2025 Change Average inventory turnover days(1) 117 118 -1 days Average trade and bills receivable turnover days (2) 17 19 -2 days Average trade and bills pa
Slide 18: Total Cash and Net Cash
Total Cash and Net Cash As at As at (RMB million) Mar 31, 2026 Mar 31, 2025 Cash and cash equivalents 2,977.0 4,184.8 Time deposits with maturity over 3 months 4,870.7 3,112.8 Pledged bank deposits 403.4 442.8 Other financial assets 8,135.7 6,214.4 Total cash 16,386.8 13,954.8 Minus: Bank borrowings
Slide 19: Total Cash and Net Cash (Cont’)
Total Cash and Net Cash (Cont’) As at As at (RMB million) Mar 31, 2026 Mar 31, 2025 Net cash inflow/(outflow) from operating activities 6,432.3 3,981.8 Net cash inflow/(outflow) from investment activities (4,444.3) (3,098.1) Net cash inflow/(outflow) from financing activities (3,160.5) (2,941.4) Net
Slide 20: Business Review
ib2 ol BOSIDENG Business Review
Slide 21: Branded Down Apparels Business
1. Branded Down Apparels 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Business Business Business Business Branded Down Apparels Business RMB 21,668.2 million RMB 23,560.1 million 1,109.6 (RMB million) (RMB million) 125.9 (4.7%) 126.6 855.1 (0.5%) (0.6%) (3.9%) 2,572.4 2,205.5 (10
Slide 22: Branded Down Apparels Business (Cont’)
1. Branded Down Apparels 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Business Business Business Business Branded Down Apparels Business (Cont’) (RMB million) Percentage By Sales Category For the year ended 25,000 March 31 4.7% (RMB million) 4.0% 20,000 2026 2025 Change 20.5% 26.
Slide 23: Operation Management
1. Branded Down Apparels 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Business Business Business Business Operation Management The ability of the Group’s supply chain to enable “delivery of high-quality products in flexible and quick responses” is an important competitive Adopted
Slide 24: Operation Management (Cont’)
1. Branded Down Apparels 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Business Business Business Business Operation Smart R&D and Design Actively promoted an “AI + Design” innovative model Management ⚫ ⚫ Created the “BSD. AI Aesthetic Brain” (Cont’) Smart Manufacturing ⚫ Built a
Slide 25: Business Highlights in FY2025/26
1. Branded Down Apparels 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Business Business Business Business Business Highlights in FY2025/26 Brand-led excellence, Reinforce core product reinforcing our strengths and elevate leadership as a global Brand Product the overall product m
Slide 26: Brand-led excellence, reinforcing leadership as a global down apparel expert
1. Branded Down Apparels 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Business Business Business Business 1. Brand-led excellence, reinforcing our leadership as a global down apparel expert Ranked 45th on the “Brand Finance Apparel 50 2025” In October 2025, successfully launched
Slide 27: Reinforce core product strengths and elevate the overall product mix
1. Branded Down Apparels 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Business Business Business Business 2. Reinforce core product strengths and elevate the overall product mix and portfolio Sun-protective Fashion apparel and functional Bosideng outerwear AREAL Outdoors Business
Slide 28: Refine channel structure and quality
1. Branded Down Apparels 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Business Business Business Business 3. Refine channel structure and quality to achieve dual enhancement in profitability and efficiency Further optimized its sales channel quality to increase their operational
Slide 29: Refine channel structure and quality (Cont’) - Retail Network
1. Branded Down Apparels 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Business Business Business Business 3. Refine channel structure and quality to achieve dual enhancement in profitability and efficiency (Cont’) Retail Network Total As at Mar 31, 2026 No. of No. of No. of No. o
Slide 30: Boost online platform performance in digital channels
1. Branded Down Apparels 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Business Business Business Business 4. Boost online platform performance to deliver high-quality growth in digital channels Prioritizing core product categories, executing integrated brand campaigns, focusing o
Slide 31: OEM Management Business
1. Branded Down Apparels 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Business Business Business Business OEM Management Business (RMB million) Revenue 4,000 Gross Profit Margin 0.4 ppt to 19.5% • Paid close attention to customers’ needs and responded swiftly 3,000 • Strengthened
Slide 32: Ladieswear Apparels Business
1. Branded Down Apparels 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Business Business Business Business Ladieswear Apparels Business (RMB million) 1,000 Revenue by Brand 800 651.1 600 558.3 251.1 38.6% 215.0 38.5% 400 147.1 22.6% 122.6 22.0% 200 252.9 38.8% 220.7 39.5% • Four m
Slide 33: Ladieswear Apparels Business – Retail Network
1. Branded Down Apparels 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Business Business Business Business Ladieswear Apparels Business – Retail Network Total As at Mar 31, 2026 No. of No. of No. of No. of No. of Change Change Change Change Change stores stores stores stores store
Slide 34: Diversified Apparels Business
1. Branded Down Apparels 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Business Business Business Business Diversified Apparels Business (RMB million) • The operating environment faced headwinds during Revenue by Brand the Period: a clear downward trend in school-age 250 populatio
Slide 35: Future Development Plan
Roals BOSIDENG Future Development ~ Plan
Slide 36: Future Development Plan
Future Development Plan Down Apparel Business OEM Management Ladieswear Apparel Brand-led development: Business Business • Continue to strengthen the “brand-led” development model Focus on “high quality, • Build a differentiated multi-brand matrix that stable growth, and low leads aspirational trend
Slide 37: io) S&S
io) S&S BOSIDENG ERA AL PATE ARM Hh |
Bosideng International Holdings — FY2025/26 Earnings Presentation on 6ix