Bosideng International Holdings Limited · HKEX:3998
Bosideng International — 1H FY2025/26 Earnings Presentation
37 slides from Bosideng International's earnings presentation, Nov 28, 2025
Slide 1: 2025/26 Interim Results
2025/26 Interim Results November 28, 2025
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: Content
Content 01 Financial Review 02 Business Review 03 Future Development Plan 3
Slide 4: Financial Review
Financial Review
Slide 5: Interim results summary
Content For the six months ended Sep 30 (RMB million) 2025 2024 Change Revenue 8,927.6 8,804.1 +1.4% Gross profit 4,466.7 4,391.3 +1.7% Profit from operations 1,516.8 1,471.8 +3.1% Excluding goodwill impairment from the 1,597.8 1,541.8 +3.6% ladieswear apparel business Profit attributable to equity
Slide 6: Financial Performance Highlights
Financial Performance Highlights Revenue Profit attributable Inventory turnover days to equity holders (RMB million) (RMB million) (Day) 10,000 1,400 200 189 8,927.6 8,804.1 178 1,200 1,129.7 1,189.4 8,000 7,471.7 160 144 1,000 918.6 6,180.5 6,000 120 115 118 5,417.0 800 734.3 638.5 4,000 600 80 400
Slide 7: Revenue Breakdown
Revenue Breakdown RMB 8,804.1million RMB 8,927.6 million (RMB million) (RMB million) 116.9 64.0 250.9 (0.7%) 308.1 (1.3%) (3.5%) (2.8%) Revenue increased by 2,044.4 2,316.4 (22.9%) (26.3%) 1H +1.4% 1H FY24/25 FY25/26 6,062.7 (68.9%) 6,568.3 (73.6%) Branded down apparel OEM management Ladieswear appa
Slide 8: Revenue Breakdown by Business
Revenue Breakdown by Business For the six months ended Sep 30 (RMB million) 2025 2024 Change Branded down apparel 6,568.3 6,062.7 +8.3% OEM management 2,044.4 2,316.4 -11.7% Ladieswear apparel 250.9 308.1 -18.6% Diversified apparel 64.0 116.9 -45.3% Total 8,927.6 8,804.1 +1.4% 88
Slide 9: Revenue Breakdown - Branded Down Apparel Business
Revenue Breakdown - Branded Down Apparel Business For the six months ended Sep 30 (RMB million) 2025 2024 Change % Change Bosideng 5,718.7 5,279.9 +438.8 +8.3% Snow Flying 377.9 390.4 -12.5 -3.2% Binjora 15.3 20.7 -5.4 -26.0% Other* 456.4 371.7 +84.7 +22.8% Total 6,568.3 6,062.7 +505.6 +8.3% * Repre
Slide 10: Revenue Breakdown - Ladieswear Apparel Business
Revenue Breakdown - Ladieswear Apparel Business For the six months ended Sep 30 (RMB million) 2025 2024 Change % Change JESSIE 99.8 116.3 -16.5 -14.2% BUOU BUOU 60.8 70.8 -10.0 -14.1% KOREANO & KLOVA 90.3 121.0 -30.7 -25.4% Total 250.9 308.1 -57.2 -18.6% 10
Slide 11: Revenue Breakdown - Diversified Apparel Business
Revenue Breakdown - Diversified Apparel Business For the six months ended Sep 30 (RMB million) 2025 2024 Change % Change Sameite 56.2 111.0 -54.8 -49.3% Other brands and 7.8 5.9 +1.9 +30.1% others* Total 64.0 116.9 -52.9 -45.3% * Included MAN, HOME and Children’s Wear Business 11
Slide 12: Gross Margin
Gross Margin For the six months ended Sep 30 Business 2025 2024 Change Branded down apparel 59.1% 61.1% -2.0 ppt. OEM management 20.5% 20.1% +0.4 ppt. Ladieswear apparel 59.9% 61.8% -1.9 ppt. Diversified apparel 27.8% 27.6% +0.2 ppt. The Group 50.0% 49.9% +0.1 ppt. 12
Slide 13: Gross Margin - Branded Down Apparel
Gross Margin - Branded Down Apparel For the six months ended Sep 30 2025 2024 Change Bosideng 64.8% 66.3% -1.5 ppt. Snow Flying 47.9% 50.1% -2.2 ppt. Binjora -63.4% 19.1% - 82.5ppt. Branded Down Apparel 59.1% 61.1% -2.0 ppt. 13
Slide 14: Gross Margin - Ladieswear Apparel
Gross Margin - Ladieswear Apparel For the six months ended Sep 30 2025 2024 Change JESSIE 60.4% 59.4% +1.0 ppt. BUOU BUOU 66.0% 52.5% +13.5 ppt. KOREANO & KLOVA 55.3% 69.6% -14.3 ppt. Ladieswear 59.9% 61.8% -1.9 ppt. 14
Slide 15: Operation Expenditure
Operation Expenditure (RMB million) Expense-to- Expense-to- 3,600 sales ratio sales ratio Distribution Expenses 3,043.5 3,102.5 As a percentage of the 1.7 ppt. 3,000 Group’s total revenue 644.9 7.2% 768.6 8.7% ◆ Mainly comprising advertising and 2,400 promotion expenses, depreciation charge of right
Slide 16: Inventories
Inventories As at As at (RMB million) % Change Sep 30, 2025 Sep 30, 2024 Raw materials 1,691.6 2,081.2 -18.7% Work in progress 27.3 34.3 -20.4% Finished goods 3,016.3 3,823.7 -21.1% Total 4,735.2 5,939.2 -20.3% 16
Slide 17: Working Capital Management
Working Capital Management – Inventories Turnover Days, Trade and Bills Receivables and Payables Turnover Days For the six months ended Sep 30 2025 2024 Change Average inventory turnover days(1) 178 189 -11 days Average trade and bills receivables turnover days (2) 59 63 -4 days Average trade and bi
Slide 18: Total Cash and Net Cash
Total Cash and Net Cash As at As at As at (RMB million) Sep 30, 2025 Mar 31, 2025 Sep 30, 2024 Cash and cash equivalents 3,034.0 4,184.8 1,962.7 Time deposits with maturity over 3 months 3,713.6 3,112.8 2,739.8 Pledged bank deposits 1,087.3 442.8 1,313.6 Other financial assets 3,436.3 6,214.4 3,113.
Slide 19: Total Cash and Net Cash (Cont')
Total Cash and Net Cash (Cont’) As at As at As at (RMB million) Sep 30, 2025 Mar 31, 2025 Sep 30, 2024 Net cash inflow/(outflow) from operating activities (1,083.7) 3,981.8 (3,483.1) Net cash inflow/(outflow) from investment activities 2,277.7 (3,098.1) 1,084.4 Net cash inflow/(outflow) from financi
Slide 20: Business Review
Business Review
Slide 21: Branded Down Apparel Business
1. Branded Down 2. OEM Management 3. Ladieswear Apparel 4. Diversified Apparel Apparel Business Business Business Business Branded Down Apparel Business RMB 6,062.7million RMB 6,568.3 million (RMB million) (RMB million) 20.7 371.7 15.3 456.4 390.4 (0.4%) (6.1%) 377.9 (0.2%) (6.9%) (6.4%) (5.8%) Reve
Slide 22: Revenue by Sales Category
1. Branded Down 2. OEM Management 3. Ladieswear Apparel 4. Diversified Apparel Apparel Business Business Business Business Revenue by Sales Category (RMB million) Percentage By Sales Category For the six months 7,000 6.9% (RMB million) ended Sep 30 6,000 6.1% 2025 2024 Change 5,000 56.4% Self-operat
Slide 23: Operation Management
1. Branded Down 2. OEM Management 3. Ladieswear Apparel 4. Diversified Apparel Apparel 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 Adopted a system to a
Slide 24: Operation Management (Cont')
1. Branded Down 2. OEM Management 3. Ladieswear Apparel 4. Diversified Apparel Apparel Business Business Business Business Operation Smart R&D and Design Actively promoted an “AI + Design” innovative model Management Created the “BSD. AI Aesthetic Brain” Smart Manufacturing (Cont’) Built a new ecosy
Slide 25: Business Highlights in 1H FY25/26
1. Branded Down 2. OEM Management 3. Ladieswear Apparel 4. Diversified Apparel Apparel Business Business Business Business Business Highlights in 1H FY25/26 Strengthening core Adhering to brand advantageous categories, leadership, committed expanding to becoming the world's Spring/Summer products le
Slide 26: Adhering to Brand Leadership, Committed to Becoming the World's Leading Down Wear Expert
1. Branded Down 2. OEM Management 3. Ladieswear Apparel 4. Diversified Apparel Apparel Business Business Business Business 1. Adhering to Brand Leadership, Committed to Becoming the World’s Leading Down Wear Expert Through consistently reinforcing high-quality brand events to enhance both industry a
Slide 27: Strengthening Core Advantageous Categories, Expanding Spring/Summer Products
1. Branded Down 2. OEM Management 3. Ladieswear Apparel 4. Diversified Apparel Apparel Business Business Business Business 2. Strengthening Core Advantageous Categories, Expanding Spring/Summer Products to Enhance Product Structure and Portfolio Business Sun-protective Outdoors Leisure Fashion 27
Slide 28: Ongoing Optimization of Channel Structure and Quality
1. Branded Down 2. OEM Management 3. Ladieswear Apparel 4. Diversified Apparel Apparel Business Business Business Business 3. Ongoing Optimization of Channel Structure and Quality to Simultaneously Improve Profitability and Operational Efficiency Further optimized its sales channel quality to increa
Slide 29: Retail Network
1. Branded Down 2. OEM Management 3. Ladieswear Apparel 4. Diversified Apparel Apparel Business Business Business Business 3. Ongoing Optimization of Channel Structure and Quality to Simultaneously Improve Profitability and Operational Efficiency (Cont’) Retail Network Total As at Sep 30, 2025 No. o
Slide 30: Enhance Online Platform Operational Capability and Efficiency
1. Branded Down 2. OEM Management 3. Ladieswear Apparel 4. Diversified Apparel Apparel Business Business Business Business 4. Enhance Online Platform Operational Capability and Efficiency, Leading to High-quality Development Focusing on prioritizing core product categories, executing Revenue of Onli
Slide 31: OEM Management Business
1. Branded Down 2. OEM Management 3. Ladieswear Apparel 4. Diversified Apparel Apparel Business Business Business Business OEM Management Business (RMB million) Revenue Top Five Customers Accounted 88.4% 3,000 ◆ Paid close attention to customers’ needs and 2,500 responded swiftly ◆ Strengthened ODM
Slide 32: Ladieswear Apparel Business
1. Branded Down 2. OEM Management 3. Ladieswear Apparel 4. Diversified Apparel Apparel Business Business Business Business Ladieswear Apparel Business (RMB million) Revenue by Brand ◆ Four mid-to-high-end ladieswear brands have different product images 400 and brand positioning ◆ The ladieswear appa
Slide 33: Retail Network (Ladieswear Apparel)
1. Branded Down 2. OEM Management 3. Ladieswear Apparel 4. Diversified Apparel Apparel Business Business Business Business Retail Network (Ladieswear Apparel) Total As at Sep 30, 2025 No. of No. of No. of No. of No. of Change Change Change Change Change stores stores stores stores stores Specialty s
Slide 34: Diversified Apparel Business
1. Branded Down 2. OEM Management 3. Ladieswear Apparel 4. Diversified Apparel Apparel Business Business Business Business Diversified Apparel Business Revenue by Brand (RMB million) 140 120 116.9 5.9 5.1% 100 80 64.0 60 7.8 12.1% 111.0 94.9% ◆ The operating environment faced headwinds during the Pe
Slide 35: Future Development Plan
Future Development Plan
Slide 36: Future Development Plan
Future Development Plan OEM Management Ladieswear Apparel Down Apparel Business Business Business Actively focusing on the track of “fashionable, functional and technological apparel”, committed Deepen stable cooperative to maintaining a leading position in the global relationships with existing cor
Slide 37: iz B)
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Bosideng International Holdings — 1H FY2025/26 Earnings Presentation on 6ix