Online up about 20%, direct-operated up over 10%: BOSIDENG (03998) delivers high-quality retail growth in 1HFY27

CICC's latest research report notes that BOSIDENG (03998) delivered positive and healthy retail performance in 1HFY27: terminal retail sales for the main brand from April to August are expected to achieve double-digit year-on-year growth, demonstrating strong operational resilience amid a complex and ever-changing consumer environment. CICC maintains its "Outperform" rating on BOSIDENG. CICC expects BOSIDENG's main brand terminal retail sales to grow at a double-digit rate year-on-year from April to August. By channel, online growth outpaced offline, and direct-operated growth outpaced franchise. The company continues to optimize its channel structure and store operating efficiency, further enhancing brand influence in higher-tier markets and among younger consumer groups. BOSIDENG Group's 1HFY27 revenue is expected to be flat year-on-year, with net profit slightly up year-on-year under strict expense control, with overall performance in line with CICC's expectations. Against the backdrop of the industry entering a phase of structural adjustment and consumer demand becoming more rational, BOSIDENG's 1HFY27 retail performance maintained high-quality double-digit growth, demonstrating the strategic resolve of a leading enterprise amid cyclical fluctuationsproactively controlling the pace of shipments and building long-term competitiveness through product innovation and refined channel management. On the channel front, BOSIDENG continues to advance its high-end channel layout. In July this year, BOSIDENG VERTEX's first store in East China opened at Shanghai HKRI Taikoo Hui, showcasing its high-end product series. The VERTEX store format first debuted at Shenyang MixC in November 2025, and subsequently entered Changchun, Dalian, Xi'an, Shanghai, and other cities, further expanding its high-end channel network. On the product front, in 2026, Kim Jones once again teamed up with BOSIDENG to launch the AREAL spring/summer collection, combining design sensibility with functional attributes, further enriching the spring/summer product matrix and expanding multi-scenario consumer demand. Guided by its "dual focus" strategy"focusing on the main track of down jackets and focusing on the main of fashion-tech functional apparel"BOSIDENG continues to refine its product layout. From a medium-to-long-term perspective, brand upgrading, product innovation, and refined channel operations remain important levers for BOSIDENG to enhance its competitiveness. As the brand matrix continues to improve, globalization advances, and R&D investment continues, BOSIDENG's long-term competitiveness as China's leading down jacket brand is expected to be further consolidated.