?????????????? ???????

????:????????????:????u?n67754

11??????28?,?24/25????,????????????????????????20?????,??

???(3998.HK)?????2024/25??????????

?????,??????,?????????????????,??????????????????,??????,?????????????,????????????????????,????????

???????????????,??????????“??”,???,????“????”???????????????????,???????????????

??????????????,??

????????????????,24/25????????,???17.8%?88????;????23%????????????11.3???????????,????????24/25??????,??????????????19.6%,???????????(???????????????????)???????????28.3%?

??????(3998.HK)2024/25???????????

?????????,??????????????,2018 ??????,???“??????,?”???,??,??????????,????

????????????,???????????????????????,?????“???????”??,????,?????????????????,???????????

????,24/25??,???????????19.4%??52.8???????24/25??????????,????3.9??????????????????,????????????47.1%,??6.0?????????

????,?????????????“??????????????????”???,??????

???,????????????2023????1960???????,????????????????,????????,??????????2028??????????????????????,??????,????????11%??????????????????

24/25???????????,???????,??????????????????13.4%???????23.2????????????,?????????OEM???????????ODM???????,???????

??????,?????

?????,??????,?????????????????????????????????,???????????Top???????????????????????Top??????,???????????????,???????

??????????????,????,????????,?????????????????

????????????????Brand Finance“2024??????????????50?????????????(Brand Finance Apparel 50 2024)”,????????????46????;??????????(World Brand Lab)“2024?????????????500??”,??268?????;???????????“2024?????????????????”????,????8????????????????????????,?????????????

????“???????????”????????

?????????????????,???????24/25??????,??????????,?????????????«??????????»??????????????????????“??????”????,?????????????

??????????????????????????????,??????,?????2024????????“??”???????,????,???????,??????

?????????

??,???,???????????????????????????????????,??????????????????????,????,???,????????

?????????????,??????Top??????,????,??????Top??????,????

???TOP???????????,??????????????????

??,????,???????????????????,????????,?????????????????,?????????,?30%?

??????????,????9?????????IP????????????????????11???????????????24/25??,??????????????24.1%?

ESG?????????????????

??????????????????(S&P Global)???????????????2024????7???????????????????16????????????????????«???(???)2024»,?ESG????????????????60????????????1735???????,??????????????«????????????(??)2024»,?????,??

??????????????“1+3+X” ESG ???

????,??????????“1+3+X”ESG??,?????????????“??,??”????ESG????,??????“????????2038?????”??????

??,?????,???????????????????????????????????,?????????????????,?,?????????????????

24/25????,???????????????

????????????????????????

???????,??????,??????????????????????????,????????????????????(????????????????????)??????????????????????,??????????????????????????????????????????????????????

????,??????«2024?»,????,??????????????

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