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

????:????????:??????

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??»,?????????????????,???????????????????

?????????:?????????????