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

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

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????»,????,????????

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