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

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

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

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?????????????,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????,?????????,?????????«??»???????????????????????????????“???”???????????????,????????

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?????

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

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

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

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

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

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

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

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3??????

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

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

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

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

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