????:1?????2023:????

2???????

3?????????100?????

4??????

5????

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

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

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

ESG??

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

?????????????“1+3+X” ESG ?????

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

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