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???»,????????????,????

?????????????????????:??????? ??“2023??????wx”????

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

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

2?????

3????????????

4??????????

5?????????

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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