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

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????:1??????:?????

2?????????

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

4???????

5?????

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

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

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????????,?????“???”,?????,?“?????????????”????????????,???

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

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

????????????????????????,??????????????,2018 ?????????????????,???“?????,?????????????????”???,????,??????????????,?????????

??????,??????????????????,????“????”???????????,?????????,?????,??

??????,24/25????,???19.4%??????52.8????????24/25????????????,??3.9???????????,??????47.1%,?????????????????6.0?????

??,????“?????????????????????????????????????”????,???????????

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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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???,??«2024????»,??????,?????

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