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

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

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??????»,?????????????,???????

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