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??????????»,?????????????,????

??????????:??????????????? “spa????”_????

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

????:1?spa????:???????????

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??????????»,?????????????,????

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