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

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

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??????»,???,???????????????

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