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

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

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

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????,???

????????????????,24/25?????????????,??????17.8%??????????????88??????????;????????????????????23%??11.3??????,?????????????????????24/25????,???????????19.6%,????(??????????????)?????????????28.3%?

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

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

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

????,?

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

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

?????,??“1+3+X”ESG?????????????,???“??,??”????????ESG?????????,??“????2038??????”????????????

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24/25??,?????????????????????????????????????????????????

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

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????,???

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

?????Brand Finance“2024?????????????50???(Brand Finance Apparel 50 2024)”,?????????46??;??????(World Brand Lab)“2024?????????500???”,???????????268???????;???????????“2024?????”??,????????????????8?????,????????????????

????“???”???????????????????????

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?????????????(S&P Global)?2024???????????????????7????????16?????????«???????(???)2024»,??????????ESG???60?????????1735??????,?????????«????(??????)2024»,???????,???????????????????

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