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

2?????

3???????

4?????????

5?????95??????

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??»,????,???

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