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??????»,????,???????

???????????????????:?????????? ??“?????????????”

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

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

2?????400?4??????

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?????,????????????????????,????«????????»????????????????????????“???????????”?????????????,???????????

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?????????

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

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

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????????,??????????????,????????????????????????????????????,?????(?????????????????????????????????)??????????????????????????????????????????????,??????????????????????????

?,????«2024??????»,????,???????

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