????:1???????????:????app??

2???95??????

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????»,??????????????,???

?????:???