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

????

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

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

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

2?????

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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????

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

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

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