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??????????

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

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

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

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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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