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

2????????100?

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????????????????»,?,???

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