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??“????”??????,????????,????,???

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

?????

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

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

2?????????

3???????

4????????

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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????

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?,???????????????????2023?????????????1960?,??????????????????,???????????????????????????????????,??2028?????,???,?????11%????????????????????

24/25???????,??????????????,?????13.4%????????????????23.2??????????????????????,???OEM????????ODM????????????????????,???????????????????

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

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???????Brand Finance“2024??????50???????????(Brand Finance Apparel 50 2024)”,?????????46??????????????????;??????????????????????(World Brand Lab)“2024??????????500?????????????”,??????268?;????“2024??????????”????????????,??8???????,????

???????“???????????????????????”?????

????????????????????,?????24/25??????,???????????????????????????,?«??»???????????????????????“?????????”???????,???????????????

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????????,????????????????????????,???,??,???????????,??????????????,??????30%?

???,?????9?????IP???????????????????????????????11?????????????????????24/25???,????????????24.1%?

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???????????????????(S&P Global)?????2024??????7??16????«????????(???????)2024»,?????????????ESG?????????????60?????????1735????????,????«???????????(?????????????)2024»,?????????,?????????????

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