????:1????????:??95?98????

2???????

3???ktv?????

4??????

5????????vx

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???????????»,????????????,???

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