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

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2?????????????

3???400?4?????

4?????

5???????

11???28???????,?24/25?????????????,?????????????????????????20??????????,?????

???????????(3998.HK)??????????2024/25???????????

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?????????????(3998.HK)2024/25???????????

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

??????“????????”???????

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

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???,?????“1+3+X”ESG??,???????“????????????????,????????????????????”????????????????????????ESG?,??“???2038???”????????????????

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?,???«2024?»,????,???

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