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

2???????

3????95?,92?

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???????

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

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

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

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

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

?????????????,??????,?????,??????????????????,???????????????,?????????????????,?????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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???????,??????????«2024??»,??????,????????????

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