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????????????»,????,?????????????????

???:??????? ??“??????????”

?? ?????????????? ???????

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

2??????

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????????????»,????,?????????????????

???:???????