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Bosideng International Holdings Limited (BSDGY)

POSITIVE
Consumer CyclicalApparel ManufacturingHong Kong

Fondamental

84

Prix

$4.48

Capitalisation boursière

$51.79B

Partie 1 · Ce que vaut l'entreprise

Vue d'ensemble

Bosideng designs, sources and sells down-filled winter jackets in China under its namesake brand, which it states has led the Chinese down-apparel market by sales volume for 25 consecutive years. It does not own the factories that sew most of its garments: it designs the products and manages outside manufacturers, then sells through its own retail stores, department-store counters and e-commerce. Alongside its core down-jacket brand, it makes smaller apparel lines and manufactures garments for other brands on an outsourced basis.

Comment l'entreprise gagne de l'argent

Revenue is heavily seasonal, concentrated in the cold months when consumers buy winter jackets, and comes overwhelmingly from selling branded down apparel at retail rather than from its smaller OEM manufacturing-for-others business. A smaller ladieswear line and a diversified-apparel business round out the mix but remain minor. Because the core product is weather-dependent and mostly sold within China, results are sensitive both to how cold a given winter is and to Chinese consumer spending more broadly.

Chiffre d'affaires par segment

Branded down apparel83.7%

Down-filled jackets sold under the Bosideng and related in-house brands, the company's core and by far largest business.

OEM management13%

Garments manufactured for other apparel brands on an outsourced basis rather than sold under Bosideng's own name.

Ladieswear2.5%

Women's apparel sold under separate in-house brands, distinct from the core down-jacket business.

Diversified apparel0.8%

Smaller apparel lines outside down jackets and womenswear, the smallest reported segment.

Avantage concurrentiel

Marque · Étroit

Bosideng states it has led the Chinese down-apparel market by sales volume for 25 consecutive years, a long-run brand position built through decades of marketing and retail presence that a new entrant could not quickly replicate. The advantage is narrower outside China, however, where the brand has little recognition and the company depends heavily on a single, seasonal domestic product category.

Ce qui stimule la demande

Cyclique

Demand is driven by winter weather and Chinese consumer discretionary spending: a mild winter or a weak Chinese consumer directly reduces how many jackets shoppers buy, since down apparel is a seasonal, semi-discretionary purchase rather than a year-round necessity. The OEM manufacturing business adds a second layer of cyclicality tied to overseas brands' own order volumes and tariff exposure.

Les arguments en faveur

Buyers argue that Bosideng's 25-year leadership of the Chinese down-apparel market by volume, combined with revenue and profit growth in FY2024/25, shows a brand strong enough to keep taking share in a market it already dominates.

Les arguments contre

Sellers worry that the business depends heavily on China's domestic consumer and on cold winters, that its smaller OEM segment faces tariff and geopolitical headwinds, and that its overseas footprint remains too small to diversify away from a single seasonal product category in a single country.

Written by the editors, published on 18 août 2026

Direct competitors

Who this company fights with for the same customers

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Bilan & Liquidités

Chiffre d'affaires

$27.46B

12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action

Résultat net

$4.02B

12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action

Flux de trésorerie libre

$4.77B

Capitaux propres totaux

$21.36B

Passif total

$1.67B

Ratio de liquidité général

2.11

Couverture des intérêts

-

Dette/EBITDA

0.27

Bénéfice par action

Chiffre d'affaires & Résultat net

Flux de trésorerie libre

Décomposition du résultat

État historique

Marges dans le temps

La dette dans le temps

Le poids de la dette

Grille de la croissance

Croissance — Chiffre d'affaires

Estimation de la juste valeur

Sous-évalué

Juste valeur

$7.93

Prix actuel

$4.48

Marge de sécurité

+43.5%

Fourchette de juste valeur

$5.16 - $10.71

Méthodes d'estimation

Analyst Target:$5.47
DCF:$14.53
PE-based:$3.56
Graham Growth:$15.63
EPV:$3.89
Consensus des analystes:Achat fort (25B / 1H / 0S)
Dernière surprise sur les résultats:+4.43%

Indicateurs de valorisation

Ratio P/E

12.90

ROE

22.8%

Ratio P/B

2.84

P/FCF

10.85

Marge brute

57.2%

ROIC

19.6%

Radar de rentabilité

Value Creation (Economic Moat)

ROIC

19.6%

WACC

9.0%

ROIC − WACC

+10.6 pp

ROIC exceeds the cost of capital — the company is creating value for shareholders.

Critères d'analyse fondamentale

Réussi (17)

  • Price CAGR 21.20%
  • ROIC 19.6%
  • Gross Margin 57.2%
  • P/FCF 10.85
  • P/B Ratio 2.84
  • Debt/Equity ratio
  • Operating Margin 19.4%
  • Positive Free Cash Flow
  • Current Ratio
  • Debt/EBITDA
  • DCF valuation (Undervalued)
  • ROE 23.3%
  • Revenue Growth 5Y 15.1%
  • Analyst Consensus 96% Buy
  • PEG Ratio 0.65
  • Earnings Quality (OCF/NI) 1.40
  • Net Margin Trend 14.6% vs 13.6%

Échoué (4)

  • CapEx intensity
  • Price below Graham Number
  • Earnings Surprise avg 2.5%
  • Piotroski F-Score 2/9

Indisponible (6)

  • EPS data insufficient
  • Dividend Payout NaN%
  • Interest Coverage
  • Return on Tangible Assets
  • Low reliance on intangibles
  • Share Dilution (missing shares data)

Score F de Piotroski

2/9

Préoccupations financières sérieuses

score
criteria

Qualité des bénéfices

1.40

Qualité élevée : bénéfices soutenus par la trésorerie

Dilution du capital

-

Rachat d'actions. Favorable aux actionnaires

Gouvernance

Équipe dirigeante

NomTitreÂge
Mr. Dekang GaoFounder, Chairman & CEO73
Ms. Dong MeiExecutive President & Executive Director57
Mr. Jinsong RuiSenior VP & Executive Director53
Ms. Qiaolian HuangVP & Executive Director60
Mr. Xiaodong GaoVP & Executive Director49

Risque d'audit

6

Risque du conseil

8

Risque de rémunération

10

Risque droits des actionnaires

9

Partie 2 · Le prix et le moment d'entrer

Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.

Latest News

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