Bosideng International Holdings Limited (BSDGY)
POSITIVEFondamental
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
Down-filled jackets sold under the Bosideng and related in-house brands, the company's core and by far largest business.
Garments manufactured for other apparel brands on an outsourced basis rather than sold under Bosideng's own name.
Women's apparel sold under separate in-house brands, distinct from the core down-jacket business.
Smaller apparel lines outside down jackets and womenswear, the smallest reported segment.
Avantage concurrentiel
Marque · ÉtroitBosideng 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
CycliqueDemand 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
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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
Juste valeur
$7.93
Prix actuel
$4.48
Marge de sécurité
+43.5%
Fourchette de juste valeur
$5.16 - $10.71
Méthodes d'estimation
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
Préoccupations financières sérieuses
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Dekang Gao | Founder, Chairman & CEO | 73 |
| Ms. Dong Mei | Executive President & Executive Director | 57 |
| Mr. Jinsong Rui | Senior VP & Executive Director | 53 |
| Ms. Qiaolian Huang | VP & Executive Director | 60 |
| Mr. Xiaodong Gao | VP & Executive Director | 49 |
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
Recent headlines for BSDGY, sourced from Markets Gazette.