核心观点FY25H1(自然年24 年4-9 月)公司营收、归母净利润分别同比+17.8%、+23.0%,其中新品类拓展+优化渠道下直营高增带动FY25H1 羽绒服业务增长22.7%,主品牌波司登进一步加码功能性户外服饰品类,其中防晒服增长强劲。公司存货周转天数1 8 9 天/同比+29 天,主要系公司提前加大羽绒采购应对涨价、控制对经销商发货保持渠道健康等所致。展望FY25H2,进入冬季旺季之后,...
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