智通财经APP获悉，瑞银发布研究报告称，予波司登(03998)“买入”评级，大致维持对2025年至2027财年各年每股预测不变，分别为0.32元、0.36元及0.41元人民币，并维持目标价5.92港元。该行对公司的多元化业务策略有信心，料可增强公司的盈利能力，减少对冬季的依赖，或有可能推动重新评级。
公司9月底止2025财年中期纯利略胜预期，管理层指会专注在核心业务，并减少对非核心的女装业务之投资。该行指，4月至10月的销售好过预期，不过11月的销售受到较暖的天气影响而差过预期，同时亦对全年度有信心，主因为今年的渠道优化及产品创新。
此外，该行亦引述管理层指，最近北京新开的门店在试业首周的周末，40%的销售都是单价4,000元人民币以上的产品。而新投资的品牌Moose Knuckles，目标在2025年至2027年期间在中国市场收入倍增。
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