投资要点：波司登发布FY25 财年中期业绩，营收利润再创同期历史新高。FY25 上半财年，波司登集团收入同比上升17.8%至88 亿元，归母净利润同比增长23.0%至11.3 亿元，表现符合预期。中期营收和净利润创历史新高，且中期利润增速连续7 年高于收入增速，高质量增长延续。公司拟派发中期股息每股0.06 港币，同比增长20%，分红率约为54%。分业务看，羽绒服业务增长超20%，毛利率稳步提升。...
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