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China's leading down-jacket and winter apparel brand.
China's leading down-jacket and winter apparel brand.
Designs and sells its own branded jackets through stores, department-store counters and online, which is far more profitable than the contract manufacturing for overseas brands it also does. Sales are heavily seasonal, with most income in the cold-weather months, and the brand has widened beyond down into year-round products.
In one line: A Chinese Canada Goose/The North Face for down jackets.
Moat: narrow (brand, distribution). Dominant domestic brand recognition in down jackets built over decades, with extensive retail distribution.
Headquarters: Changshu, China · Founded: 1976 · Employees: 12,895
Size Bosideng International (3998.HK) is a Hong Kong Consumer Discretionary company (Apparel/Footwear) with a market value of $6.64B, the 221st largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$4.49 on 6 Nov 2026.
Performance Over six months the shares gained 3.2%, against +4.2% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 8.1% over the last twelve months (peer median +4.7%); the operating margin is 18.1% (peer median 13.3%).
Valuation It trades at 10.3× forward earnings against a peer median of 14.4× (4th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -11% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -25 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 32.7 points above its cost of capital (7.4% WACC).
Next results Next results expected around 26 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$30.2B | HK$30.0B | HK$28.0B | HK$25.3B | HK$19.2B |
| Revenue growth | — | +7% | +10% | +32% | — |
| Gross profit | HK$17.2B | HK$17.1B | HK$16.0B | HK$15.1B | HK$11.4B |
| EBITDA | HK$6.86B | HK$6.82B | HK$6.36B | HK$5.99B | HK$4.11B |
| Net income | HK$4.41B | HK$4.39B | HK$3.79B | HK$3.36B | HK$2.45B |
| Free cash flow | HK$6.25B | HK$6.17B | HK$2.91B | HK$7.24B | HK$3.16B |
| Capital expenditure | HK$1.20B | HK$1.19B | HK$1.44B | HK$611M | HK$581M |
| Total debt | n/a | HK$7.25B | HK$6.57B | HK$7.80B | HK$6.45B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Bosideng International 3998.HK | $6.64B | +3% | +8% | 18% | 10.3× | -10.8% |
| Canada Goose GOOS.TO | $850M | -23% | +12% | 10% | 13.3× | 5.5% |
| Anta Sports 2020.HK | $28.2B | +2% | +17% | 21% | 12.5× | -0.7% |
| Moncler MONC.MI | $13.8B | -11% | +3% | 29% | 19.5× | 10.8% |
| Li Ning 2331.HK | $5.10B | -21% | +7% | 13% | 14.4× | -5.4% |
| Zhejiang Semir Garment 002563.SZ | $2.42B | -1% | +4% | 7% | 14.8× | -8.1% |
| Amer Sports AS | $18.3B | -13% | +30% | 13% | 21.9× | 23.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 3998.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.9% | +12.5% | 8th lowest of 21 |
| 6-month return | +3.2% | +4.2% | 10th lowest of 21 |
| Distance from 52-week high | -16.4% | -13.0% | 9th lowest of 21 |
| Revenue growth (TTM) | +8.1% | +4.7% | 6th highest of 21 |
| Operating margin | 18.1% | 13.3% | 5th highest of 21 |
| Forward P/E | 10.3× | 14.4× | 4th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -10.8% | 6.5% | 2nd least demanding of 20 |
| Growth delivered (Del g) | +14.2% | +11.3% | 5th highest of 20 |
| Hurdle (Req g minus delivered) | -25.0 pp | -2.1 pp | least demanding of 20 |
| ROIC minus cost of capital | +32.7 pp | +4.4 pp | 2nd highest of 21 |
| EV / EBITDA | 6.2× | 9.9× | 2nd cheapest of 17 |
| Net debt / EBITDA | -1.4× | 1.7× | 5th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bosideng International 3998.HK | Hong Kong | $6.64B | +3% | +8% | 18% | 10.3× | -10.8% | +14.2% |
| Birkenstock BIRK | United States | $6.64B | -5% | +20% | 24% | 13.9× | 7.4% | +19.9% |
| Brunello Cucinelli BC.MI | Italy | $6.61B | +4% | +10% | 18% | 37.8× | 20.6% | +20.9% |
| Gildan Activewear GIL.TO | Canada | $6.48B | -40% | +40% | 15% | 6.8× | 6.5% | +13.7% |
| Crocs CROX | United States | $6.94B | +47% | +1% | 23% | 9.6× | 1.1% | +23.9% |
| Huali Industrial 300979.SZ | China | $7.09B | +6% | -10% | 14% | 19.7× | -4.4% | +12.4% |
| Ermenegildo Zegna ZGN | United States | $5.96B | +7% | +11% | 9% | 31.1× | 20.3% | +11.3% |
| Youngor Fashion 600177.SS | China | $5.69B | +10% | -5% | -3% | 12.8× | 23.3% | +0.1% |
| V.F VFC | United States | $8.01B | +7% | -2% | 8% | 16.6× | 11.1% | +0.8% |
| Shenzhou Intl 2313.HK | Hong Kong | $8.08B | -7% | +2% | 16% | 11.8× | -4.5% | +5.4% |
| Burberry BRBY.L | United Kingdom | $5.38B | -4% | -2% | 7% | 28.8× | 19.1% | +0.6% |
| Li Ning 2331.HK | Hong Kong | $5.10B | -21% | +7% | 13% | 14.4× | -5.4% | +14.6% |
| Levi Strauss & LEVI | United States | $8.77B | +1% | +5% | 13% | 14.6× | 5.2% | +7.1% |
| Abc-mart 2670.T | Japan | $5.03B | +20% | +4% | 17% | 16.2× | -10.0% | +11.4% |
| Fosun International 0656.HK | Hong Kong | $4.82B | +11% | -1% | 3% | 12.9× | 10.6% | +4.1% |
| HLA 600398.SS | China | $4.47B | -6% | +7% | 11% | 14.3× | -13.1% | +3.8% |
| Puma PUM.DE | Germany | $4.42B | +4% | -19% | -6% | n/a | n/a | n/a |
| Page Industries PAGEIND.NS | India | $4.22B | -4% | +8% | 19% | 46.8× | 27.7% | +13.1% |
| Kontoor Brands KTB | United States | $4.21B | +5% | +16% | 13% | 13.2× | 1.1% | +8.5% |
| K.P.R. Mill KPRMILL.NS | India | $4.21B | +19% | +6% | 18% | 34.8× | 29.9% | +13.3% |
| PVH PVH | United States | $4.15B | +1% | +2% | 8% | 8.1× | 2.5% | +4.6% |