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Bosideng International Holdings Limited (BSDGY)

Unterbewertet
Consumer CyclicalApparel ManufacturingHong Kong

Fundamental

84

Kurs

$4.01

Marktkapitalisierung

$46.77B

Teil 1 · Was das Unternehmen wert ist

Übersicht

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.

Wie das Geld verdient wird

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.

Umsatz nach Segment

Branded down apparel83.7%

Down-filled jackets sold under the Bosideng and related in-house brands, the company's core and by far largest business.

OEM management13%

Garments manufactured for other apparel brands on an outsourced basis rather than sold under Bosideng's own name.

Ladieswear2.5%

Women's apparel sold under separate in-house brands, distinct from the core down-jacket business.

Diversified apparel0.8%

Smaller apparel lines outside down jackets and womenswear, the smallest reported segment.

Wettbewerbsvorteil

Marke · Schmal

Bosideng 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.

Was die Nachfrage antreibt

Zyklisch

Demand 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.

Die Argumente dafür

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.

Die Argumente dagegen

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. August 2026

Direct competitors

Who this company fights with for the same customers

Generated on 18. September 2026 with claude-haiku-4-5 — shared with all users

Yaya (鸭鸭)Not tracked

China's oldest domestic down-jacket brand, it fights Bosideng for the mass-market Chinese buyer at roughly 500 yuan a coat and leads the women's down category online.

Gaofan (高梵)Not tracked

Repositioned as a premium goose-down brand at 1,500-2,000 yuan, it targets exactly the mid-to-high-end Chinese customer Bosideng has been trying to win since its own upmarket shift.

Yalu (雅鹿)Not tracked

A long-established Chinese down-apparel brand revived through Douyin and other online channels, competing with Bosideng's value lines on price in the same domestic winter-coat market.

Canada Goose Holdings Inc.GOOS

The reference luxury down-parka brand in China's premium tier, it takes the aspirational buyer Bosideng aims at with its Dengfeng high-end line and its stake in Moose Knuckles.

Moncler S.p.A.MONC

The Italian luxury down-jacket house is among the foreign brands that own the top end of the Chinese outerwear market Bosideng is trying to enter.

Fast Retailing Co., Ltd. (ファーストリテイリング)9983

Through Uniqlo's Ultra Light Down, sold across hundreds of Chinese stores, it competes with Bosideng's core and value brands for the everyday winter-coat purchase.

Bilanz & Liquidität

Umsatz

$27.06B

Letzte 12 Monate bis zum zuletzt gemeldeten Quartal — Schätzung aus Kennzahlen je Aktie

Nettogewinn

$3.97B

Letzte 12 Monate bis zum zuletzt gemeldeten Quartal — Schätzung aus Kennzahlen je Aktie

Freier Cashflow

$4.77B

Gesamtes Eigenkapital

$21.37B

Gesamtverbindlichkeiten

$1.67B

Current Ratio

2.11

Zinsdeckungsgrad

-

Schulden/EBITDA

0.27

Gewinn je Aktie

Umsatz & Nettogewinn

Freier Cashflow

Ertragsaufschlüsselung

Historische Aufstellung

Margen im Zeitverlauf

Verschuldung im Zeitverlauf

Wie schwer die Schulden wiegen

Wachstumsraster

Wachstum — Umsatz

Innerer-Wert-Schätzung

Allgemeiner FallUnterbewertet

Innerer Wert

$7.83

Aktueller Kurs

$4.01

Sicherheitsmarge

+48.8%

Innerer-Wert-Spanne

$5.09 - $10.57

Streubreite zwischen den verwendeten Bewertungsmethoden, kein statistisch kalibriertes Konfidenzintervall.

Bewertungsmethoden

Kursziel der Analysten:$5.44
Diskontierter Cashflow (DCF):$14.18
Gewinnmultiplikator (P/E):$3.58
Graham-Wachstumsformel:$15.47
Ertragskraftwert (EPV):$3.80
Gerechtfertigtes P/B:$5.65
Dividendendiskontierung (Gordon):$5.11
P/FFO, Funds from Operations:Nicht genügend Daten zur Berechnung
Gewinn im Zyklusmittel:Nicht genügend Daten zur Berechnung
Umsatzmultiplikator:$3.98
Analystenkonsens:Starker Kauf (25B / 1H / 0S)
Letzte Gewinnüberraschung:+4.43%

Bewertungskennzahlen

P/E-Verhältnis

11.76

ROE

22.8%

P/B-Verhältnis

2.57

P/FCF

9.80

Bruttomarge

57.2%

ROIC

19.6%

Rentabilitäts-Radar

Wertschöpfung (Wettbewerbsvorteil)

ROIC

19.6%

WACC

9.0%

ROIC − WACC

+10.5 pp

Der ROIC übersteigt die Kapitalkosten: Das Unternehmen schafft Wert für die Aktionäre.

Fundamentalanalyse-Kriterien

Bestanden (17)

  • Price CAGR 19.43%
  • ROIC 19.6%
  • Gross Margin 57.2%
  • P/FCF 9.80
  • P/B Ratio 2.57
  • 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 0.56
  • Earnings Quality (OCF/NI) 1.40
  • Net Margin Trend 14.6% vs 13.6%

Nicht bestanden (4)

  • CapEx intensity
  • Price below Graham Number
  • Earnings Surprise avg 2.5%
  • Piotroski F-Score 2/9

Nicht verfügbar (6)

  • EPS data insufficient
  • Dividend Payout NaN%
  • Interest Coverage
  • Return on Tangible Assets
  • Low reliance on intangibles
  • Share Dilution (missing shares data)

Piotroski F-Score

2/9

Ernsthafte finanzielle Bedenken

score
criteria

Gewinnqualität

1.40

Hohe Qualität: Gewinne durch Cashflow gedeckt

Aktienverwässerung

-

Aktienrückkäufe. Aktionärsfreundlich

Institutionelle Beteiligungen

Für dieses Unternehmen liegen keine institutionellen Meldungen vor.

Unternehmensführung

Führungsteam

NamePositionAlter
Mr. Dekang GaoFounder, Chairman & CEO73
Ms. Dong MeiExecutive President & Executive Director57
Mr. Jinsong RuiSenior VP & Executive Director53
Ms. Qiaolian HuangVP & Executive Director60
Mr. Xiaodong GaoVP & Executive Director49
Ms. Wu JueGroup Chief Financial Officer41
Mr. Lei ZhangVP & Group CHRO46
Ms. Shuang LiangCompany Secretary36

Prüfungsrisiko

6

Vorstandsrisiko

8

Vergütungsrisiko

9

Aktionärsrechterisiko

9

Teil 2 · Der Preis und der Einstiegszeitpunkt

Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.

Latest News

Recent headlines for BSDGY, sourced from Markets Gazette.

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