Bosideng International Holdings Limited (BSDGY)
InfravaloradaFundamental
84
Precio
$4.01
Capitalización Bursátil
$46.77B
Parte 1 · Cuánto vale la empresa
Resumen
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.
Cómo genera ingresos
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.
Ingresos por segmento
Down-filled jackets sold under the Bosideng and related in-house brands, the company's core and by far largest business.
Garments manufactured for other apparel brands on an outsourced basis rather than sold under Bosideng's own name.
Women's apparel sold under separate in-house brands, distinct from the core down-jacket business.
Smaller apparel lines outside down jackets and womenswear, the smallest reported segment.
Ventaja competitiva
Marca · EstrechaBosideng 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.
Qué impulsa la demanda
CíclicoDemand 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.
Los argumentos a favor
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.
Los argumentos en contra
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 de agosto de 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 de septiembre de 2026 with claude-haiku-4-5 — shared with all users
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.
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.
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.
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.
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.
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.
Balance y Liquidez
Ingresos
$27.06B
Últimos 12 meses hasta el último trimestre publicado — estimación a partir de métricas por acción
Beneficio Neto
$3.97B
Últimos 12 meses hasta el último trimestre publicado — estimación a partir de métricas por acción
Flujo de Caja Libre
$4.77B
Patrimonio Neto Total
$21.37B
Pasivo Total
$1.67B
Ratio de Liquidez
2.11
Cobertura de Intereses
-
Deuda/EBITDA
0.27
Beneficio Por Acción
Ingresos y Beneficio Neto
Flujo de Caja Libre
Desglose de Ingresos
Estado histórico
Márgenes en el tiempo
La deuda en el tiempo
Cuánto pesa la deuda
Cuadro de crecimiento
Crecimiento — Ingresos
Estimación de Valor Justo
Valor Justo
$7.83
Precio Actual
$4.01
Margen de Seguridad
+48.8%
Rango de Valor Justo
$5.09 - $10.57
Dispersión entre los métodos de valoración utilizados, no un intervalo de confianza calibrado estadísticamente.
Métodos de Estimación
Métricas de Valoración
Ratio P/E
11.76
ROE
22.8%
Ratio P/B
2.57
P/FCF
9.80
Margen Bruto
57.2%
ROIC
19.6%
Radar de Rentabilidad
Creación de Valor (Ventaja Competitiva)
ROIC
19.6%
WACC
9.0%
ROIC − WACC
+10.5 pp
El ROIC supera el coste del capital: la empresa está creando valor para los accionistas.
Criterios de Análisis Fundamental
Superado (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%
Fallido (4)
- CapEx intensity
- Price below Graham Number
- Earnings Surprise avg 2.5%
- Piotroski F-Score 2/9
No disponible (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
Preocupaciones financieras graves
Calidad de los Beneficios
Alta calidad: beneficios respaldados por efectivo
Dilución de Acciones
Recomprando acciones. Favorable para el accionista
Participaciones institucionales
No hay declaraciones institucionales para esta empresa.
Gobernanza
Equipo Directivo
| Nombre | Cargo | Edad |
|---|---|---|
| Mr. Dekang Gao | Founder, Chairman & CEO | 73 |
| Ms. Dong Mei | Executive President & Executive Director | 57 |
| Mr. Jinsong Rui | Senior VP & Executive Director | 53 |
| Ms. Qiaolian Huang | VP & Executive Director | 60 |
| Mr. Xiaodong Gao | VP & Executive Director | 49 |
| Ms. Wu Jue | Group Chief Financial Officer | 41 |
| Mr. Lei Zhang | VP & Group CHRO | 46 |
| Ms. Shuang Liang | Company Secretary | 36 |
Riesgo de Auditoría
6
Riesgo del Consejo
8
Riesgo de Compensación
9
Riesgo de Derechos del Accionista
9
Parte 2 · El precio y el momento de entrar
Esta parte no sirve para saber si la empresa vale: sirve para elegir cuándo comprarla, una vez que los fundamentales te han convencido. Dentro: análisis técnico, potencial, caídas históricas, exposición gamma.
Latest News
Recent headlines for BSDGY, sourced from Markets Gazette.