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Bosideng International Holdings Limited (BSDGY)

Infravalorada
Consumer CyclicalApparel ManufacturingHong Kong

Fundamental

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

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.

Ventaja competitiva

Marca · Estrecha

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.

Qué impulsa la demanda

Cíclico

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.

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

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.

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

Caso generalInfravalorado

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

Precio objetivo de los analistas:$5.44
Flujo de caja descontado (DCF):$14.18
Múltiplo sobre beneficios (P/E):$3.58
Fórmula de crecimiento de Graham:$15.47
Valor de la capacidad de generar beneficios (EPV):$3.80
P/B justificado:$5.65
Descuento de dividendos (Gordon):$5.11
P/FFO, fondos de operaciones:Datos insuficientes para calcularlo
Beneficios de mitad de ciclo:Datos insuficientes para calcularlo
Múltiplo sobre ingresos:$3.98
Consenso de Analistas:Compra Fuerte (25B / 1H / 0S)
Última Sorpresa de Resultados:+4.43%

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

2/9

Preocupaciones financieras graves

score
criteria

Calidad de los Beneficios

1.40

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

NombreCargoEdad
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

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.

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