Bosideng International Holdings Limited (BSDGY)
SubavaliadaFundamental
84
Preço
$4.01
Capitalização de Mercado
$46.77B
Parte 1 · Quanto vale a empresa
Visão Geral
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.
Como gera receita
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.
Receita 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.
Vantagem competitiva
Marca · EstreitaBosideng 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.
O que impulsiona a procura
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.
Os 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.
Os argumentos 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 setembro 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.
Balanço & Liquidez
Receita
$27.06B
Últimos 12 meses até o último trimestre divulgado — estimativa a partir de métricas por ação
Resultado Líquido
$3.97B
Últimos 12 meses até o último trimestre divulgado — estimativa a partir de métricas por ação
Fluxo de Caixa Livre
$4.77B
Capital Próprio Total
$21.37B
Passivo Total
$1.67B
Rácio de Liquidez
2.11
Cobertura de Juros
-
Dívida/EBITDA
0.27
Resultados Por Ação
Receita & Resultado Líquido
Fluxo de Caixa Livre
Decomposição dos Resultados
Demonstração histórica
Margens ao longo do tempo
A dívida ao longo do tempo
Quanto pesa a dívida
Grelha do crescimento
Crescimento — Receitas
Estimativa de Valor Justo
Valor Justo
$7.83
Preço Atual
$4.01
Margem de Segurança
+48.8%
Intervalo de Valor Justo
$5.09 - $10.57
Dispersão entre os métodos de avaliação utilizados, não um intervalo de confiança calibrado estatisticamente.
Métodos de Estimativa
Métricas de Avaliação
Rácio P/E
11.76
ROE
22.8%
Rácio P/B
2.57
P/FCF
9.80
Margem Bruta
57.2%
ROIC
19.6%
Radar de Rentabilidade
Criação de Valor (Vantagem Competitiva)
ROIC
19.6%
WACC
9.0%
ROIC − WACC
+10.5 pp
O ROIC supera o custo do capital — a empresa está a criar valor para os acionistas.
Critérios de Análise Fundamental
Aprovado (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%
Reprovado (4)
- CapEx intensity
- Price below Graham Number
- Earnings Surprise avg 2.5%
- Piotroski F-Score 2/9
Indisponível (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
Preocupações financeiras graves
Qualidade dos Resultados
Alta qualidade: resultados respaldados por caixa
Diluição de Ações
A recomprar ações. Favorável ao acionista
Participações institucionais
Não há declarações institucionais para esta empresa.
Governação
Equipa Executiva
| Nome | Cargo | Idade |
|---|---|---|
| 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 |
Risco de Auditoria
6
Risco do Conselho
8
Risco de Remuneração
9
Risco dos Direitos dos Acionistas
9
Parte 2 · O preço e o momento de entrar
Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.
Latest News
Recent headlines for BSDGY, sourced from Markets Gazette.