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Bosideng International Holdings Limited (BSDGY)

Subavaliada
Consumer CyclicalApparel ManufacturingHong Kong

Fundamental

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

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.

Vantagem competitiva

Marca · Estreita

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.

O que impulsiona a procura

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.

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

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.

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

Caso geralSubvalorizada

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

Preço-alvo dos analistas:$5.44
Fluxo de caixa descontado (DCF):$14.18
Multiplicador de lucros (P/E):$3.58
Fórmula de crescimento de Graham:$15.47
Valor da capacidade de gerar lucro (EPV):$3.80
P/B justificado:$5.65
Desconto de dividendos (Gordon):$5.11
P/FFO, fundos de operações:Dados insuficientes para o calcular
Lucros de meio de ciclo:Dados insuficientes para o calcular
Multiplicador sobre as receitas:$3.98
Consenso dos Analistas:Compra Forte (25B / 1H / 0S)
Última Surpresa de Resultados:+4.43%

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

2/9

Preocupações financeiras graves

score
criteria

Qualidade dos Resultados

1.40

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

NomeCargoIdade
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

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.

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