Bosideng International Holdings Ltd

03998: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	F.Q	LOCK\|CN!SM	LOCK\|>@mgbyc

Bosideng: Initiating Coverage With HKD 6.40 Fair Value Estimate and a Narrow Moat Rating

Ivan Su , Junhao Yang

Nov 10, 2025

We are initiating coverage of Bosideng, the largest down apparel brand in China. The company operates a portfolio of apparel brands targeting different market segments and maintains a broad retail footprint, with 3,470 locations across China, including 1,524 self-operated stores as of March 2025.

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Bosideng International Holdings Ltd

Bosideng: Initiating Coverage With HKD 6.40 Fair Value Estimate and a Narrow Moat Rating

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