Bosideng International Holdings Limited (BSDGY)
UndervaluedFundamental
84
Price
$4.01
Market Cap
$46.77B
Part 1 · What the company is worth
Overview
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.
How it makes money
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.
Revenue by segment
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.
Competitive moat
Brand · NarrowBosideng 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.
What drives demand
CyclicalDemand 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.
The case for
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.
The case against
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 August 18, 2026
Direct competitors
Who this company fights with for the same customers
Generated on September 18, 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 Sheet & Liquidity
Revenue
$27.06B
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Net Income
$3.97B
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Free Cash Flow
$4.77B
Total Equity
$21.37B
Total Liabilities
$1.67B
Current Ratio
2.11
Interest Coverage
-
Debt/EBITDA
0.27
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$7.83
Current Price
$4.01
Margin of Safety
+48.8%
Fair Value Range
$5.09 - $10.57
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
11.76
ROE
22.8%
P/B Ratio
2.57
P/FCF
9.80
Gross Margin
57.2%
ROIC
19.6%
Profitability Radar
Value Creation (Economic Moat)
ROIC
19.6%
WACC
9.0%
ROIC − WACC
+10.5 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Fundamental Analysis Criteria
Passed (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%
Failed (4)
- CapEx intensity
- Price below Graham Number
- Earnings Surprise avg 2.5%
- Piotroski F-Score 2/9
Unavailable (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
Serious financial concerns
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Buying back shares. Shareholder friendly
Institutional Holdings
No institutional filings reported for this company.
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| 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 |
Audit Risk
6
Board Risk
8
Compensation Risk
9
Shareholder Rights Risk
9
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for BSDGY, sourced from Markets Gazette.