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Bosideng International Holdings Limited (BSDGY)

Undervalued
Consumer CyclicalApparel ManufacturingHong Kong

Fundamental

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

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.

Competitive moat

Brand · Narrow

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.

What drives demand

Cyclical

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.

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

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 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

General caseUndervalued

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

Analyst price target:$5.44
Discounted cash flow (DCF):$14.18
Earnings multiple (P/E):$3.58
Graham growth formula:$15.47
Earnings power value (EPV):$3.80
Justified P/B:$5.65
Dividend discount (Gordon):$5.11
P/FFO, funds from operations:Not enough data to compute it
Mid-cycle earnings:Not enough data to compute it
Revenue multiple:$3.98
Analyst Consensus:Strong Buy (25B / 1H / 0S)
Last Earnings Surprise:+4.43%

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

2/9

Serious financial concerns

score
criteria

Earnings Quality

1.40

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

NameTitleAge
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

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.

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