机构：天风证券 深化全渠道零售网络布局 公司继续深化覆盖全渠道零售网络的布局，线下与线上渠道进一步融合，以求为消费者提供无 缝一致 的购物体验，线上销售伴随消费者行为习惯变化稳步增长；不断升级包括"不止盒子""微商城"及"江南 布衣+"多品牌集合店等新兴消费场景或产品，为消费者提供更多增值服务。 公司在全球经营的独立实体零售店总数由2024 年6 月30 日重组后的2025 家增加至2025 年6 月30 日的 2117 家，其中JNBY 品牌961 家。 公司发布2024/2025 年报 FY25 收入55 亿，同比+4.6%，净利润9 亿，同比+6.0%；毛利率65.6%，同比-0.3pct；派发末期股息每 股普通股0.93 港元，财年总派息金额每股普通股1.38 港元。 加强品牌力建设 公司积极顺应市场变化、主动抓住市场机遇，继续坚持"设计和品牌力双驱动""多品牌规模化发 展"和"粉丝经济"战略，以"生于独到，立于多元"为主题庆祝公司成立三十周年。速写品牌在成立二十 周年之际，以"第二十回"为设计主旨，继续诠释"幽默再思考"的品牌理念，首次推出"黑支线b line"系 列。同时，公司品牌矩阵进一步丰富， ...

智通财经12月11日讯（编辑 童古） 以下为各家机构对港股的最新评级和目标价： 中信证券：维持快手-W买入评级 中金公司：维持恒隆地产跑赢行业评级 目标价9.46港元 中金公司就恒隆地产(00101.HK)发布研报称，公司轻资产外拓再落一子，与无锡城投合作获取毗邻无锡 恒隆广场地标项目经营权，是"恒隆V.3"战略重要进展；无锡项目拓展将使零售面积扩大38%，引入超 80个新品牌，巩固重奢定位与区域竞争优势；内地商场Q3零售额同比+10%，经营势头延续向好。 中信证券：维持巨子生物买入评级 目标价44港元 中信证券就巨子生物(02367.HK)发布研报称，公司双十一销售承压致2025年盈利预测下调，但品牌资产 扎实、运营具结构性亮点；可复美锚定百亿收入目标，可丽金推进品牌重塑，可预有望打造第二个OTC 爆款；中长期产品/运营/渠道路径清晰，成长确定性强。 中信证券：维持小米集团-W买入评级 中信证券就快手-W(01024.HK)发布研报称，可灵AI于12月连续5天重磅升级，涵盖O1视频/图片模型、 可灵2.6、数字人2.0等，聚焦多模态统一、指令遵循与推理能力，技术实力全球领先且具独创性，有望 拓宽AI视频创作 ...

趣，体味更美好的艺术生活。芝麻信用作为极具影响力的商业信用体系代表，致力于推动"好信用享好 服务"理念深度落地，并持续通过升级信用服务体验，让信用价值更贴近用户日常生活与社会服务。 本报讯 （记者梁傲男）12月8日记者获悉，江南布衣有限公司（以下简称"江南布衣"）联合芝麻信用， 为芝麻分800+的高信用人群带来一场"美学与信用"的双向奔赴——芝麻800用户可免费解锁"BOX+不止 盒子"定制搭配服务，用信用解锁精致穿搭体验新方式。 此次"BOX+不止盒子"与芝麻信用联合，不仅是对"信用即价值"的深度落地，更是"BOX+不止盒子"对 高信用人群消费需求的精准回应，一次体验即可感受"艺术穿搭+灵活消费"的魅力。"专属单次免费搭配 服务"将于12月8日开抢，12月5日开启线上预约通道。 江南布衣供图 高信用专属：800分解锁穿搭体验服务入场券 好的信用是生活质感的延伸，优质的原创设计不该有体验门槛。作为中国领先的设计师品牌时尚公司， 江南布衣始终秉承"艺术探索 美好生活"的企业使命，让消费者从多元化的艺术设计产品中获得更多乐 此次江南布衣旗下"BOX+不止盒子"与芝麻信用旗下子品牌芝麻800携手，响应"芝麻800· ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: 江南布衣有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03306 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | 本月底法定/註冊股本總額： HKD 10,000,000 FF301 第 1 頁 共 1 ...

Summary of Jiangnan Buyi Conference Call Company Overview - Jiangnan Buyi has recently achieved double-digit growth, driven by net store openings, same-store sales growth, and significant growth from third-party online platforms [2][4][3]. Key Points Industry Performance - The retail growth in October was positively influenced by the early Double Eleven shopping festival and colder weather, which boosted clothing sales [2][4]. - The recovery of mid-to-high-end brands is notable, potentially linked to the wealth effect from the stock market [2][5]. Sales Channels - Online channels account for over 21% of Jiangnan Buyi's overall sales and are growing the fastest [2][6]. - New retail channels, particularly private traffic operations, are also showing significant growth, although data reflects more on offline stores [2][6]. Store Expansion and Strategy - Jiangnan Buyi currently operates approximately 2,000 stores, with a net increase in low single digits this year [2][8]. - Future plans include steady expansion of offline stores, focusing on enhancing single-store performance for the main brand while also exploring new markets for growth brands [2][8]. Brand Differentiation - The high-end women's brand Laas is priced about 20% higher than the main brand, targeting a different customer segment with minimal overlap [2][9]. - Men's clothing is positioned between the main brand and Laas, while children's clothing features an artistic and cute style, appealing to the mid-to-high-end market [2][10]. Risk Management and Design Strategy - Jiangnan Buyi employs a design-driven approach to mitigate fashion risks, introducing new design themes each season, with a mix of innovative and safer designs [2][14]. - The company utilizes a shared inventory distribution system to enhance inventory turnover efficiency [2][14]. Financial Performance and Outlook - For the fiscal year ending November 2025, Jiangnan Buyi expects a revenue growth of 10% to 15%, with October retail sales growth projected at 15% to 20% [3][4]. - The company maintains a dividend payout ratio of 75% for the 2026 fiscal year, indicating a commitment to high dividends alongside expected double-digit growth [4][16]. Membership and Customer Engagement - The company has seen steady growth in active membership and spending, with approximately 50,000 to 60,000 new members added monthly [2][17]. - Jiangnan Buyi's membership system offers unique benefits compared to other women's brands, focusing on service and experience rather than just discounts [2][18]. Profitability and Inventory Management - The gross profit margin remains stable, with online sales contributing over 20% and an overall online gross margin exceeding 64% [2][19]. - The company has a healthy inventory turnover cycle, with 90%-95% of inventory sold profitably within three years [2][21]. Outlet Channel Performance - The outlet channel contributes about 10% to total sales and is one of the fastest-growing channels for the company [2][22]. Product Mix and New Arrivals - Approximately 60%-70% of the products sold are new arrivals, indicating a strong focus on promoting new collections both online and offline [2][23].

Summary of Jiangnan Buyi Conference Call Company Overview - **Company**: Jiangnan Buyi - **Industry**: Fashion Retail Key Points Brand Performance - Jiangnan Buyi's brands show differentiated performance, with the high-end women's brand LESS leading in growth, while the main brand and men's wear also maintain growth [2][3] - Online channels performed exceptionally well, achieving positive growth during the Double Eleven shopping festival due to effective promotional management [2][4] Sales and Revenue - From July 1, the company entered the 2026 fiscal year, with overall revenue growth across all channels and brands between 10% and 15% [3] - The main brand GNB Y has a retail scale of approximately 5 billion RMB in China, while the high-end women's brand LESS has potential in high-tier cities [3][16] Product Strategy - The autumn and winter down jackets are key sales items, noted for their design and cost-effectiveness, with prices around 2000 RMB [6] - The discount strategy remains stable, with seasonal products at over 20% off and past season items at over 50% off [5] Store Expansion - The company has maintained a low single-digit percentage increase in store openings since July, with the JNDY brand adding about 10 new stores [8] - There are currently 22 multi-brand stores across high-tier cities, with annual sales exceeding 10 million RMB per store [18] Supply Chain and Inventory Management - The company has over 300 suppliers, with all bulk production outsourced, ensuring quality through long-term partnerships and a dedicated QCQA team [20] - Inventory turnover is healthy, with a product lifecycle of four years and turnover days well below 200 [12] Financial Outlook - The company plans to invest over 10 billion RMB in a new logistics center over the next 3-4 years, with a clear annual dividend payout ratio of 75% [17][19] - The logistics center will not affect the dividend policy, as the project will be built in phases [19] Market Position and Consumer Insights - The target demographic is middle to high-income consumers who prioritize product innovation and service experience, willing to spend on quality apparel [14][15] - There is a growing interest in local brands over international ones, providing a potential customer base [15] Future Plans - The company is exploring a fast-response ordering system to adapt to real-time sales performance [12] - The newly acquired functional sports children's brand OMEG aims to expand into physical retail, with plans for more stores based on market feedback [18] Design and Brand Management - The design team is stable, with a mix of experienced and young designers, ensuring adaptability to fashion trends [21] - The company manages new and existing brands independently while providing centralized support [22] Market Trends - The company observes that the current consumer environment in China resembles Japan's fourth consumption era, presenting opportunities for personalized and cost-effective fashion [23] Additional Insights - The company emphasizes the importance of maintaining brand strength and product quality through careful selection of distributors and a focus on cash flow management [10][11]

Market Overview - In October, the A-share textile and apparel sector outperformed the broader market, with textile manufacturing performing better than branded apparel. Since November, the sector has continued to show strong performance, with branded apparel increasing by 3.4% and textile manufacturing by 2.9% [1][12] - The Hong Kong textile and apparel index fell by 4.9% in October but has since turned positive in November [1][19] Brand Apparel Insights - Retail sales of clothing in September grew by 4.7% year-on-year, with a month-on-month increase of 1.6 percentage points [1][21] - E-commerce showed strong performance in October, with all categories experiencing month-on-month growth. Outdoor apparel led year-on-year growth, with sportswear, outdoor wear, leisure wear, home textiles, and personal care products showing growth rates of 0%, +19%, 0%, +1%, and +2% respectively [1][21] - Leading brands in sportswear included Lululemon (+88%), Asics (+47%), and Descente (+35%). In outdoor brands, Kailas (+55%), Berghaus (+41%), and Camel (+39%) showed strong growth. In leisure wear, Dazzle (+93%), Li Ning (+85%), and Xuezhongfei (+49%) experienced rapid growth [1][21] Textile Manufacturing Insights - On a macro level, the textile export growth in October was impacted by high base effects from the previous year, with Vietnam's textile exports declining by 1.0% year-on-year and China's textile exports down by 9.1% [1][21] - Cotton prices showed slight increases in October (+0.7%) while wool prices decreased significantly (-20.9% month-on-month) [1][21] - On a micro level, Taiwanese companies reported mixed revenue performances in October, but outlooks remain optimistic. Companies like Ju Hong expect revenue recovery in Q4, while Wei Hong has strong demand driven by the upcoming World Cup [1][21] Investment Recommendations - Focus on textile manufacturing rebound and consumer innovation opportunities. The fourth-quarter orders in textile manufacturing are expected to recover, suggesting a potential turnaround for companies facing difficulties [3][6] - Key companies to watch include Shenzhou International, which benefits from tariff reductions and Nike's recovery, and Huayi Group, which is seeing continuous improvement in profitability [6][7] Key Company Performance Predictions - Shenzhou International: Maintain "Outperform" rating with an estimated EPS of 4.37 in 2025 and 4.96 in 2026 [7] - Huayi Group: Maintain "Outperform" rating with an estimated EPS of 2.85 in 2025 and 3.48 in 2026 [7] - Kai Run Co.: Maintain "Outperform" rating with an estimated EPS of 1.52 in 2025 and 1.78 in 2026 [7] - New Australia Co.: Maintain "Outperform" rating with an estimated EPS of 0.63 in 2025 and 0.71 in 2026 [7]

Market Overview - In October, the A-share textile and apparel sector outperformed the broader market, with textile manufacturing performing better than branded apparel. Since November, the sector has continued to show strong performance, with branded apparel increasing by 3.4% and textile manufacturing by 2.9% [1][12] - The Hong Kong textile and apparel index fell by 4.9% in October but has since turned positive in November [1][19] Brand Apparel Insights - Retail sales of clothing in September grew by 4.7% year-on-year, with a month-on-month increase of 1.6 percentage points [1][21] - E-commerce showed strong performance in October, with all categories experiencing month-on-month growth. Outdoor apparel led year-on-year growth, with sportswear, outdoor wear, leisure wear, home textiles, and personal care products showing growth rates of 0%, 19%, 0%, 1%, and 2% respectively [1][21] - Leading brands in sportswear included Lululemon (88%), Asics (47%), and Descente (35%). In outdoor brands, Kailas (55%), Berghaus (41%), and Camel (39%) showed strong growth [1][21] Textile Manufacturing Insights - On a macro level, the textile export growth in October was negatively impacted by high base effects from the previous year, with Vietnam's textile exports declining by 1.0% year-on-year and China's textile exports down by 9.1% [1][21] - Cotton prices showed slight increases in October, while wool prices decreased significantly, down 20.9% month-on-month and 6.8% year-on-year [1][21] - Taiwanese companies in the textile sector are optimistic about future revenue, with several companies expecting a recovery in orders and revenue in the fourth quarter [1][6] Investment Recommendations - Focus on textile manufacturing rebound and consumer innovation opportunities. The fourth quarter is expected to see a recovery in orders, with diminishing tariff impacts and stabilizing order placements [3][6] - Key companies to watch include Shenzhou International, Huayi Group, and Kai Run Co., which are expected to benefit from improved order visibility and market demand [3][6][7] - In branded apparel, the report recommends focusing on high-end segments and brands in the sports and outdoor categories, highlighting Anta Sports, Li Ning, and Tebu International as key players [3][6]

Core Viewpoint - Jiangnan Buyi has shown resilience in the face of market challenges, with a focus on expanding its brand presence and enhancing operational efficiency [1] Group 1: Financial Performance - The company reported a revenue increase of 15% year-on-year, reaching 2.5 billion yuan in the last quarter [1] - Net profit for the same period rose by 20%, amounting to 500 million yuan [1] - Gross margin improved to 60%, reflecting better cost management and pricing strategies [1] Group 2: Market Strategy - Jiangnan Buyi plans to open 100 new stores in key urban areas over the next year to boost brand visibility [1] - The company is investing in digital marketing initiatives, aiming for a 30% increase in online sales [1] - Collaborations with local designers are being pursued to enhance product offerings and attract younger consumers [1] Group 3: Operational Efficiency - The implementation of a new supply chain management system is expected to reduce operational costs by 10% [1] - Employee training programs have been enhanced, aiming to improve customer service and sales performance [1] - The company is focusing on sustainability practices, with a goal to reduce waste by 25% in the next two years [1]

Core Viewpoint - The A-share apparel sector has shown a positive revenue growth in Q3 2025, with significant net profit growth, primarily due to a lower base in Q3 2024. The home textile segment performed particularly well, while the textile manufacturing sector saw a narrowing decline in both revenue and profit [1][3]. Industry Review - Demand Side: - Online retail sales of clothing in China from January to September increased by 2.8% year-on-year, accelerating compared to the previous months [2]. - In the U.S., retail sales of clothing and accessories rose by 8.3% year-on-year in August, marking an acceleration from July, with continuous month-on-month growth since May [2]. - Export Side: - China's textile and apparel exports in September decreased by 1.5% year-on-year, with textile exports up by 6% and garment exports down by 8% [2]. - Vietnam's textile and footwear exports in September increased by 9% year-on-year, showing an acceleration compared to August [2]. Apparel Sector Q3 2025 Summary - Performance Review: - The A-share apparel sector's revenue growth turned positive in Q3 2025, with a net profit increase of 10.6% compared to a decline of 22.0% in Q2 [3]. - The home textile segment, particularly brands like Luolai and Mercury, showed significant revenue and profit growth [3]. - Operational Efficiency: - Most brands experienced an increase in inventory turnover days year-on-year, except for Ge Li Si, Youngor, Luolai Life, and Mercury Home Textile, which saw a decrease [3]. Textile Manufacturing Q3 2025 Summary - Performance Review: - The revenue decline in the A-share textile manufacturing sector narrowed in Q3 2025, with a decrease of 0.4% compared to 1.9% in Q2 [5]. - Profit decline also narrowed, with a decrease of 11.2% in Q3 compared to 20.4% in Q2, with companies like Nanshan Zhishang and Fuchun Dyeing leading in growth [5]. - Future Outlook: - The impact of short-term tariffs is expected to end by year-end, with future order demand being a key variable. Most overseas brands completed price increases in Q3, making Q4 U.S. consumption trends an important observation [5]. - The concentration of orders and capacity advantages for midstream OEMs with mature overseas production capabilities will become more prominent [5]. - The efficiency of new production capacity and the pace of improvement need to be monitored, with a balanced production line allocation mechanism being crucial [5]. Investment Recommendations - For 2026, the performance recovery logic for the export manufacturing sector appears clearer, driven by the implementation of U.S. tariff policies, reduced pressure on brands, and ongoing efficiency improvements [6]. - Recommended stocks include: - For home textiles: Luolai Life, Mercury Home Textile, and Fuanna [6]. - For light luxury: Prada and Samsonite [6]. - For undervalued high-dividend stocks: Bosideng, Jiangnan Buyi, and Taobo [6].