招银国际主要观点如下： 2025年7-8月零售流水走势令人鼓舞 招银国际发布研报称，维持江南布衣(03306)"买入"评级并上调目标价至23.30港元，基于12倍26财年预 测市盈率(之前为10倍25财年)。该行小幅下调26/27财年净利预测7%/8%，以反映：1)更快的销售增速 (主要来自新品牌贡献)，2)毛利率低于预期，以及3)经营杠杆不及预期。整体看，公司的销售与净利韧 性仍强并持续领先行业，但26财年净利增速也许比较温和。基于26/27财年预测股息率约为7.5%/8.1%。 当前估值对应约10倍26财年预测市盈率，略高于8年平均约9倍。 公司重申了中长期销售目标(零售销售人民币100亿元、上市公司口径销售人民币60亿元)，因此26财年 需达成高个位数销售增长。同时确认长期利润率目标(毛利率65%以上、净利率15%以上)，因此在26财 年实现低至中个位数的净利增长仍算合理。关于26财年销售增长，即便宏观承压，仍具多重驱动因素： 1)去年暖冬导致的低基数，2)更多的会员服务和权益的升级，且7-8月良好走势也验证其有效性，预计将 继续抬升VIP的销售占比，3)新品牌onmygame与B1OCK在26财年有望 ...

Core Viewpoint - The report from CMB International maintains a "Buy" rating for Jiangnan Buyi (03306) and raises the target price to HKD 23.30 based on a 12x P/E ratio for the fiscal year 2026, up from a previous 10x for fiscal year 2025 [1] Group 1: Sales and Profitability Outlook - The company has slightly lowered its net profit forecasts for fiscal years 2026 and 2027 by 7% and 8% respectively, reflecting faster sales growth driven by new brand contributions, lower-than-expected gross margins, and operational leverage not meeting expectations [1] - Management has provided guidance for fiscal year 2026 indicating "aggressive sales growth but conservative profit margins," with a target of high single-digit sales growth [2] - The company aims for long-term sales targets of RMB 10 billion in retail sales and RMB 6 billion in listed company sales, with a long-term gross margin target of over 65% and a net margin target of over 15% [2] Group 2: Recent Performance and Trends - For fiscal year 2025, the company reported revenue growth of 5% to RMB 5.55 billion and net profit growth of 6% to RMB 898 million, aligning with expectations [3] - The gross margin decreased by 0.3 percentage points to 65.6%, slightly below expectations, but the effective tax rate was better than anticipated at 26.3% [3] - E-commerce sales grew robustly by 18%, benefiting from the acquisition of the online-focused children's brand onmygame, while self-operated store sales declined by 6% [3] Group 3: Future Growth Drivers - The company expects multiple drivers for sales growth in fiscal year 2026, including a low base effect from last year's warm winter, enhanced membership services, and the anticipated strong performance of new brands onmygame and B1OCK, which saw approximately 70% growth in fiscal year 2025 [2] - The company maintains flexibility to slightly increase retail discounts to boost sales and accelerate inventory turnover, especially as net profit margins are above long-term targets [2] - The company reported a 24% year-on-year increase in inventory levels, which requires attention as it may impact future profitability [3]

Core Viewpoint - Jianyin International's report indicates that Jiangnan Buyi (03306) slightly exceeded profit expectations for the fiscal year 2025, with a net profit growth of 6% to 5.548 billion RMB and a revenue increase of 4.6% [1] Financial Performance - The net profit for fiscal year 2025 is 5.548 billion RMB, reflecting a year-on-year growth of 6% [1] - Revenue for the same period increased by 4.6% [1] Forecast Adjustments - Jianyin International raised the profit forecasts for Jiangnan Buyi for fiscal years 2026 and 2027 by 4% and 5% respectively, due to faster revenue growth [1] - The valuation has been shifted from fiscal year 2025 to fiscal year 2026 [1] Target Price and Valuation - The target price has been adjusted from 19.6 HKD to 20.7 HKD based on a consistent price-to-earnings ratio of 10 times [1] - The attractive dividend yield supports the valuation, maintaining an outperform rating [1]

Core Viewpoint - Jiangnan Buyi (03306) reported a slight beat in net profit expectations for the fiscal year 2025, with a year-on-year increase of 6% to RMB 5.548 billion, and a revenue growth of 4.6% [1] Financial Performance - The net profit for fiscal year 2025 is slightly higher than the expectations due to a lower-than-expected effective tax rate [1] - Revenue growth of 4.6% indicates a stable performance in the company's operations [1] Future Projections - The earnings forecasts for Jiangnan Buyi for fiscal years 2026 and 2027 have been raised by 4% and 5% respectively, reflecting a faster revenue growth [1] - The valuation has been shifted from fiscal year 2025 to 2026, maintaining a price-to-earnings ratio of 10 times [1] Target Price and Rating - The target price has been adjusted from HKD 19.6 to HKD 20.7, supported by an attractive dividend yield [1] - The company maintains an "outperform" rating in the market [1]

该行将江南布衣2026和2027财政年度盈利预测分别上调4%/5%，以反映较快的收入增长。基于10倍市盈 率不变，该行将其目标价由19.6港元上调至20.7港元，股息率具吸引力，支持估值，维持"跑赢大市"评 级。 建银国际发表报告指，江南布衣2025财年收入增长4.6%，净利润按年增长6%至55.48亿元，略高于该行 预期，主要是由于实际税率低于预期。 ...

花旗发表研究报告指，尽管宏观环境充满挑战，江南布衣管理层仍坚持指引目标，即在2026财政年度实 现100亿元的GMV，以及60亿元的营业额，和毛利率与净利率分别超过65%及15%。公司继续强化会员 营运、品牌价值及数码化以推动稳定增长。 该行大致维持对江南布衣的2026至2027财政年度盈利预测，并引入2028财政年度预测；将其目标价由 16.8港元上调至20.8港元，评级"买入"。由于过去数月股价大幅上涨，该行认为昨日股价疲弱可能是由 于部分获利回吐所致。 ...

消息面上，江南布衣发布截至今年6月底的2025财年业绩，全年总收入同比增长4.64%至55.48亿元；毛 利同比增长4.1%至36.39亿元；毛利率同比下降0.3个百分点至65.6%；纯利同比上升6.0%至8.98亿元；董 事会建议派发末期股息每股0.93港元，连同中期股息每股0.45港元，全年派息总额约7.16亿港元。 江南布衣(03306)绩后倒跌逾13%，截至发稿，跌10.94%，报19.7港元，成交额1709.43万港元。 ...

智通财经APP获悉，江南布衣(03306)绩后倒跌逾13%，截至发稿，跌10.94%，报19.7港元，成交额 1709.43万港元。 消息面上，江南布衣发布截至今年6月底的2025财年业绩，全年总收入同比增长4.64%至55.48亿元；毛 利同比增长4.1%至36.39亿元；毛利率同比下降0.3个百分点至65.6%；纯利同比上升6.0%至8.98亿元；董 事会建议派发末期股息每股0.93港元，连同中期股息每股0.45港元，全年派息总额约7.16亿港元。 ...

Core Insights - Jiangnan Buyi's membership contributed over 80% of retail revenue in FY2025, with more than 330,000 members spending over 5,000 yuan annually [1] - The company adopts a designer brand approach, focusing on a unique business model that emphasizes creative themes and design over rapid production [2] - Jiangnan Buyi's inventory turnover efficiency is between 150 to 200 days, which is considered healthy compared to the fast fashion industry [2] - The company achieved total revenue of 5.548 billion yuan in FY2025, a 4.6% increase year-on-year, with net profit rising by 6% to 897 million yuan [3] - The new brand revenue reached 361 million yuan, growing by 107.4%, representing 6.5% of total revenue [3] - Jiangnan Buyi's membership system is designed to create a two-way value cycle between the brand and its members, enhancing brand health and customer loyalty [4] - The "Not Just a Box" service has served over 567,000 members, offering personalized styling through dedicated designers [5] - The company is leveraging AI technology to improve styling accuracy and enhance customer experience both online and in-store [5] - Jiangnan Buyi launched the sustainable brand RE;RE;RE;LAB, focusing on repurposing excess inventory materials into limited edition products [6] - The company emphasizes breaking the constraints of sunk costs in its sustainable practices, focusing on practical outcomes rather than mere compliance [6]

● 本报记者 杨梓岩 2025财年，江南布衣会员贡献了超过80%的零售额，其中年消费超5000元的会员账户数超33万个。"不 为做而做，也不为营销噱头而做，而是要结合我们的优势和既有资源，探索江南布衣特色的可持续时尚 模式。"江南布衣CFO范永奎在接受中国证券报记者专访时表示。 设计师品牌的"反快消"逻辑 与传统服装企业不同，江南布衣走的是设计师品牌路线，这决定了其独特的商业模式和财务特征。 范永奎解释道："我们所有的产品都会提早一年左右去设计确定主题，然后经历设计、订货，最终进行 生产排期。"这种模式第一年售罄率目标为65%至70%，每年约有30%的货品进入第二年销售。 这种反快消模式在当今追求速效的市场环境中显得特立独行。范永奎指出，这与快消时尚品牌有很大差 别："他们更多的是说快速，非常快速地迭代，可能根据今天的市场看明天的变化，而我们更多的是有 一个创意主题的设计和沉淀。" "我们坚持以会员体系为核心，持续推进会员运营创新，打造多触点、可延展的江南布衣粉丝经济体 系。"范永奎介绍道。会员体系的核心逻辑是构建"品牌与会员双向价值循环"，通过提供多元化、深度 甚至超预期的会员服务，提升品牌健康度、会员体验 ...