(1)按品牌划分：FY26H1公司成熟品牌JNBY作为收入核心支柱，保持稳健增长，实现营收18.60亿元， 同比增长5.67%，经营利润率高于整体水平;成长品牌速写/jnby by JNBY/LESS收入分别为3.89/4.95/3.94 亿元，同比分别增长0.35%/4.12%/16.33%，其中LESS品牌表现尤为突出，增长势头强劲，收入占比持 续提升;新兴品牌收入2.37亿元，同比增长22.42%，为未来增长提供更多可能性。(2)按渠道划分： FY26H1公司直营/经销/线上渠道分别实现收入11.81/14.42/7.53亿元，同比增长5.72%/0.31%/25.10%，毛 利率同比提升0.07pct/2.08pct/1.55pct，线上线下协同带动整体盈利能力提升。 智通财经APP获悉，国泰海通证券发布研报称，维持江南布衣(03306)"增持"评级。该行预计公司 FY2026-2028年归母净利润分别为9.8/10.5/11.5亿元，给予FY2026 PE 13X，按照1港元=0.89元人民币兑 换，目标价26.77港元。 国泰海通证券主要观点如下： 公司公布FY26中报 FY26H1收入33.76 ...

FY26H1 实现高质量增长，上调全年业绩 预期 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 钟启辉(研究助理) | 021-23185686 | zhongqihui@gtht.com | S0880125042254 | | [Table_Invest] 评级： | 增持 | | --- | --- | | [当前价格 Table_CurPrice] (港元)： | 21.52 | [Table_Market] 交易数据 | 52 周内股价区间(港元) | 13.50-22.12 | | --- | --- | | 当前股本(百万股) | 533 | | 当前市值(百万港元) | 11,476 | 本报告导读： FY26H1 实现高质量增长，多品牌及线上渠道表现亮眼，门店与会员稳健扩张，上 调全年业绩预期。 投资要点： JNBY/ 速 写 /jnby by JNBY/LESS/ 新兴品牌门店 ...

| [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 钟启辉(研究助理) | 021-23185686 | zhongqihui@gtht.com | S0880125042254 | FY26H1 实现高质量增长，上调全年业绩 预期 本报告导读： FY26H1 实现高质量增长，多品牌及线上渠道表现亮眼，门店与会员稳健扩张，上 调全年业绩预期。 投资要点： JNBY/ 速 写 /jnby by JNBY/LESS/ 新兴品牌门店数量分别为 992/297/527/271/54 家，"江南布衣+"多品牌集合店 22 家。受暖冬 和春节错期影响，FY26H1 可比同店销售下滑 2.2%，但将春节周期 拉通看，我们预计累计可比同店销售已恢复正增长。会员体系方面， 公司活跃会员账户数达 59 万个，同比增加 5 万个；年度购买总额超 过人民币 5000 元的高粘性会员账户数逾 34 万个，贡献零售额 49.0 亿 ...

Event Overview - In FY2026H1, the company's revenue, net profit, and operating cash flow were 3.376 billion, 676 million, and 996 million yuan, respectively, representing year-on-year growth of 7.0%, 11.9%, and 21.1% [1] - Government subsidies amounted to 50.21 million yuan, and the net profit excluding these subsidies was 626 million yuan, showing a year-on-year increase of 15.5% [1] - The company declared an interim dividend of 0.52 HKD per share, with a dividend yield of 5.18% [1] Brand Performance - Revenue growth by brand in FY2026H1 was as follows: JNBY 1.860 billion, Su Xie 389 million, jnby by JNBY 495 million, LESS 394 million, and emerging brands 237 million, with year-on-year growth rates of 5.7%, 0.4%, 4.1%, 16.3%, and 22.4%, respectively [1] - Store counts for each brand were 992, 297, 527, 271, and 54, with year-on-year changes of 3.3%, -6%, 1.9%, 4.6%, and 3.8% [1] - Store efficiency (sales per store) was 1.87 million, 1.31 million, 0.94 million, 1.45 million, and 4.40 million yuan, with year-on-year growth of 2.2%, 6.5%, 2.2%, 10.7%, and 18.0% [1] Channel Performance - Revenue by channel in FY2026H1 was 1.180 billion from direct sales, 1.442 billion from distribution, and 753 million from online sales, with year-on-year growth of 5.7%, 0.3%, and 25.1% [1] - The number of direct and distribution stores was 512 and 1,651, respectively, with year-on-year growth of 4% and 1% [1] - Direct store efficiency and distribution single-store sales were 230,000 and 87,000 yuan per half year, with year-on-year growth of 1.3% and a decline of 1.1% [1] Membership and Retail Performance - As of December 31, 2025, retail sales contributed by members accounted for over 80% of total sales, remaining stable year-on-year [1] - The number of active member accounts was 590,000, reflecting a year-on-year increase of 9% [1] - The number of member accounts with annual purchases exceeding 5,000 yuan was over 340,000, growing by 3% [1] Profitability Metrics - Gross margin in FY2026H1 was 66.5%, an increase of 1.4 percentage points year-on-year [2] - By brand, gross margins were as follows: JNBY 69.4%, Su Xie 67.5%, jnby by JNBY 60.2%, LESS 70.5%, and emerging brands 48.8%, with year-on-year changes of 1.8, 2.0, 1.8, 1.7, and -3.6 percentage points [2] - The net profit margin was 20.0%, up 0.9 percentage points year-on-year [2] Expense Analysis - In FY2026H1, the sales, management, and financial expense ratios were 32.4%, 9.2%, and 0.17%, with year-on-year increases of 0.1, 0.6, and a decrease of 0.17 percentage points [2] - The increase in management expenses was primarily due to higher spending in product design and R&D departments [2] Inventory and Receivables - Ending inventory in FY2026H1 was 1.02 billion yuan, a year-on-year increase of 9.4% [3] - Accounts receivable stood at 220 million yuan, remaining stable, with a turnover period of 9 days, a decrease of 1 day year-on-year [3] - Accounts payable was 308 million yuan, up 29.2% year-on-year, with a turnover period of 44 days, a decrease of 12 days [3] Investment Outlook - Short-term revenue growth has been strong since the beginning of the year [3] - The company has significant room for expansion in its growth and emerging brands, with potential for improved store efficiency through various strategies [3] - In the medium to long term, fan loyalty is expected to support stable gross margins and further growth in net profit margins [3] - Revenue forecasts for FY26-28 are 6.004 billion, 6.396 billion, and 6.806 billion yuan, with year-on-year growth of 8.21%, 6.53%, and 6.41% [3] - Net profit forecasts for FY26-28 are 971 million, 1.040 billion, and 1.115 billion yuan, with year-on-year growth of 8.72%, 7.08%, and 7.24% [3] - Corresponding EPS forecasts for FY26-28 are 1.86, 1.92, and 2.09 yuan, with a PE ratio of 9.4, 9.1, and 8.3X based on the closing price of 20.08 HKD on February 26, 2026 [3]

机构：中金公司 考虑到公司盈利能力持续提升，我们上调FY26/FY27 盈利预测7%/9%至9.88/10.69 亿元，当前股价对应 9.7/8.8 倍FY26/27P/E，维持跑赢行业评级。相应上调目标价5%至24.97 港元，对应12.0/10.9 倍FY25/26 P/E，较当前有24%的上行空间。 线上渠道收入增速亮眼，品牌矩阵接力增长。1）分渠道看，1HFY25 直营/经销/电商渠道收入分别同比 +5.7%/+0.3%/+25.1%至11.81/14.42/7.53 亿元。门店方面，1HFY26 直营门店较FY25末净增20 家至512 家，经销门店净增26 家至1,630 家，线下可比同店销售同比-2.2%。2）分品牌看，1HFY26 成熟品牌 JNBY收入同比+5.7%至18.60 亿元，增长韧性强，成长品牌jnby byJNBY/LESS/速写收入分别同比 +4.1%/+16.3%/+0.4%至4.95/3.94/3.89 亿元，新兴品牌收入同比+22.4%至2.37 亿元。 3）会员方面，1HFY26 购买总额超人民币5,000 元的会员账户数较FY25 末约增1 万个至超34 万个。 毛利 ...

Core Viewpoint - Jiangnan Buyi reported a strong performance for the first half of the 2026 fiscal year, with revenue of 3.376 billion yuan, a year-on-year increase of 7.0%, and a net profit attributable to shareholders of 674 million yuan, up 12.5% year-on-year, exceeding expectations due to better-than-expected gross margin improvement [1] Group 1 - The company declared an interim dividend of 0.52 HKD, corresponding to an interim payout ratio of approximately 37% [1] - The company is expected to achieve its retail target of 10 billion yuan for the 2026 fiscal year, driven by better-than-industry performance in terminal sales [1] - The investment bank raised its profit forecasts for the company for the 2026 and 2027 fiscal years by 7% and 9%, respectively, to 988 million yuan and 1.069 billion yuan [1] Group 2 - The investment bank maintained an "outperform" rating for the company and raised the target price by 5% to 24.97 HKD [1]

首席财务官范永奎重申"百亿零售"目标不变，强调不依赖并购冲规模，更注重增长质量与可持续性，并 预计全年将超额完成净利润目标，维持高水平派息政策。 用户运营与渠道升级同步推进。公司已打造22家"江南布衣+"多品牌集合店，依托数智渠道打通线上线 下（300959）消费场景；精细化会员运营成效显著，2025年会员贡献零售额占比超80%，活跃会员达59 万个，其中高价值会员34万人，贡献线下零售额超六成。此外，公司推出"jnby+童装想象力集合店"， 探索亲子生活方式体验场景，践行"不止于衣"的品牌理念。 ESG领域，江南布衣首次披露"3050碳中和目标"，计划2050年实现自身运营碳中和，以2025年为基准， 2030年、2035年分别实现碳排放降低20%、40%。目前公司已完成范围一和范围二碳盘查，将碳排放管 理纳入ESG管治架构。 据江南布衣2026财年中期业绩(统计区间为2025年7月1日至12月31日)显示，本财年上半年，江南布衣总 收入同比增长7.0%至33.759亿元，核心得益于线上渠道发力与线下门店扩张。其中，线上渠道收入同比 大增25.1%至7.533亿元，成为营收增长的核心引擎；截至2025年12 ...

证券研究报告|港股公司点评报告 [Table_Date] 2026 年 02 月 27 日 [Table_Title] 业绩靓丽，剔除政府补助后净利增速更高 [Table_Title2] 江南布衣(3306.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 3306 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 15.86/11.78 | | 目标价格(港元)： | | 总市值(亿港元) | 107.08 | | 最新收盘价(港元)： | 20.08 | 自由流通市值(亿港元) | 92.03 | | | | 自由流通股数(百万) | 518.75 | [Table_Summary] 事件概述 FY2026H1 公司收入/净利润/经营活动现金流 33.76/6.76/9.96 亿元，同比增长 7.0%/11.9%/21.1%；上半 财年政府补助为 5021.1 万元、剔除政府补助影响后的净利润为 6.26 亿元、同比增长 15.5%。 公司宣派中期股息每股 0.52 港元，股息率为 5.18%。 分 ...

华西证券（002926）发布研报称，维持江南布衣(03306)"买入"评级，FY26-28公司收入预测 60.04/63.96/68.06亿元，同比增长8.21%/6.53%/6.41%，归母净利润预测9.71/10.40/11.15亿元，同比增长 8.72%/7.08%/7.24%，对应FY26-28年EPS预测为1./1.9286/2.09元，26年2月26日公司收盘价20.08港元对 应PE为9.4/9.1/8.3X。 华西证券主要观点如下： 事件概述 未来展望 短期来看，公司年初以来流水持续较快增长，公司的成长品牌及新兴品牌仍有较大开店空间，未来随着 大店占比提升、多品牌集合店增加、低效直营店转加盟、粉丝经济带动离店销售等，店效仍有较大提升 空间;中长期来看，粉丝粘性有望带动公司毛利率稳中有升、规模效应带动费用下降，有望带动公司净 利率进一步增长。 (2)分渠道来看，FY2026H1直营/经销/线上收入分别为11.80/14.42/7.53亿元，同比增长 5.7%/0.3%/25.1%，直营/经销门店数分别为512/1651家，同比增长4%/1%，FY2026H1直营店效/经销单 店出货分别为230/ ...

毛利率及归母净利率上升1.4/0.9PCT，归母净利率增速低于毛利率主要由于管理费用率和所得税费用率 提升、财务收入下降。FY2026H1毛利率为66.5%、同比提升1.4PCT(1)分品牌毛利率来看，主品牌毛利 率稳健：JNBY/速写/jnby by JNBY/LESS/新兴品牌毛利率分别为69.4%/67.5%/60.2%/70.5%/48.8%、同比 提升1.8/2.0/1.8/1.7/-3.6PCT。(2)分渠道毛利率来看，直营/经销/线上毛利率分别为73.7%/61.0%/65.8%， 同比提升0.1/2.0/1.6PCT;(3)2026H1归母净利率为20.0%、同比上升0.9PCT。从费用率看，FY2026H1销 售/管理/财务费用率分别为32.4%/9.2%/0.17%、同比增加0.1/0.6/-0.17PCT，管理费用提升主要由于产品 设计和研发部门开支增加。其他收益/收入占比提升0.47PCT，主要由于创业投资基金的公允价值变动收 益增加，所得税/收入同比提升0.2PCT。 存货有所增长 智通财经APP获悉，华西证券发布研报称，维持江南布衣(03306)"买入"评级，FY26-28公司收入 ...