机构：中金公司 研究员：林骥川/陈婕 公司重申FY26 百亿元零售目标，我们预计7-8 月公司终端流水优于同业，我们看好公司强会员粘性和 多品牌培育能力有望使得业绩稳健增长。此外，公司计划自建物流中心，我们预计资金占用或减少财务 收益净额，使得FY26 收入增速快于利润增速。 盈利预测与估值 基本维持FY26 盈利预测9.26 亿元，引入FY27 盈利预测9.83 亿元，当前股价对应10.1/9.7 倍FY25/26 市 盈率，维持跑赢行业评级。考虑到公司品牌力持续提升，上调目标价18%至23.70 港元，对应12.0/11.6 倍FY25/26 P/E，较当前有19%的上行空间。 风险 FY25 业绩符合我们预期 公司公布FY25（2024 年7 月-2025 年6 月）业绩：收入55.5 亿元，同比+4.6%；归母净利润8.9 亿元，同 比+5.3%。业绩符合我们预期。公司宣派末期股息0.93 港元/股，连同中期股息0.45元/股，全年派息率约 75%。 高价值会员规模持续扩大，新兴品牌增长强劲。会员方面，FY25购买总额超人民币5,000 元的会员账户 数约增2 万个至超33 万个。分渠道看，FY25 ...

运动户外品牌高歌猛进，传统时尚服饰则面临巨大挑战。据银河证券分析，户外运动行业处于稳健增长期，2024年市场规模达4089.10亿元，同比增长 5.95%，成长性高于其他服饰赛道。而另一边，不少传统的都市女装业绩开始下滑或者陷入停滞。 即便如此，定位都市生活的江南布衣则交出了一份不一样的成绩单， 近日，江南布衣发布的截至2025年6月30日止的年度（"2025财年"）财报显示，其收入同比增长4.6%至55.48亿元，净利润增长6.0%至8.98亿元。 其中最亮 眼的是其毛利率表现——稳定在65.6% 的高位，显示出强大的品牌溢价能力和成本控制能力。 分品牌看，成熟品牌JNBY收入增长2.3%至30.13亿元，占收入总额54.3%；成长品牌组合（速写、jnby by JNBY和LESS）收入微降0.5%至21.74亿元，占比 39.2%。 江南布衣近些年收购的新兴品牌组合（POMME DE TERRE、JNBYHOME、onmygame及B1OCK）表现最为抢眼，收入同比大涨107.4% 至3.61亿元，占比 从3.3%提升至6.5%。 作者 | 王小娟 编辑 | 黄昱 2025年的服装行业，可谓冰火两重天。 ...

Core Viewpoint - CICC maintains the FY26 profit forecast for Jiangnan Buyi (03306) at 926 million yuan and introduces the FY27 profit forecast at 983 million yuan, with the current stock price corresponding to 10.1/9.7 times FY25/26 P/E ratio, maintaining an outperform rating for the industry [1] Financial Performance - The company reported FY25 (July 2024 - June 2025) performance: revenue of 5.55 billion yuan, up 4.6% year-on-year; net profit attributable to shareholders of 890 million yuan, up 5.3% year-on-year, in line with CICC's expectations [2] - The company declared a final dividend of 0.93 HKD per share, along with an interim dividend of 0.45 HKD per share, resulting in an annual payout ratio of approximately 75% [2] Membership and Brand Growth - The number of members with total purchases exceeding 5,000 yuan increased by about 20,000 to over 330,000 in FY25. Revenue from direct sales, distribution, and e-commerce channels grew by -6%/+10%/+18% to 2.08 billion, 2.27 billion, and 1.20 billion yuan respectively, with strong growth in online sales driven by onmygame [3] - The number of direct stores decreased by 24 to 492, while the number of distribution stores increased by 116 to 1,625, as the company converted some non-core city direct stores to distribution [3] - Revenue from brands JNBY, jnby by JNBY, LESS, and Su Xie grew by 2.3%/2.9%/0.2%/-4.6% to 3.01 billion, 830 million, 620 million, and 720 million yuan respectively, while revenue from emerging brands surged by 107.4% to 360 million yuan, mainly due to the consolidation and rapid growth of newly acquired brands onmygame and B1OCK [3] Profitability and Inventory Management - FY25 gross margin decreased by 0.3 percentage points to 65.6%, mainly due to the increased proportion of revenue from distribution and online channels [4] - FY25 selling expense ratio increased by 0.6 percentage points to 35.6%, primarily due to increased brand investment and expenses related to the 30th anniversary activities; management expense ratio rose by 0.1 percentage points to 9.6% [4] - The effective tax rate for FY25 decreased by 3.8 percentage points to 26.3%, mainly due to reduced withholding tax on dividends; overall, the net profit margin attributable to shareholders increased by 0.1 percentage points to 16.1% [4] - The inventory turnover days at the end of FY25 increased by 5 days to 161 days, mainly due to increased inventory and stocking for the 2024 autumn and winter seasons [4] Development Trends - The company reiterated its target of 10 billion yuan in retail sales for FY26, with expectations of better terminal sales in July-August compared to peers, driven by strong member loyalty and multi-brand cultivation capabilities [5] - The company plans to build its own logistics center, which is expected to reduce capital occupation and improve financial income net, leading to faster revenue growth than profit growth in FY26 [5]

中金主要观点如下： 智通财经APP获悉，中金发布研报称，基本维持江南布衣(03306)FY26盈利预测9.26亿元，引入FY27盈 利预测9.83亿元，当前股价对应10.1/9.7倍FY25/26市盈率，维持跑赢行业评级。考虑到公司品牌力持续 提升，上调目标价18%至23.70港元，对应12.0/11.6倍FY25/26 P/E，较当前有19%的上行空间。 FY25业绩符合该行预期 公司公布FY25(2024年7月-2025年6月)业绩：收入55.5亿元，同比+4.6%;归母净利润8.9亿元，同比 +5.3%。业绩符合该行预期。公司宣派末期股息0.93港元/股，连同中期股息0.45元/股，全年派息率约 75%。 高价值会员规模持续扩大，新兴品牌增长强劲 风险提示：竞争加剧，零售不及预期，会员拓展速度和消费力不及预期。 会员方面，FY25购买总额超人民币5,000元的会员账户数约增2万个至超33万个。分渠道看，FY25直营/ 经销/电商渠道收入分别同比-6%/+10%/+18%至20.8/22.7/12.0亿元，线上得益于onmygame增长强劲。 FY25直营门店净减少24家至492家，经销门店净增加116家 ...

该行认为，公司具备持续成长和抵御周期波动的能力：公司以设计驱动+精细化全域零售管理，通过独 特调性的产品和品牌体验，构筑不断增长且高粘性粉丝会员群体。反映到经营结果上，FY25(截至 25/6/30)在客流承压背景下，公司仍能保持同店持平。据渠道调研，今年以来公司流水维持单位数以上 正增，7月/8月零售流水同比分别+高单/+双位数以上，好于中高端女装行业整体。公司作为多品牌布局 的设计师品牌集团，具备独特经营alpha和韧性，可积极关注。 民银国际发布研报称，江南布衣(03306)FY25收入及利润符合预期，同店稳健，会员高粘性，新兴品牌 高增。FY25(截至2025/6/30)收入同比+4.6%至55.5亿元，归母净利同比+5.3%至8.9亿元，毛利率同 比-0.3pp至65.6%，派息率保持75%。期末存货同比+24%至9.3亿元，据渠道调研，公司7-8月奥莱渠道存 货去化较好，且部分存货增加与25秋冬备货相关，合理可控。 据业绩会，公司指引稳健，维持FY26百亿零售目标，对应营收目标60亿，毛利率/净利润率目标分别为 65%以上/15%以上，派息率保持75%，据iFind一致预期和收盘价，股息率吸引，约 ...

该行认为，公司具备持续成长和抵御周期波动的能力：公司以设计驱动+精细化全域零售管理，通过独 特调性的产品和品牌体验，构筑不断增长且高粘性粉丝会员群体。反映到经营结果上，FY25(截至 25/6/30)在客流承压背景下，公司仍能保持同店持平。据渠道调研，今年以来公司流水维持单位数以上 正增，7月/8月零售流水同比分别+高单/+双位数以上，好于中高端女装行业整体。公司作为多品牌布局 的设计师品牌集团，具备独特经营alpha和韧性，可积极关注。 智通财经APP获悉，民银国际发布研报称，江南布衣(03306)FY25收入及利润符合预期，同店稳健，会 员高粘性，新兴品牌高增。FY25(截至2025/6/30)收入同比+4.6%至55.5亿元，归母净利同比+5.3%至8.9 亿元，毛利率同比-0.3pp至65.6%，派息率保持75%。期末存货同比+24%至9.3亿元，据渠道调研，公司 7-8月奥莱渠道存货去化较好，且部分存货增加与25秋冬备货相关，合理可控。 据业绩会，公司指引稳健，维持FY26百亿零售目标，对应营收目标60亿，毛利率/净利润率目标分别为 65%以上/15%以上，派息率保持75%，据iFind一致预期和收 ...

Core Viewpoint - Jiangnan Buyi maintains its target of achieving 10 billion in retail by fiscal year 2026, focusing on domestic market expansion while viewing overseas markets as long-term opportunities for brand influence and lifestyle globalization [2][3]. Financial Performance - For the fiscal year 2025, Jiangnan Buyi reported total revenue of approximately RMB 5.548 billion, a year-on-year increase of about 4.6% [2]. - The company's gross profit reached RMB 3.64 billion, with a stable gross margin exceeding 65% [2]. - Net profit for the fiscal year was approximately RMB 897 million, reflecting a 6% year-on-year growth, resulting in a net profit margin of 16.2%, surpassing previous expectations [3][4]. Sales Channels - Online sales grew by 18.3% to RMB 1.201 billion, while the overall retail network expanded to 2,117 stores globally, covering all provinces in mainland China and 10 other countries [6][7]. - The contribution of online sales to total revenue surpassed 20% for the first time [7][8]. Multi-Brand Strategy - Jiangnan Buyi operates a multi-brand strategy with three tiers: mature brands, growth brands, and emerging brands, covering various segments including menswear, womenswear, and children's wear [4]. - The mature brand JNBY accounted for 54.3% of total revenue, while emerging brands generated RMB 361 million, a 107.4% increase year-on-year [4][5]. Operational Strategy - The company plans to enhance its retail network and optimize its direct sales team for better operational efficiency, focusing on key cities [5][8]. - Jiangnan Buyi aims to improve its supply chain and inventory structure through a shared inventory system and plans to establish a more intelligent distribution center [9]. Membership and Customer Engagement - Active membership accounts increased to over 560,000, contributing more than 80% of total retail revenue, with members spending over RMB 5,000 also rising to over 330,000 [8][9]. - The company is enhancing member benefits and experiences to drive further growth in online sales [8].

维持FY26 指引，持续高分红回馈股东。公司维持FY26 百亿零售额战略目标，盈利水平有望保持稳 定。FY25 中期及期末合计每股分红1.38HKD，对应股息率为6%+，未来有望持续高分红回馈股东。 风险提示：终端消费需求不及预期，成长品牌表现不及预期 投资要点： 投资建议：维持"增持"评级。公司是国内设计师品牌龙头，FY2026-2028 归母净利润预测为 9.01/9.73/10.53 亿元，对应EPS 分别为1.74/1.87/2.03 元，当前股价对应PE 分别为12/11/10 倍，给予 FY202613 倍PE，按照1 港元=0.92 元人民币计算，对应目标价24.59 港元，给予"增持"评级。 事件：FY2025 公司实现收入55.5 亿元，同比+5%，实现归母净利润8.9 亿元，同比+5%。其中FY25 H1/H2 收入分别同比+5%/+4%，归母净利润分别同比+5%/+7%。 收入稳健增长，FY25H2 利润环比提速。FY25 收入同比+5%，在FY24 高基数背景下持续稳健增长，其 中同店在FY25 客流下降背景下仅录得0.1%轻微下滑，彰显经营韧性；毛利率-0.3pct，销售费用率 +0 ...

Core Viewpoint - Jiangnan Buyi maintains stable gross and net profit margins in a complex market environment, with net profit exceeding expectations and overall performance meeting forecasts [1] Financial Performance - For the fiscal year 2025, Jiangnan Buyi reported total revenue of 5.548 billion yuan, a year-on-year increase of 4.6%, and net profit of 897 million yuan, up 6% year-on-year [1] - The board proposed a final dividend of 0.93 HKD per share, alongside an interim dividend of 0.45 HKD per share, totaling approximately 716 million HKD for the year, with a payout ratio of 75% [1] Brand and Business Development - The company operates a multi-brand sustainable scale model, with an overall gross margin maintained at a high level of 65.6% [2] - Revenue from the mature brand JNBY grew by 2.3%, accounting for 54.3% of total revenue, while the emerging brand segment saw a significant increase of 107.4% to 361 million yuan, representing 6.5% of total revenue [2] - Jiangnan Buyi's membership strategy has led to over 80% of retail sales coming from members, with active member accounts increasing to 560,000 [2] Retail Strategy - The company is focused on optimizing its fan-centric retail network, leveraging data and technology to enhance customer experience [3] - As of June 30, the total number of independent retail stores globally reached 2,117, with strategic investments in store image upgrades and service quality [3] ESG Practices - Jiangnan Buyi integrates sustainability into its core operations, focusing on product innovation, environmental friendliness, talent development, and community engagement [4] - The company achieved a sustainable material ratio of 30.6% for fiscal year 2025, an increase of 8.2 percentage points from the previous year [5] - The company aims for a retail target of 10 billion yuan for fiscal year 2026, emphasizing quality and health of growth over mere scale [5]

在多品牌矩阵策略下，江南布衣整体毛利率维持在65.6%，较2024财年的毛利率下降了0.3个百分点至 65.6%。受到这一因素影响，江南布衣股价在9月9日收盘时大跌12.12%。 （原标题：近八成营收来自线下，江南布衣暂无推即时零售计划丨服饰财报观察） 21世纪经济报道记者 陶力 在新零售崛起的当下，服装行业受到的影响似乎没有那么大。 9月8日，江南布衣有限公司（股份代号：3306.HK）发布了截至2025年6月30日止年度（2025财年）的 全年业绩。 2025财年，江南布衣总收入同比增加约4.6%至55.48亿元，主要由于线上渠道销售的增长及线下门店规 模的扩张。其中，线上渠道的收入增长18.3%至12.01亿元。净利润为8.98亿元，较2024财年上升6.0%。 这意味着，品牌营收近八成来自于线下门店。 对于股价的波动，花旗研究报告指出，由于过去数月该公司股价大幅上涨，股价疲软可能是由于部分获 利回吐所致。从过去多年的发展路径来看，江南布衣的盈利能力远超同行，仍然维持在10倍左右的市盈 率。 9月10日，江南布衣相关人士在接受21世纪经济报道记者采访时表示，仍然会专注于公司业务运营和健 康可持续发展，而 ...