Investment Rating - The report initiates coverage on Jiangnan Buyi (03306) with a "Buy" rating and a target price of HKD 19.3 [4] Core Views - Jiangnan Buyi is a leading designer brand fashion group in China, with a diversified brand portfolio and strong growth potential driven by its three core strategies: design-driven, multi-brand, and fan economy [1][3] - The company has demonstrated steady revenue and profit growth, with FY19-23 revenue increasing from RMB 3.36 billion to RMB 4.47 billion (CAGR 7.38%) and net profit growing from RMB 485 million to RMB 621 million (CAGR 6.37%) [1][13] - The designer brand market in China is expanding, with the industry size reaching RMB 177.6 billion in 2022, and Jiangnan Buyi is well-positioned to capitalize on this growth due to its first-mover advantage and strong brand recognition [1][28] Brand Portfolio and Market Position - Jiangnan Buyi operates a diversified brand matrix, including one mature brand (JNBY), three growing brands (CROQUIS, jnby by JNBY, LESS), and several emerging brands, targeting different customer segments [1][3][10] - JNBY remains the core revenue driver, contributing 56% of total revenue in FY23, while the growing brands are showing faster growth rates, with a combined revenue increase of 29.7% in FY24H1 [39] - The company has a strong market position in the designer brand industry, with a 9.6% market share in 2015, and is recognized as the most unique and easily identifiable women's designer brand in China [31][32] Growth Drivers - **Design-driven strategy**: The company emphasizes original design, with a strong R&D team and significant investment in design innovation. Its brands have won multiple awards, enhancing brand recognition and customer loyalty [1][35][36] - **Multi-brand strategy**: The company leverages its diverse brand portfolio to cater to a wide range of customer needs, with mature brands providing stable revenue and growing brands driving faster growth [3][38][39] - **Fan economy**: Jiangnan Buyi has built a robust membership system, with over 6.9 million members contributing 80% of retail sales in FY23. The company also focuses on enhancing customer engagement through digital channels and social media, with over 8.5 million followers across platforms [41][42][43] Financial Performance and Outlook - The company has maintained a high dividend payout ratio, distributing approximately 75% of its net profit to shareholders in recent years [1][19] - For FY24-26, the report forecasts revenue of RMB 5.19 billion, RMB 5.92 billion, and RMB 6.50 billion, with net profit of RMB 840 million, RMB 960 million, and RMB 1.07 billion, respectively. The EPS is expected to be RMB 1.63, RMB 1.86, and RMB 2.06 per share, with a PE ratio of 9.6X, 8.4X, and 7.6X for FY24-26 [1][45] - The target valuation is based on an 11X PE multiple for FY24, implying a target market cap of RMB 10 billion and a target price of HKD 19.3 [1][47]

2024 年 06 月 19 日 公司研究 评级：买入 (首次覆盖 ) 研究所： [Table_Title] 高分红 稳定成长的设计师品牌时尚集团 + 证券分析师： 马川琪 S0350523050001 macq@ghzq.com.cn 联系人 ： 廖小慧 S0350122080035 ——江南布衣（ ）公司研究 03306 liaoxh@ghzq.com.cn 最近一年走势 投资要点 :  具备影响力的设计师品牌时尚集团，多品牌运营带来增长空间。截 至2023年12月31日，公司品牌组合包括三个阶段的多个品牌， 即成熟品牌JNBY，三个成长品牌CROQUIS（速写）、jnbybyJNBY 及LESS，以及包括 POMME DE TERRE（蓬马）及 JNBYHOME 等多个新兴品牌。各个品牌均各自面向特定客户并拥有基于集团统 一品牌理念“自然而然地做自己”（JustNaturally BeYourself）的 独特设计形象，产品主要面向中高层收入客户。目前公司已经建立 主要由实体零售店、线上平台及以微信为主的社交媒体互动营销服 相对恒生指数表现 2024/06/19 务平台组成的全渠道互动平台，旨在打造一 ...

江南布衣 JIANGNANBUYI 江南布衣有限公司 [股票代碼:03306] 二零二三/二四中期報告 此中期報告以環保紙張印製 p 2017 195 e 6 Pri Ex 6 NIT 2 r 2 6 1 y ine 19 8 11 1 18 16 1 722 th r ic r pr 16 t and 心 19 19 r - T 2 - - disc e 0 ＋ 目錄 | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------|-------|-----------------|-------| | | | | | | 公司簡介 | | 0 2 | | | 公司資料 | | 0 3 | | | 財務摘要 | | 0 4 | | | 管理層討論與分析 | | 0 5 | | | 企業管治常規 | | 1 2 | | | 中期財務資料審閱報告 | | 1 8 | | | 簡明綜合全面收益表 | | 1 9 | | | 簡明綜合資產負債表 簡 ...

买入 高粘性会员及同店驱动增长，释放经营杠杆 江南布衣（3306.HK） 2024-3-5 星期二 投资要点 目标价： 20.30港元 ➢ 业绩远超预期，FY24H1收入/利润同比+26%/+54%，派特别股息： 现 价： 14.54港元 于 FY24H1（截至 2023/12/31 止 6 个月），公司收入同比+26.1%至 29.8 亿 预计升幅: 39.6% 元，净利润同比+54.5%至5.7亿元，经营活动产生的现金流为10.6亿元，公 司分派特别股息，期内EPS为1.14元，每股分派普通股股息/特别股息分别 0.42/ 0.36人民币元；分红政策为年度分红比例不低于75%。 重要数据 主品牌和 Less 品牌、线下自营渠道引领增长。收入方面，成熟品牌 JNBY 日期 2024/3/4 同比+24.0%，成长品牌Less/速写/童装同比分别+38.5%/ +17.2%/ +36.3%。 收盘价（港元） 14.54 线下自营/线下经销/电商收入同比+36.7%/ +18.2%/ +24.2%。 总股本（亿股） 5.19 ➢ 折扣优化驱动毛利率提升，增长由同店驱动，显著释放经营杠杆: 总市值（亿港元） 75 ...

拥抱互联网+粉丝经济下,江南布衣(03306)交出了一份"逆天"成绩单。 2月27日，江南布衣发布了2024上半财年业绩。截至2023年12月31日，该公司实现总营收29.76亿元，同比增长26.1%;毛利19.48亿元，同比增长 27.6%，毛利率同比增长0.8个百分点至65.5%;纯利5.74亿元，同比增长54.5%。 全年来看，2023全年，江南布衣实现总收入50.81亿元，毛利33.39亿元，实现纯利8.23亿元，核心财务数据近乎全部呈现向好趋势。 相对于仍在存量市场厮杀肉搏的国内服饰品牌而言,江南布衣营收、净利、毛利齐增的表现无疑是出色的。 受此优秀财报提振，隔目(2月28日)江南布衣便录得了26.6%的大涨表现。虽然后两天没有延续涨势，但走势业不算很弱。截止3月1日收盘，其 股价报于14.54港元。 江南布衣(03306) 14.540 ▼ -0.440 -2.94% ● 加入自选 部 题 题 图 已收盘 12-29 16:08 ★ 2024-04-19 特别股息_股息应付日 > 实时行情 月к 1分 5分 15分 分时 5日 日к 图K 30分 60分 全屏 基本资料 MA5 : 13.736 ...

Table_BaseInfo 2024 年 3 月 4 日 公司动态分析 江南布衣（3306.HK） 证券研究报告 纺织服装 业绩超预期增长，高股息具吸引力 投资评级： x 未有 事件：近日，江南布衣公布2024财年上半年业绩表现，公司收入为29.8亿元， 同比增长 26.1%；净利润 5.74 亿元，同比增长 54.5%；此外公司宣派中期股息 目标价格： 未有 每股 0.46 港元及特别股息每股 0.39 港元。公司业绩表现超市场预期，高股息 具有吸引力。 现价(2024-3-1)： 14.54港元 报告摘要 知名设计师服装集团，上半财年业绩超预期 江南布衣是国内知名的设计师服装 总市值(百万港元) 7,542.63 集团，旗下拥有成熟品牌JNBY、成长品牌LESS、速写、jnby by JNBY（童装）， 流通市值(百万港元) 7,542.63 总股本(百万股) 518.75 新兴品牌蓬马、JNBYHOME、A PERSONAL NOTE。截至2023年12月31日止半年 流通股本(百万股) 518.75 度，公司实现收入 29.8 亿元，同比增长 26.1%，收入增长主要来自于线下同店 12个月低/高( ...

Investment Rating - The report assigns an "Outperform" rating to the company, indicating an expected relative outperformance of more than 10% compared to the benchmark index [1] Core Views - The company is a leading designer fashion group with high brand recognition and customer loyalty, ranking first in retail sales in China's designer fashion industry in 2022 [4] - The company's brand matrix includes mature, growing, and emerging brands, with mature brands contributing 56.3% of revenue in FY23 [4] - The company has optimized its omnichannel retail network with a focus on fan economy, achieving a 17.7% CAGR in membership growth from FY19 to FY23 [4] - The company's FY23 gross margin reached a historical high of 65.3%, making it one of the few companies in the industry to continuously improve gross margin since the pandemic [5] - The company's inventory turnover days decreased to 188 days in FY23, the lowest among comparable peers [5] Financial Performance and Valuation - The company's FY23 revenue was HKD 4.465 billion, with a YoY growth of 9.28% [6] - Net profit for FY23 was HKD 621 million, representing a YoY growth of 11.17% [6] - The company's FY23 ROE was 31.35%, ranking first among comparable peers [5] - The report forecasts FY24-FY26 net profit of HKD 831 million, HKD 971 million, and HKD 1.102 billion, respectively, with EPS of HKD 1.60, HKD 1.87, and HKD 2.12 [5] - The report values the company at 9-10x FY24 PE, corresponding to a fair value range of HKD 15.68-17.42 per share [5] Brand and Market Position - The company's mature brand JNBY has the highest brand loyalty among China's top 10 women's clothing designer brands based on repeat purchase rate [4] - The company's market share in the women's clothing designer brand segment has been among the highest and has shown the most significant improvement over the past decade [4] - The company's FY23 dividend yield is expected to be 7.8%, ranking among the top in the women's clothing peer group [5] Channel and Membership Strategy - Online revenue has maintained positive growth over the past five years, with a CAGR of 21.3% from FY19 to FY23, accounting for 19.1% of total revenue in FY23 [4] - The number of active members and members with annual purchases exceeding HKD 5,000 increased significantly in FY23, with the latter contributing over 60% of offline sales [4] - The company's "JNBY+" multi-brand stores expanded by 850% from FY19 to FY23, contributing to a 9.1% increase in comparable store sales in FY23 [13] Industry Comparison - The company's gross margin of 65.3% in FY23 is higher than most peers in the industry [16] - The company's inventory turnover days of 188 in FY23 are the lowest among comparable peers [17] - The company's ROE has ranked first among comparable peers since 2018, with FY23 ROE at 33.9% [16]

证券研究报告 | 2024年02月29日 江南布衣（03306.HK） 买入 上半财年净利润增长 54%，各渠道均实现高质量增长 核心观点 公司研究·海外公司财报点评 上半财年业绩快速增长。公司是国内领先的设计师品牌集团，旗下拥有分别 纺织服饰·服装家纺 处于成熟期、成长期、新兴期三大阶段的多个品牌。截至2023/12/31的2024 证券分析师：丁诗洁 证券分析师：刘佳琪 上半财年，公司实现收入29.8亿元，同比+26.1%，实现归母净利润5.7亿 0755-81981391 010-88005446 dingshijie@guosen.com.cnliujiaqi@guosen.com.cn 元，同比+54.5%。公司收入增速较快主要基于多阶段品牌共同推动所带来的 S0980520040004 S0980523070003 线下可比同店增长、门店规模增长，以及线上渠道的同步增长。 基础数据 利润率稳步提升。FY2024H1毛利率同比提升0.8百分点至65.5%，反映公司 投资评级 买入(维持) 合理估值 17.50 - 19.20港元 零售折扣稳定、库存健康、以及坚持设计和品牌驱动下品牌溢价能力的提升； ...

Revenue and Profit Growth - Total revenue for the first half of fiscal year 2024 reached RMB 2,975.5 million, a 26.1% increase compared to RMB 2,360.0 million in the same period of fiscal year 2023[2] - Net profit for the first half of fiscal year 2024 was RMB 574.1 million, a 54.5% increase compared to RMB 371.7 million in the same period of fiscal year 2023[2] - Total revenue for the six months ended December 31, 2023, was RMB 2,975.5 million, a 26.1% increase compared to the same period in 2022[43] - Total revenue increased by 27.6% to RMB 1,947.7 million in the first half of 2024 compared to RMB 1,526.2 million in the same period of 2023[57] - Net profit grew by 54.5% to RMB 574.1 million in the first half of 2024, with a net profit margin increasing from 15.8% to 19.3%[60] - Profit for the period rose to RMB 574,121 thousand in the first half of 2023, compared to RMB 371,716 thousand in the first half of 2022[11] - Net profit attributable to shareholders rose to RMB 574,121 thousand, compared to RMB 371,716 thousand in the prior year[30] Gross Profit and Margin - Gross profit for the first half of fiscal year 2024 was RMB 1,947.7 million, up 27.6% from RMB 1,526.2 million in the first half of fiscal year 2023, with the gross profit margin increasing by 0.8 percentage points to 65.5%[2] - Gross profit increased by 27.6% to RMB 1,947.7 million, with the gross margin rising from 64.7% to 65.5% due to enhanced brand strength[56] Cash Flow and Financial Position - Net cash inflow from operating activities for the first half of fiscal year 2024 was RMB 1,059.7 million, a 173.5% increase compared to RMB 387.4 million in the same period of fiscal year 2023[2] - Net cash generated from operating activities increased to RMB 1,187,793 thousand in the first half of 2023, up from RMB 566,525 thousand in the same period of 2022[12] - Cash and cash equivalents at the end of the period stood at RMB 1,093,255 thousand, compared to RMB 657,787 thousand at the end of the same period in 2022[13] - Net cash used in financing activities was RMB 541,644 thousand in the first half of 2023, higher than RMB 338,227 thousand in the same period of 2022[13] - Net cash generated from investing activities was RMB 49,992 thousand in the first half of 2023, compared to RMB 13,124 thousand in the same period of 2022[12] - Cash and cash equivalents increased to RMB 1,093.3 million as of December 31, 2023, up from RMB 525.1 million as of June 30, 2023[63] Dividends and Shareholder Returns - The Board declared an interim dividend of HK$0.46 per ordinary share and a special interim dividend of HK$0.39 per ordinary share, totaling HK$0.85 per ordinary share, amounting to HK$440.9 million in total[2] - The company declared an interim dividend of HKD 0.46 per ordinary share (approximately RMB 0.42 per share) for the six months ended December 31, 2023, payable on April 19, 2024[71] - A special interim dividend of HKD 0.39 per ordinary share (approximately RMB 0.36 per share) was declared to celebrate the company's 30th anniversary, payable on April 19, 2024[72] - Dividends paid amounted to RMB 322,591 thousand in the first half of 2023, up from RMB 259,004 thousand in the same period of 2022[11][10] - The company paid a final dividend of RMB 322,591,350, up from RMB 259,004,000 in the previous year[31] Earnings Per Share (EPS) - Earnings per share (EPS) for the first half of fiscal year 2024 were RMB 1.14 (basic) and RMB 1.11 (diluted), compared to RMB 0.74 in the same period of fiscal year 2023[6] - The group's basic earnings per share were RMB 1.14, calculated based on a profit attributable to shareholders of RMB 574,121 thousand and a weighted average number of ordinary shares of 505,179 thousand[28] - Diluted earnings per share increased to RMB 1.11, up from RMB 0.74 in the previous year[30] - The weighted average number of ordinary shares for diluted EPS calculation increased to 515,700 thousand from 504,383 thousand[30] Assets and Liabilities - Total assets as of December 31, 2023, were RMB 4,529.4 million, an increase from RMB 4,065.8 million as of June 30, 2023[7] - Total liabilities as of December 31, 2023, were RMB 2,257.5 million, compared to RMB 2,084.3 million as of June 30, 2023[8] - Net assets as of December 31, 2023, were RMB 2,271.9 million, up from RMB 1,981.5 million as of June 30, 2023[8] - Total equity increased to RMB 2,271,928 thousand as of December 31, 2023, from RMB 1,826,644 thousand as of December 31, 2022[10][11] Expenses and Costs - Sales and marketing expenses accounted for 31.1% of revenue in the first half of 2024, down from 34.6% in the same period of 2023 due to improved operational efficiency[59] - Administrative expenses decreased to 8.3% of revenue in the first half of 2024 from 9.0% in the same period of 2023[59] - Unallocated sales and marketing expenses, administrative expenses, and net impairment losses on financial assets amounted to RMB (324,757) thousand[19] - Employee headcount increased to 1,551 as of December 31, 2023, with total employee costs accounting for 7.8% of revenue[67] Brand and Revenue Breakdown - Total revenue for the group reached RMB 2,975,542 thousand, with mature brands contributing RMB 1,699,763 thousand, growth brands contributing RMB 1,227,805 thousand, and emerging brands contributing RMB 47,974 thousand[19] - The group's operating profit totaled RMB 803,080 thousand, with mature brands contributing RMB 716,858 thousand, growth brands contributing RMB 376,487 thousand, and emerging brands contributing RMB 2,885 thousand[19] - Total revenue for the first half of fiscal year 2024 increased by 26.1% to RMB 2,975.5 million, with mature brand JNBY growing by 24.0% and growth brands collectively increasing by 29.7%[50][51] - Revenue from mainland China accounted for 99.4% of total revenue, growing by 26.5%, while non-mainland revenue decreased by 23.4%[55] Retail and Channel Performance - Offline channel revenue grew by 26.5%, with self-operated stores increasing by 36.7% and distributor stores by 18.2%, while online channel revenue rose by 24.2%[53][54] - Offline channel revenue increased by 27.8% to RMB 1,615.7 million, with self-operated stores growing by 37.5% and distributor stores by 18.0%[58] - Online channel revenue rose by 27.0% to RMB 332.0 million in the first half of 2024[58] - Comparable same-store sales for offline retail stores increased by 23.9% in the first half of fiscal year 2024, driven by store image upgrades and the success of multi-brand collection stores[48] - The inventory sharing and allocation system contributed an incremental retail sales of RMB 596.8 million, a 48.7% increase compared to the first half of fiscal year 2023[48] Membership and Customer Engagement - The company's membership accounts exceeded 7.4 million as of December 31, 2023, with members contributing over 80% of total retail sales[49] - The number of active members increased to over 550,000 in 2023, up from 420,000 in 2022, with members spending over RMB 5,000 contributing RMB 4.33 billion in retail sales[49] Store and Geographic Expansion - The number of independent physical retail stores globally increased from 1,990 as of June 30, 2023, to 2,036 as of December 31, 2023[43] - JNBY brand stores increased from 921 to 935, while CROQUIS (速写) stores increased from 300 to 311 during the same period[44] - In mainland China, self-operated stores decreased from 564 to 549, while franchised stores increased from 1,402 to 1,464 as of December 31, 2023[46] - Over 50% of retail sales in mainland China were concentrated in first- and second-tier cities[46] Inventory and Accounts Receivable - The company's inventory of finished goods increased to RMB 1,204,721 thousand from RMB 1,179,752 thousand[34] - Inventory provision increased by RMB 28,569 thousand in the first half of 2023, compared to RMB 37,547 thousand in the same period of 2022[35] - Accounts receivable increased to RMB 242,521 thousand as of December 31, 2023, from RMB 144,721 thousand as of June 30, 2023[35] - 91.1% of accounts receivable were within 3 months as of December 31, 2023, compared to 85.0% as of June 30, 2023[36] - Accounts payable increased to RMB 334,611 thousand as of December 31, 2023, from RMB 232,094 thousand as of June 30, 2023[38] - Sales return provision increased to RMB 245,663 thousand as of December 31, 2023, from RMB 166,891 thousand as of June 30, 2023[41] Capital Expenditures and Investments - Capital expenditures decreased to RMB 48.0 million in the first half of 2024 from RMB 69.0 million in the same period of 2023[61] - The company invested RMB 6.0 million in a venture capital fund as of December 31, 2023[65] ESG and Corporate Governance - The company is building an ESG governance framework to promote ESG practices and achieve its 2025 ESG commitments[70] - The company has adopted the Corporate Governance Code under Appendix C1 of the Listing Rules and has complied with all applicable code provisions during the six months ended December 31, 2023[74] - The company has adopted the Model Code for Securities Transactions by Directors under Appendix C3 of the Listing Rules, and all directors confirmed compliance during the six months ended December 31, 2023[75] - The company did not purchase, sell, or redeem any of its listed securities during the six months ended December 31, 2023[76] Future Plans and Strategies - The company plans to optimize its designer brand and product portfolio through self-incubation or acquisitions, enhancing design and R&D capabilities[70] - The company aims to strengthen its domestic and international retail networks using internet thinking and technology, focusing on visual and image development for stores[70] - The company is committed to data-driven operations, technology as a carrier, and fan economy as the core, aiming to enhance the fan experience across its retail network[70] Other Financial Metrics - Total comprehensive income for the period increased to RMB 577,126 thousand in the first half of 2023, up from RMB 375,802 thousand in the first half of 2022[11][10] - Other income and gains net amounted to RMB 31,607 thousand, including government subsidies of RMB 28,227 thousand[23] - The group's financial income net amounted to RMB 24,951 thousand, with interest income from cash and cash equivalents and time deposits with initial terms exceeding three months contributing RMB 21,835 thousand[24] - The group's current income tax expense was RMB 217,507 thousand, with deferred income tax expense of RMB 16,194 thousand, totaling RMB 233,701 thousand[26] - Total property, plant, and equipment decreased to RMB 448,859 thousand from RMB 455,588 thousand[32] - Right-of-use assets decreased to RMB 698,749 thousand from RMB 797,254 thousand, with an increase of RMB 81,748 thousand in retail lease properties[33] - Intangible assets increased to RMB 21,552 thousand from RMB 19,307 thousand, with an addition of RMB 2,645 thousand in computer software[34] - Accumulated depreciation for property, plant, and equipment increased to RMB 309,888 thousand from RMB 254,678 thousand[32]

江南布在 JIANGNANBUYI 江南布衣有限公司 [股票代碼]:03306) =零二二/二三年度報告 c > 此年報以環保紙張印製 g , goo the country of consisted on the country of the count A 8.2499 a proble for the the state of the same of ter for 147347 the with the first for the 2 2 2 20 14.2 000 the first 15 ally 201 20 目 錄 + y 公司簡介6 公司資料7 財務摘要8 主席報告 10 管理層討論及分析 11 董事及高級管理層 2 0 董事會報告 2 5 企業管治報告 4 3 環境、 社會及管治報告 5 9 獨立核數師報告 103 綜合全面收益表 107 綜合資產負債表 108 綜合權益變動表 110 綜合現金流量表 111 綜合財務報表附註 112 我們是一家位於中國的領先設計師品牌時尚集團。根據灼識諮詢(註)的資料，於二零一九年，以 零售總額計，我們在中國設計師品牌時裝行業排名第一。我們設計、推廣及出 ...