Investment Rating - The report maintains a "Buy" rating for Jiangnan Buyi (03306) with a target price not specified [6]. Core Viewpoints - The company reported a revenue of 3.16 billion RMB for FY25H1, representing a year-on-year increase of 5%. The revenue breakdown shows that the mature brand (JNBY) generated 1.76 billion RMB (+4% YoY), growth brands (Suxie, LESS, jnby by JNBY) generated 1.2 billion RMB (-2% YoY), and emerging brands generated 200 million RMB (+149% YoY) [1][2]. - The net profit for FY25H1 was 600 million RMB, reflecting a 5.5% increase YoY. The gross margin was 65.1%, a slight decrease of 0.1 percentage points, while the net margin was 19.1%, also down by 0.1 percentage points [2]. - The company emphasizes the importance of member data, with over 80% of retail sales coming from members. Active member accounts numbered 540,000, slightly down from 2023, but those spending over 5,000 RMB contributed significantly to retail sales [3]. - Jiangnan Buyi aims to solidify its position as a leading designer brand fashion group in China, focusing on optimizing its brand portfolio, enhancing retail networks, and leveraging data-driven strategies for operational innovation [4]. Financial Projections - The report forecasts revenues for FY25-27 to be 5.5 billion RMB, 6 billion RMB, and 6.6 billion RMB respectively. Net profits are projected at 880 million RMB, 900 million RMB, and 990 million RMB for the same period. The expected EPS for FY25-27 is 1.69, 1.74, and 1.91 RMB per share, corresponding to P/E ratios of 8, 8, and 7 times [5].

Investment Rating - The report maintains a "Buy" rating for Jiangnan Buyi (03306) with a target price not specified [6]. Core Insights - The company reported a revenue of 3.16 billion RMB for FY25H1, representing a year-on-year increase of 5%. The mature brand (JNBY) generated 1.76 billion RMB, up 4%, while the growth brands (Suxie, LESS, jnby by JNBY) saw a decline of 2% to 1.2 billion RMB. Emerging brands experienced significant growth, with revenue reaching 200 million RMB, up 149% [1][2]. - The net profit for FY25H1 was 600 million RMB, reflecting a year-on-year increase of 5.5%. The gross margin was 65.1%, a slight decrease of 0.1 percentage points, while the net margin was 19.1%, also down by 0.1 percentage points. The company declared an interim dividend of 0.45 HKD per share [2]. - The company emphasizes the importance of member data, with over 80% of retail sales coming from members. Active member accounts numbered 540,000, slightly down from 2023. Members who spent over 5,000 RMB contributed significantly to retail sales, indicating effective brand and membership management [3]. - Jiangnan Buyi aims to solidify its position as a leading designer brand group in China by optimizing its brand portfolio through self-incubation or acquisitions, enhancing retail networks, and leveraging data-driven strategies to improve customer engagement and experience [4]. Financial Projections - The report forecasts revenues for FY25-27 to be 5.5 billion RMB, 6 billion RMB, and 6.6 billion RMB, respectively. Net profits are projected at 880 million RMB, 900 million RMB, and 990 million RMB for the same period. The expected EPS for FY25-27 is 1.69, 1.74, and 1.91 RMB per share, corresponding to P/E ratios of 8, 8, and 7 times [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][11]. Core Viewpoints - The company reported a revenue of 3.156 billion CNY for FY25H1, representing a year-on-year growth of 5.0%, with a net profit of 604 million CNY, up 5.5% year-on-year [1]. - The main brand, JNBY, showed stable growth with a revenue of 1.760 billion CNY, a 3.6% increase year-on-year, driven by online channels and store expansion [1]. - The company plans to continue enhancing its brand power through self-incubation and acquisitions, optimizing its designer brand portfolio, and expanding both offline and online channels [3]. Performance Analysis Brand Performance - JNBY brand revenue: 1.760 billion CNY, +3.6% YoY, accounting for 55.8% of total revenue - Other brands: OMG and B1OCK showed significant growth, with total revenue from other brands reaching 194 million CNY, +147.3% YoY [1]. Channel Performance - Online revenue: 602 million CNY, +11.9% YoY - Direct and distribution channel revenues: 1.117 billion CNY and 1.437 billion CNY, -7.7% and +14.2% YoY respectively [2]. Profitability Metrics - Gross margin: 65.2%, stable YoY - Net profit margin: 19.3%, stable YoY - Inventory turnover days: 140 days, +5 days YoY, influenced by warm winter conditions [2]. Forecast and Valuation - Projected net profits for FY2025-2027 are 877 million CNY, 917 million CNY, and 981 million CNY, with growth rates of 3.33%, 4.57%, and 6.96% respectively [4]. - Earnings per share (EPS) forecasted at 1.69 CNY, 1.77 CNY, and 1.89 CNY for FY2025-2027 [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][11]. Core Viewpoints - The company reported a revenue of 3.156 billion CNY for FY25H1, representing a year-on-year growth of 5.0%, with a net profit of 604 million CNY, up 5.5% year-on-year [1]. - The main brand, JNBY, showed stable growth with a revenue of 1.760 billion CNY, a 3.6% increase year-on-year, driven by online channels and store expansion [1]. - The company plans to continue enhancing its brand influence and expand its multi-brand matrix through self-incubation and acquisitions, while also optimizing store performance and increasing member engagement [3]. Summary by Sections Performance Review - FY25H1 revenue reached 3.156 billion CNY, a 5.0% increase year-on-year, with a net profit of 604 million CNY, reflecting a 5.5% growth [1]. - The interim dividend is set at 0.45 HKD per share, with an expected annual payout ratio of no less than 75% [1]. Brand Analysis - JNBY brand revenue was 1.760 billion CNY, accounting for 55.8% of total revenue, with growth driven by online sales and store expansion [1]. - Other brands, including OMG and B1OCK, showed significant growth, with total revenue from other brands increasing by 147.3% year-on-year [1]. Channel Analysis - Online revenue for FY25H1 was 602 million CNY, up 11.9% year-on-year, while direct and distribution channel revenues were 1.117 billion CNY and 1.437 billion CNY, showing a decline of 7.7% and an increase of 14.2% respectively [2]. - The company experienced a stable gross margin of 65.2% and a net profit margin of 19.3% [2]. Future Outlook - The company aims to strengthen its position as a leading Chinese designer brand fashion group by optimizing its brand and product mix, expanding offline stores, and enhancing online sales channels [3]. - The forecast for net profit for FY2025-2027 is 877 million CNY, 917 million CNY, and 981 million CNY, with expected growth rates of 3.33%, 4.57%, and 6.96% respectively [4].

Financial Performance - The total revenue for the first half of fiscal year 2025 amounted to RMB3,156.4 million, an increase of 5.0% or RMB150.5 million compared to RMB3,005.9 million for the first half of fiscal year 2024[4]. - The gross profit for the first half of fiscal year 2025 was RMB2,056.2 million, reflecting a 5.0% increase or RMB97.0 million from RMB1,959.2 million in the previous year, with a slight decrease in gross profit margin to 65.1%[4]. - The net profit for the first half of fiscal year 2025 reached RMB604.0 million, up 5.5% or RMB31.4 million from RMB572.6 million in the first half of fiscal year 2024[5]. - Operating profit for the first half of fiscal year 2025 was RMB826.3 million, an increase from RMB801.6 million in the previous year[8]. - Total comprehensive income for the period was RMB612.7 million, compared to RMB575.6 million in the first half of fiscal year 2024[10]. - Basic earnings per share increased to RMB1.17 from RMB1.13 in the previous year[10]. - Segment operating profit for the six months ended December 31, 2024, was RMB 1,152,918,000, compared to RMB 1,094,318,000 in 2023, reflecting an increase of about 5.3%[78]. - For the six months ended December 31, 2024, profit attributable to shareholders increased to RMB 599,547,000, up from RMB 572,598,000 in the same period of 2023, representing a growth of approximately 4.7%[97]. - The basic earnings per share for the six months ended December 31, 2024, was RMB 1.17, compared to RMB 1.13 for the same period in 2023, reflecting an increase of 3.5%[97]. - The diluted earnings per share for the six months ended December 31, 2024, was RMB 1.16, up from RMB 1.11 in the previous year, indicating a growth of 4.5%[100]. Cash Flow and Dividends - Net cash inflow from operating activities decreased by 22.2% to RMB822.6 million, down RMB234.8 million from RMB1,057.4 million in the previous year[5]. - The company paid dividends amounting to RMB411,973,000 during the period, an increase from RMB322,591,000 in the previous year[24]. - Cash generated from operations decreased to RMB965,209,000 compared to RMB1,185,509,000 in the same period of 2023, leading to a net cash generated from operating activities of RMB822,603,000[22]. - The cash and cash equivalents at the end of the period stood at RMB739,701,000, down from RMB1,095,046,000 at the end of December 2023[24]. - A final dividend of RMB411,973,000 was paid during the six months ended December 31, 2024, compared to RMB322,591,350 in the same period of 2023, marking an increase of approximately 27.7%[101]. Expenses and Costs - Selling and marketing expenses rose to RMB1,020.7 million, compared to RMB939.7 million in the first half of fiscal year 2024[8]. - Administrative expenses increased to RMB271.7 million from RMB246.0 million in the previous year[8]. - Employee benefit expenses increased to RMB276,920,000 in 2024 from RMB234,790,000 in 2023, marking a rise of about 17.9%[79]. - Promotion and marketing expenses rose to RMB262,399,000 in 2024, up from RMB191,781,000 in 2023, indicating an increase of approximately 36.8%[79]. - Total cost of sales, selling and marketing expenses, and administrative expenses for the six months ended December 31, 2024, was RMB2,389,014,000, up from RMB2,236,380,000 in 2023, reflecting an increase of about 6.8%[79]. Assets and Liabilities - Total assets increased to RMB5,095,737,000 as of December 31, 2024, up from RMB4,446,855,000 as of June 30, 2024, representing a growth of 14.6%[12]. - Current assets rose to RMB3,286,740,000, a significant increase of 24.6% from RMB2,638,040,000 reported on June 30, 2024[12]. - Total liabilities reached RMB2,641,050,000, an increase of 18.0% from RMB2,236,682,000[14]. - Net assets grew to RMB2,454,687,000, reflecting an increase of 11.0% from RMB2,210,173,000[14]. - Total equity attributable to shareholders of the Company rose to RMB2,407,922,000, up from RMB2,167,842,000, a growth of 11.1%[14]. - Trade receivables surged to RMB240,832,000 as of December 31, 2024, up from RMB143,928,000 as of June 30, 2024, indicating a significant increase of 67%[125]. - Finished goods inventory increased to RMB1,381,799,000 as of December 31, 2024, from RMB1,087,834,000 as of June 30, 2024, reflecting a growth of 27%[122]. - Trade payables increased to RMB400,545,000 from RMB260,533,000 as of June 30, 2024, representing a 53.7% increase[163]. Financial Risks and Management - The Group faces various financial risks, including market risk, credit risk, and liquidity risk[44]. - The financial risk management policies have not changed since June 30, 2024[50]. - Fair value estimation for financial instruments is based on quoted market prices for those traded in active markets[52]. - The Group's financial instruments include primarily equity investments classified as trading securities or financial assets at fair value through profit or loss[52]. Acquisitions and Business Combinations - The company completed a business combination under common control, resulting in a consideration paid of RMB1,672,000[24]. - The Group completed the acquisition of Hangzhou OōEli Brand Management Co., Ltd. for a cash consideration of RMB1,672,000 in November 2024[179]. - The acquisition of OōEli was accounted for using merger accounting, with no goodwill recognized due to common control[180]. - The revenue for the Group was restated to RMB3,005,941, reflecting an increase of RMB30,399 due to the business combination[188]. - Gross profit was adjusted to RMB1,959,212, with an increase of RMB11,478 from previous reports[188]. Accounting Standards and Compliance - The interim financial information for the six months ending December 31, 2024, is prepared in accordance with Hong Kong Accounting Standards[34]. - There are no new accounting standards expected to have a material impact on the Group for the interim period beginning July 1, 2024[41]. - The Group's significant judgements and estimates in preparing interim financial information are consistent with those applied in the consolidated financial statements for the year ended June 30, 2024[43].

Brand Portfolio and Market Strategy - Jiangnan Buyi's brand portfolio includes multiple brands across different stages, such as the mature brand JNBY and three growth brands: Sketch, jnby by JNBY, and LESS, along with emerging brands like POMME DE TERRE and onmygame, enhancing market segmentation [5]. - The company has established a multi-channel interactive platform consisting of physical retail stores, online platforms, and WeChat-based social media marketing, crucial for attracting and converting potential fans into loyal customers [10]. - In 2024, Jiangnan Buyi expanded its brand matrix by acquiring the children's clothing brand onmygame, further diversifying its offerings to cater to a broader age demographic [10]. - The company plans to continue focusing on design-driven strategies and multi-brand development to enhance market presence and brand strength [16]. - The company plans to enhance its brand power and optimize its designer brand portfolio to drive sustainable long-term growth [19]. - The company aims to expand its retail network and improve its smart supply chain capabilities to create value-added services for its fans [19]. - The company has implemented a multi-brand strategy to attract different consumer segments, with each brand catering to specific preferences [50]. Financial Performance - Revenue for the fiscal year ending June 30, 2024, reached RMB 5,238,149 thousand, a 17.3% increase from RMB 4,465,124 thousand in the previous year [12]. - Gross profit increased to RMB 3,470,485 thousand, reflecting a 19.0% growth compared to RMB 2,916,992 thousand in the prior year [12]. - Operating profit rose by 39.2% to RMB 1,194,266 thousand from RMB 857,898 thousand year-over-year [12]. - Net profit for the year was RMB 848,139 thousand, a 36.5% increase from RMB 621,283 thousand in the previous year [12]. - The company achieved a net cash flow from operating activities of RMB 1,602,967 thousand, up 70.7% from RMB 939,119 thousand [12]. - The gross margin improved to 66.3%, up from 65.3% in the previous year, indicating enhanced profitability [12]. - The company reported a net profit margin of 16.2%, an increase from 13.9% year-over-year [12]. - The group's profit before tax increased from RMB 850.8 million in fiscal year 2023 to RMB 1,213.1 million in fiscal year 2024, reflecting a growth of 42.6% [33]. Retail and Sales Performance - The number of independent retail stores increased from 1,990 to 2,024, with a total of 924 stores under the mature brand JNBY and 1,043 stores under growth brands [20]. - Comparable store sales for physical retail locations grew by 10.7% in fiscal year 2024, driven by store image upgrades and the introduction of new consumer scenarios [25]. - Active membership accounts increased to over 550,000, up from nearly 510,000 in the previous fiscal year, contributing over 80% of total retail sales [25]. - The number of member accounts with annual purchases exceeding RMB 5,000 rose to over 310,000, with total retail sales from these members reaching RMB 4.49 billion, up from RMB 3.54 billion [25]. - Online sales revenue grew by 18.4% to RMB 1,008.4 million, while offline sales revenue increased by 17.1% to RMB 4,229.7 million [29]. Operational Efficiency and Management - Inventory turnover days decreased to 155.9 days from 190.9 days, indicating improved inventory management [13]. - The debt-to-asset ratio improved to 49.4% from 51.3%, reflecting a stronger financial position [13]. - The company plans to continuously upgrade its information technology systems to support ongoing operational and business growth [54]. - The company emphasizes the importance of its information technology systems for operational efficiency, integrating various management systems to analyze operational data in real-time [54]. - The company has established a robust risk management and internal control system to ensure asset safety and protect shareholder interests, with an annual review of its effectiveness [120]. Sustainability and ESG Initiatives - The company is committed to integrating Environmental, Social, and Governance (ESG) practices into its corporate governance framework, with a goal to achieve its 2025 ESG commitments [35]. - The proportion of sustainable raw materials in total raw material procurement reached 22.4% as of the fiscal year 2024, with a target of 30% by the end of fiscal year 2025 [135]. - The company achieved a 139.2% year-on-year increase in the recycling and utilization of inventory fabrics, totaling 189,000 meters [140]. - The company has integrated ESG factors into its business strategy, establishing an ESG governance framework led by the board of directors [145]. - The company emphasizes the use of organic cotton, organic linen, hemp, and ramie, which do not require significant pesticide or fertilizer use, thus reducing environmental impact [166]. Corporate Governance - The company has adopted a corporate governance code and has adhered to all applicable provisions during the fiscal year 2024 [96]. - The board consists of three executive directors, one non-executive director, and three independent non-executive directors, complying with the listing rules regarding board composition [96]. - The company emphasizes diversity in its board composition, considering various factors such as age, culture, and professional experience [96]. - The company has established a whistleblowing policy to allow employees to report concerns regarding financial reporting and internal controls confidentially [108]. - The company has a dedicated internal audit department responsible for annual risk reporting procedures and evaluating risk management practices [120]. Employee and Management Practices - The total employee count increased to 1,596 as of June 30, 2024, up from 1,508 a year earlier, with total employee costs amounting to RMB 486.5 million, representing 9.3% of revenue [34]. - The company provides competitive compensation and training opportunities to employees, aiming to attract and retain dedicated staff [57]. - The company has implemented a comprehensive quality management system, achieving ISO 9001 certification and multiple product certifications, including OEKO-TEX® STANDARD 100 for infant products [188]. - The company emphasizes customer experience and satisfaction through a fully integrated sales network combining offline and online platforms [196]. Challenges and Risks - The company faces significant competition in the designer fashion market, with competitors potentially having stronger brand recognition and financial resources [51]. - The company acknowledges the risk of not meeting sales targets for new brands or product categories, which could adversely affect cash flow and growth prospects [52]. - The company relies on selected domestic OEM suppliers for production, which may be affected by industry downturns or natural disasters, potentially leading to supply shortages [53].

Investment Rating - The report assigns a "Buy" rating to Jiangnan Buyi (3306) with a target price of HKD 20.9 (RMB 19.0) based on a combination of PE and DCF valuation methods [5][10] Core Views - Jiangnan Buyi is a leading domestic designer brand with a 30-year history, strong brand equity, and a diversified portfolio covering women's, men's, children's, and homewear segments [5][11] - The company has achieved rapid revenue growth from RMB 1.38 billion in FY2014 to RMB 5.24 billion in FY2024, with a CAGR of 14.3%, and net profit CAGR of 19.0% [5][11] - The designer brand industry is growing faster than the overall apparel market, with a 7.6% CAGR from 2018-2023, outpacing women's wear (6%) and luxury/fast fashion sub-segments [5][11] - The company's strategy focuses on "design + brand-driven" growth, "omni-channel retail," and "multi-brand operations," aiming to achieve RMB 10 billion in retail sales by FY2026 [5][11] Financial Performance and Valuation - FY2025-2027 net profit is forecasted to be RMB 869/904/987 million, with a PE ratio of 9/8/8x [5][10] - The company's FY2024 revenue reached RMB 5.24 billion, with a gross margin of 66.3%, and net profit margin of 16.2% [27] - FY2024 dividend payout ratio was 97%, and future dividends are expected to remain above 75% [5][60] Brand Portfolio and Growth - The company operates a diversified brand matrix including mature brands (JNBY), growth brands (CROQUIS, jnby by JNBY, LESS), and emerging brands (POMME DE TERRE, JNBYHOME) [23][24] - Mature brands contributed 56% of FY2024 revenue, while growth brands accounted for 42%, with emerging brands making up 2% [24][44] - FY2019-2024 revenue CAGR for mature/growth/emerging brands exceeded 9% [5][45] Design and R&D - FY2024 design and R&D expenses increased by 16% to RMB 196 million, accounting for 4% of revenue [5][42] - The company emphasizes innovation in fabric and design, with a focus on art-inspired branding [5][42] Omni-Channel Retail Strategy - FY2024 online revenue grew 18.4%, accounting for 19.3% of total revenue, with a gross margin of 63.8% [49] - Offline revenue remains the primary contributor, with self-operated and distributor channels growing 16.4% and 17.7% respectively in FY2024 [49] - The company has 2,024 stores as of FY2024, with comparable store sales growth of 10.7% [50][52] Industry Outlook - The designer brand industry is expected to grow faster than fast fashion and luxury segments, with a 7.6% CAGR from 2018-2023 [40] - The mid-to-high-end women's wear market in China grew from RMB 297.7 billion in 2018 to RMB 391.6 billion in 2023, with a CAGR of 6% [36] - Female consumers prioritize product aesthetics (34%), material quality (25%), and brand reputation (22%) when making purchasing decisions [37][38]

Investment Rating - The investment rating for the company is "Outperform" [1] Core Views - The company is expected to achieve high-quality growth in FY24, with revenue increasing by 17.3% to 5.238 billion [3][5] - The net profit attributable to shareholders is projected to rise by 36.7% to 849 million [3][5] - The company maintains a high dividend yield of 12.1% for FY24, with a proposed final dividend of 0.86 HKD per share [4][5] Summary by Sections Financial Performance - FY24 revenue is expected to grow by 17.3% to 5.238 billion, with online and offline revenue increasing by 17.1% and 18.4% respectively [3][5] - Comparable same-store sales are projected to improve by 10.7% [3] - The net profit for FY24 is forecasted to increase by 36.7% to 849 million, with a net profit margin rising by 2.3 percentage points to 16.2% [3][5] Brand Performance - Revenue growth for mature, growing, and emerging brands is expected to be 17.1%, 17%, and 28.7% respectively [4] - The gross profit margin for FY24 is anticipated to be 66.25% [5] - The operating profit margin is projected to improve significantly across different brand categories [4] Store Expansion and Membership - The company plans to open a net of 34 stores in FY24, with a focus on maintaining core membership [4] - Active membership accounts are expected to reach 556,000, a year-on-year increase of 9.4% [4] Dividend and Valuation - The company plans to maintain a high dividend payout ratio of 97%, with a forecasted dividend yield of 9.8% for FY25 [4] - The estimated net profit for FY25 is projected at 888 million, with corresponding EPS of 1.71 HKD [5][7] - The company is valued at a P/E ratio of 9-10X for FY25, with a target price range of 16.75-18.62 HKD per share [4][5]

Investment Rating - The investment rating for Jiangnan Buyi (03306.HK) is "Outperform the Market" [1][4][16]. Core Views - The company is experiencing rapid growth in fiscal year 2024, with a revenue increase of 17.3% to 5.24 billion yuan and a net profit increase of 36.7% to 850 million yuan, driven by multiple brand stages and strong online and offline sales [1][16]. - The company maintains a high dividend payout ratio of 96.8%, with total dividends per share amounting to 1.71 HKD, supported by robust cash flow [1][16]. - Despite a challenging macroeconomic environment, the company achieved a steady revenue growth of 7.5% in the second half of the fiscal year, with improvements in gross margin and sales expense ratio [1][16]. Summary by Relevant Sections Financial Performance - For the fiscal year ending June 30, 2024, the company reported a revenue of 5.24 billion yuan, a year-on-year increase of 17.3%, and a net profit of 850 million yuan, up 36.7% [1][17]. - The gross margin improved by 2.4 percentage points to 66.2%, reflecting stable retail discounts and healthy inventory management [1][16]. - The operating cash flow was robust at 1.6 billion yuan, with a net cash ratio of 1.9 [1][16]. Revenue Breakdown - Online revenue grew by 18.4% to 1.01 billion yuan, while offline self-operated and distribution revenue increased by 16.4% and 17.7% to 2.16 billion yuan and 2.07 billion yuan, respectively [1][16]. - The main brand's revenue increased by 17.1%, while the emerging brand saw a significant growth of 28.7% [1][16]. Future Outlook - The company plans to maintain a dividend payout ratio of no less than 75% over the next three years, indicating strong confidence in future earnings [1][16]. - The net profit forecasts for FY2025-2027 are adjusted to 870 million, 940 million, and 990 million yuan, reflecting a growth of 2.4%, 8.0%, and 6.2% respectively [1][16]. Valuation - The target price is maintained at 17.5-19.2 HKD, corresponding to a PE ratio of 9.5-10.5x for FY2025 [1][16].

Investment Rating - Buy (Maintained) [1] Core Viewpoints - FY2024 performance was strong, with total revenue reaching RMB 5,238 million, up 17.3% YoY, and net profit reaching RMB 848 million, up 36.5% YoY [3] - The company's gross margin increased by 1.0pct YoY to 66.3%, and net margin increased by 2.3pct YoY to 16.2% [3] - The company proposed a final dividend of HKD 0.86 per share, with a full-year dividend payout ratio of 97% [3] - The company's brand matrix was further improved, with the acquisition of onmygame brand, which holds 51% of its shares, to strengthen the children's wear sector [4] - The company's global independent physical retail stores totaled 2,024, an increase of 34 stores YoY [4] Performance Analysis - By brand, JNBY revenue was RMB 2,940 million, up 17.1% YoY, accounting for 56.2% of total revenue [4] - By channel, direct sales revenue was RMB 2,160 million, up 16.4% YoY, dealer channel revenue was RMB 2,070 million, up 17.7% YoY, and online channel revenue was RMB 1,010 million, up 18.4% YoY [4] - The company's gross margin by brand: JNBY 68.2%, up 1.0pct YoY, CROQUIS 66.3%, up 1.6pct YoY, jnby by JNBY 59.2%, up 0.6pct YoY, LESS 69.9%, up 1.2pct YoY, emerging brands 45.0%, down 1.4pct YoY [2] - The company's gross margin by channel: direct sales 74.1%, up 0.9pct YoY, dealer channel 59.3%, up 0.4pct YoY, online channel 63.8%, up 2.4pct YoY [2] Future Outlook - The company is expected to achieve revenue of RMB 5,560 million, RMB 5,956 million, and RMB 6,384 million in FY2025, FY2026, and FY2027, respectively [6] - The company's net profit is expected to reach RMB 875 million, RMB 938 million, and RMB 1,011 million in FY2025, FY2026, and FY2027, respectively [6] - The company's PE ratio is expected to be 7.6X, 7.1X, and 6.6X in FY2025, FY2026, and FY2027, respectively [6] - The company's ROE is expected to be 39.1%, 36.8%, and 35.1% in FY2025, FY2026, and FY2027, respectively [6]