Group 1 - The company, Jiangnan Buyi (03306.HK), announced the grant of restricted shares to 60 selected participants under the restricted share plan [1] - A total of 7.12 million shares were awarded as restricted shares, effective on September 29, 2025 [1]

Core Viewpoint - Jiangnan Buyi (03306) has granted restricted shares equivalent to 7.12 million shares to 60 selected individuals under its restricted share plan, effective September 29, 2025 [1] Summary by Category - **Company Actions** - The company has awarded 7.12 million restricted shares to 60 selected individuals [1]

Core Viewpoint - Jiangnan Buyi (03306) announced that its current auditor, PwC, will retire after the upcoming annual general meeting on October 30, 2025, and will not be reappointed [1] Group 1 - The audit committee recommended the appointment of Deloitte as the new auditor [1] - The board resolved to present a resolution at the annual general meeting on September 29, 2025, to approve Deloitte as the new auditor [1] - The new auditor's term will be effective from the end of the annual general meeting until the conclusion of the next annual general meeting [1]

(Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code 股份代號: 3306) GRANT OF RSUs PURSUANT TO THE RSU SCHEME Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 香 ...

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 香港交易及結算所有限公司及香港聯合交易所有限公 司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 JNBY Design Limited 江南布衣有限公司 (Incorp ...

机构：长江证券 现优于其他中高端女装的韧性增长： 1）设计力：设计师高自由度创作叠加成熟产品上市流程实现艺术与商业属性兼具，面料环节向后赋能 设计，产品设计风格与时代共振，为品牌锚定更优的增长韧性。2）粉丝力：打造全域零售模式实现多 方位品牌触达，粉丝纳新与留存手段成熟，并以精细化会员服务及权益，数智化升级&多品牌集合店提 供后台、场景赋能，带来可观零售转化，实现高回报粉丝经济。3）多品牌：公司副线品牌培育均衡， 多品牌运营能力得到验证，且品类覆盖相比同业更为多元，品牌互补形成的业绩抗风险能力以及未来增 长空间较优。 如何理解公司高ROE 持续性 研究员：于旭辉/魏杏梓 公司的高ROE 属性是自身经营能力与竞争优势的体现，具备较强稳定性与可持续性，杜邦分析拆分来 看：1）高周转率：一方面，全国库存共享分配系统叠加快反追单，有效提升存货周转效率；另一方 面，公司与经销商强绑定，采取业内少有的先付款后发货结算模式，资金回笼速度领先行业。2）高净 利率：毛利率，设计师品牌属性溢价下取得中等偏上的毛利率水平，并在品牌力提升&供应链优化下持 续改善；费用率，较强的加盟商管理能力下实现较高的经销占比，有效控制开店支出，此 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3][10][12]. Core Insights - Jiangnan Buyi, as a leading designer brand in China, showcases strong design capabilities, fan economy, and a multi-brand matrix that forms its competitive moat. The company demonstrates resilience in adverse conditions and flexibility in favorable ones, supported by its advanced omnichannel operations and a large, loyal membership system that continuously contributes to retail sales, laying a solid foundation for steady growth in performance [3][10]. Summary by Sections Company Overview - Jiangnan Buyi is recognized as a top designer brand in China, with a product positioning in the mid-to-high-end market. The company has a comprehensive multi-brand layout that meets diverse customer needs, with established brands, growth brands, and emerging brands contributing to its revenue [7][30]. Financial Performance - The company is projected to achieve a net profit attributable to shareholders of 9.2 billion, 9.6 billion, and 9.9 billion CNY for FY2026, FY2027, and FY2028, respectively, with a corresponding PE ratio of 9 for each year. Assuming a 75% dividend payout ratio, the dividend yield for FY2026 is expected to reach 8% [3][10]. Competitive Advantages - Jiangnan Buyi's competitive advantages stem from three main pillars: design strength, fan engagement, and a multi-brand strategy. The design aspect combines artistic creativity with commercial viability, while the fan economy leverages a comprehensive retail model to enhance customer engagement and retention [8][9][10]. ROE and Dividend Policy - The company maintains a high return on equity (ROE) of over 35% in recent years, supported by efficient inventory turnover and strong profit margins. The dividend payout ratio has consistently been above 70%, reinforcing its attractiveness as a high-dividend stock [7][9][50]. Market Position - Jiangnan Buyi holds a significant market share in the domestic designer brand segment, with a 9.6% share in 2016, and has shown steady revenue growth with a CAGR of 13% from FY2014 to FY2025 [26][30][31]. Future Outlook - The report highlights the company's potential for growth in the designer brand segment, which is expected to continue expanding at a CAGR of 17% over the next five years, significantly outpacing the overall apparel market [56][58].

本报讯 （记者梁傲男）9月25日，江南布衣有限公司（以下简称"江南布衣"）旗下童装品牌jnby by JNBY携手BY ART MATTERS天目里美术馆，首次将"艺术课堂"带进四川广元青川县的乔庄小学校，让 孩子们以画笔为马，载着天马行空的想象，开启了一段"奇异的旅行"。 据悉，孩子的画作并不会止步于课堂，而将被收录进jnby by JNBY的艺术图库，有机会成为下一季童装 的灵感来源。将孩子们的画作"翻译"成衣服的语言，在设计师志愿者看来，是"一件无比荣幸且有意义 的事"。 这份守护，更体现在实实在在的行动中。活动当天，品牌还向乔庄小学校捐赠了精心准备的"美育包"， 内含丰富的专业画材与创意工具。据悉，品牌计划在今年向30所乡村小学捐赠此类美育物资，为更多偏 远地区的孩子打开一扇通往艺术的窗。 未来，jnby by JNBY会持续将"艺术课堂胶囊系列"的部分销售收入，用于支持乡村儿童的美育发展，让 艺术课堂走进更多的乡村小学，推动"让想象落地，让爱心远行"的可持续公益美育循环。 这并非一次偶然的相遇，而是一场双向奔赴的延续。今年8月份，jnby by JNBY便支持上海真爱梦想公 益基金会的"去远方"公益 ...

2024/25 環境、社會及管治報告 ENVIRONMENTAL , SOCIAL AND GOVERNANCE REPORT 江南布衣有限公司（股票代碼：03306） JNBY DESIGN LIMTED (Stock Code: 03306) 目錄 專題：可持續時尚 30 周年 關於本報告 01 ABOUT THIS REPORT REPORT SCOPE 報告範圍 01 匯報原則 01 REPORTING PRINCIPLES 董事會聲明 02 BOARD STATEMENT 董事長寄語 MESSAGE FROM THE CHAIRMAN ESG 關鍵績效 ESG KEY PERFORMANCE CAMPAIGN: 30TH ANNIVERSARY OF SUSTAINABLE FASHION | 關於江南布衣 | | | --- | --- | | About JNBY Group | | | 集團簡介 | 17 | | GROUP PROFILE | | | 我們的文化 | 17 | | OUR CULTURE | | | 我們的品牌 | 18 | | OUR BRANDS | | | 我們的榮譽 ...

＋ CONTENTS 目錄 | | Page | | --- | --- | | | 頁次 | | Company Introduction | 6 | | 公司簡介 | | | Corporate Information | 7 | | 公司資料 | | | Financial Summary | 9 | | 財務摘要 | | | Chairman's Statement | 11 | | 主席報告 | | | Management Discussion and Analysis | 14 | | 管理層討論及分析 | | | Directors and Senior Management | 29 | | 董事及高級管理層 | | | Directors' Report | 36 | | 董事會報告 | | | Corporate Governance Report | 68 | | 企業管治報告 | | | Independent Auditor's Report | 93 | | 獨立核數師報告 | | | Consolidated Statement of Comprehensive Income ...