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 ...

Core Viewpoint - The report highlights Jiangnan Buyi as a leading designer brand in China, showcasing strong performance metrics such as high dividend yield and return on equity (ROE), while emphasizing the company's resilience in a mature market phase [1][3]. Group 1: Company Overview - Jiangnan Buyi is positioned as a domestic designer brand leader with a mid-to-high-end product range, featuring a multi-brand strategy that caters to diverse customer needs [1]. - The company has a highly educated management team and a concentrated family ownership structure, maintaining a stable dividend payout ratio of over 70% in recent years [1][2]. - The company's PE valuation has undergone two rounds of downward adjustments, recently stabilizing around 10X, indicating a potential undervaluation due to market misconceptions about its performance resilience and high ROE sustainability [1]. Group 2: Performance Resilience - Jiangnan Buyi's resilience is attributed to three key competitive advantages: design capability, fan economy, and multi-brand strategy [1]. - The design strength combines artistic creativity with commercial viability, enhancing product appeal and aligning with market trends [1]. - The fan economy leverages a comprehensive retail model to engage customers, utilizing refined membership services and digital upgrades to drive retail conversion [1]. - The multi-brand approach allows for balanced brand development and risk mitigation, with a diverse product range that enhances growth potential [1]. Group 3: High ROE Sustainability - The company's high ROE reflects strong operational capabilities and competitive advantages, supported by a DuPont analysis [2]. - High inventory turnover is achieved through a national inventory sharing system and a unique payment model with distributors, leading to faster cash recovery [2]. - The company maintains a relatively high gross margin due to brand premium and ongoing supply chain improvements, while effective cost management enhances profitability [2]. - A high equity multiplier is noted, with significant operating liabilities and a strong dividend policy reinforcing leverage effects [2]. Group 4: Future Projections - Forecasts for Jiangnan Buyi's net profit for FY2026-FY2028 are projected at 920 million, 960 million, and 990 million yuan, respectively, with corresponding PE ratios of 9X [3]. - Assuming a 75% dividend payout ratio, the expected dividend yield for FY2026 is estimated to reach 8%, highlighting the company's combination of high dividends and growth potential [3].

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 ...

Brand Portfolio and Market Positioning - As of June 30, 2025, JNBY Group's brand portfolio includes the mature brand JNBY, three younger brands (CROQUIS, jnby by JNBY, and LESS), and various emerging brands such as POMME DE TERRE, JNBYHOME, onmygame, and B1OCK[25]. - The company targets middle- and upper-income customers, aiming to express individuality through fashionable products, creating a large and loyal customer base[26]. - JNBY Group expanded its brand portfolio significantly from 1994 to 2024, launching multiple brands and acquiring new ones to diversify its offerings and cater to various age groups[26]. - The brand portfolio includes established brands like JNBY and emerging brands such as POMME DE TERRE and JNBYHOME, with the addition of onmygame and B1OCK in 2024 through acquisition[34][36]. - The company aims to cover consumers across most age groups through its diversified and segmented product mix[34][36]. Customer Engagement and Marketing Strategies - The company has established an omni-channel interactive platform that includes physical retail stores, online platforms, and WeChat-based marketing services to enhance customer engagement[27]. - JNBY Group's philosophy is encapsulated in the slogan "Just Naturally Be Yourself," which guides its design identity across all brands[25]. - The company focuses on creating a "JNBY Fans Economy" system, leveraging community engagement to drive customer loyalty[27]. - The company has introduced new consumption scenarios and products, such as the "Box Project" and "JIANGNANBUYI+" multi-brand collection stores, to provide added value to consumers[26]. - The company aims to enhance fan experience through data-driven strategies and operational innovation in its retail network[145]. Financial Performance - For the fiscal year ended June 30, 2025, the company reported revenue of RMB 5,548,385, an increase of 4.6% from RMB 5,302,522 in 2024[45]. - Gross profit for the same period was RMB 3,638,941, reflecting a 4.1% increase from RMB 3,495,916 in 2024[45]. - Net profit increased by 6.0% to RMB 897,518 compared to RMB 846,549 in 2024[45]. - Basic earnings per share rose to RMB 1.74, up 4.2% from RMB 1.67 in 2024[45]. - The company's net cash flows from operating activities decreased by 29.2% to RMB 1,132,989 from RMB 1,600,139 in 2024[45]. Store Expansion and Retail Strategy - The number of standalone retail stores increased from 2,025 as of June 30, 2024, to 2,117 as of June 30, 2025, expanding the sales network globally[67]. - The total number of standalone retail stores for the mature brand JNBY increased from 924 to 961[68]. - As of June 30, 2025, the total number of standalone retail stores was 2,117, an increase from 2,025 in the previous year, with 491 self-operated stores in Mainland China[69]. - Retail sales from membership accounts with annual purchases over RMB 5,000 reached RMB 4.86 billion, accounting for over 60% of total retail sales from offline channels[76]. - Revenue from offline channels decreased by 1.4% to RMB 4,346.8 million, while revenue from online channels increased by 18.3% to RMB 1,201.6 million[87]. Operational and Strategic Initiatives - The company aims to enhance its brand strength and optimize its designer brand portfolio to support sustainable growth[57]. - The company is committed to developing a digital and intelligent retail network while expanding new consumption scenarios[57]. - The company plans to focus on "art exploration," "humanistic care," and "social responsibility" to promote sustainable development[60]. - The Group's strategic initiatives include enhancing investor relations and risk management practices to support sustainable growth[189]. - The Group aims to leverage technology for product development and operational improvements, aligning with market trends[197]. Management and Governance - The company emphasizes a mission of "Better Design, Better Life" and core values including reliability, diversity, and innovation[145]. - The board consists of 8 directors, including 3 executive directors, 1 non-executive director, and 4 independent non-executive directors[146]. - The Group's management team includes professionals with significant experience in multinational companies, enhancing strategic planning and execution capabilities[188]. - The management team is committed to maintaining high standards of corporate governance and financial oversight[188]. - The Group is actively exploring opportunities for market expansion and potential acquisitions to drive growth[192].