Core Viewpoint - The company reported FY25 results that met expectations, with revenue of 5.55 billion yuan and a net profit of 890 million yuan, reflecting year-on-year growth of 4.6% and 5.3% respectively [1][2] Financial Performance - The company declared a final dividend of 0.93 HKD per share, alongside an interim dividend of 0.45 HKD per share, resulting in an annual payout ratio of approximately 75% [1] - FY25 gross margin decreased by 0.3 percentage points to 65.6%, primarily due to an increase in revenue contribution from distribution and online channels [2] - FY25 net profit margin increased by 0.1 percentage points to 16.1% [2] Membership and Sales Channels - The number of high-value members (those with purchases exceeding 5,000 yuan) increased by approximately 20,000 to over 330,000 [1] - Revenue from direct sales, distribution, and e-commerce channels for FY25 was 2.08 billion, 2.27 billion, and 1.20 billion yuan respectively, with year-on-year changes of -6%, +10%, and +18% [1] - The company reduced its direct store count by 24 to 492, while increasing its distribution stores by 116 to 1,625 [1] Brand Performance - Revenue from the JNBY, jnby by JNBY, LESS, and Su Xie brands for FY25 was 3.01 billion, 830 million, 620 million, and 720 million yuan respectively, with year-on-year changes of +2.3%, +2.9%, +0.2%, and -4.6% [1] - New emerging brands saw a revenue increase of 107.4% to 360 million yuan, driven by the consolidation of newly acquired brands onmygame and B1OCK [1] Future Outlook - The company reiterated its goal of achieving 10 billion yuan in retail sales for FY26, with expectations of better terminal sales performance compared to peers [2] - Plans to establish a logistics center are anticipated to reduce capital occupation and improve financial returns, leading to faster revenue growth than profit growth in FY26 [2] Earnings Forecast and Valuation - The FY26 profit forecast is maintained at 926 million yuan, with an introduction of FY27 profit forecast at 983 million yuan [2] - The current stock price corresponds to 10.1 and 9.7 times FY25 and FY26 price-to-earnings ratios, with an 18% increase in target price to 23.70 HKD, implying a 19% upside potential [2]

Core Viewpoint - The clothing industry in 2025 is experiencing a dichotomy, with outdoor sports brands thriving while traditional fashion apparel faces significant challenges. Jiangnan Buyi has reported a unique performance amidst this landscape, showcasing growth in revenue and net profit despite industry headwinds [2][3]. Financial Performance - Jiangnan Buyi's revenue for the fiscal year ending June 30, 2025, increased by 4.6% to 5.548 billion yuan, with net profit rising by 6.0% to 898 million yuan. The gross margin remained high at 65.6%, indicating strong brand premium and cost control capabilities [2][3]. - The mature brand JNBY saw a revenue increase of 2.3% to 3.013 billion yuan, accounting for 54.3% of total revenue. The growth brand segment experienced a slight decline of 0.5% to 2.174 billion yuan, representing 39.2% of total revenue. Newly acquired emerging brands reported a remarkable revenue increase of 107.4% to 361 million yuan, rising from 3.3% to 6.5% of total revenue [2][3]. Membership System - Jiangnan Buyi's core membership system is a key driver of high-quality growth, contributing over 80% of total retail sales. Active membership accounts increased to over 560,000, with those spending over 5,000 yuan exceeding 330,000 [3][6]. - The retail sales from members reached 4.86 billion yuan, contributing over 60% of offline retail sales [3]. Strategic Direction - The company aims to achieve a sales target of 10 billion yuan by 2026, aligning with its strategic planning despite the changing industry landscape [3][4]. - Jiangnan Buyi plans to continue optimizing its designer brand and product mix through self-incubation and acquisitions, enhancing design and R&D capabilities [3][4]. Channel Expansion - As of June 30, 2025, Jiangnan Buyi operated 2,117 independent retail stores globally, up from 2,025 the previous year, with the majority located in mainland China, Hong Kong, and Taiwan [4]. - The company has successfully established 22 multi-brand collection stores to increase brand exposure and provide more growth services [5]. Inventory Management - Inventory increased by 24.2% to 932.6 million yuan, attributed to supporting business growth and increased new product stocking, as well as the impact of last year's warm winter on sales [13][14]. Future Growth Engines - The company anticipates that the primary growth drivers over the next three years will stem from existing brands, particularly emerging brands, while maintaining a cautious approach to acquisitions [16][17].

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]

Core Viewpoint - The report from 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] Group 1: Financial Performance - The company's FY25 (July 2024 - June 2025) performance met CICC's expectations, with revenue of 5.55 billion yuan, a year-on-year increase of 4.6%, and a net profit attributable to shareholders of 890 million yuan, up 5.3% year-on-year [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] Group 2: Membership and Brand Growth - The number of member accounts with total purchases exceeding 5,000 yuan increased by about 20,000 to over 330,000 in FY25 [3] - Revenue from direct sales, distribution, and e-commerce channels in FY25 showed a year-on-year change of -6%, +10%, and +18%, respectively, with online sales benefiting from strong growth in the onmygame brand [3] - The company reduced its direct stores by 24 to 492, while increasing distribution stores by 116 to 1,625, converting some non-core city direct stores to distribution [3] - Revenue from the JNBY, jnby by JNBY, LESS, and Su Xie brands in FY25 showed year-on-year changes of +2.3%, +2.9%, +0.2%, and -4.6%, respectively, while new brands' revenue increased by 107.4% to 360 million yuan, mainly due to the consolidation and rapid growth of newly acquired brands onmygame and B1OCK [3] Group 3: Profitability and Inventory Management - The gross profit margin in FY25 decreased by 0.3 percentage points to 65.6%, primarily due to the increased proportion of revenue from distribution and online channels [4] - The selling expense ratio increased by 0.6 percentage points to 35.6% due to increased brand investment and expenses related to the 30th anniversary activities; the management expense ratio rose by 0.1 percentage points to 9.6% [4] - The effective tax rate decreased by 3.8 percentage points to 26.3% due to reduced withholding tax on dividends, resulting in a net profit margin attributable to shareholders increasing 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] Group 4: Future Development Trends - The company reiterated its goal of achieving 10 billion yuan in retail sales for FY26, with expectations of better terminal sales performance than peers in July and August [5] - The company is optimistic about its strong member loyalty and multi-brand cultivation capabilities, which are expected to lead to stable growth in performance [5] - The company plans to build its own logistics center, which is expected to reduce capital occupation and improve financial income net, leading to a faster revenue growth rate than profit growth in FY26 [5]

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].

Core Viewpoint - The company is expected to achieve steady revenue growth in FY25 and maintain a high net profit margin, with a target of reaching 10 billion in sales by focusing on "fan economy" [1][3] Group 1: Financial Performance - In FY25, the company achieved revenue of 5.55 billion, a year-on-year increase of 5%, and a net profit of 890 million, also up 5% year-on-year [1] - For FY25, the revenue growth in H1 and H2 was 5% and 4% respectively, while net profit growth was 5% in H1 and 7% in H2, indicating a faster profit growth in the second half [2] - The company maintained a gross margin of -0.3 percentage points and an increase in sales expense ratio by 0.6 percentage points, primarily due to the rise in online revenue [2] Group 2: Brand and Channel Performance - Revenue growth by brand in FY25 showed mature brands up 2%, growing brands down 0.5%, and emerging brands up 107%, with corresponding gross margins varying [2] - Online revenue increased by 18%, while self-operated and distribution revenue decreased by 6% and increased by 10% respectively, with a net decrease in self-operated stores [2] Group 3: Membership and Retail Contribution - Membership contributed over 80% to retail sales, with active members reaching 560,000, and members with annual purchases exceeding 5,000 yuan increasing to over 330,000 [2] Group 4: Future Guidance and Dividends - The company maintains its FY26 retail sales target of 10 billion, with stable profitability expected [3] - The total dividend per share for FY25 is 1.38 HKD, corresponding to a dividend yield of over 6%, indicating a commitment to high dividends for shareholders [3]

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]

Core Insights - Jiangnan Buyi's total revenue for the fiscal year ending June 30, 2025, increased by approximately 4.6% to 5.548 billion yuan, driven by growth in online sales and expansion of offline stores [1] - The company's net profit rose by 6.0% to 899 million yuan, indicating that nearly 80% of revenue still comes from offline stores [1] - The overall gross margin remained at 65.6%, a slight decrease of 0.3 percentage points from the previous fiscal year, which contributed to a significant drop in stock price by 12.12% on September 9 [1] Revenue Breakdown - Online channel revenue grew by 18.3% to 1.201 billion yuan, marking a significant contribution to the overall revenue [1] - The JNBY brand, with over 30 years of history, accounted for 54.3% of total revenue, with a 2.3% increase [2] - Emerging brands, including POMMEl DE TERRE, JNBYHOME, onmygame, and B1OCK, generated 361 million yuan, a 107.4% increase, representing 6.5% of total revenue [3] Customer Engagement - Brand membership contributed over 80% of retail sales, with active member accounts exceeding 560,000 [3] - Members who spent over 5,000 yuan accounted for more than 60% of offline retail sales, totaling 4.86 billion yuan [3] Strategic Focus - The company aims to maintain its retail target of 10 billion yuan for the fiscal year 2026, focusing on domestic market growth despite current challenges [4] - The strategy includes dual-track development for emerging brands, emphasizing product strength and brand foundation while leveraging existing mature brands for growth [4] Store Network and Digitalization - As of June 30, 2025, the number of independent retail stores increased from 2,025 to 2,117, covering all provinces in mainland China and 10 other countries [5] - Both online and offline channels achieved positive growth, with online sales surpassing 20% of total revenue for the first time [5] - The company is reducing direct-operated stores while increasing distributor-operated stores, focusing on refined operations across different store types [6]