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]

Brand Positioning and Market Presence - Jiangnan Buyi ranked first in the Chinese designer brand fashion industry based on retail sales in 2022, according to Zhi Shi Consulting[30]. - The brand portfolio includes multiple brands across three stages: mature brand JNBY, three growth brands (CROQUIS, jnby by JNBY, and LESS), and emerging brands like POMME DE TERRE and JNBYHOME[30]. - JNBY is recognized as the most unique and recognizable women's clothing designer brand in China, with the highest brand loyalty among the top ten women's designer brands based on repeat customer numbers[30]. - The company operates a retail network covering all provinces, autonomous regions, and municipalities in mainland China, as well as nine other countries and regions globally[40]. - The company has diversified its product offerings beyond women's wear, including men's and children's clothing, which have shown strong growth in recent years[79]. Financial Performance - For the fiscal year ending June 30, 2023, the company's revenue reached RMB 4,465,124, an increase of 9.3% compared to RMB 4,085,868 in the previous year[33]. - Gross profit for the same period was RMB 2,916,992, reflecting an 11.9% increase from RMB 2,607,370 in the prior year[33]. - Net profit increased by 11.2% to RMB 621,283, up from RMB 558,873 year-over-year[33]. - The company's operating profit rose to RMB 857,898, marking a 10.6% increase from RMB 775,852 in the previous year[33]. - The gross margin improved to 65.3%, up from 63.8% in the previous year, indicating enhanced profitability[35]. Customer Engagement and Marketing Strategies - The company has established a comprehensive omnichannel interactive platform consisting of physical retail stores, online platforms, and WeChat-based social media marketing services[30]. - New consumer scenarios and products, such as "Not Just a Box" and "Jiangnan Buyi+" multi-brand collection stores, have been launched to enhance customer experience and provide added value[30]. - The target customer demographic includes middle to high-income individuals who express their personality through fashion[30]. - The company aims to create a fan economy system that attracts and retains loyal customers through lifestyle advocacy[30]. - The company is focused on optimizing its fan-centric retail network to adapt to changing consumer behaviors and preferences[76]. Operational Efficiency and Innovations - The company continues to innovate in product offerings and marketing strategies to meet evolving consumer needs and preferences[30]. - The company plans to focus on enhancing brand power and optimizing its multi-brand retail network to adapt to changing consumer behaviors[37]. - The company is committed to data-driven operations, focusing on fan economy to create value-added services and improve the fan experience across a diversified retail network[62]. - The company is actively expanding its retail presence and exploring new consumer scenarios through various social channels[62]. - The company emphasizes continuous innovation in operations to enhance the overall retail experience for fans[62]. Sustainability and ESG Initiatives - The company focuses on sustainable development across various areas, including sustainable materials, talent development, environmental sustainability, and community support[151]. - The company has a strong commitment to environmental, social, and governance (ESG) principles, ensuring accurate and traceable key performance indicators[151]. - The company aims to achieve a sustainable materials procurement ratio of 30% or more by the end of fiscal year 2025, with the current ratio at 16.6%[178]. - The company is committed to reducing chemical pollution through the use of organic cotton and linen, which adhere to organic farming standards[184]. - The company has established an ESG governance structure with the board of directors as the highest decision-making body[156]. Corporate Governance and Leadership - The board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors, ensuring diverse leadership[63]. - The company has adopted the Corporate Governance Code and has complied with all applicable provisions during the fiscal year 2023[113]. - The board has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee to oversee specific areas of governance[115]. - The company emphasizes the importance of board diversity and has established measurable targets for selecting board candidates based on various diversity criteria[131]. - The company provides necessary training and updates to all newly appointed directors to ensure understanding of operations and responsibilities[116]. Risk Management and Compliance - The company has established a robust risk management and internal control system to ensure asset safety and protect shareholder interests[139]. - The company emphasizes effective communication with shareholders to enhance investor relations and ensure timely disclosure of information[144]. - The company has implemented a risk identification and assessment process to manage significant risks impacting its operations[140]. - The internal audit department collaborates with senior management to review and assess risks and address any significant internal control deficiencies[139]. - The company has a whistleblowing policy to allow employees to report concerns regarding financial reporting and internal controls confidentially[127]. Employee Engagement and Development - The company provides competitive compensation and training opportunities for employees to foster personal development and retain talent[84]. - The total employee cost for fiscal year 2023 was RMB 434.8 million, representing 9.7% of revenue, up from 9.0% in fiscal year 2022[60]. - The company has established a retirement and employee benefits plan detailed in the financial statements[90]. - The management team includes professionals with backgrounds in various sectors, including e-commerce and manufacturing, enhancing the company's operational capabilities[73][74]. - The company aims to attract and retain suitable personnel through the implementation of the Restricted Share Plan[98]. Product Quality and Safety - The company emphasizes the importance of product quality and safety, which is a key concern for stakeholders[165]. - The company has implemented a comprehensive quality control system, including third-party testing for fabric components, color fastness, and harmful substances, ensuring compliance with internal standards[171]. - The company has achieved STANDARD 100 by OEKO-TEX® certification for its baby products, ensuring they are free from 100 known toxic substances[173]. - The company has developed a product recall management system to address defective products and protect consumer rights[174]. - The company continues to integrate sustainable development concepts into its operations and regularly reviews its ESG strategies and goals[167].

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 （於開曼群島註冊成立的有限公司） （股份代號：3306） 截至二零二三年六月三十日止年度之業績公告 | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

江南布衣 JIANGNANBUYI 江南布衣有限公司 [股票代碼:03306] 二零二二/二三中期報告 > 此中期報告以環保紙張印製 e 2 e , r ＋ 目錄 公司簡介 0 2 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 2 0 簡明綜合權益變動表 2 2 簡明綜合現金流量表 2 3 公司資料 0 3 簡明綜合中期財務資料附註 2 4 公司簡介 公司簡介 關於江南布衣 我們是一家位於中國的有影響力的設計師品牌時尚集團。根據灼識諮詢（註）的資料，於二零二二年，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、推廣及出售時尚服裝、鞋類、配飾及家居類產品。截至二零二二年十二月三十一日，我們的品牌組合包括三個階段的多個品牌，即成熟品牌JNBY， 三個成長品牌(i) CROQUIS（速寫）、(ii) jnby by JNBY及(iii) LESS，以及包括POMME DE TERRE（蓬馬）及JNBYHOME等多個新興品牌，各個品牌均各自面向特定 細分客戶並擁有基於本集團統一品牌理念「自然而然地做自己」 ...

Financial Data and Key Metrics Changes - The company continues to operate under online webcast and conference call formats due to the government's ongoing mask mandate, indicating a cautious approach to in-person interactions [1] Company Strategy and Development Direction and Industry Competition - The company expresses gratitude to investors and analysts for their participation, highlighting the importance of communication and engagement during the current operating environment [1] Other Important Information - The company welcomes face-to-face interactions during the post-conference roadshow, suggesting a commitment to maintaining relationships with stakeholders despite current restrictions [1] Q&A Session All Questions and Answers - No specific questions and answers were provided in the content [1]