Investment Rating - The report maintains a "Buy" rating for Jiangnan Buyi (03306) with a 6-month target price of 13.64 HKD [1] Core Views - Jiangnan Buyi's FY24 revenue reached 5.24 billion RMB, a 17.3% YoY increase, driven by comparable store sales growth, online channel expansion, and offline store network growth [1] - Net profit for FY24 was 850 million RMB, a 36.5% YoY increase [1] - The company's dividend payout ratio reached 75%, with a total annual dividend of 890 million HKD (approximately 830 million RMB) [1] - The report highlights the company's low valuation and high dividend attributes as key investment attractions [1] Financial Performance - FY24 gross margin improved to 66.3%, up 1.0 percentage point YoY [1] - Net profit margin reached 16.2%, a 2.3 percentage point increase YoY [1] - Total assets amounted to 7.08 billion HKD, with a debt-to-asset ratio of 49.42% [1] Brand Performance - JNBY brand contributed 2.94 billion RMB in revenue, accounting for 56.2% of total revenue, with a 17.1% YoY growth [1] - CROQUIS (速写) generated 750 million RMB, a 11.7% YoY increase, representing 14.4% of total revenue [1] - jnby by JNBY achieved 810 million RMB in revenue, a 21.4% YoY growth, contributing 15.4% to total revenue [1] - LESS brand recorded 620 million RMB in revenue, an 18.3% YoY increase, accounting for 11.9% of total revenue [1] Channel Performance - Offline channels contributed 81.5% of total revenue, with self-operated stores generating 2.16 billion RMB (41% of total) and franchised stores contributing 2.07 billion RMB (39.5% of total) [1] - Online channel revenue reached 1.01 billion RMB, an 18.4% YoY increase, representing 19.3% of total revenue [1] Store Network - As of June 30, 2024, the company operated 2,024 physical stores globally, including 515 self-operated stores and 1,509 franchised stores [1] - The retail network covers all provinces, autonomous regions, and municipalities in mainland China, as well as 9 other countries and regions [1] - Comparable store sales growth reached 11% in FY24, driven by store image upgrades, inventory sharing system improvements, and digital retail initiatives [1] Membership System - Member contribution accounted for over 80% of total retail sales, with active member accounts exceeding 550,000 (compared to 510,000 in FY23) [1] - Members with annual purchases exceeding 5,000 RMB reached 310,000 accounts (compared to 260,000 in FY23), contributing 4.49 billion RMB in retail sales, a 27% YoY increase [1] Future Projections - The report forecasts FY25-27 revenues of 5.5 billion RMB, 6.0 billion RMB, and 6.6 billion RMB respectively [2] - Net profit projections for FY25-27 are 880 million RMB, 900 million RMB, and 990 million RMB respectively [2] - EPS estimates for FY25-27 are 1.69 RMB, 1.74 RMB, and 1.91 RMB per share, with a consistent PE ratio of 7x [2]

9 Sep 2024 CMB International Global Markets | Equity Research | Company Update JNBY Design (3306 HK) Prudent guidance and generous dividends FY24 results were roughly inline with CMBI/BBG est.. Some investors could be concerned about the softened performance in 2H24, but this should be partially expected. The conservative tone for FY25E is not surprising and guidance should likely be achieved, thanks to further upgrades in member management and customer services, resilient GP margin and a better channel mix ...

Brand Portfolio and Strategy - The company has categorized its brand portfolio into three stages: mature brands (JMBY), growth brands (men's wear Su Xie, women's wear Less), and emerging brands (Penma, Relab, OMYGAME) [1] - Each brand has a unique brand language and market positioning, collectively building a diverse and rich brand matrix for the company [1] Business Lines and Market Positioning - The growth brands include Su Xie for men's wear and Less for women's wear, indicating a focus on expanding in the apparel sector [1] - Emerging brands such as Penma, Relab, and OMYGAME suggest the company is exploring new market segments and diversifying its offerings [1] Market and Industry Competition - The company's strategy of maintaining a diverse brand portfolio with distinct market positioning reflects a competitive approach to capture different consumer segments [1] Management Commentary and Future Outlook - No specific management commentary or future outlook was provided in the document [1] Other Important Information - No other significant information was mentioned in the document [1] Q&A Session - No Q&A session was recorded in the document [1]

Financial Performance - For the fiscal year ending June 30, 2024, the total revenue of JNBY Design Limited was RMB 5,238.1 million, an increase of 17.3% or RMB 773.0 million compared to RMB 4,465.1 million for the fiscal year ending June 30, 2023[2]. - The gross profit for the fiscal year 2024 was RMB 3,470.5 million, up 19.0% or RMB 553.5 million from RMB 2,917.0 million in the previous fiscal year, with a gross margin increase from 65.3% to 66.3%[2]. - The net profit for the fiscal year 2024 reached RMB 848.1 million, representing a 36.5% increase or RMB 226.9 million compared to RMB 621.3 million in fiscal year 2023[2]. - The operating profit for the fiscal year ending June 30, 2024, was RMB 1,194,266,000, compared to RMB 857,898,000 for the previous year, indicating a significant increase of about 39.4%[20]. - The company reported a profit attributable to shareholders of RMB 849,087,000 for the year ended June 30, 2024, up from RMB 621,292,000 in 2023, representing a growth of 36.6%[28]. - The net cash inflow from operating activities for fiscal year 2024 was RMB 1,603.0 million, a significant increase of 70.7% or RMB 663.9 million from RMB 939.1 million in fiscal year 2023[2]. - The total comprehensive income for the fiscal year 2024 was RMB 869.2 million, compared to RMB 642.4 million in the previous year, indicating a growth of 35.3%[5]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.86 per share, totaling approximately RMB 824.8 million, which accounts for 97% of the company's net profit for fiscal year 2024[2]. - The total dividends declared and paid for the year ended June 30, 2024, amounted to RMB 726,533,000, significantly higher than RMB 391,864,000 in 2023, showing an increase of 85.5%[31]. - The company has adopted a general annual dividend policy to distribute 75% of the net profit available for distribution each fiscal year[26]. Assets and Liabilities - The total assets of the company as of June 30, 2024, were RMB 4,372.3 million, an increase from RMB 4,065.8 million in the previous year[8]. - The total liabilities decreased slightly to RMB 2,160.8 million from RMB 2,084.3 million in the previous year, reflecting improved financial stability[9]. - The company's equity attributable to shareholders increased to RMB 2,169.2 million from RMB 1,981.5 million, showing a growth of 9.5%[9]. - The company's total liabilities increased to RMB 780,935,000 in 2024 from RMB 640,322,000 in 2023, marking a rise of 22%[47]. Revenue Breakdown - Revenue from mature brands in mainland China was RMB 2,919,867,000, while growth brands generated RMB 2,176,553,000, and emerging brands contributed RMB 109,619,000 for the fiscal year ending June 30, 2024[19]. - Revenue from the geographical segment of mainland China accounted for 99.4% of total revenue, increasing by 17.7% to RMB 5,206.0 million[67]. - Revenue from the mature brand JNBY increased by 17.1% to RMB 2,944.2 million, while the growth brand segment saw a 17.0% increase to RMB 2,184.1 million[63]. - Online sales channel revenue grew by 18.4% to RMB 1,008.4 million, while offline sales channels increased by 17.1%[66]. Operational Highlights - The number of independent retail stores globally increased from 1,990 to 2,024, with a presence in all provinces and regions of mainland China and nine other countries[56]. - Comparable store sales growth for physical retail stores was recorded at 10.7% in fiscal year 2024, driven by strategic investments in store image upgrades and the successful launch of "Jiangnan Buyi+" multi-brand stores[60]. - Active member accounts exceeded 550,000, a significant increase from nearly 510,000 in fiscal year 2023, contributing over 80% of total retail sales[61]. - The company operates 514 self-operated stores and 1,488 distributor stores in mainland China as of June 30, 2024[58]. Expenses and Costs - Employee benefits expenses increased to RMB 486,503,000 for the fiscal year ending June 30, 2024, compared to RMB 434,792,000 in the previous year, marking an increase of about 11.9%[21]. - Selling and marketing expenses for fiscal year 2024 were RMB 1,827.1 million, accounting for 34.9% of total revenue, down from 38.0% in the previous year[70]. - The cost of goods sold for the fiscal year ending June 30, 2024, was RMB 1,620,362,000, up from RMB 1,374,982,000 in the previous year, indicating an increase of approximately 17.8%[21]. Investments and Acquisitions - The company acquired a 51% stake in Huiju for approximately RMB 96,441,000, gaining effective control with three out of five board seats[49]. - The fair value of identifiable net assets acquired from Huiju was RMB 88,410,000, with goodwill recognized at RMB 51,352,000 due to expected high growth and synergies[50]. - The company's cash outflow for the acquisition of Huiju, net of cash acquired, was RMB 39,121,000[51]. Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules and has complied with all applicable provisions during the fiscal year 2024[85]. - The audit committee reviewed the accounting principles and practices adopted by the group for the fiscal year 2024[88]. - The auditors confirmed that the figures in the performance announcement align with the audited consolidated financial statements for the fiscal year 2024[89].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 18.13, representing a potential upside of 33% from the current price of HKD 13.68 [3]. Core Insights - The company demonstrates high Return on Equity (ROE) and profitability, driven by a combination of high dividend payout, strong net profit margins, and efficient inventory turnover [2][24]. - The market for urban white-collar apparel in China is projected to reach approximately RMB 365.4 billion by 2026, with the company expected to capture a market share of 1.66% [2]. - The company has maintained a stable dividend payout ratio of around 75% since its listing in 2016, with cumulative dividends exceeding RMB 3.2 billion [13][22]. Summary by Sections Company Highlights - The company has a high dividend yield of 11% for FY23, positioning it among the top in its industry [2]. - It has achieved a sales net profit margin of 13.91% in FY23 and 19.29% in FY1H24, indicating strong profitability [2]. - Inventory turnover days are 188 and 135 for FY23 and FY1H24 respectively, showcasing industry-leading efficiency [2]. Investment Logic - The company's differentiation strategy in the designer brand segment fills a market gap, appealing to a targeted consumer base [2]. - The integration of traditional culture with modern design enhances brand appeal and attracts a younger demographic [2]. - The company has effectively reduced customer acquisition costs through multi-brand fan engagement strategies [2]. Future Outlook - The company is expected to achieve revenue of RMB 6.08 billion by 2026, with a compound annual growth rate (CAGR) of 8.05% [2]. - The urban white-collar apparel market is anticipated to grow at a CAGR of 4.33% over the next five years, indicating significant growth potential for the company [2]. Profit Forecast, Valuation, and Rating - Projected net profits for FY24-26 are RMB 825 million, RMB 859 million, and RMB 920 million, reflecting growth rates of 32.8%, 4.1%, and 7.0% respectively [2]. - The company’s price-to-earnings (P/E) ratio for FY24 is estimated at 8.4 times, suggesting substantial room for valuation improvement compared to the industry average of 13 times [2].

Investment Rating - The report initiates coverage on Jiangnan Buyi (03306) with a "Buy" rating and a target price of HKD 19.3 [4] Core Views - Jiangnan Buyi is a leading designer brand fashion group in China, with a diversified brand portfolio and strong growth potential driven by its three core strategies: design-driven, multi-brand, and fan economy [1][3] - The company has demonstrated steady revenue and profit growth, with FY19-23 revenue increasing from RMB 3.36 billion to RMB 4.47 billion (CAGR 7.38%) and net profit growing from RMB 485 million to RMB 621 million (CAGR 6.37%) [1][13] - The designer brand market in China is expanding, with the industry size reaching RMB 177.6 billion in 2022, and Jiangnan Buyi is well-positioned to capitalize on this growth due to its first-mover advantage and strong brand recognition [1][28] Brand Portfolio and Market Position - Jiangnan Buyi operates a diversified brand matrix, including one mature brand (JNBY), three growing brands (CROQUIS, jnby by JNBY, LESS), and several emerging brands, targeting different customer segments [1][3][10] - JNBY remains the core revenue driver, contributing 56% of total revenue in FY23, while the growing brands are showing faster growth rates, with a combined revenue increase of 29.7% in FY24H1 [39] - The company has a strong market position in the designer brand industry, with a 9.6% market share in 2015, and is recognized as the most unique and easily identifiable women's designer brand in China [31][32] Growth Drivers - **Design-driven strategy**: The company emphasizes original design, with a strong R&D team and significant investment in design innovation. Its brands have won multiple awards, enhancing brand recognition and customer loyalty [1][35][36] - **Multi-brand strategy**: The company leverages its diverse brand portfolio to cater to a wide range of customer needs, with mature brands providing stable revenue and growing brands driving faster growth [3][38][39] - **Fan economy**: Jiangnan Buyi has built a robust membership system, with over 6.9 million members contributing 80% of retail sales in FY23. The company also focuses on enhancing customer engagement through digital channels and social media, with over 8.5 million followers across platforms [41][42][43] Financial Performance and Outlook - The company has maintained a high dividend payout ratio, distributing approximately 75% of its net profit to shareholders in recent years [1][19] - For FY24-26, the report forecasts revenue of RMB 5.19 billion, RMB 5.92 billion, and RMB 6.50 billion, with net profit of RMB 840 million, RMB 960 million, and RMB 1.07 billion, respectively. The EPS is expected to be RMB 1.63, RMB 1.86, and RMB 2.06 per share, with a PE ratio of 9.6X, 8.4X, and 7.6X for FY24-26 [1][45] - The target valuation is based on an 11X PE multiple for FY24, implying a target market cap of RMB 10 billion and a target price of HKD 19.3 [1][47]

2024 年 06 月 19 日 公司研究 评级：买入 (首次覆盖 ) 研究所： [Table_Title] 高分红 稳定成长的设计师品牌时尚集团 + 证券分析师： 马川琪 S0350523050001 macq@ghzq.com.cn 联系人 ： 廖小慧 S0350122080035 ——江南布衣（ ）公司研究 03306 liaoxh@ghzq.com.cn 最近一年走势 投资要点 :  具备影响力的设计师品牌时尚集团，多品牌运营带来增长空间。截 至2023年12月31日，公司品牌组合包括三个阶段的多个品牌， 即成熟品牌JNBY，三个成长品牌CROQUIS（速写）、jnbybyJNBY 及LESS，以及包括 POMME DE TERRE（蓬马）及 JNBYHOME 等多个新兴品牌。各个品牌均各自面向特定客户并拥有基于集团统 一品牌理念“自然而然地做自己”（JustNaturally BeYourself）的 独特设计形象，产品主要面向中高层收入客户。目前公司已经建立 主要由实体零售店、线上平台及以微信为主的社交媒体互动营销服 相对恒生指数表现 2024/06/19 务平台组成的全渠道互动平台，旨在打造一 ...

Financial Performance - Total revenue for the six months ended December 31, 2023, was RMB 2,975.5 million, an increase of 26.1% compared to RMB 2,360.0 million for the same period in 2022[9]. - Gross profit for the same period was RMB 1,947.7 million, reflecting a growth of 27.6% from RMB 1,526.2 million year-on-year[9]. - Operating profit increased by 55.2% to RMB 803.1 million, up from RMB 517.3 million in the previous year[9]. - Net profit rose by 54.5% to RMB 574.1 million, compared to RMB 371.7 million for the same period last year[9]. - Cash flow from operating activities increased significantly by 173.5% to RMB 1,059.7 million, up from RMB 387.4 million[9]. - The company reported total comprehensive income of RMB 577,126 thousand, compared to RMB 375,802 thousand in the same period last year, an increase of about 53%[57]. - Basic earnings per share rose to RMB 1.14, compared to RMB 0.74 in the prior year, showing a 54% increase[57]. - The company's profit attributable to shareholders for the six months ended December 31, 2023, was RMB 574,121,000, representing a 54.5% increase from RMB 371,716,000 in the same period of 2022[90]. Operational Efficiency - The company’s gross margin improved to 65.5%, up from 64.7% in the previous year[9]. - The operating margin increased to 27.0%, compared to 21.9% in the prior year[9]. - The net profit margin rose to 19.3%, up from 15.8% year-on-year[9]. - Sales and marketing expenses for the first half of fiscal year 2024 were RMB 926.3 million, representing 31.1% of total revenue, a decrease from 34.6% in the previous year, indicating improved operational efficiency[22]. - The total operating expenses for the six months ended December 31, 2023, were RMB 1,172,462 thousand, compared to RMB 1,042,710 thousand in 2022, representing an increase of approximately 12.4%[81]. Retail Expansion - The number of independent retail stores increased from 1,990 as of June 30, 2023, to 2,036 as of December 31, 2023[11]. - The comparable store sales for offline retail stores recorded a growth of 23.9% in the first half of fiscal year 2024, driven by strategic investments in store image upgrades and the introduction of new retail concepts[16]. - The revenue from the mature brand JNBY increased by 24.0%, amounting to RMB 328.6 million, while the growth brands collectively saw a revenue increase of 29.7%[18]. Cash and Assets - Cash and cash equivalents as of December 31, 2023, amounted to RMB 1,093.3 million, up from RMB 525.1 million as of June 30, 2023[26]. - Total assets amounted to RMB 4,529,440 thousand, an increase from RMB 4,065,827 thousand as of June 30, 2023, representing a growth of approximately 11.4%[58]. - Current assets increased to RMB 2,852,977 thousand from RMB 2,222,646 thousand, reflecting a significant rise of approximately 28.4%[58]. - The company’s cash reserves for statutory surplus reserves were RMB 241,000 as of December 31, 2023, compared to RMB 249,000 as of June 30, 2023, showing a decrease of approximately 3.2%[105]. Corporate Governance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules and has complied with all applicable provisions during the six months ending December 31, 2023[36]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results for the six months ending December 31, 2023[38]. - The company will continue to review and monitor its corporate governance practices to ensure compliance with the governance code[36]. Dividends - The board declared an interim dividend of HKD 0.46 per share (approximately RMB 0.42) for the six months ended December 31, 2023[33]. - A special interim dividend of HKD 0.39 per share (approximately RMB 0.36) was also declared to celebrate the company's 30th anniversary[34]. - The final dividend paid for the six months ended December 31, 2023, was RMB 322,591,350, compared to RMB 259,004,000 for the same period in 2022, reflecting a 24.6% increase[91]. Shareholder Information - Wu Jian and Li Lin each hold 318,458,000 shares, representing 61.39% of the company, as beneficiaries of a trust[41]. - Wu Huateng holds 9,694,000 shares, representing 1.87% of the company, as a beneficial owner[41]. - Cititrust Private Trust (Cayman) Limited holds 309,258,000 shares, representing 59.62% of the company, as a trustee[44]. - The company has adopted a restricted share plan with a total of 70,000,000 shares, not exceeding 13.5% of the issued shares, effective until June 30, 2029[47]. Financial Risk Management - The company’s financial risk management includes assessing the impact of economic changes on fair value estimates, particularly regarding interest rates and inflation[74]. - The fair value of financial assets measured at fair value as of December 31, 2023, totaled RMB 252,290 thousand, with RMB 181,976 thousand classified as Level 3 instruments[75].

买入 高粘性会员及同店驱动增长，释放经营杠杆 江南布衣（3306.HK） 2024-3-5 星期二 投资要点 目标价： 20.30港元 ➢ 业绩远超预期，FY24H1收入/利润同比+26%/+54%，派特别股息： 现 价： 14.54港元 于 FY24H1（截至 2023/12/31 止 6 个月），公司收入同比+26.1%至 29.8 亿 预计升幅: 39.6% 元，净利润同比+54.5%至5.7亿元，经营活动产生的现金流为10.6亿元，公 司分派特别股息，期内EPS为1.14元，每股分派普通股股息/特别股息分别 0.42/ 0.36人民币元；分红政策为年度分红比例不低于75%。 重要数据 主品牌和 Less 品牌、线下自营渠道引领增长。收入方面，成熟品牌 JNBY 日期 2024/3/4 同比+24.0%，成长品牌Less/速写/童装同比分别+38.5%/ +17.2%/ +36.3%。 收盘价（港元） 14.54 线下自营/线下经销/电商收入同比+36.7%/ +18.2%/ +24.2%。 总股本（亿股） 5.19 ➢ 折扣优化驱动毛利率提升，增长由同店驱动，显著释放经营杠杆: 总市值（亿港元） 75 ...

拥抱互联网+粉丝经济下,江南布衣(03306)交出了一份"逆天"成绩单。 2月27日，江南布衣发布了2024上半财年业绩。截至2023年12月31日，该公司实现总营收29.76亿元，同比增长26.1%;毛利19.48亿元，同比增长 27.6%，毛利率同比增长0.8个百分点至65.5%;纯利5.74亿元，同比增长54.5%。 全年来看，2023全年，江南布衣实现总收入50.81亿元，毛利33.39亿元，实现纯利8.23亿元，核心财务数据近乎全部呈现向好趋势。 相对于仍在存量市场厮杀肉搏的国内服饰品牌而言,江南布衣营收、净利、毛利齐增的表现无疑是出色的。 受此优秀财报提振，隔目(2月28日)江南布衣便录得了26.6%的大涨表现。虽然后两天没有延续涨势，但走势业不算很弱。截止3月1日收盘，其 股价报于14.54港元。 江南布衣(03306) 14.540 ▼ -0.440 -2.94% ● 加入自选 部 题 题 图 已收盘 12-29 16:08 ★ 2024-04-19 特别股息_股息应付日 > 实时行情 月к 1分 5分 15分 分时 5日 日к 图K 30分 60分 全屏 基本资料 MA5 : 13.736 ...