Core Insights - Jiangnan Buyi Limited reported a total revenue increase of approximately 4.6% to 5.548 billion yuan for the fiscal year ending June 30, 2025, driven by growth in online sales and expansion of offline stores [2] - The company's net profit rose by 6.0% to 899 million yuan, indicating that nearly 80% of brand revenue still comes from offline stores [2] - The overall gross margin remained at 65.6%, a slight decrease of 0.3 percentage points from the previous fiscal year [2] Revenue Breakdown - Online channel revenue grew by 18.3% to 1.201 billion yuan, marking a significant contribution to the overall revenue [2] - The JNBY brand, with over 30 years of history, accounted for 54.3% of total revenue, with a revenue increase of 2.3% [3] - Emerging brands, including POMMEl DE TERRE, JNBYHOME, onmygame, and B1OCK, generated revenue of 361 million yuan, a substantial increase of 107.4% year-on-year, contributing 6.5% to total revenue [4] Membership and Customer Engagement - Brand members contributed over 80% of retail revenue, with active member accounts exceeding 560,000 [4] - Members with total purchases exceeding 5,000 yuan accounted for over 60% of offline retail revenue, totaling 4.86 billion yuan [4] 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 [5] - The strategy includes a dual approach for emerging brands, emphasizing product strength and brand foundation while leveraging existing mature brands for growth [5] - The total number of independent retail stores increased from 2,025 to 2,117, covering all provinces in mainland China and 10 other countries and regions [5] Market Dynamics - The company experienced positive growth in both online and offline channels, with online sales surpassing 20% of total revenue for the first time [5] - The gross margin for both online and direct sales channels improved, reflecting stable pricing and discount strategies [6] - The retail scale in first- and second-tier cities remains dominant, with over 40% of offline store numbers and more than half of retail revenue coming from these areas [6]

Core Viewpoint - The research report from CMB International indicates that Jiangnan Buyi's annual performance as of the end of June met expectations, but concerns arise from relatively weak core brand sales growth and high inventory levels [1] Group 1: Financial Performance - Retail sales growth in July and August was encouraging, but the company's guidance for fiscal year 2026, particularly regarding net profit margins, is very conservative [1] - CMB International slightly lowered the net profit forecasts for Jiangnan Buyi for fiscal years 2026 and 2027 by 7% and 8% respectively, considering faster sales growth mainly from new brand contributions, lower-than-expected gross margins, and lower operational leverage [1] Group 2: Investment Outlook - The company maintains an attractive dividend yield forecast of 8% for fiscal year 2026, leading to a "buy" rating, although short-term stock price catalysts may be limited [1] - The target price has been raised from HKD 18.68 to HKD 23.3, based on a projected price-to-earnings ratio of 12 times for fiscal year 2026 [1] Group 3: Market Position - Despite the adjustments, Jiangnan Buyi's sales growth and net profit are still considered resilient and leading within the industry, although net profit growth for fiscal year 2026 may remain moderate [1]

Core Insights - Jiangnan Buyi Co., Ltd. reported a total revenue of 5.548 billion RMB for the fiscal year 2025, representing a year-on-year growth of 4.6% driven by increased online sales and expansion of offline store networks [1] Revenue Breakdown - Online channel revenue grew by 18.3% to 1.201 billion RMB, while optimized inventory sharing and distribution systems contributed to a 3.1% increase in incremental retail sales to 1.137 billion RMB [1] - The mature brand JNBY, with over 30 years of history, saw a revenue increase of 2.3%, accounting for 54.3% of total revenue; the growth brand portfolio experienced a slight decline of 0.5%, making up 39.2%; the emerging brand portfolio achieved a remarkable 107.4% increase in revenue to 361 million RMB, raising its share to 6.5% [4] Membership and Customer Engagement - Membership contributed over 80% of total retail sales, with active member accounts increasing to over 560,000, up by approximately 10,000 from the previous fiscal year; members with total purchases exceeding 50,000 RMB numbered 330,000, contributing over 60% of offline retail sales [4] Strategic Adjustments - In response to market segmentation and fluctuations in offline foot traffic, the company is upgrading consumer experiences and product offerings, optimizing store images, and enhancing its omnichannel retail network [5] - As of June 30, 2025, the company operated 2,117 independent retail stores globally, covering all provincial-level administrative regions in mainland China and 10 countries and regions worldwide [5] Brand and Design Strategy - The company plans to continue optimizing its brand portfolio through self-incubation or acquisitions, enhancing design and R&D capabilities, and deepening its presence in key cities [5] - The design-driven strategy is emphasized as a long-term commitment to consumers, aiming to strengthen brand and design as dual drivers of market competitiveness [5] Sustainability Initiatives - Jiangnan Buyi has made significant strides in sustainability, achieving a sustainable raw material weight ratio of 30.6%, exceeding its 30% target, and showing an 8.2% increase from the previous fiscal year [6] - The company has initiated a carbon management strategy, completed carbon assessments, and established a monitoring data system, while also engaging in community sustainability through initiatives like "art classrooms" [7] Future Outlook - The CFO stated that the company maintains its target of achieving 10 billion RMB in retail sales for the fiscal year 2026, with a core strategic focus on the domestic market while viewing overseas expansion as a long-term opportunity [7] - A dual-track strategy will be employed for emerging brands, focusing on strengthening product and brand foundations while leveraging mature brands to incubate new ones for future business expansion [7]

Core Insights - Jiangnan Buyi Co., Ltd. reported a total revenue of RMB 5.548 billion for the fiscal year ending June 30, 2025, representing a year-on-year growth of 4.6% with a gross margin of 65.6% and a net profit increase of 6% to RMB 899 million [2][4] Revenue Breakdown - The core brand JNBY saw a revenue increase of 2.3% to RMB 3.013 billion, accounting for 54.3% of total revenue [4] - Growth brands, including Suxie, JNBY by JNBY, and LESS, experienced a slight revenue decline of 0.5%, totaling RMB 2.174 billion, representing 39.2% of total revenue [4] - Emerging brands, such as POMME DE TERRE, JNBYHOME, onmygame, and B1OCK, showed significant growth with a revenue increase of 107.4% to RMB 361 million, making up 6.5% of total revenue [5] Membership and Retail Strategy - Membership contributed over 80% of total retail sales, with active member accounts increasing to over 560,000 [5] - The number of member accounts with total purchases exceeding RMB 5,000 rose to over 330,000, with total spending reaching RMB 4.86 billion [5] Retail Network Expansion - As of June 30, 2025, the total number of independent retail stores increased to 2,117 from 2,025 the previous year, covering all provinces in mainland China and 10 other countries and regions [6] - The company has established 22 multi-brand collection stores under the "Jiangnan Buyi+" brand [6] Sustainability Initiatives - The proportion of sustainable raw materials reached 30.6%, exceeding the target of 30%, with an increase of 8.2% from the previous fiscal year [7] - The company has developed a zero-waste production model for sustainable fabrics and aims to enhance its ESG management system, maintaining a low-risk rating in industry assessments [9] Future Outlook - The company aims to achieve a retail target of RMB 10 billion for the fiscal year 2026, focusing on deepening its domestic retail presence while ensuring strong cash flow [9] - Jiangnan Buyi plans to continue leveraging its established brands while incubating new brands to create additional growth opportunities and build a lifestyle ecosystem around the "Jiangnan Buyi" brand [9]

Core Insights - Jiangnan Buyi Limited reported a total revenue increase of 4.6% year-on-year to RMB 5.548 billion for the fiscal year ending June 30, 2025, with a gross margin of 65.6% and a net profit increase of 6% to RMB 899 million [2] Revenue Breakdown - Online channel sales increased by 18.3% to RMB 1.201 billion, contributing significantly to overall revenue growth [2] - The core brand JNBY saw a revenue increase of 2.3% to RMB 3.013 billion, accounting for 54.3% of total revenue [2] - Emerging brands, including POMME DE TERRE, JNBYHOME, onmygame, and B1OCK, experienced a remarkable revenue growth of 107.4% to RMB 361 million, representing 6.5% of total revenue [2] Membership and Consumer Behavior - Membership contributed over 80% of total retail sales, with active member accounts increasing to over 560,000 [3] - The number of member accounts with total purchases exceeding RMB 5,000 rose to over 330,000, with total spending reaching RMB 4.86 billion [3] Retail Network Expansion - The total number of independent retail stores increased from 2,025 to 2,117, covering all provinces in mainland China and 10 other countries and regions [4] - The company established 22 multi-brand collection stores under the "Jiangnan Buyi+" brand [4] Sustainability Initiatives - The proportion of sustainable raw materials reached 30.6%, exceeding the target of 30%, with an increase of 8.2% from the previous fiscal year [4] - The company aims to enhance its carbon management strategy and will release its first independent ESG report [6] Strategic Focus - The company aims to achieve a retail target of RMB 10 billion for the fiscal year 2026, focusing on deepening its domestic retail layout [6] - Jiangnan Buyi plans to continue nurturing existing brands while incubating new brands to create additional growth opportunities [6]

Investment Rating - The report maintains a "Buy" rating for Jiangnan Buyi, indicating a positive outlook for the company's stock performance [11]. Core Insights - Jiangnan Buyi achieved a revenue of 5.55 billion RMB in FY2025, reflecting a year-on-year growth of 5%. The net profit for the same period was 0.89 billion RMB, also up by 5% [11]. - The company aims to achieve a sales target of 10 billion RMB by FY2026, focusing on a "fan economy" strategy to drive growth [3][11]. - The report highlights a strong performance in emerging brands, with a revenue increase of 107% in FY25, while mature and growth brands saw modest increases of 2% and a slight decline of 0.5%, respectively [11]. Financial Summary - **Revenue Forecast**: - FY2024: 5.24 billion RMB - FY2025: 5.55 billion RMB - FY2026E: 6.00 billion RMB - FY2027E: 6.45 billion RMB - FY2028E: 6.93 billion RMB - Growth rates: 17.3% (2024), 5.9% (2025), 8.2% (2026), 7.5% (2027), 7.4% (2028) [5]. - **Net Profit Forecast**: - FY2024: 0.85 billion RMB - FY2025: 0.89 billion RMB - FY2026E: 0.90 billion RMB - FY2027E: 0.97 billion RMB - FY2028E: 1.05 billion RMB - Growth rates: 36.7% (2024), 5.1% (2025), 0.9% (2026), 8.0% (2027), 8.3% (2028) [5]. - **Valuation Metrics**: - PE ratios for FY2025, FY2026, FY2027 are 8.38, 9.15, and 11.72 respectively, indicating a relatively low valuation compared to peers [5][12]. Market Data - The stock price range over the past 52 weeks is between 13.50 and 22.12 HKD, with a current market capitalization of 10.08 billion HKD [8]. - The report notes that over 80% of retail sales are contributed by active members, with 560,000 active members recorded [11]. Strategic Focus - Jiangnan Buyi is committed to maintaining stable discounts and enhancing customer loyalty through its fan economy strategy, which is expected to support its ambitious sales targets [3][11]. - The company plans to continue high dividend payouts, with a total dividend of 1.38 HKD per share for FY25, corresponding to a dividend yield of over 6% [11].

招银国际主要观点如下： 2025年7-8月零售流水走势令人鼓舞 招银国际发布研报称，维持江南布衣(03306)"买入"评级并上调目标价至23.30港元，基于12倍26财年预 测市盈率(之前为10倍25财年)。该行小幅下调26/27财年净利预测7%/8%，以反映：1)更快的销售增速 (主要来自新品牌贡献)，2)毛利率低于预期，以及3)经营杠杆不及预期。整体看，公司的销售与净利韧 性仍强并持续领先行业，但26财年净利增速也许比较温和。基于26/27财年预测股息率约为7.5%/8.1%。 当前估值对应约10倍26财年预测市盈率，略高于8年平均约9倍。 公司重申了中长期销售目标(零售销售人民币100亿元、上市公司口径销售人民币60亿元)，因此26财年 需达成高个位数销售增长。同时确认长期利润率目标(毛利率65%以上、净利率15%以上)，因此在26财 年实现低至中个位数的净利增长仍算合理。关于26财年销售增长，即便宏观承压，仍具多重驱动因素： 1)去年暖冬导致的低基数，2)更多的会员服务和权益的升级，且7-8月良好走势也验证其有效性，预计将 继续抬升VIP的销售占比，3)新品牌onmygame与B1OCK在26财年有望 ...

智通财经APP获悉，招银国际发布研报称，维持江南布衣(03306)"买入"评级并上调目标价至23.30港 元，基于12倍26财年预测市盈率(之前为10倍25财年)。该行小幅下调26/27财年净利预测7%/8%，以反 映：1)更快的销售增速(主要来自新品牌贡献)，2)毛利率低于预期，以及3)经营杠杆不及预期。整体 看，公司的销售与净利韧性仍强并持续领先行业，但26财年净利增速也许比较温和。基于26/27财年预 测股息率约为7.5%/8.1%。当前估值对应约10倍26财年预测市盈率，略高于8年平均约9倍。 招银国际主要观点如下： 管理层对26财年给出"销售增长进取、但利润率保守"的指引，该行认为要达成的难度不高 公司重申了中长期销售目标(零售销售人民币100亿元、上市公司口径销售人民币60亿元)，因此26财年 需达成高个位数销售增长。同时确认长期利润率目标(毛利率65%以上、净利率15%以上)，因此在26财 年实现低至中个位数的净利增长仍算合理。关于26财年销售增长，即便宏观承压，仍具多重驱动因素： 1)去年暖冬导致的低基数，2)更多的会员服务和权益的升级，且7-8月良好走势也验证其有效性，预计将 继续抬升VIP ...

Core Viewpoint - Jianyin International's report indicates that Jiangnan Buyi (03306) slightly exceeded profit expectations for the fiscal year 2025, with a net profit growth of 6% to 5.548 billion RMB and a revenue increase of 4.6% [1] Financial Performance - The net profit for fiscal year 2025 is 5.548 billion RMB, reflecting a year-on-year growth of 6% [1] - Revenue for the same period increased by 4.6% [1] Forecast Adjustments - Jianyin International raised the profit forecasts for Jiangnan Buyi for fiscal years 2026 and 2027 by 4% and 5% respectively, due to faster revenue growth [1] - The valuation has been shifted from fiscal year 2025 to fiscal year 2026 [1] Target Price and Valuation - The target price has been adjusted from 19.6 HKD to 20.7 HKD based on a consistent price-to-earnings ratio of 10 times [1] - The attractive dividend yield supports the valuation, maintaining an outperform rating [1]

Core Viewpoint - Jiangnan Buyi (03306) reported a slight beat in net profit expectations for the fiscal year 2025, with a year-on-year increase of 6% to RMB 5.548 billion, and a revenue growth of 4.6% [1] Financial Performance - The net profit for fiscal year 2025 is slightly higher than the expectations due to a lower-than-expected effective tax rate [1] - Revenue growth of 4.6% indicates a stable performance in the company's operations [1] Future Projections - The earnings forecasts for Jiangnan Buyi for fiscal years 2026 and 2027 have been raised by 4% and 5% respectively, reflecting a faster revenue growth [1] - The valuation has been shifted from fiscal year 2025 to 2026, maintaining a price-to-earnings ratio of 10 times [1] Target Price and Rating - The target price has been adjusted from HKD 19.6 to HKD 20.7, supported by an attractive dividend yield [1] - The company maintains an "outperform" rating in the market [1]