Core Viewpoint - Huaxi Securities maintains a "Buy" rating for Jiangnan Buyi, forecasting revenue and net profit growth for FY26-28, with projected revenues of 60.04 billion, 63.96 billion, and 68.06 billion yuan, and net profits of 9.71 billion, 10.40 billion, and 11.15 billion yuan respectively [1] Financial Performance - For FY2026H1, the company reported revenues, net profits, and operating cash flow of 3.376 billion, 676 million, and 996 million yuan, representing year-on-year growth of 7.0%, 11.9%, and 21.1% respectively [1] - The company declared an interim dividend of 0.52 HKD per share, yielding a dividend rate of 5.18% [1] Brand Performance - Revenue growth varied by brand in FY2026H1, with JNBY, Su Xie, jnby by JNBY, LESS, and emerging brands generating revenues of 1.860 billion, 389 million, 495 million, 394 million, and 237 million yuan respectively, with growth rates of 5.7%, 0.4%, 4.1%, 16.3%, and 22.4% [2] - Store count for these brands was 992, 297, 527, 271, and 54 respectively, with growth rates of 3.3%, -6%, 1.9%, 4.6%, and 3.8% [2] Channel Performance - Revenue from direct sales, distribution, and online channels in FY2026H1 was 1.180 billion, 1.442 billion, and 753 million yuan, with year-on-year growth of 5.7%, 0.3%, and 25.1% respectively [3] - The number of direct and distribution stores was 512 and 1651, with growth rates of 4% and 1% [3] Profitability Metrics - Gross margin and net profit margin increased by 1.4 and 0.9 percentage points, with FY2026H1 gross margin at 66.5% [4] - The gross margins for JNBY, Su Xie, jnby by JNBY, LESS, and emerging brands were 69.4%, 67.5%, 60.2%, 70.5%, and 48.8% respectively [4] Inventory and Receivables - As of FY2026H1, inventory was 1.02 billion yuan, up 9.4% year-on-year, with accounts receivable at 220 million yuan, remaining stable [5] - Accounts payable increased by 29.2% to 308 million yuan, with accounts payable turnover days decreasing by 12 days to 44 days [5] Future Outlook - The company anticipates continued revenue growth, with significant potential for store openings in its growth and emerging brands [6] - Long-term expectations include improved gross margins and net profit margins driven by brand loyalty and economies of scale [6]

Core Viewpoint - Huaxi Securities maintains a "Buy" rating for Jiangnan Buyi (03306), forecasting revenue for FY26-28 at 6.004/6.396/6.806 billion yuan, representing year-on-year growth of 8.21%/6.53%/6.41% [1] Financial Performance - For FY2026H1, the company reported revenue/net profit/cash flow from operating activities of 3.376/0.676/0.996 billion yuan, with year-on-year growth of 7.0%/11.9%/21.1% [1] - The company declared an interim dividend of 0.52 HKD per share, resulting in a dividend yield of 5.18% [1] Brand Performance - In FY2026H1, revenue by brand was as follows: JNBY 1.860 billion, Su Xie 0.389 billion, jnby by JNBY 0.495 billion, LESS 0.394 billion, and emerging brands 0.237 billion, with year-on-year growth rates of 5.7%/0.4%/4.1%/16.3%/22.4% respectively [2] - Store count for each brand was 992/297/527/271/54, with year-on-year changes of 3.3%/-6%/1.9%/4.6%/3.8% [2] Channel Performance - For FY2026H1, revenue by channel was 1.180 billion from direct sales, 1.442 billion from distribution, and 0.753 billion from online, with year-on-year growth of 5.7%/0.3%/25.1% [3] - The number of direct and distribution stores was 512 and 1651, with year-on-year growth of 4% and 1% respectively [3] Profitability Metrics - Gross margin and net profit margin increased by 1.4 and 0.9 percentage points, with FY2026H1 gross margin at 66.5% [4] - The net profit margin for FY2026H1 was 20.0%, reflecting a year-on-year increase of 0.9 percentage points [4] Inventory and Receivables - As of FY2026H1, inventory was 1.02 billion yuan, a year-on-year increase of 9.4% [5] - Accounts receivable stood at 0.220 billion yuan, remaining stable, with a turnover period of 9 days, down by 1 day [5] Future Outlook - The company anticipates continued revenue growth, with significant potential for store openings in its growth and emerging brands [6] - Long-term, the company expects improved gross margins and net profit margins driven by brand loyalty and economies of scale [6]

Investment Rating - The investment rating for Jiangnan Buyi (3306.HK) is "Buy" [1] Core Insights - The company reported a revenue of 3.376 billion yuan and a net profit of 676 million yuan for FY2026H1, representing a year-on-year growth of 7.0% and 11.9% respectively. After excluding government subsidies, the net profit increased by 15.5% to 626 million yuan [2] - The company declared an interim dividend of 0.52 HKD per share, resulting in a dividend yield of 5.18% [2] - The company's brands showed varied performance, with JNBY, LESS, and emerging brands experiencing growth, while the men's brand "Suxie" continued to face challenges [3] - The gross profit margin improved to 66.5%, up 1.4 percentage points year-on-year, while the net profit margin increased to 20.0%, up 0.9 percentage points [4] - Inventory at the end of FY2026H1 was 1.02 billion yuan, a 9.4% increase year-on-year, indicating growth in finished goods and raw materials [5] Financial Projections - Revenue forecasts for FY2026-2028 are 6.004 billion, 6.396 billion, and 6.806 billion yuan, with year-on-year growth rates of 8.21%, 6.53%, and 6.41% respectively. Net profit forecasts for the same period are 971 million, 1.040 billion, and 1.115 billion yuan, with growth rates of 8.72%, 7.08%, and 7.24% [6][8] - The estimated earnings per share (EPS) for FY2026-2028 are 1.86, 1.92, and 2.09 yuan, with corresponding price-to-earnings (PE) ratios of 9.4, 9.1, and 8.3 [6][8]

消息面上，江南布衣公布截至12月底中期业绩，总收入为约33.76亿元，同比上升7%；纯利为6.76亿 元，同比上升11.9%；每股基本收益1.32元，中期股息每股0.52港元。公告称，收入的增长主要由于线 上渠道销售的增长及线下门店规模的扩张所致。 江南布衣(03306)绩后涨超6%，截至发稿，涨2.89%，报20.66港元，成交额528.27万港元。 ...

智通财经APP获悉，江南布衣(03306)绩后涨超6%，截至发稿，涨2.89%，报20.66港元，成交额528.27万 港元。 消息面上，江南布衣公布截至12月底中期业绩，总收入为约33.76亿元，同比上升7%；纯利为6.76亿 元，同比上升11.9%；每股基本收益1.32元，中期股息每股0.52港元。公告称，收入的增长主要由于线 上渠道销售的增长及线下门店规模的扩张所致。 ...

智通财经APP讯，江南布衣(03306)发布公告，将于2026年4月15日派发截至2025年12月31日止六个月的 中期股息每股0.52港元。 ...

EF001 | 其他信息 | | | --- | --- | | 其他信息 | 不適用 | | 發行人董事 | | | | 於本公告日期，本公司執行董事為吳健先生、李琳女士及吳華婷女士；本公司非執行董事為衛哲先生；以及本公司獨立非執行董事 | | | 為林曉波先生、韓敏女士、胡煥新先生及王舜德先生。 | 第 2 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 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。 | 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 | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 江南布衣有限公司 | | 股份代號 | 03306 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年十二月三十一日止六個月的中期股息 | | 公告日期 | 2026年2月26日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 ...

智通财经APP讯，江南布衣(03306)公布截至2025年12月31日止6个月的中期业绩，总收入为约33.76亿 元，同比上升7%;纯利为6.76亿元，同比上升11.9%;每股基本收益1.32元，中期股息每股0.52港元。 公告称，收入的增长主要由于线上渠道销售的增长及线下门店规模的扩张所致。 ...

江南布衣(03306)公布截至2025年12月31日止6个月的中期业绩，总收入为约33.76亿元，同比上升7%;纯 利为6.76亿元，同比上升11.9%;每股基本收益1.32元，中期股息每股0.52港元。 公告称，收入的增长主要由于线上渠道销售的增长及线下门店规模的扩张所致。 ...

格隆汇2月26日丨江南布衣(03306.HK)公布2025年12月31日止六个月之中期业绩。截至2025年12月31日 止六个月(「2026上半财年」)，集团的总收入为人民币3,375.9百万元，较截至2024年12月31日止六个月 (「2025上半财年」)的人民币3,156.4百万元上升7.0%或人民币219.5百万元。2026上半财年的纯利为人民 币6.76亿元，较2025上半财年的人民币6.04亿元上升11.9%或人民币7200万元。 ...