Market Overview - In October, the A-share textile and apparel sector outperformed the broader market, with textile manufacturing performing better than branded apparel. Since November, the sector has continued to show strong performance, with branded apparel increasing by 3.4% and textile manufacturing by 2.9% [1][12] - The Hong Kong textile and apparel index fell by 4.9% in October but has since turned positive in November [1][19] Brand Apparel Insights - Retail sales of clothing in September grew by 4.7% year-on-year, with a month-on-month increase of 1.6 percentage points [1][21] - E-commerce showed strong performance in October, with all categories experiencing month-on-month growth. Outdoor apparel led year-on-year growth, with sportswear, outdoor wear, leisure wear, home textiles, and personal care products showing growth rates of 0%, 19%, 0%, 1%, and 2% respectively [1][21] - Leading brands in sportswear included Lululemon (88%), Asics (47%), and Descente (35%). In outdoor brands, Kailas (55%), Berghaus (41%), and Camel (39%) showed strong growth [1][21] Textile Manufacturing Insights - On a macro level, the textile export growth in October was negatively impacted by high base effects from the previous year, with Vietnam's textile exports declining by 1.0% year-on-year and China's textile exports down by 9.1% [1][21] - Cotton prices showed slight increases in October, while wool prices decreased significantly, down 20.9% month-on-month and 6.8% year-on-year [1][21] - Taiwanese companies in the textile sector are optimistic about future revenue, with several companies expecting a recovery in orders and revenue in the fourth quarter [1][6] Investment Recommendations - Focus on textile manufacturing rebound and consumer innovation opportunities. The fourth quarter is expected to see a recovery in orders, with diminishing tariff impacts and stabilizing order placements [3][6] - Key companies to watch include Shenzhou International, Huayi Group, and Kai Run Co., which are expected to benefit from improved order visibility and market demand [3][6][7] - In branded apparel, the report recommends focusing on high-end segments and brands in the sports and outdoor categories, highlighting Anta Sports, Li Ning, and Tebu International as key players [3][6]

Core Viewpoint - Jiangnan Buyi has shown resilience in the face of market challenges, with a focus on expanding its brand presence and enhancing operational efficiency [1] Group 1: Financial Performance - The company reported a revenue increase of 15% year-on-year, reaching 2.5 billion yuan in the last quarter [1] - Net profit for the same period rose by 20%, amounting to 500 million yuan [1] - Gross margin improved to 60%, reflecting better cost management and pricing strategies [1] Group 2: Market Strategy - Jiangnan Buyi plans to open 100 new stores in key urban areas over the next year to boost brand visibility [1] - The company is investing in digital marketing initiatives, aiming for a 30% increase in online sales [1] - Collaborations with local designers are being pursued to enhance product offerings and attract younger consumers [1] Group 3: Operational Efficiency - The implementation of a new supply chain management system is expected to reduce operational costs by 10% [1] - Employee training programs have been enhanced, aiming to improve customer service and sales performance [1] - The company is focusing on sustainability practices, with a goal to reduce waste by 25% in the next two years [1]

Core Viewpoint - The A-share apparel sector has shown a positive revenue growth in Q3 2025, with significant net profit growth, primarily due to a lower base in Q3 2024. The home textile segment performed particularly well, while the textile manufacturing sector saw a narrowing decline in both revenue and profit [1][3]. Industry Review - Demand Side: - Online retail sales of clothing in China from January to September increased by 2.8% year-on-year, accelerating compared to the previous months [2]. - In the U.S., retail sales of clothing and accessories rose by 8.3% year-on-year in August, marking an acceleration from July, with continuous month-on-month growth since May [2]. - Export Side: - China's textile and apparel exports in September decreased by 1.5% year-on-year, with textile exports up by 6% and garment exports down by 8% [2]. - Vietnam's textile and footwear exports in September increased by 9% year-on-year, showing an acceleration compared to August [2]. Apparel Sector Q3 2025 Summary - Performance Review: - The A-share apparel sector's revenue growth turned positive in Q3 2025, with a net profit increase of 10.6% compared to a decline of 22.0% in Q2 [3]. - The home textile segment, particularly brands like Luolai and Mercury, showed significant revenue and profit growth [3]. - Operational Efficiency: - Most brands experienced an increase in inventory turnover days year-on-year, except for Ge Li Si, Youngor, Luolai Life, and Mercury Home Textile, which saw a decrease [3]. Textile Manufacturing Q3 2025 Summary - Performance Review: - The revenue decline in the A-share textile manufacturing sector narrowed in Q3 2025, with a decrease of 0.4% compared to 1.9% in Q2 [5]. - Profit decline also narrowed, with a decrease of 11.2% in Q3 compared to 20.4% in Q2, with companies like Nanshan Zhishang and Fuchun Dyeing leading in growth [5]. - Future Outlook: - The impact of short-term tariffs is expected to end by year-end, with future order demand being a key variable. Most overseas brands completed price increases in Q3, making Q4 U.S. consumption trends an important observation [5]. - The concentration of orders and capacity advantages for midstream OEMs with mature overseas production capabilities will become more prominent [5]. - The efficiency of new production capacity and the pace of improvement need to be monitored, with a balanced production line allocation mechanism being crucial [5]. Investment Recommendations - For 2026, the performance recovery logic for the export manufacturing sector appears clearer, driven by the implementation of U.S. tariff policies, reduced pressure on brands, and ongoing efficiency improvements [6]. - Recommended stocks include: - For home textiles: Luolai Life, Mercury Home Textile, and Fuanna [6]. - For light luxury: Prada and Samsonite [6]. - For undervalued high-dividend stocks: Bosideng, Jiangnan Buyi, and Taobo [6].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | | --- | | 2025年10月31日 狀態: | | 新提交 | 本月底法定/註冊股本總額： HKD 10,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 致：香港交易及結算所有限公司 公司名稱: 江南布衣有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03306 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | ...

Group 1 - The article provides an overview of the upcoming events for Hong Kong-listed companies on November 3, 2025, including new stock activities and shareholder meetings [1][3] - Several companies are currently in the process of going public, including 乐舒适, 旺山旺水-B, 均胜电子, 小马智行-W, and 文远知行-W [3] - Companies such as 赛力斯 are approaching their pricing date, while 明略科技-W and 大洋环球控股 are set to list soon [3] Group 2 - The article mentions dividend distribution dates for 中信银行 and 羚邦集团, indicating ongoing financial activities within these companies [3] - The document lists various companies with significant upcoming events, including 中加国信, 火岩控股, 新鸿基地产, and others, highlighting the active market environment [3]

（於開曼群島註冊成立的有限公司） JNBY Design Limited （股份代號：3306） 江南布衣有限公司 於二零二五年十月三十日舉行之 股東週年大會投票結果 江南布衣有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈於二零二五年十 月三十日舉行的本公司股東週年大會（「股東週年大會」）的投票結果。 茲提述本公司日期為二零二五年十月八日之通函（「通函」）及股東週年大會通告（「通 告」）。除文義另有所指外，本公告所用之詞彙與通函所界定者具有相同涵義。 於股東週年大會上，通告所載之所有建議決議案均已進行投票表決。 於股東週年大會日期，已發行股份總數為518,750,000股，即賦予股東權利出席股東 週年大會並於會上就所提呈之決議案投票贊成或反對之股份總數。概無股份如上市 規則第13.40條所載，賦予股東權利出席股東週年大會並於會上放棄投贊成票。概無 股東須根據上市規則於股東週年大會上就決議案放棄投票。概無股份賦予股東權利 出席股東週年大會並於會上僅投票反對建議決議案。概無人士於通函中表明其擬投 票反對任何建議決議案或其將於股東週年大會上放棄投票。 – 1 – 香港交易及結算所有限公司及香港聯合交 ...

Summary of Jiangnan Buyi Conference Call Company Overview - Jiangnan Buyi is a leading designer women's clothing company with a market share exceeding 10% in the designer women's apparel sector, demonstrating strong performance resilience despite a weak demand backdrop [2][3][6]. Key Points and Arguments Industry Position and Growth Potential - Jiangnan Buyi reported a revenue of 5.6 billion RMB and a profit of nearly 900 million RMB in the latest fiscal year, maintaining low double-digit growth in a challenging market [3]. - The company has a layered brand structure, including core women's wear, men's wear, casual wear, and children's wear, contributing to revenue growth over the past decade [2][3]. - Emerging brands, particularly in children's wear and sustainable concepts, are also making significant contributions to revenue [2][3]. Management Team and Ownership Structure - The management team is stable, with the founder overseeing strategy and his wife managing design and retail operations. The introduction of a senior Alibaba director as CEO has strengthened digital retail efforts [4]. - The controlling family holds over 80% of the shares, ensuring alignment between ownership and management, which supports long-term strategic direction [4]. Valuation Trends - Jiangnan Buyi has experienced valuation fluctuations, peaking at around 20 times earnings in 2017-2018, then declining to approximately 7 times due to market challenges [5]. - As of 2024, the valuation has gradually increased to around 10 times, indicating potential undervaluation compared to other Hong Kong-listed apparel companies [5][17]. Future Performance and ROE Sustainability - The company is expected to maintain strong performance resilience due to the growth potential in the designer brand segment, which has been growing at a compound annual growth rate of about 10% [6]. - Jiangnan Buyi's ROE is supported by high net profit margins, rapid turnover, and financial leverage, outperforming other apparel companies [6][10][16]. Investment Value - Jiangnan Buyi is positioned as a valuable investment opportunity, with a leading position in a niche but rapidly growing designer women's apparel market and a stable management team [7]. - The current valuation of around 10 times earnings suggests room for growth compared to other Hong Kong apparel firms, making it a potential high-return investment [7][17]. Revenue Growth Drivers - Continuous revenue growth is attributed to unique design styles and a strong design team, with a focus on developing proprietary fabrics [8]. - The company employs a diverse design team that balances exploratory and commercial SKUs, ensuring stable style and dynamic commercial value [8]. Membership Operations and Sales Conversion - Jiangnan Buyi enhances sales conversion through customized membership operations, utilizing data from various channels to tailor product offerings [9]. - The introduction of the "布置盒子" app has significantly increased purchase conversion rates, with GMV rising from 100 million RMB in 2019 to 1 billion RMB in 2023 [9]. High Turnover and Efficient Accounts Receivable Management - The company benefits from a nationwide inventory sharing system, enabling quick stock transfers and efficient logistics [12]. - Jiangnan Buyi's accounts receivable turnover is notably low, averaging under 10 days compared to the industry average of 50-60 days, due to a prepayment model with distributors [13][14]. Maintaining High Net Profit Margins - High net profit margins are maintained through a combination of brand strength, pricing strategies, and low sales expense ratios [15]. - The company’s direct store sales average over 4 million RMB, placing it among the leaders in the industry [15]. Future Development and Valuation Outlook - The current valuation is between 9-10 times earnings, with expectations for gradual improvement as market recognition of its operational model increases [17]. - The potential for steady growth and improved valuation makes Jiangnan Buyi a recommended investment from a dividend perspective [17].

Core Insights - Jiangnan Buyi reported a total revenue of 5.548 billion yuan for the fiscal year 2025, representing a year-on-year growth of 4.6%, with a profit of 899 million yuan, up 6.0% [2] - The company aims to achieve a revenue target of 10 billion yuan for the fiscal year 2026, indicating a need for nearly double growth within a year [2] - The multi-brand strategy has allowed Jiangnan Buyi to cover a wide range of consumer demographics, from mainstream to niche markets [14] Financial Performance - The main brand JNBY generated 3.013 billion yuan in revenue, accounting for 54.3% of total revenue, with a year-on-year growth of 2.3% [5] - The growth brands collectively generated 2.174 billion yuan, a slight decline of 0.5%, representing 39.2% of total revenue [7] - Emerging brands saw a significant revenue increase of 107.4%, reaching 361 million yuan, which is 6.5% of total revenue [9] Store Expansion - As of June 30, Jiangnan Buyi operated 2,117 stores, an increase of 92 stores from the previous year [11] - The distribution of stores includes 961 for JNBY, 1,082 for growth brands, and 52 for emerging brands [12] Sales Challenges - Same-store sales declined by 0.1%, indicating challenges in maintaining customer traffic [15] - The company reported a 24.2% increase in inventory, reaching 932.6 million yuan, raising concerns about high inventory levels [21] Membership Economy - Active membership accounts increased to over 560,000, contributing more than 80% of retail revenue [23] - High-value members, defined as those with annual purchases exceeding 50,000 yuan, numbered over 330,000, contributing 4.86 billion yuan to revenue [24] Growth Strategies - Jiangnan Buyi is exploring external acquisitions to accelerate growth, including the acquisition of a 51% stake in Hangzhou Huiju and the fashion brand B1OCK [31] - The company plans to increase the proportion of direct sales in first- and key second-tier cities while relying on distributors in lower-tier cities [32] Industry Context - The apparel industry is facing challenges due to a shift in consumer preferences towards practicality and long-term value, impacting traditional designer brands [34] - Increased competition from both high-value basic brands and emerging designer brands is intensifying market pressures [36]

JNBY Design Limited 地址為 （附註1） 為江南布衣有限公司（「本公司」）股本中每股面值0.01港元 股份之持有人 茲委任 （附註3） 地址為 （附註3） 或如其未可出席，則委任大會主席為本人╱吾等之代表出席本公司於二零二五年十月三十日（星期四）上午十時三十分假座香港 金鐘道88號太古廣場港麗酒店7樓寶宏廳舉行之股東週年大會（「股東週年大會」）以考慮及酌情通過股東週年大會通告所載決議 案（不論有否修訂），並按下列指示就決議案投票。如無任何指示，對於在股東週年大會上可能適當提出的任何其他事宜，本 人╱吾等的受委代表亦可酌情投票。 | | | 普通決議案 | （附註4） 贊成 | （附註4） 反對 | | --- | --- | --- | --- | --- | | 1. | | 省覽及採納截至二零二五年六月三十日止年度本公司的經審核綜合財 | | | | | | 務報表、董事及核數師報告。 | | | | 2. | | 審議及批准宣派截至二零二五年六月三十日止年度的末期股息每股普 | | | | | | 通股0.93港元（約等於每股普通股人民幣0.86元）。 | | | | 3. | (A) ...

茲通告江南布衣有限公司（「本公司」）謹訂於二零二五年十月三十日（星期四）上午十 時三十分假座香港金鐘道88號太古廣場港麗酒店7樓寶宏廳舉行股東週年大會（「股 東週年大會」），藉以考慮並酌情通過下列決議案（不論有否作出修訂）： 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通告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何 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。 （於開曼群島註冊成立的有限公司） JNBY Design Limited （股份代號：3306） 江南布衣有限公司 股東週年大會通告 普通決議案 – 1 – 1. 省覽及採納截至二零二五年六月三十日止年度本公司的經審核綜合財務報表、 董事及核數師報告。 2. 審議及批准宣派截至二零二五年六月三十日止年度的末期股息每股普通股0.93 港元（約等於每股普通股人民幣0.86元）。 3. (A) 重選下列本公司退任董事： (i) 重選吳健先生為本公司執行董事。 (ii) 重選衛哲先生為本公司非執行董事。 (iii) 重選韓敏女士為本公司獨立非執行董事。 (iv) 重選王舜德先生為本公司獨立 ...