此 乃 要 件 請 即 處 理 閣下如對本通函或應採取的行動有任何疑問，應諮詢 閣下的股票經紀、銀行經理、律師、專業 會計師或其他專業顧問。 閣下如已出售或轉讓名下所有江南布衣有限公司股份，應立即將本通函交予買主或承讓人，或 經手買賣的銀行、股票經紀或其他代理，以便轉交買主或承讓人。 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函之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就本通函全部或任何部分內容或因倚賴該等內容 而引致之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 建議 發行股份及購回股份的一般授權 及 重選退任董事 及 宣派末期股息 及 變更核數師 及 股東週年大會通告 江南布衣有限公司謹訂於二零二五年十月三十日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，召開大會之通告載於本通函第17至22頁。隨函亦附奉適 用於股東週年大會之代表委任表格。該代表委任表格亦刊載於香港聯合交易所有限公司網 站(www.hkexnews.hk)。 閣下無論能否出席 ...

本月底法定/註冊股本總額： HKD 10,000,000 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9月30日 | | | 狀態: | 新提交 | | --- | --- | --- | --- | --- | --- | | 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10月2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 ...

Core Viewpoint - Jiangnan Buyi (03306) announced that its current auditor, PricewaterhouseCoopers, will retire at the end of the upcoming annual general meeting on October 30, 2025, and will not be reappointed [1] Group 1 - The audit committee has recommended the appointment of Deloitte Touche Tohmatsu as the new auditor [1] - The board of directors resolved to present a resolution at the annual general meeting on September 29, 2025, to approve the appointment of Deloitte [1] - The new auditor's term will be effective from the end of the annual general meeting until the conclusion of the next annual general meeting [1]

Group 1 - The company, Jiangnan Buyi (03306.HK), announced the grant of restricted shares to 60 selected participants under the restricted share plan [1] - A total of 7.12 million shares were awarded as restricted shares, effective on September 29, 2025 [1]

Core Viewpoint - Jiangnan Buyi (03306) has granted restricted shares equivalent to 7.12 million shares to 60 selected individuals under its restricted share plan, effective September 29, 2025 [1] Summary by Category - **Company Actions** - The company has awarded 7.12 million restricted shares to 60 selected individuals [1]

Core Viewpoint - Jiangnan Buyi (03306) announced that its current auditor, PwC, will retire after the upcoming annual general meeting on October 30, 2025, and will not be reappointed [1] Group 1 - The audit committee recommended the appointment of Deloitte as the new auditor [1] - The board resolved to present a resolution at the annual general meeting on September 29, 2025, to approve Deloitte as the new auditor [1] - The new auditor's term will be effective from the end of the annual general meeting until the conclusion of the next annual general meeting [1]

(Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code 股份代號: 3306) GRANT OF RSUs PURSUANT TO THE RSU SCHEME Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 香 ...

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 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 (Incorp ...

Core Viewpoint - The report highlights Jiangnan Buyi as a leading designer brand in China, showcasing strong performance metrics such as high dividend yield and return on equity (ROE), while emphasizing the company's resilience in a mature market phase [1][3]. Group 1: Company Overview - Jiangnan Buyi is positioned as a domestic designer brand leader with a mid-to-high-end product range, featuring a multi-brand strategy that caters to diverse customer needs [1]. - The company has a highly educated management team and a concentrated family ownership structure, maintaining a stable dividend payout ratio of over 70% in recent years [1][2]. - The company's PE valuation has undergone two rounds of downward adjustments, recently stabilizing around 10X, indicating a potential undervaluation due to market misconceptions about its performance resilience and high ROE sustainability [1]. Group 2: Performance Resilience - Jiangnan Buyi's resilience is attributed to three key competitive advantages: design capability, fan economy, and multi-brand strategy [1]. - The design strength combines artistic creativity with commercial viability, enhancing product appeal and aligning with market trends [1]. - The fan economy leverages a comprehensive retail model to engage customers, utilizing refined membership services and digital upgrades to drive retail conversion [1]. - The multi-brand approach allows for balanced brand development and risk mitigation, with a diverse product range that enhances growth potential [1]. Group 3: High ROE Sustainability - The company's high ROE reflects strong operational capabilities and competitive advantages, supported by a DuPont analysis [2]. - High inventory turnover is achieved through a national inventory sharing system and a unique payment model with distributors, leading to faster cash recovery [2]. - The company maintains a relatively high gross margin due to brand premium and ongoing supply chain improvements, while effective cost management enhances profitability [2]. - A high equity multiplier is noted, with significant operating liabilities and a strong dividend policy reinforcing leverage effects [2]. Group 4: Future Projections - Forecasts for Jiangnan Buyi's net profit for FY2026-FY2028 are projected at 920 million, 960 million, and 990 million yuan, respectively, with corresponding PE ratios of 9X [3]. - Assuming a 75% dividend payout ratio, the expected dividend yield for FY2026 is estimated to reach 8%, highlighting the company's combination of high dividends and growth potential [3].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3][10][12]. Core Insights - Jiangnan Buyi, as a leading designer brand in China, showcases strong design capabilities, fan economy, and a multi-brand matrix that forms its competitive moat. The company demonstrates resilience in adverse conditions and flexibility in favorable ones, supported by its advanced omnichannel operations and a large, loyal membership system that continuously contributes to retail sales, laying a solid foundation for steady growth in performance [3][10]. Summary by Sections Company Overview - Jiangnan Buyi is recognized as a top designer brand in China, with a product positioning in the mid-to-high-end market. The company has a comprehensive multi-brand layout that meets diverse customer needs, with established brands, growth brands, and emerging brands contributing to its revenue [7][30]. Financial Performance - The company is projected to achieve a net profit attributable to shareholders of 9.2 billion, 9.6 billion, and 9.9 billion CNY for FY2026, FY2027, and FY2028, respectively, with a corresponding PE ratio of 9 for each year. Assuming a 75% dividend payout ratio, the dividend yield for FY2026 is expected to reach 8% [3][10]. Competitive Advantages - Jiangnan Buyi's competitive advantages stem from three main pillars: design strength, fan engagement, and a multi-brand strategy. The design aspect combines artistic creativity with commercial viability, while the fan economy leverages a comprehensive retail model to enhance customer engagement and retention [8][9][10]. ROE and Dividend Policy - The company maintains a high return on equity (ROE) of over 35% in recent years, supported by efficient inventory turnover and strong profit margins. The dividend payout ratio has consistently been above 70%, reinforcing its attractiveness as a high-dividend stock [7][9][50]. Market Position - Jiangnan Buyi holds a significant market share in the domestic designer brand segment, with a 9.6% share in 2016, and has shown steady revenue growth with a CAGR of 13% from FY2014 to FY2025 [26][30][31]. Future Outlook - The report highlights the company's potential for growth in the designer brand segment, which is expected to continue expanding at a CAGR of 17% over the next five years, significantly outpacing the overall apparel market [56][58].