机构：天风证券 深化全渠道零售网络布局 公司继续深化覆盖全渠道零售网络的布局，线下与线上渠道进一步融合，以求为消费者提供无 缝一致 的购物体验，线上销售伴随消费者行为习惯变化稳步增长；不断升级包括"不止盒子""微商城"及"江南 布衣+"多品牌集合店等新兴消费场景或产品，为消费者提供更多增值服务。 公司在全球经营的独立实体零售店总数由2024 年6 月30 日重组后的2025 家增加至2025 年6 月30 日的 2117 家，其中JNBY 品牌961 家。 公司发布2024/2025 年报 FY25 收入55 亿，同比+4.6%，净利润9 亿，同比+6.0%；毛利率65.6%，同比-0.3pct；派发末期股息每 股普通股0.93 港元，财年总派息金额每股普通股1.38 港元。 加强品牌力建设 公司积极顺应市场变化、主动抓住市场机遇，继续坚持"设计和品牌力双驱动""多品牌规模化发 展"和"粉丝经济"战略，以"生于独到，立于多元"为主题庆祝公司成立三十周年。速写品牌在成立二十 周年之际，以"第二十回"为设计主旨，继续诠释"幽默再思考"的品牌理念，首次推出"黑支线b line"系 列。同时，公司品牌矩阵进一步丰富， ...

趣，体味更美好的艺术生活。芝麻信用作为极具影响力的商业信用体系代表，致力于推动"好信用享好 服务"理念深度落地，并持续通过升级信用服务体验，让信用价值更贴近用户日常生活与社会服务。 本报讯 （记者梁傲男）12月8日记者获悉，江南布衣有限公司（以下简称"江南布衣"）联合芝麻信用， 为芝麻分800+的高信用人群带来一场"美学与信用"的双向奔赴——芝麻800用户可免费解锁"BOX+不止 盒子"定制搭配服务，用信用解锁精致穿搭体验新方式。 此次"BOX+不止盒子"与芝麻信用联合，不仅是对"信用即价值"的深度落地，更是"BOX+不止盒子"对 高信用人群消费需求的精准回应，一次体验即可感受"艺术穿搭+灵活消费"的魅力。"专属单次免费搭配 服务"将于12月8日开抢，12月5日开启线上预约通道。 江南布衣供图 高信用专属：800分解锁穿搭体验服务入场券 好的信用是生活质感的延伸，优质的原创设计不该有体验门槛。作为中国领先的设计师品牌时尚公司， 江南布衣始终秉承"艺术探索 美好生活"的企业使命，让消费者从多元化的艺术设计产品中获得更多乐 此次江南布衣旗下"BOX+不止盒子"与芝麻信用旗下子品牌芝麻800携手，响应"芝麻800· ...

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 | | | 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12月1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 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | 本月底法定/註冊股本總額： HKD 10,000,000 FF301 第 1 頁 共 1 ...

Summary of Jiangnan Buyi Conference Call Company Overview - Jiangnan Buyi has recently achieved double-digit growth, driven by net store openings, same-store sales growth, and significant growth from third-party online platforms [2][4][3]. Key Points Industry Performance - The retail growth in October was positively influenced by the early Double Eleven shopping festival and colder weather, which boosted clothing sales [2][4]. - The recovery of mid-to-high-end brands is notable, potentially linked to the wealth effect from the stock market [2][5]. Sales Channels - Online channels account for over 21% of Jiangnan Buyi's overall sales and are growing the fastest [2][6]. - New retail channels, particularly private traffic operations, are also showing significant growth, although data reflects more on offline stores [2][6]. Store Expansion and Strategy - Jiangnan Buyi currently operates approximately 2,000 stores, with a net increase in low single digits this year [2][8]. - Future plans include steady expansion of offline stores, focusing on enhancing single-store performance for the main brand while also exploring new markets for growth brands [2][8]. Brand Differentiation - The high-end women's brand Laas is priced about 20% higher than the main brand, targeting a different customer segment with minimal overlap [2][9]. - Men's clothing is positioned between the main brand and Laas, while children's clothing features an artistic and cute style, appealing to the mid-to-high-end market [2][10]. Risk Management and Design Strategy - Jiangnan Buyi employs a design-driven approach to mitigate fashion risks, introducing new design themes each season, with a mix of innovative and safer designs [2][14]. - The company utilizes a shared inventory distribution system to enhance inventory turnover efficiency [2][14]. Financial Performance and Outlook - For the fiscal year ending November 2025, Jiangnan Buyi expects a revenue growth of 10% to 15%, with October retail sales growth projected at 15% to 20% [3][4]. - The company maintains a dividend payout ratio of 75% for the 2026 fiscal year, indicating a commitment to high dividends alongside expected double-digit growth [4][16]. Membership and Customer Engagement - The company has seen steady growth in active membership and spending, with approximately 50,000 to 60,000 new members added monthly [2][17]. - Jiangnan Buyi's membership system offers unique benefits compared to other women's brands, focusing on service and experience rather than just discounts [2][18]. Profitability and Inventory Management - The gross profit margin remains stable, with online sales contributing over 20% and an overall online gross margin exceeding 64% [2][19]. - The company has a healthy inventory turnover cycle, with 90%-95% of inventory sold profitably within three years [2][21]. Outlet Channel Performance - The outlet channel contributes about 10% to total sales and is one of the fastest-growing channels for the company [2][22]. Product Mix and New Arrivals - Approximately 60%-70% of the products sold are new arrivals, indicating a strong focus on promoting new collections both online and offline [2][23].

Summary of Jiangnan Buyi Conference Call Company Overview - **Company**: Jiangnan Buyi - **Industry**: Fashion Retail Key Points Brand Performance - Jiangnan Buyi's brands show differentiated performance, with the high-end women's brand LESS leading in growth, while the main brand and men's wear also maintain growth [2][3] - Online channels performed exceptionally well, achieving positive growth during the Double Eleven shopping festival due to effective promotional management [2][4] Sales and Revenue - From July 1, the company entered the 2026 fiscal year, with overall revenue growth across all channels and brands between 10% and 15% [3] - The main brand GNB Y has a retail scale of approximately 5 billion RMB in China, while the high-end women's brand LESS has potential in high-tier cities [3][16] Product Strategy - The autumn and winter down jackets are key sales items, noted for their design and cost-effectiveness, with prices around 2000 RMB [6] - The discount strategy remains stable, with seasonal products at over 20% off and past season items at over 50% off [5] Store Expansion - The company has maintained a low single-digit percentage increase in store openings since July, with the JNDY brand adding about 10 new stores [8] - There are currently 22 multi-brand stores across high-tier cities, with annual sales exceeding 10 million RMB per store [18] Supply Chain and Inventory Management - The company has over 300 suppliers, with all bulk production outsourced, ensuring quality through long-term partnerships and a dedicated QCQA team [20] - Inventory turnover is healthy, with a product lifecycle of four years and turnover days well below 200 [12] Financial Outlook - The company plans to invest over 10 billion RMB in a new logistics center over the next 3-4 years, with a clear annual dividend payout ratio of 75% [17][19] - The logistics center will not affect the dividend policy, as the project will be built in phases [19] Market Position and Consumer Insights - The target demographic is middle to high-income consumers who prioritize product innovation and service experience, willing to spend on quality apparel [14][15] - There is a growing interest in local brands over international ones, providing a potential customer base [15] Future Plans - The company is exploring a fast-response ordering system to adapt to real-time sales performance [12] - The newly acquired functional sports children's brand OMEG aims to expand into physical retail, with plans for more stores based on market feedback [18] Design and Brand Management - The design team is stable, with a mix of experienced and young designers, ensuring adaptability to fashion trends [21] - The company manages new and existing brands independently while providing centralized support [22] Market Trends - The company observes that the current consumer environment in China resembles Japan's fourth consumption era, presenting opportunities for personalized and cost-effective fashion [23] Additional Insights - The company emphasizes the importance of maintaining brand strength and product quality through careful selection of distributors and a focus on cash flow management [10][11]

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]

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 | | | ...

（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]