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 何部分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 ...

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8月31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9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 | ...

Core Viewpoint - Jiangnan Buyi (03306.HK) announced that it will hold a board meeting on September 8, 2025, to consider and approve the annual performance for the year ending June 30, 2025, and to discuss the proposal for the final dividend distribution [1] Group 1 - The board meeting is scheduled for September 8, 2025 [1] - The meeting will focus on the annual performance ending June 30, 2025 [1] - The company will also consider the proposal for the final dividend distribution [1]

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 部分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。 承董事會命 江南布衣有限公司 主席兼執行董事 吳健 香港，二零二五年八月二十七日 於本通告日期，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、韓敏女士及胡煥新 先生。 （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 董事會會議通告 江南布衣有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二零二五年 九月八日（星期一）舉行董事會會議，藉以（其中包括）考慮及批准本公司及其附屬公 司截至二零二五年六月三十日止年度之全年業績及其發佈，並考慮建議派發末期股 息。 ...

法定/註冊股份數目 面值 法定/註冊股本 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 證券代號 (如上市) 03306 說明 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7月31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8月4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 | | 增加 / 減少 (-) | | 0 | HKD | 0 | | --- | --- | --- | --- | --- | | 本月底結存 | 1,000,000,000 | HKD | 0.01 HKD | 10,000,000 | FF301 III.已發 ...

Summary of Jiangnan Buyi Conference Call Company Overview - **Company**: Jiangnan Buyi - **Industry**: Retail, specifically in apparel and fashion Key Points and Arguments Retail Performance - Retail sales in April and May showed significant growth, driven by the May Day holiday and promotional activities with Xiaohongshu, particularly involving core brands such as Suxie and Less, as well as the early 618 promotion effect [2][3] - Women's apparel performed the best, followed by children's wear and men's wear [2][5] - Online sales adopted a unified inventory strategy, focusing on self-management and a comprehensive membership strategy, leading to an increase in the proportion of new products contributing to overall GPA [2][3] Sales Strategy and Discounts - The overall discount strategy remained stable, with discounts on seasonal products steady and discounts on out-of-season products narrowing [2][3] - The company reported a significant improvement in offline retail in May, with high single-digit growth and positive same-store sales [2][3][10] Store Operations and Channel Strategy - High-tier city direct-operated stores showed significant improvement, contributing greatly to overall performance [2][9] - The transition from self-operated to distribution model has been implemented in the first half of the fiscal year, primarily in cities like Wenzhou, Qingdao, and Wuxi, which may temporarily affect revenue recognition but is expected to have a positive long-term impact if business scales up [2][13] Future Outlook and Product Strategy - The autumn/winter ordering meeting indicated stable growth expectations, with a growing importance of fast-response ordering models [2][14] - Two women's brands have different expansion strategies: GENNBIO focuses on increasing single-store output, while Max has significant expansion potential [2][15] Membership and Customer Engagement - The total membership exceeded 12 million, with continuous growth through member activities and data accumulation to enhance customer conversion rates [3][22] - The company maintains its annual performance guidance, expecting revenue close to 500 million yuan, with profits potentially exceeding previous guidance due to better-than-expected first orders and effective budget management [3][23][25] Inventory Management - The company is not overly concerned about the slightly lower sell-through rate of autumn/winter products, as the product lifecycle is long, allowing for continued sales through online channels and outlet stores [3][26] Children's Wear Expansion - The children's wear segment shows significant potential, with plans to open offline stores for the newly acquired functional children's wear brand On My Game and explore multi-brand children's wear collection stores [3][19][21] Digital Retail Contribution - The mini-program has made a significant contribution to YPD, with high single-digit retail sales growth attributed to this digital channel [3][17] Promotional Campaigns - The 618 promotion strategy this year differed from previous years, focusing on self-management without exclusive e-commerce products or influencer marketing, which has benefited online sales [3][7] Additional Important Insights - The company is exploring new electronic products, with specific developments expected in the next fiscal year [3][21] - The overall health of inventory turnover remains positive, with the company confident in its ability to manage unsold seasonal products effectively [3][26]

Summary of Jiangnan Buyi Conference Call Company Overview - Jiangnan Buyi has shown improving growth rates from low single-digit to high single-digit growth since the beginning of the year, with an expected annual revenue growth close to 5% and profit growth potentially exceeding previous low expectations [2][4][33]. Key Points Revenue and Profit Guidance - The company anticipates a conservative internal guidance for revenue growth at mid-single digits and profit growth at low single digits for the fiscal year 2025, with potential for better-than-expected performance [2][4]. Inventory Management - Promotional events have limited impact on inventory reduction, relying more on online off-season discounts and offline outlet channels. The sell-through rate for autumn/winter products decreased, leading to increased inventory, but the long product lifecycle maintains profitability [2][7]. Brand Strategy - The LESS brand division operates independently, experimenting with the Classita brand. If successful, this model may be extended to other brands to enhance operational efficiency and brand vitality [2][8]. Membership Growth - The company adds approximately 60,000 new members monthly, with a stable increase in membership. High-repurchase-rate members value unique experiences and privileges, such as exclusive events and stylist services [2][9][11]. Discount Management - Discounts improved year-on-year in the first half of fiscal 2025, with expectations to maintain this trend in the second half. Overall discount management is effective, contributing to healthy retail growth [2][14]. Sales Performance - Sales performance in April and May showed sequential improvement, with April experiencing mid-single-digit growth and May exceeding double-digit growth in the first half, although there was a slowdown in the latter half of May [3][4]. Distribution Strategy - The performance of distribution areas slightly outperformed direct sales areas, with high-tier cities being sensitive to economic fluctuations but showing recent improvements. The transition from direct sales to distribution is stable, with no major changes expected in future strategies [5][17][18]. Brand Performance - Different brands within the company showed varied performance, with women's and children's clothing performing better than men's clothing. This trend is expected to continue into the second half of the year [22]. Product Innovation - The company maintains a balance between classic and innovative designs, with approximately 70-80% of products being classic or safe styles and 20-30% being new designs [23]. Future Plans - Jiangnan Buyi plans to open offline stores, starting with pilot locations near its headquarters, and aims to establish single-brand and children's collection stores [28]. Dividend Policy - The company intends to maintain a stable dividend policy, with an expected payout ratio of 75% for fiscal 2025, signaling a commitment to high dividends [5][32]. Overall Development - Despite the broader economic environment not fully recovering, the company has achieved steady positive growth and maintains high-quality development without resorting to discount promotions [33].

欢迎大家参加我们今天江南不一的交流会议那与我一起在会的还有我们的江南不一的阿尔迪安妮总还有我们的同事房租人丁阳雨清那在过去的这个半年报的话我们看到江南不一在这个二五上半财年也就是说自然而然的坚持到二十年的年底整个的业绩表现还是非常亮眼的收入的话是同比有一个5%的增长 那么虽然说相比前面两个台积的话这个趋势上稍微是有所减弱但是要考虑到当时对应大家的自然年的话其实是去年的Q3、Q4但那个时候品牌股市其实普遍是一个下滑的情况 所以我们公司整个的这个表现在这家服务区里面相对还是比较突出的那么其中也有一些这个最新的品牌包括新并购的这个Online Game的表现都是非常亮眼的那么其中的一个详细的情况我还稍后就是请看Emily能够帮我们再简单更新一下然后另外就是想必大家也都很关心今年开年以来就是1到2月份我们这边大概是怎么样的一个表现然后以及后续的发展趋势 我们应该如何去展望所以今天的第一个环节还是先由安德里总帮我们做个简单的介绍然后后面这个QA环节会有提问的机会给到各位投资人下面有请安德里总 谢谢 好的 谢谢杨昕的一些简介我们二五中期业绩的一些表现那我可能先顺着刚才那个问题就先讲一下一二月份的一些情况好了那一般来讲我们 ...

Brand Portfolio and Market Strategy - As of December 31, 2024, the brand portfolio includes the mature brand JNBY, three younger brands (CROQUIS, jnby by JNBY, LESS), and various emerging brands such as POMME DE TERRE, JNBYHOME, onmygame, and B1OCK[4] - The company targets middle- and upper-income customers, providing a broad range of products that create a lifestyle ecosystem, resulting in a large and loyal customer base[5] - The company has expanded its brand portfolio through acquisitions, adding onmygame and B1OCK in 2024, enhancing product diversification and segmentation[5] - The company emphasizes a "JNBY Fans Economy" system, focusing on building a community of fans driven by lifestyle affinity[6] - The company continues to innovate in product offerings and marketing strategies to adapt to changing consumer preferences and market conditions[5] - The Chinese clothing market continues to show diversified consumption trends, with increasing demand for personalized and sustainable products[97] - The company aims to enhance its retail networks and optimize its omni-channel marketing platform through strategic investments in technology and social e-commerce[100] - The company has observed a competitive trend in the designer brand market, with a shift towards leading brands as consumers prefer trustworthy brands that provide quality experiences[99] - The company plans to attract new fans by optimizing its designer brand portfolio through self-incubation or mergers, enhancing design and R&D capabilities[100] Financial Performance - Total revenue for the first half of fiscal year 2025 reached RMB 3,156.4 million, a 5.0% increase from RMB 3,005.9 million in the same period of fiscal year 2024[18] - Gross profit for the same period was RMB 2,056.2 million, reflecting a 5.0% increase compared to RMB 1,959.2 million in the previous year[16] - Net profit for the first half of fiscal year 2025 was RMB 603.98 million, up 5.5% from RMB 572.59 million in the same period last year[16] - Basic earnings per share increased to RMB 1.17, a rise of 3.5% from RMB 1.13 in the previous year[16] - The net profit margin improved from 19.0% in the first half of fiscal year 2024 to 19.1% in the first half of fiscal year 2025[62] - Total revenue for the first half of fiscal year 2025 was RMB 3,156.4 million, an increase of 5.0% from RMB 3,005.9 million in the first half of fiscal year 2024[45] - Revenue from the mature brand JNBY increased by 3.6% to RMB 1,760.2 million, while revenue from younger brands decreased by 2.1% to RMB 1,202.4 million[37] - Revenue from emerging brands amounted to RMB 193.8 million, representing 6.1% of total revenue, with a significant increase of 147.3% compared to the previous year[37] - Revenue from offline channels decreased by 7.7% in self-operated stores but increased by 14.2% in distributor-operated stores, while online channels saw an increase of 11.9%[40][42] Operational Efficiency - The number of standalone retail stores increased from 2,025 as of June 30, 2024, to 2,126 as of December 31, 2024, expanding the sales network across all provinces in Mainland China and eight other countries[19] - Same store sales growth for offline retail shops was recorded at 0.1% in the first half of fiscal year 2025, despite fluctuating customer traffic[27] - Active membership accounts slightly decreased to 540,000 in 2024 from over 550,000 in 2023, with members contributing over 80% of total retail sales[29][31] - Membership accounts with annual purchases over RMB 5,000 increased to over 330,000, generating retail sales of RMB 4.68 billion, up from RMB 4.33 billion in 2023[30][31] - The incremental retail sales generated by the inventory sharing and allocation system reached RMB 648.7 million, an increase of 8.7% compared to RMB 596.8 million in the first half of fiscal year 2024[28] - The Group continues to leverage digital and smart retail channels, which positively impacted same-store sales growth[28] Financial Health and Governance - The company is committed to corporate governance practices, ensuring transparency and accountability in its operations[3] - The asset-liability ratio as of December 31, 2024, was 51.8%, compared to 50.6% a year earlier[16] - The company has no significant contingent liabilities as of December 31, 2024[93] - The company has no bank borrowings secured by assets as of December 31, 2024[92] - The Company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules and has complied with all applicable provisions during the reporting period[113] - The Audit Committee's primary duties include reviewing and supervising the financial reporting procedures and internal controls of the Company[110][116] Cash Flow and Investments - Cash and cash equivalents as of December 31, 2024, were RMB 739.7 million, up from RMB 699.2 million as of June 30, 2024[67] - Net cash inflow from operating activities decreased by 22.2% to RMB 822.6 million compared to RMB 1,057.4 million in the first half of fiscal year 2024[67] - The company incurred net cash used in investing activities of RMB 316,674,000, contrasting with a net cash generated of RMB 48,795,000 in the same period last year[175] - The company reported a significant increase in the purchase of property, plant, and equipment, totaling RMB 96,386,000, compared to RMB 46,583,000 in the previous year[175] Employee and Shareholder Information - As of December 31, 2024, the total number of employees increased to 1,678, with total employee costs for the first half of fiscal 2025 amounting to RMB 276.9 million, representing 8.8% of revenue[91] - The company has adopted a restricted share plan to incentivize senior management, designers, and key employees, with a total of 70,000,000 shares allocated, representing 13.5% of the issued shares, valid until June 30, 2029[138] - A total of 9,520,000 RSUs were granted during the six months ended December 31, 2024, with 140,000 RSUs forfeited or cancelled, resulting in 24,706,300 RSUs outstanding as of December 31, 2024[146] - The weighted average closing price of shares before RSU exercises during the six months ended December 31, 2024, was approximately HK$14.41[150] Interim Financial Information - The report includes a review of interim financial information, which is crucial for assessing the company's financial health and operational efficiency[3] - The interim financial information is prepared in accordance with Hong Kong Accounting Standards and should be read in conjunction with the annual financial statements as of June 30, 2024[184] - There are no new accounting standards or amendments expected to have a material impact on the Group for the interim period beginning July 1, 2024[189] - The Group's activities expose it to various financial risks, including market risk, credit risk, and liquidity risk[198] - There have been no changes in the risk management policies since June 30, 2024[200]

Summary of Jiangnan Buyi Conference Call Company Overview - Jiangnan Buyi focuses on a dual-driven strategy of design and brand strength, maintaining a gross margin of 65% [2][4] - High-value members (annual purchase over 5,000 RMB) reached 330,000, contributing over 60% of offline retail sales [2][4] - The company has a multi-brand scaling strategy with a compound annual growth rate (CAGR) exceeding 8% over the past five years [2][5] Financial Performance - For the first half of FY2025 (July to December 2024), revenue grew by 5% year-on-year, reaching 3.16 billion RMB, with profit exceeding 600 million RMB, a growth rate of 5.5% [3] - The interim dividend is expected to exceed 220 million RMB [3] Operational Strategies - Core operational strategies include a dual focus on design and brand strength, a high-engagement fan economy, and multi-brand scaling [4] - The average transaction value increased to nearly 2,400 RMB in the first half of FY2025 [20] - The main brand GNCO continues to show steady growth, while emerging brands are expected to contribute significantly, with OnMyGame projected to double its GMV in FY2025 [21] Inventory Management - Inventory balance increased due to lower sell-through rates affected by high temperatures and early Spring Festival preparations [9] - Inventory turnover days remain healthy at 150-160 days, with plans to liquidate 95% of excess inventory within three years [10] - Dealers have a policy return rate of about 15%, with some inventory retained for promotions [11] Market Dynamics - Overall retail sales in January and February showed low single-digit growth, with no significant recovery observed post-Spring Festival [6][12] - In-store performance varies by city tier, with first-tier cities performing better than high-tier cities, which are experiencing a decline in foot traffic [13][14] Membership and Customer Engagement - Active membership numbers decreased slightly, attributed to market conditions and consumer behavior changes [16] - The company employs targeted strategies for member acquisition and retention, focusing on high-value members [18][19] Future Outlook - The company remains cautious about acquisitions, evaluating opportunities without a specific timeline [24] - Digital retail is growing, with a focus on multi-channel strategies to adapt to consumer preferences [29] Additional Insights - The company maintains a dividend payout ratio of 75% for FY2025, despite a decrease in operating cash flow [26] - Dealers are generally profitable, supported by a return policy and renovation subsidies [28]