今天的发布会分为两个部分第一部分管理层将针对2024-25冬季业绩投资亮点以及发展策略为我们做深入讲解之后是问答环节现在我把时间交给CFO Brian谢谢 各位投资人朋友及分析师朋友们大家好欢迎来到江南不一二五财年中期业绩发布会的现场我是布莱恩很高兴再次见面今天我跟大家分享一下在二五财年中期的一个业绩表现也希望跟大家能够进一步的互动交流 江南不易已经走过了三十多年在座的各位也有一些是伴随我们多年成长的投资人朋友那么在接下来的介绍中我们还是会从集团概览中期业务表现运营情况ESG理念和实践以及我们的未来发展规划五个维度来进行阐述首先我来介绍一下江南不易的概览因为在座的也有一些是新的朋友 大家都关心江南布伊是一家什么样的公司 未来的发展的方向是什么所以我们应该介绍一下我们江南布伊整个愿景是什么我们想要做一家有影响力的设计师品牌公司那么我们也可以从三个维度去阐述理解我们的愿景 首先是一个艺术探索这是品牌创新的源泉也是我们品牌的一个核心基因不仅驱动着我们不断突破设计的边界更激发着我们以艺术的眼光去审视和创造每一件产品我们对艺术的探索不仅塑造了品牌独特的艺术风格也更让我们在激烈的市场竞争中可以脱颖而出成为引领潮流的先锋 ...

Financial Performance - The total revenue for the first half of fiscal year 2025 amounted to RMB3,156.4 million, an increase of 5.0% or RMB150.5 million compared to RMB3,005.9 million for the first half of fiscal year 2024[4]. - The gross profit for the first half of fiscal year 2025 was RMB2,056.2 million, reflecting a 5.0% increase or RMB97.0 million from RMB1,959.2 million in the previous year, with a slight decrease in gross profit margin to 65.1%[4]. - The net profit for the first half of fiscal year 2025 reached RMB604.0 million, up 5.5% or RMB31.4 million from RMB572.6 million in the first half of fiscal year 2024[5]. - Operating profit for the first half of fiscal year 2025 was RMB826.3 million, an increase from RMB801.6 million in the previous year[8]. - Total comprehensive income for the period was RMB612.7 million, compared to RMB575.6 million in the first half of fiscal year 2024[10]. - Basic earnings per share increased to RMB1.17 from RMB1.13 in the previous year[10]. - Segment operating profit for the six months ended December 31, 2024, was RMB 1,152,918,000, compared to RMB 1,094,318,000 in 2023, reflecting an increase of about 5.3%[78]. - For the six months ended December 31, 2024, profit attributable to shareholders increased to RMB 599,547,000, up from RMB 572,598,000 in the same period of 2023, representing a growth of approximately 4.7%[97]. - The basic earnings per share for the six months ended December 31, 2024, was RMB 1.17, compared to RMB 1.13 for the same period in 2023, reflecting an increase of 3.5%[97]. - The diluted earnings per share for the six months ended December 31, 2024, was RMB 1.16, up from RMB 1.11 in the previous year, indicating a growth of 4.5%[100]. Cash Flow and Dividends - Net cash inflow from operating activities decreased by 22.2% to RMB822.6 million, down RMB234.8 million from RMB1,057.4 million in the previous year[5]. - The company paid dividends amounting to RMB411,973,000 during the period, an increase from RMB322,591,000 in the previous year[24]. - Cash generated from operations decreased to RMB965,209,000 compared to RMB1,185,509,000 in the same period of 2023, leading to a net cash generated from operating activities of RMB822,603,000[22]. - The cash and cash equivalents at the end of the period stood at RMB739,701,000, down from RMB1,095,046,000 at the end of December 2023[24]. - A final dividend of RMB411,973,000 was paid during the six months ended December 31, 2024, compared to RMB322,591,350 in the same period of 2023, marking an increase of approximately 27.7%[101]. Expenses and Costs - Selling and marketing expenses rose to RMB1,020.7 million, compared to RMB939.7 million in the first half of fiscal year 2024[8]. - Administrative expenses increased to RMB271.7 million from RMB246.0 million in the previous year[8]. - Employee benefit expenses increased to RMB276,920,000 in 2024 from RMB234,790,000 in 2023, marking a rise of about 17.9%[79]. - Promotion and marketing expenses rose to RMB262,399,000 in 2024, up from RMB191,781,000 in 2023, indicating an increase of approximately 36.8%[79]. - Total cost of sales, selling and marketing expenses, and administrative expenses for the six months ended December 31, 2024, was RMB2,389,014,000, up from RMB2,236,380,000 in 2023, reflecting an increase of about 6.8%[79]. Assets and Liabilities - Total assets increased to RMB5,095,737,000 as of December 31, 2024, up from RMB4,446,855,000 as of June 30, 2024, representing a growth of 14.6%[12]. - Current assets rose to RMB3,286,740,000, a significant increase of 24.6% from RMB2,638,040,000 reported on June 30, 2024[12]. - Total liabilities reached RMB2,641,050,000, an increase of 18.0% from RMB2,236,682,000[14]. - Net assets grew to RMB2,454,687,000, reflecting an increase of 11.0% from RMB2,210,173,000[14]. - Total equity attributable to shareholders of the Company rose to RMB2,407,922,000, up from RMB2,167,842,000, a growth of 11.1%[14]. - Trade receivables surged to RMB240,832,000 as of December 31, 2024, up from RMB143,928,000 as of June 30, 2024, indicating a significant increase of 67%[125]. - Finished goods inventory increased to RMB1,381,799,000 as of December 31, 2024, from RMB1,087,834,000 as of June 30, 2024, reflecting a growth of 27%[122]. - Trade payables increased to RMB400,545,000 from RMB260,533,000 as of June 30, 2024, representing a 53.7% increase[163]. Financial Risks and Management - The Group faces various financial risks, including market risk, credit risk, and liquidity risk[44]. - The financial risk management policies have not changed since June 30, 2024[50]. - Fair value estimation for financial instruments is based on quoted market prices for those traded in active markets[52]. - The Group's financial instruments include primarily equity investments classified as trading securities or financial assets at fair value through profit or loss[52]. Acquisitions and Business Combinations - The company completed a business combination under common control, resulting in a consideration paid of RMB1,672,000[24]. - The Group completed the acquisition of Hangzhou OōEli Brand Management Co., Ltd. for a cash consideration of RMB1,672,000 in November 2024[179]. - The acquisition of OōEli was accounted for using merger accounting, with no goodwill recognized due to common control[180]. - The revenue for the Group was restated to RMB3,005,941, reflecting an increase of RMB30,399 due to the business combination[188]. - Gross profit was adjusted to RMB1,959,212, with an increase of RMB11,478 from previous reports[188]. Accounting Standards and Compliance - The interim financial information for the six months ending December 31, 2024, is prepared in accordance with Hong Kong Accounting Standards[34]. - There are no new accounting standards expected to have a material impact on the Group for the interim period beginning July 1, 2024[41]. - The Group's significant judgements and estimates in preparing interim financial information are consistent with those applied in the consolidated financial statements for the year ended June 30, 2024[43].

Summary of Conference Call Records Company Overview - The conference call involves Jiangnan Buyi, a company in the fashion industry, particularly focusing on mid-to-high-end women's clothing. Key Points and Arguments Sales Trends - Sales performance showed a significant decline in the first quarter (July to September) with a three-digit drop, attributed to weak consumer sentiment and high temperatures affecting autumn clothing sales [1][2] - October sales improved with a 15% increase, driven by promotional activities leading up to Double Eleven [1][2] - December is expected to perform well due to the upcoming Spring Festival, with increased consumer willingness to shop [2] Consumer Behavior - The worst consumer traffic was recorded from July to September, with a slight recovery noted in October, likely due to cooler weather [2] - The company is focusing on enhancing customer experience and loyalty through refined membership operations and product quality [1][2] Pricing and Discounts - The company maintains a cautious approach to discounting, avoiding deep discounts that could harm brand integrity [3][4] - Current discount rates are stable, with seasonal products seeing a discount of around 60% for last year's items [3][4] Strategic Focus - Jiangnan Buyi emphasizes a dual strategy of design-driven and brand-driven growth, with a stable design team of approximately 70 designers [5][6] - The company has implemented a robust training program for sales staff to enhance their selling capabilities and product knowledge [19] Membership and Customer Engagement - Membership has grown from 510,000 to 550,000, contributing to 80% of total revenue, indicating effective customer retention strategies [19] - The company offers a ten-year repair service for products, enhancing customer loyalty and engagement [12] Brand Development and Acquisitions - The company has acquired a functional children's sportswear brand, OMYGAME, and a designer brand store, Brock, to expand its portfolio and market reach [18][19] - The acquisition of Brock is expected to enhance brand visibility and provide access to international designer brands [18] Market Positioning - Jiangnan Buyi aims to capture more market share post-pandemic, with a focus on product innovation and brand differentiation [16][17] - The company is closely monitoring competitors and adapting strategies based on market trends and consumer preferences [17] Future Outlook - The company plans to continue investing in brand strength and customer experience, with expectations of sustainable growth across its various brands [15][19] - The focus will remain on enhancing operational efficiency and refining marketing strategies to attract new customers while retaining existing ones [19] Additional Important Content - The company has established a dedicated PR department to manage public relations and mitigate potential negative publicity [13] - There is an emphasis on maintaining a balance between creative freedom for designers and product stability to avoid public backlash [13][14] This summary encapsulates the key insights from the conference call, highlighting the company's current performance, strategic initiatives, and future outlook in the fashion industry.

各位尊敬的股东投资者以及分析师早上好感谢大家抽空出席江南不一有限公司2024-25中期业绩发布会首先让我为各位介绍今天出席的管理层分别是江南不一董事会主席兼创始人吴建先生 Ken执行董事兼首席执行官吴华婷女士 Lu 首席财务官范永奎先生Brian以及投资者关系总监强硬男女士Emily 今天的发布会分为两个部分第一部分管理层将针对2024-25中企业机投资亮点以及发展策略为我们做深入讲解之后是问答环节现在我把时间交给CFO Brian谢谢 各位投资人朋友及分事朋友们大家好欢迎来到江南不一二五财年中期业绩发布会的现场我是Brian很高兴再次见面今天我跟大家分享一下在二五财年中期的一个业绩表现也希望跟大家能够进一步地互动交流 江南不易已经走过了30周年在座的各位也有一些是伴随我们多年成长的投资人朋友那么在接下来的介绍中我们还是会从集团概览中期业务表现运营情况ESG理念和实践以及我们的未来发展规划五个维度来进行阐述首先我来介绍一下江南不易的概览因为在座的也有一些是新的朋友 大家都关心江南布伊是一家什么样的公司未来的发展的方向是什么所以我们一定要介绍一下我们江南布伊整个愿景是什么我们想要做一家有影响力的设计师品牌公司那 ...

Brand Portfolio and Market Strategy - Jiangnan Buyi's brand portfolio includes multiple brands across different stages, such as the mature brand JNBY and three growth brands: Sketch, jnby by JNBY, and LESS, along with emerging brands like POMME DE TERRE and onmygame, enhancing market segmentation [5]. - The company has established a multi-channel interactive platform consisting of physical retail stores, online platforms, and WeChat-based social media marketing, crucial for attracting and converting potential fans into loyal customers [10]. - In 2024, Jiangnan Buyi expanded its brand matrix by acquiring the children's clothing brand onmygame, further diversifying its offerings to cater to a broader age demographic [10]. - The company plans to continue focusing on design-driven strategies and multi-brand development to enhance market presence and brand strength [16]. - The company plans to enhance its brand power and optimize its designer brand portfolio to drive sustainable long-term growth [19]. - The company aims to expand its retail network and improve its smart supply chain capabilities to create value-added services for its fans [19]. - The company has implemented a multi-brand strategy to attract different consumer segments, with each brand catering to specific preferences [50]. Financial Performance - Revenue for the fiscal year ending June 30, 2024, reached RMB 5,238,149 thousand, a 17.3% increase from RMB 4,465,124 thousand in the previous year [12]. - Gross profit increased to RMB 3,470,485 thousand, reflecting a 19.0% growth compared to RMB 2,916,992 thousand in the prior year [12]. - Operating profit rose by 39.2% to RMB 1,194,266 thousand from RMB 857,898 thousand year-over-year [12]. - Net profit for the year was RMB 848,139 thousand, a 36.5% increase from RMB 621,283 thousand in the previous year [12]. - The company achieved a net cash flow from operating activities of RMB 1,602,967 thousand, up 70.7% from RMB 939,119 thousand [12]. - The gross margin improved to 66.3%, up from 65.3% in the previous year, indicating enhanced profitability [12]. - The company reported a net profit margin of 16.2%, an increase from 13.9% year-over-year [12]. - The group's profit before tax increased from RMB 850.8 million in fiscal year 2023 to RMB 1,213.1 million in fiscal year 2024, reflecting a growth of 42.6% [33]. Retail and Sales Performance - The number of independent retail stores increased from 1,990 to 2,024, with a total of 924 stores under the mature brand JNBY and 1,043 stores under growth brands [20]. - Comparable store sales for physical retail locations grew by 10.7% in fiscal year 2024, driven by store image upgrades and the introduction of new consumer scenarios [25]. - Active membership accounts increased to over 550,000, up from nearly 510,000 in the previous fiscal year, contributing over 80% of total retail sales [25]. - The number of member accounts with annual purchases exceeding RMB 5,000 rose to over 310,000, with total retail sales from these members reaching RMB 4.49 billion, up from RMB 3.54 billion [25]. - Online sales revenue grew by 18.4% to RMB 1,008.4 million, while offline sales revenue increased by 17.1% to RMB 4,229.7 million [29]. Operational Efficiency and Management - Inventory turnover days decreased to 155.9 days from 190.9 days, indicating improved inventory management [13]. - The debt-to-asset ratio improved to 49.4% from 51.3%, reflecting a stronger financial position [13]. - The company plans to continuously upgrade its information technology systems to support ongoing operational and business growth [54]. - The company emphasizes the importance of its information technology systems for operational efficiency, integrating various management systems to analyze operational data in real-time [54]. - The company has established a robust risk management and internal control system to ensure asset safety and protect shareholder interests, with an annual review of its effectiveness [120]. Sustainability and ESG Initiatives - The company is committed to integrating Environmental, Social, and Governance (ESG) practices into its corporate governance framework, with a goal to achieve its 2025 ESG commitments [35]. - The proportion of sustainable raw materials in total raw material procurement reached 22.4% as of the fiscal year 2024, with a target of 30% by the end of fiscal year 2025 [135]. - The company achieved a 139.2% year-on-year increase in the recycling and utilization of inventory fabrics, totaling 189,000 meters [140]. - The company has integrated ESG factors into its business strategy, establishing an ESG governance framework led by the board of directors [145]. - The company emphasizes the use of organic cotton, organic linen, hemp, and ramie, which do not require significant pesticide or fertilizer use, thus reducing environmental impact [166]. Corporate Governance - The company has adopted a corporate governance code and has adhered to all applicable provisions during the fiscal year 2024 [96]. - The board consists of three executive directors, one non-executive director, and three independent non-executive directors, complying with the listing rules regarding board composition [96]. - The company emphasizes diversity in its board composition, considering various factors such as age, culture, and professional experience [96]. - The company has established a whistleblowing policy to allow employees to report concerns regarding financial reporting and internal controls confidentially [108]. - The company has a dedicated internal audit department responsible for annual risk reporting procedures and evaluating risk management practices [120]. Employee and Management Practices - The total employee count increased to 1,596 as of June 30, 2024, up from 1,508 a year earlier, with total employee costs amounting to RMB 486.5 million, representing 9.3% of revenue [34]. - The company provides competitive compensation and training opportunities to employees, aiming to attract and retain dedicated staff [57]. - The company has implemented a comprehensive quality management system, achieving ISO 9001 certification and multiple product certifications, including OEKO-TEX® STANDARD 100 for infant products [188]. - The company emphasizes customer experience and satisfaction through a fully integrated sales network combining offline and online platforms [196]. Challenges and Risks - The company faces significant competition in the designer fashion market, with competitors potentially having stronger brand recognition and financial resources [51]. - The company acknowledges the risk of not meeting sales targets for new brands or product categories, which could adversely affect cash flow and growth prospects [52]. - The company relies on selected domestic OEM suppliers for production, which may be affected by industry downturns or natural disasters, potentially leading to supply shortages [53].

Brand Portfolio and Strategy - The company has categorized its brand portfolio into three stages: mature brands (JMBY), growth brands (men's wear Su Xie, women's wear Less), and emerging brands (Penma, Relab, OMYGAME) [1] - Each brand has a unique brand language and market positioning, collectively building a diverse and rich brand matrix for the company [1] Business Lines and Market Positioning - The growth brands include Su Xie for men's wear and Less for women's wear, indicating a focus on expanding in the apparel sector [1] - Emerging brands such as Penma, Relab, and OMYGAME suggest the company is exploring new market segments and diversifying its offerings [1] Market and Industry Competition - The company's strategy of maintaining a diverse brand portfolio with distinct market positioning reflects a competitive approach to capture different consumer segments [1] Management Commentary and Future Outlook - No specific management commentary or future outlook was provided in the document [1] Other Important Information - No other significant information was mentioned in the document [1] Q&A Session - No Q&A session was recorded in the document [1]

Financial Performance - For the fiscal year ending June 30, 2024, the total revenue of JNBY Design Limited was RMB 5,238.1 million, an increase of 17.3% or RMB 773.0 million compared to RMB 4,465.1 million for the fiscal year ending June 30, 2023[2]. - The gross profit for the fiscal year 2024 was RMB 3,470.5 million, up 19.0% or RMB 553.5 million from RMB 2,917.0 million in the previous fiscal year, with a gross margin increase from 65.3% to 66.3%[2]. - The net profit for the fiscal year 2024 reached RMB 848.1 million, representing a 36.5% increase or RMB 226.9 million compared to RMB 621.3 million in fiscal year 2023[2]. - The operating profit for the fiscal year ending June 30, 2024, was RMB 1,194,266,000, compared to RMB 857,898,000 for the previous year, indicating a significant increase of about 39.4%[20]. - The company reported a profit attributable to shareholders of RMB 849,087,000 for the year ended June 30, 2024, up from RMB 621,292,000 in 2023, representing a growth of 36.6%[28]. - The net cash inflow from operating activities for fiscal year 2024 was RMB 1,603.0 million, a significant increase of 70.7% or RMB 663.9 million from RMB 939.1 million in fiscal year 2023[2]. - The total comprehensive income for the fiscal year 2024 was RMB 869.2 million, compared to RMB 642.4 million in the previous year, indicating a growth of 35.3%[5]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.86 per share, totaling approximately RMB 824.8 million, which accounts for 97% of the company's net profit for fiscal year 2024[2]. - The total dividends declared and paid for the year ended June 30, 2024, amounted to RMB 726,533,000, significantly higher than RMB 391,864,000 in 2023, showing an increase of 85.5%[31]. - The company has adopted a general annual dividend policy to distribute 75% of the net profit available for distribution each fiscal year[26]. Assets and Liabilities - The total assets of the company as of June 30, 2024, were RMB 4,372.3 million, an increase from RMB 4,065.8 million in the previous year[8]. - The total liabilities decreased slightly to RMB 2,160.8 million from RMB 2,084.3 million in the previous year, reflecting improved financial stability[9]. - The company's equity attributable to shareholders increased to RMB 2,169.2 million from RMB 1,981.5 million, showing a growth of 9.5%[9]. - The company's total liabilities increased to RMB 780,935,000 in 2024 from RMB 640,322,000 in 2023, marking a rise of 22%[47]. Revenue Breakdown - Revenue from mature brands in mainland China was RMB 2,919,867,000, while growth brands generated RMB 2,176,553,000, and emerging brands contributed RMB 109,619,000 for the fiscal year ending June 30, 2024[19]. - Revenue from the geographical segment of mainland China accounted for 99.4% of total revenue, increasing by 17.7% to RMB 5,206.0 million[67]. - Revenue from the mature brand JNBY increased by 17.1% to RMB 2,944.2 million, while the growth brand segment saw a 17.0% increase to RMB 2,184.1 million[63]. - Online sales channel revenue grew by 18.4% to RMB 1,008.4 million, while offline sales channels increased by 17.1%[66]. Operational Highlights - The number of independent retail stores globally increased from 1,990 to 2,024, with a presence in all provinces and regions of mainland China and nine other countries[56]. - Comparable store sales growth for physical retail stores was recorded at 10.7% in fiscal year 2024, driven by strategic investments in store image upgrades and the successful launch of "Jiangnan Buyi+" multi-brand stores[60]. - Active member accounts exceeded 550,000, a significant increase from nearly 510,000 in fiscal year 2023, contributing over 80% of total retail sales[61]. - The company operates 514 self-operated stores and 1,488 distributor stores in mainland China as of June 30, 2024[58]. Expenses and Costs - Employee benefits expenses increased to RMB 486,503,000 for the fiscal year ending June 30, 2024, compared to RMB 434,792,000 in the previous year, marking an increase of about 11.9%[21]. - Selling and marketing expenses for fiscal year 2024 were RMB 1,827.1 million, accounting for 34.9% of total revenue, down from 38.0% in the previous year[70]. - The cost of goods sold for the fiscal year ending June 30, 2024, was RMB 1,620,362,000, up from RMB 1,374,982,000 in the previous year, indicating an increase of approximately 17.8%[21]. Investments and Acquisitions - The company acquired a 51% stake in Huiju for approximately RMB 96,441,000, gaining effective control with three out of five board seats[49]. - The fair value of identifiable net assets acquired from Huiju was RMB 88,410,000, with goodwill recognized at RMB 51,352,000 due to expected high growth and synergies[50]. - The company's cash outflow for the acquisition of Huiju, net of cash acquired, was RMB 39,121,000[51]. Governance and Compliance - 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 fiscal year 2024[85]. - The audit committee reviewed the accounting principles and practices adopted by the group for the fiscal year 2024[88]. - The auditors confirmed that the figures in the performance announcement align with the audited consolidated financial statements for the fiscal year 2024[89].

Financial Performance - Total revenue for the six months ended December 31, 2023, was RMB 2,975.5 million, an increase of 26.1% compared to RMB 2,360.0 million for the same period in 2022[9]. - Gross profit for the same period was RMB 1,947.7 million, reflecting a growth of 27.6% from RMB 1,526.2 million year-on-year[9]. - Operating profit increased by 55.2% to RMB 803.1 million, up from RMB 517.3 million in the previous year[9]. - Net profit rose by 54.5% to RMB 574.1 million, compared to RMB 371.7 million for the same period last year[9]. - Cash flow from operating activities increased significantly by 173.5% to RMB 1,059.7 million, up from RMB 387.4 million[9]. - The company reported total comprehensive income of RMB 577,126 thousand, compared to RMB 375,802 thousand in the same period last year, an increase of about 53%[57]. - Basic earnings per share rose to RMB 1.14, compared to RMB 0.74 in the prior year, showing a 54% increase[57]. - The company's profit attributable to shareholders for the six months ended December 31, 2023, was RMB 574,121,000, representing a 54.5% increase from RMB 371,716,000 in the same period of 2022[90]. Operational Efficiency - The company’s gross margin improved to 65.5%, up from 64.7% in the previous year[9]. - The operating margin increased to 27.0%, compared to 21.9% in the prior year[9]. - The net profit margin rose to 19.3%, up from 15.8% year-on-year[9]. - Sales and marketing expenses for the first half of fiscal year 2024 were RMB 926.3 million, representing 31.1% of total revenue, a decrease from 34.6% in the previous year, indicating improved operational efficiency[22]. - The total operating expenses for the six months ended December 31, 2023, were RMB 1,172,462 thousand, compared to RMB 1,042,710 thousand in 2022, representing an increase of approximately 12.4%[81]. Retail Expansion - The number of independent retail stores increased from 1,990 as of June 30, 2023, to 2,036 as of December 31, 2023[11]. - The comparable store sales for offline retail stores recorded a growth of 23.9% in the first half of fiscal year 2024, driven by strategic investments in store image upgrades and the introduction of new retail concepts[16]. - The revenue from the mature brand JNBY increased by 24.0%, amounting to RMB 328.6 million, while the growth brands collectively saw a revenue increase of 29.7%[18]. Cash and Assets - Cash and cash equivalents as of December 31, 2023, amounted to RMB 1,093.3 million, up from RMB 525.1 million as of June 30, 2023[26]. - Total assets amounted to RMB 4,529,440 thousand, an increase from RMB 4,065,827 thousand as of June 30, 2023, representing a growth of approximately 11.4%[58]. - Current assets increased to RMB 2,852,977 thousand from RMB 2,222,646 thousand, reflecting a significant rise of approximately 28.4%[58]. - The company’s cash reserves for statutory surplus reserves were RMB 241,000 as of December 31, 2023, compared to RMB 249,000 as of June 30, 2023, showing a decrease of approximately 3.2%[105]. Corporate Governance - 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 six months ending December 31, 2023[36]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results for the six months ending December 31, 2023[38]. - The company will continue to review and monitor its corporate governance practices to ensure compliance with the governance code[36]. Dividends - The board declared an interim dividend of HKD 0.46 per share (approximately RMB 0.42) for the six months ended December 31, 2023[33]. - A special interim dividend of HKD 0.39 per share (approximately RMB 0.36) was also declared to celebrate the company's 30th anniversary[34]. - The final dividend paid for the six months ended December 31, 2023, was RMB 322,591,350, compared to RMB 259,004,000 for the same period in 2022, reflecting a 24.6% increase[91]. Shareholder Information - Wu Jian and Li Lin each hold 318,458,000 shares, representing 61.39% of the company, as beneficiaries of a trust[41]. - Wu Huateng holds 9,694,000 shares, representing 1.87% of the company, as a beneficial owner[41]. - Cititrust Private Trust (Cayman) Limited holds 309,258,000 shares, representing 59.62% of the company, as a trustee[44]. - The company has adopted a restricted share plan with a total of 70,000,000 shares, not exceeding 13.5% of the issued shares, effective until June 30, 2029[47]. Financial Risk Management - The company’s financial risk management includes assessing the impact of economic changes on fair value estimates, particularly regarding interest rates and inflation[74]. - The fair value of financial assets measured at fair value as of December 31, 2023, totaled RMB 252,290 thousand, with RMB 181,976 thousand classified as Level 3 instruments[75].

Revenue and Profit Growth - Total revenue for the first half of fiscal year 2024 reached RMB 2,975.5 million, a 26.1% increase compared to RMB 2,360.0 million in the same period of fiscal year 2023[2] - Net profit for the first half of fiscal year 2024 was RMB 574.1 million, a 54.5% increase compared to RMB 371.7 million in the same period of fiscal year 2023[2] - Total revenue for the six months ended December 31, 2023, was RMB 2,975.5 million, a 26.1% increase compared to the same period in 2022[43] - Total revenue increased by 27.6% to RMB 1,947.7 million in the first half of 2024 compared to RMB 1,526.2 million in the same period of 2023[57] - Net profit grew by 54.5% to RMB 574.1 million in the first half of 2024, with a net profit margin increasing from 15.8% to 19.3%[60] - Profit for the period rose to RMB 574,121 thousand in the first half of 2023, compared to RMB 371,716 thousand in the first half of 2022[11] - Net profit attributable to shareholders rose to RMB 574,121 thousand, compared to RMB 371,716 thousand in the prior year[30] Gross Profit and Margin - Gross profit for the first half of fiscal year 2024 was RMB 1,947.7 million, up 27.6% from RMB 1,526.2 million in the first half of fiscal year 2023, with the gross profit margin increasing by 0.8 percentage points to 65.5%[2] - Gross profit increased by 27.6% to RMB 1,947.7 million, with the gross margin rising from 64.7% to 65.5% due to enhanced brand strength[56] Cash Flow and Financial Position - Net cash inflow from operating activities for the first half of fiscal year 2024 was RMB 1,059.7 million, a 173.5% increase compared to RMB 387.4 million in the same period of fiscal year 2023[2] - Net cash generated from operating activities increased to RMB 1,187,793 thousand in the first half of 2023, up from RMB 566,525 thousand in the same period of 2022[12] - Cash and cash equivalents at the end of the period stood at RMB 1,093,255 thousand, compared to RMB 657,787 thousand at the end of the same period in 2022[13] - Net cash used in financing activities was RMB 541,644 thousand in the first half of 2023, higher than RMB 338,227 thousand in the same period of 2022[13] - Net cash generated from investing activities was RMB 49,992 thousand in the first half of 2023, compared to RMB 13,124 thousand in the same period of 2022[12] - Cash and cash equivalents increased to RMB 1,093.3 million as of December 31, 2023, up from RMB 525.1 million as of June 30, 2023[63] Dividends and Shareholder Returns - The Board declared an interim dividend of HK$0.46 per ordinary share and a special interim dividend of HK$0.39 per ordinary share, totaling HK$0.85 per ordinary share, amounting to HK$440.9 million in total[2] - The company declared an interim dividend of HKD 0.46 per ordinary share (approximately RMB 0.42 per share) for the six months ended December 31, 2023, payable on April 19, 2024[71] - A special interim dividend of HKD 0.39 per ordinary share (approximately RMB 0.36 per share) was declared to celebrate the company's 30th anniversary, payable on April 19, 2024[72] - Dividends paid amounted to RMB 322,591 thousand in the first half of 2023, up from RMB 259,004 thousand in the same period of 2022[11][10] - The company paid a final dividend of RMB 322,591,350, up from RMB 259,004,000 in the previous year[31] Earnings Per Share (EPS) - Earnings per share (EPS) for the first half of fiscal year 2024 were RMB 1.14 (basic) and RMB 1.11 (diluted), compared to RMB 0.74 in the same period of fiscal year 2023[6] - The group's basic earnings per share were RMB 1.14, calculated based on a profit attributable to shareholders of RMB 574,121 thousand and a weighted average number of ordinary shares of 505,179 thousand[28] - Diluted earnings per share increased to RMB 1.11, up from RMB 0.74 in the previous year[30] - The weighted average number of ordinary shares for diluted EPS calculation increased to 515,700 thousand from 504,383 thousand[30] Assets and Liabilities - Total assets as of December 31, 2023, were RMB 4,529.4 million, an increase from RMB 4,065.8 million as of June 30, 2023[7] - Total liabilities as of December 31, 2023, were RMB 2,257.5 million, compared to RMB 2,084.3 million as of June 30, 2023[8] - Net assets as of December 31, 2023, were RMB 2,271.9 million, up from RMB 1,981.5 million as of June 30, 2023[8] - Total equity increased to RMB 2,271,928 thousand as of December 31, 2023, from RMB 1,826,644 thousand as of December 31, 2022[10][11] Expenses and Costs - Sales and marketing expenses accounted for 31.1% of revenue in the first half of 2024, down from 34.6% in the same period of 2023 due to improved operational efficiency[59] - Administrative expenses decreased to 8.3% of revenue in the first half of 2024 from 9.0% in the same period of 2023[59] - Unallocated sales and marketing expenses, administrative expenses, and net impairment losses on financial assets amounted to RMB (324,757) thousand[19] - Employee headcount increased to 1,551 as of December 31, 2023, with total employee costs accounting for 7.8% of revenue[67] Brand and Revenue Breakdown - Total revenue for the group reached RMB 2,975,542 thousand, with mature brands contributing RMB 1,699,763 thousand, growth brands contributing RMB 1,227,805 thousand, and emerging brands contributing RMB 47,974 thousand[19] - The group's operating profit totaled RMB 803,080 thousand, with mature brands contributing RMB 716,858 thousand, growth brands contributing RMB 376,487 thousand, and emerging brands contributing RMB 2,885 thousand[19] - Total revenue for the first half of fiscal year 2024 increased by 26.1% to RMB 2,975.5 million, with mature brand JNBY growing by 24.0% and growth brands collectively increasing by 29.7%[50][51] - Revenue from mainland China accounted for 99.4% of total revenue, growing by 26.5%, while non-mainland revenue decreased by 23.4%[55] Retail and Channel Performance - Offline channel revenue grew by 26.5%, with self-operated stores increasing by 36.7% and distributor stores by 18.2%, while online channel revenue rose by 24.2%[53][54] - Offline channel revenue increased by 27.8% to RMB 1,615.7 million, with self-operated stores growing by 37.5% and distributor stores by 18.0%[58] - Online channel revenue rose by 27.0% to RMB 332.0 million in the first half of 2024[58] - Comparable same-store sales for offline retail stores increased by 23.9% in the first half of fiscal year 2024, driven by store image upgrades and the success of multi-brand collection stores[48] - The inventory sharing and allocation system contributed an incremental retail sales of RMB 596.8 million, a 48.7% increase compared to the first half of fiscal year 2023[48] Membership and Customer Engagement - The company's membership accounts exceeded 7.4 million as of December 31, 2023, with members contributing over 80% of total retail sales[49] - The number of active members increased to over 550,000 in 2023, up from 420,000 in 2022, with members spending over RMB 5,000 contributing RMB 4.33 billion in retail sales[49] Store and Geographic Expansion - The number of independent physical retail stores globally increased from 1,990 as of June 30, 2023, to 2,036 as of December 31, 2023[43] - JNBY brand stores increased from 921 to 935, while CROQUIS (速写) stores increased from 300 to 311 during the same period[44] - In mainland China, self-operated stores decreased from 564 to 549, while franchised stores increased from 1,402 to 1,464 as of December 31, 2023[46] - Over 50% of retail sales in mainland China were concentrated in first- and second-tier cities[46] Inventory and Accounts Receivable - The company's inventory of finished goods increased to RMB 1,204,721 thousand from RMB 1,179,752 thousand[34] - Inventory provision increased by RMB 28,569 thousand in the first half of 2023, compared to RMB 37,547 thousand in the same period of 2022[35] - Accounts receivable increased to RMB 242,521 thousand as of December 31, 2023, from RMB 144,721 thousand as of June 30, 2023[35] - 91.1% of accounts receivable were within 3 months as of December 31, 2023, compared to 85.0% as of June 30, 2023[36] - Accounts payable increased to RMB 334,611 thousand as of December 31, 2023, from RMB 232,094 thousand as of June 30, 2023[38] - Sales return provision increased to RMB 245,663 thousand as of December 31, 2023, from RMB 166,891 thousand as of June 30, 2023[41] Capital Expenditures and Investments - Capital expenditures decreased to RMB 48.0 million in the first half of 2024 from RMB 69.0 million in the same period of 2023[61] - The company invested RMB 6.0 million in a venture capital fund as of December 31, 2023[65] ESG and Corporate Governance - The company is building an ESG governance framework to promote ESG practices and achieve its 2025 ESG commitments[70] - The company has adopted the Corporate Governance Code under Appendix C1 of the Listing Rules and has complied with all applicable code provisions during the six months ended December 31, 2023[74] - The company has adopted the Model Code for Securities Transactions by Directors under Appendix C3 of the Listing Rules, and all directors confirmed compliance during the six months ended December 31, 2023[75] - The company did not purchase, sell, or redeem any of its listed securities during the six months ended December 31, 2023[76] Future Plans and Strategies - The company plans to optimize its designer brand and product portfolio through self-incubation or acquisitions, enhancing design and R&D capabilities[70] - The company aims to strengthen its domestic and international retail networks using internet thinking and technology, focusing on visual and image development for stores[70] - The company is committed to data-driven operations, technology as a carrier, and fan economy as the core, aiming to enhance the fan experience across its retail network[70] Other Financial Metrics - Total comprehensive income for the period increased to RMB 577,126 thousand in the first half of 2023, up from RMB 375,802 thousand in the first half of 2022[11][10] - Other income and gains net amounted to RMB 31,607 thousand, including government subsidies of RMB 28,227 thousand[23] - The group's financial income net amounted to RMB 24,951 thousand, with interest income from cash and cash equivalents and time deposits with initial terms exceeding three months contributing RMB 21,835 thousand[24] - The group's current income tax expense was RMB 217,507 thousand, with deferred income tax expense of RMB 16,194 thousand, totaling RMB 233,701 thousand[26] - Total property, plant, and equipment decreased to RMB 448,859 thousand from RMB 455,588 thousand[32] - Right-of-use assets decreased to RMB 698,749 thousand from RMB 797,254 thousand, with an increase of RMB 81,748 thousand in retail lease properties[33] - Intangible assets increased to RMB 21,552 thousand from RMB 19,307 thousand, with an addition of RMB 2,645 thousand in computer software[34] - Accumulated depreciation for property, plant, and equipment increased to RMB 309,888 thousand from RMB 254,678 thousand[32]

Brand Positioning and Market Presence - Jiangnan Buyi ranked first in the Chinese designer brand fashion industry based on retail sales in 2022, according to Zhi Shi Consulting[30]. - The brand portfolio includes multiple brands across three stages: mature brand JNBY, three growth brands (CROQUIS, jnby by JNBY, and LESS), and emerging brands like POMME DE TERRE and JNBYHOME[30]. - JNBY is recognized as the most unique and recognizable women's clothing designer brand in China, with the highest brand loyalty among the top ten women's designer brands based on repeat customer numbers[30]. - The company operates a retail network covering all provinces, autonomous regions, and municipalities in mainland China, as well as nine other countries and regions globally[40]. - The company has diversified its product offerings beyond women's wear, including men's and children's clothing, which have shown strong growth in recent years[79]. Financial Performance - For the fiscal year ending June 30, 2023, the company's revenue reached RMB 4,465,124, an increase of 9.3% compared to RMB 4,085,868 in the previous year[33]. - Gross profit for the same period was RMB 2,916,992, reflecting an 11.9% increase from RMB 2,607,370 in the prior year[33]. - Net profit increased by 11.2% to RMB 621,283, up from RMB 558,873 year-over-year[33]. - The company's operating profit rose to RMB 857,898, marking a 10.6% increase from RMB 775,852 in the previous year[33]. - The gross margin improved to 65.3%, up from 63.8% in the previous year, indicating enhanced profitability[35]. Customer Engagement and Marketing Strategies - The company has established a comprehensive omnichannel interactive platform consisting of physical retail stores, online platforms, and WeChat-based social media marketing services[30]. - New consumer scenarios and products, such as "Not Just a Box" and "Jiangnan Buyi+" multi-brand collection stores, have been launched to enhance customer experience and provide added value[30]. - The target customer demographic includes middle to high-income individuals who express their personality through fashion[30]. - The company aims to create a fan economy system that attracts and retains loyal customers through lifestyle advocacy[30]. - The company is focused on optimizing its fan-centric retail network to adapt to changing consumer behaviors and preferences[76]. Operational Efficiency and Innovations - The company continues to innovate in product offerings and marketing strategies to meet evolving consumer needs and preferences[30]. - The company plans to focus on enhancing brand power and optimizing its multi-brand retail network to adapt to changing consumer behaviors[37]. - The company is committed to data-driven operations, focusing on fan economy to create value-added services and improve the fan experience across a diversified retail network[62]. - The company is actively expanding its retail presence and exploring new consumer scenarios through various social channels[62]. - The company emphasizes continuous innovation in operations to enhance the overall retail experience for fans[62]. Sustainability and ESG Initiatives - The company focuses on sustainable development across various areas, including sustainable materials, talent development, environmental sustainability, and community support[151]. - The company has a strong commitment to environmental, social, and governance (ESG) principles, ensuring accurate and traceable key performance indicators[151]. - The company aims to achieve a sustainable materials procurement ratio of 30% or more by the end of fiscal year 2025, with the current ratio at 16.6%[178]. - The company is committed to reducing chemical pollution through the use of organic cotton and linen, which adhere to organic farming standards[184]. - The company has established an ESG governance structure with the board of directors as the highest decision-making body[156]. Corporate Governance and Leadership - The board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors, ensuring diverse leadership[63]. - The company has adopted the Corporate Governance Code and has complied with all applicable provisions during the fiscal year 2023[113]. - The board has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee to oversee specific areas of governance[115]. - The company emphasizes the importance of board diversity and has established measurable targets for selecting board candidates based on various diversity criteria[131]. - The company provides necessary training and updates to all newly appointed directors to ensure understanding of operations and responsibilities[116]. Risk Management and Compliance - The company has established a robust risk management and internal control system to ensure asset safety and protect shareholder interests[139]. - The company emphasizes effective communication with shareholders to enhance investor relations and ensure timely disclosure of information[144]. - The company has implemented a risk identification and assessment process to manage significant risks impacting its operations[140]. - The internal audit department collaborates with senior management to review and assess risks and address any significant internal control deficiencies[139]. - The company has a whistleblowing policy to allow employees to report concerns regarding financial reporting and internal controls confidentially[127]. Employee Engagement and Development - The company provides competitive compensation and training opportunities for employees to foster personal development and retain talent[84]. - The total employee cost for fiscal year 2023 was RMB 434.8 million, representing 9.7% of revenue, up from 9.0% in fiscal year 2022[60]. - The company has established a retirement and employee benefits plan detailed in the financial statements[90]. - The management team includes professionals with backgrounds in various sectors, including e-commerce and manufacturing, enhancing the company's operational capabilities[73][74]. - The company aims to attract and retain suitable personnel through the implementation of the Restricted Share Plan[98]. Product Quality and Safety - The company emphasizes the importance of product quality and safety, which is a key concern for stakeholders[165]. - The company has implemented a comprehensive quality control system, including third-party testing for fabric components, color fastness, and harmful substances, ensuring compliance with internal standards[171]. - The company has achieved STANDARD 100 by OEKO-TEX® certification for its baby products, ensuring they are free from 100 known toxic substances[173]. - The company has developed a product recall management system to address defective products and protect consumer rights[174]. - The company continues to integrate sustainable development concepts into its operations and regularly reviews its ESG strategies and goals[167].