Core Viewpoint - Jiangnan Buyi (03306) experienced a decline of over 6%, currently down 6.69% at HKD 19.26, with a trading volume of HKD 94.915 million [1] Group 1: Share Placement Details - Jiangnan Buyi announced a placement of 14.535 million shares at a price of HKD 18.78 per share [1] - The number of shares placed represents approximately 2.73% of the total issued shares after the completion of the placement [1] - The placement price reflects a discount of about 9.01% compared to the closing price on January 22 [1] Group 2: Use of Proceeds - The total expected proceeds from the placement are approximately HKD 273 million, with net proceeds estimated at around HKD 270 million [1] - The net proceeds will be used to strengthen brand business development, invest in research and development to enhance overall market competitiveness, and for general corporate purposes [1]

Core Viewpoint - Jiangnan Buyi (03306) experienced a decline of over 6% in stock price, attributed to a planned share placement at a discount of approximately 9% [1] Group 1: Stock Performance - Jiangnan Buyi's stock price fell by 6.69%, trading at HKD 19.26 with a transaction volume of HKD 94.915 million [1] Group 2: Share Placement Details - The company announced a placement of 14.535 million shares at a price of HKD 18.78 per share, which represents about 2.73% of the total issued shares post-placement [1] - The placement price reflects a discount of approximately 9.01% compared to the closing price on January 22 [1] Group 3: Use of Proceeds - The total expected proceeds from the placement are approximately HKD 273 million, with net proceeds estimated at around HKD 270 million [1] - The net proceeds will be utilized to enhance brand business development, invest in research and development to improve overall market competitiveness, and for general corporate purposes [1]

Group 1 - The company, Jiangnan Buyi, has signed an agreement with a placement agent to issue 14.535 million shares at a placement price of HKD 18.78 per share, representing a discount of approximately 9.01% compared to the closing price of HKD 20.64 on January 22, 2026 [1] - The number of shares to be placed accounts for about 2.80% of the company's total issued shares and approximately 2.73% of the total issued shares after the placement is completed [1] - The total expected proceeds from the placement are approximately HKD 273 million, with a net amount of about HKD 270 million after deducting related costs and expenses [1] Group 2 - The net proceeds from the placement will be used to strengthen brand business development, invest in research and development to further enhance overall market competitiveness, as well as for general and corporate purposes [1]

Core Viewpoint - Jiangnan Buyi (03306) has announced a placement agreement to issue 14.535 million shares at a price of HKD 18.78 per share, representing approximately 2.80% of the total shares issued as of the announcement date [1] Group 1: Placement Details - The placement price is approximately 9.01% lower than the closing price of HKD 20.64 on January 22, 2026 [1] - If all placement shares are fully subscribed, the total proceeds from the placement are expected to be around HKD 273 million, with net proceeds estimated at approximately HKD 270 million after deducting all related costs and expenses [1] - The net price per placement share is calculated to be about HKD 18.58 [1] Group 2: Use of Proceeds - The net proceeds from the placement will be used for (i) strengthening brand business development, (ii) research and development investments to enhance overall market competitiveness, and (iii) general corporate purposes [1]

根據一般授權 配售新股份 整體協調人、配售代理及資本市場中介人 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。 本公告或其任何副本概不得直接或間接在美國，或在刊發或派發本公告屬違法的任 何其他司法權區內刊發或派發。 本公告僅供參考，並不構成收購、購買或認購本公司任何證券的邀請或要約。 本公告並不構成在美國購買或認購證券的任何要約或招攬或其一部分。本公告所述 證券並未且將不會根據一九三三年美國證券法（「美國證券法」）進行登記，亦不會在 美國提呈發售或出售，除非根據美國證券法作出登記或獲豁免或為毋須根據美國證 券法作出登記之交易。本公司無意根據美國證券法登記本公告內所指之任何證券， 或在美國進行證券之公開發售。 （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 – 1 – 董事會欣然宣佈，於二零二六年一月二十三日（聯交所交易時段前），本公司與配 售代理訂立配售協議，據此，本公司同意委任配售 ...

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12月31日 | | 狀態: | | 新提交 | 致：香港交易及結算所有限公司 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 518,750,000 | | 0 | | 518,750,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 518,750,000 | | 0 | | 518,750,000 | 公司名稱: 江南布衣有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | ...

Group 1 - The company reported FY25 revenue of 5.5 billion, a year-on-year increase of 4.6%, and a net profit of 900 million, up 6.0% year-on-year, with a gross margin of 65.6%, down 0.3 percentage points [1] - The company is enhancing brand strength by adhering to a dual-driven strategy of design and brand power, multi-brand scalable development, and fan economy, celebrating its 30th anniversary with a theme of "born unique, standing diverse" [1] - The company has enriched its brand matrix by acquiring the contemporary art and lifestyle brand "B1OCK," providing customers with a broader selection and unique shopping experience [1] Group 2 - The total number of independent retail stores operated globally increased from 2,025 after restructuring on June 30, 2024, to 2,117 by June 30, 2025, with 961 stores under the JNBY brand [2] - The retail network covers all provinces, autonomous regions, and municipalities in mainland China, as well as 10 other countries and regions globally [2] - The contribution of group members to retail sales exceeded 80% of total retail sales, with active member accounts reaching 560,000, and the number of accounts with annual purchases over 5,000 RMB exceeding 330,000, contributing over 60% of offline retail sales [2] Group 3 - Based on FY25 performance and brand resilience, the company adjusted its profit forecasts for FY26-28, expecting net profits of 935 million, 1.024 billion, and 1.086 billion RMB respectively, with corresponding P/E ratios of 10, 9, and 9 [2]

Core Viewpoint - Jiangnan Buyi collaborates with Sesame Credit to offer a unique "BOX+ Not Just a Box" customized styling service for users with a credit score of 800+, enhancing the consumer experience by linking creditworthiness with premium fashion services [1][4]. Group 1: Collaboration and Service Offering - The partnership between Jiangnan Buyi and Sesame Credit aims to provide high-credit individuals with a free trial of the "BOX+ Not Just a Box" service, emphasizing the concept that "credit equals value" [1][4]. - The service allows users with a Sesame Credit score of 800 or above to enjoy a one-time free customized styling experience, promoting a "try before you buy" model [4][5]. Group 2: Quality and Experience - The "BOX+ Not Just a Box" service maintains high standards by utilizing Jiangnan Buyi's eight original designer brands and a team of experienced stylists with over five years in the fashion industry [5]. - The service includes a five-day free trial period for trying on outfits, with free return shipping and dedicated one-on-one stylist support to address any styling questions [6]. - After completing the service, users can unlock Jiangnan Buyi membership, earning double points that can be redeemed for gifts and exclusive event access, thereby extending the value of the single experience [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 | | | 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].