Core Insights - Jiangnan Buyi, a prominent Chinese designer brand, has maintained a unique development strategy over its 31 years, balancing brand integrity with market adaptability to secure its position in the competitive fashion industry [2] - The brand emphasizes art as its core DNA, promoting co-creation among art, culture, and commerce through a diversified brand matrix and cross-industry collaborations [2] - Jiangnan Buyi is committed to social responsibility, exemplified by its "Bu Jin Qi Yong" public welfare project aimed at fabric innovation and the preservation of traditional crafts [2] Brand Development - The brand matrix includes various segments such as women's wear (JNBY), men's wear (Suxie), children's wear (jnby by JNBY, Pengma), home goods (JNBYHOME), sustainable living (RE;RE;RE;LAB), professional children's sportswear (onmygame), and fashion boutique (B1OCK) [8] - Suxie, the only men's wear brand in the matrix, celebrates its 20th anniversary with the "Second Twenty" design theme, focusing on a long-term style that transcends trends [4] - The jnby by JNBY children's brand integrates contemporary art into its designs, launching an "Art Classroom" project in 2024 to connect with families [6] Social Responsibility and Employee Welfare - Jiangnan Buyi has demonstrated strong social responsibility by maintaining employment and salary levels, providing additional insurance for frontline employees, and allowing 100% returns for distributors [8] - These initiatives enhance trust and loyalty among employees and distributors, contributing to stable development amid economic uncertainties [8] Future Outlook - B1OCK plans to unveil its expansion blueprint for 2025, including the opening of a flagship store in Anaya in June and the highly anticipated Martin Margiela exhibition in October [10] - The brand aims to continue its role as a growing fashion concept store, curating high-profile exhibitions annually to blend art and fashion in retail [10] - Jiangnan Buyi's "multi-dimensional symbiosis" ecosystem integrates deeply into the lives of its members, providing a unique design model for the fashion business ecosystem [10]

Core Insights - Jiangnan Buyi hosted a brand experience day event titled "Buyi 'Vision' World, Diverse Coexistence" in Hangzhou, showcasing its new explorations in brand development [1] - The company employs a multi-brand collaborative model, with brands like JNBY, CROQUIS, jnby by JNBY, and LESS targeting different customer segments, enhancing overall market share through differentiated competition [1] - Artistic collaborations are a hallmark of Jiangnan Buyi, integrating art elements into clothing design and store spaces, exemplified by the "Diverse Casting" art installation created with PINWU STUDIO [1] Brand Strategy - The multi-brand strategy allows Jiangnan Buyi to cater to various market segments, including women's fashion, men's fashion, children's clothing, and minimalist women's wear, achieving complementary advantages [1] - The brand experience day served as a concentrated display of Jiangnan Buyi's development model, emphasizing the balance between artistic expression, commercial value, and social responsibility [2] User Co-Creation - The user co-creation model plays a significant role in Jiangnan Buyi's development, as seen with the children's clothing brand jnby by JNBY collaborating with an art museum to create an art capsule series, which was well-received in the market [2] Sustainability Practices - Jiangnan Buyi has made notable achievements in sustainable practices, with the goal of increasing the proportion of sustainable raw materials in total procurement to 30% by the fiscal year 2025 [2] - Initiatives include the "Fabric Utilization" project for traditional fabric research and innovation, and the "Sesame Laboratory" for creative reuse of scattered inventory fabrics [2] - The company is actively exploring sustainable fashion production and consumption paths, as demonstrated by its participation in the "ESG - Sustainable Transformation" themed exhibition with SHOKAY [2]

Core Insights - The "Utilization of Fabrics" project is revitalizing yak cashmere, a unique natural fiber from China, through collaborative innovation with suppliers [1][2] - Jiangnan Buyi is launching the "Yak Cashmere Industry Revitalization Project" in 2024 to establish international sustainability standards and promote ecological restoration in yak habitats [1][2] Group 1: Project Initiatives - Jiangnan Buyi has partnered with SHOKAY to initiate the "Yak Cashmere Industry Revitalization Project," focusing on sustainable practices and ecological restoration [1][2] - The project includes training for herders on animal welfare and certification of pastures, aiming to enhance the entire value chain from raw material collection to market consumption [1][2] Group 2: Environmental Impact - Yak cashmere production has significant ecological value, with low carbon emissions during the yak's lifecycle and natural resource utilization [1] - The "Source from Snowy Regions, Cashmere from Nature" project aims to restore 290 acres of degraded land in the Ruoergai region, addressing grassland desertification that affects yak health and wool quality [2] Group 3: Market Potential - Despite the vast market potential for yak cashmere, the industry faces challenges that the revitalization project aims to address [1] - Jiangnan Buyi plans to share innovative yak cashmere fabric technologies with the industry, enhancing overall competitiveness and consumer access to traceable yak cashmere products [2]

Group 1 - The core initiative "From Snowy Land to Nature" aims to restore 100 acres of degraded land in Sichuan's Aba Prefecture, highlighting the ecological value of yak cashmere and its sustainable production process [1] - The yak, a national protected animal, has 95% of its population in China's Tibetan Plateau, with the Aba region being a crucial habitat facing desertification issues that threaten both yak health and ecological balance [1] - Jiangnan Buyi's project will initiate the first phase of restoring 290 acres of degraded land in May 2024, following the recent ecological restoration efforts [1] Group 2 - Since 2022, Jiangnan Buyi has partnered with the Design Library on a five-year project to innovate and preserve traditional Chinese craftsmanship, focusing on yak cashmere as a key natural fiber [2] - Jiangnan Buyi has launched several yak cashmere products across its brands, including LESS and JNBY, since 2017, indicating a strong commitment to sustainable fabric innovation [2] - The "Yak Cashmere Industry Revitalization Project" aims to establish international sustainability standards, provide training for animal welfare, and promote ecological restoration in yak farming areas [2] Group 3 - The first global sustainable standard for yak farming, titled "Farm Animal Welfare Requirements for Yaks," was released in August 2024, marking a significant milestone for the industry [3] - Training for farmers and certification of farms based on the new standard have begun, with increasing adoption among yak farms [3] - Jiangnan Buyi plans to collaborate with suppliers on innovative yak cashmere fabric technologies, enhancing the overall competitiveness of the yak cashmere industry [3]

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 ...

江南布衣 20250304 摘要 • 江南布衣持续深耕设计力和品牌力双驱动策略，毛利率维持在 65%，高价 值会员（年购买金额超 5,000 元）达 33 万，贡献线下零售总额六成以上， 多品牌规模化战略稳健，过去五年复合增长率超 8%。 • 2025 财年上半年新增两个品牌，1、2 月份全渠道全品牌零售流水同比增 长低单位数，同店销售微增 0.1%，新开店铺贡献主要增长，订货会经销 商反馈符合预期，但最终趋势待定。 • 存货余额上升主要因 24 秋冬季售罄率受高温影响及 25 春节提前备货，库 存周转天数维持在 150-160 天健康水平，过季货品通过线上线下奥莱渠道 折扣销售，三年内可去化 95%库存。 • 经销商库存方面，公司提供约 15%政策性退货比率，经销商退货后可能仍 有 5%-10%库存用于促销，暖冬导致经销商库存略高于往年，但整体售罄 率优于自营渠道，低线城市零售额增长较好。 • 一线城市同店表现相对较好，高线城市稍慢，线下商场客流量下滑明显， 公司通过赋能工具和导购提升丽店销售，以应对自然客流下降，实现正向 同店增长。 Q&A 请介绍一下江南布衣 2025 财年上半年的业绩表现。 江南布衣在 ...

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 ...

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 ...