该行预料，集团2026财年销售和净利润同比升9%和13%，同时将2026年至2027年销售及净利润预测分 别上调0%及2%至3%，上调估值基础，对未来12个月市盈率目标由8倍上调至10倍。 里昂发布研报称，江南布衣(03306)目标价由17港元上调至25港元，其评级为"跑赢大市"。上周五(2月27 日)股价上升7%，受惠于去年12月底止2026财年上半年净利润胜于预期，以及稳健迈向2026财年销售及 净利润目标(分别60亿及9亿元人民币)。毛利率扩大1.4个百分点，受惠折扣控制得当，以及利好品牌和 渠道组合。 ...

II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 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 533,285,000 0 533,285,000 增加 / 減少 (-) 0 0 本月底結存 533,285,000 0 533,285,000 | 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 ...

Core Viewpoint - Citigroup's report indicates that Jiangnan Buyi's performance for the first half of the fiscal year ending December 2026 met expectations, with revenue and net profit growing by 7% and 12% year-on-year, reaching 3.38 billion and 674 million respectively [1] Financial Performance - For the fiscal year 2026, the company aims for a total gross merchandise value (GMV) of 10 billion, revenue of 6 billion, and gross and net profit margins exceeding 65% and 15% respectively, with a dividend payout ratio exceeding 75% [1] - Despite challenges from the macro environment and a warm winter, same-store sales growth has turned positive for the fiscal year 2026 to date (from July last year to February this year) [1] Membership and Digital Strategy - The company continues to enhance membership operations, brand value, and digitalization to drive growth [1] - Active membership numbers for 2025 and per capita annual spending of members exceeding 5,000 yuan have both reached record highs [1] Investment Outlook - Citigroup maintains its earnings forecast for Jiangnan Buyi and raises the target price from 20.8 HKD to 22.5 HKD, considering the company's valuation attractive with a dividend yield of approximately 8%, which is viewed as an ideal level, and rates the stock as "buy" [1]

Core Viewpoint - The company has achieved high-quality growth in FY26H1, with strong performance from multiple brands and online channels, leading to an upward revision of the full-year earnings forecast [1] Financial Performance - FY26H1 revenue reached 3.376 billion yuan, a year-on-year increase of 7.0% - Net profit for FY26H1 was 676 million yuan, up 11.9% year-on-year - Gross margin and net margin improved to 66.52% and 20.02%, respectively, with increases of 1.4 percentage points and 0.9 percentage points year-on-year [1] Brand Performance - Mature brand JNBY generated revenue of 1.860 billion yuan in FY26H1, growing 5.67% year-on-year - Growth brands LESS, jnby by JNBY, and速写 reported revenues of 389 million, 495 million, and 394 million yuan, with year-on-year growth rates of 0.35%, 4.12%, and 16.33% respectively - Emerging brands achieved revenue of 237 million yuan, reflecting a robust year-on-year growth of 22.42% [2] Channel Performance - Revenue from direct sales, distribution, and online channels in FY26H1 was 1.181 billion, 1.442 billion, and 753 million yuan, with year-on-year growth of 5.72%, 0.31%, and 25.10% respectively - Online and offline collaboration has enhanced overall profitability, with gross margins improving across all channels [3] Store and Membership Expansion - As of December 31, 2025, the company had 2,163 independent retail stores globally, an increase of 46 stores from the beginning of the period - Active membership accounts reached 590,000, with a year-on-year increase of 50,000 accounts, contributing to over 60% of offline retail revenue [3]

里昂发表研报指，江南布衣去年12月底止2026财年上半年净利润胜于预期，稳健迈向2026财年销售及净 利润目标(分别60亿及9亿元)。毛利率扩大1.4个百分点，受惠折扣控制得当，以及利好品牌和渠道组 合。 该行预料，集团2026财年销售和净利润按年升9%和13%，同时将2026年至2027年销售及净利润预测分 别上调0%及2%至3%；上调估值基础，对未来12个月市盈率目标由8倍上调至10倍，目标价由17港元上 调至25港元，评级为"跑赢大市"。 ...

Investment Rating - The report assigns a rating of "Accumulate" for the company [8]. Core Insights - The company is expected to achieve high-quality growth in FY26H1, with strong performance from multi-brand and online channels, alongside steady expansion of stores and membership, leading to an upward revision of the full-year performance forecast [2]. - The company reported a revenue of 3.376 billion RMB in FY26H1, representing a year-on-year growth of 7.0%, and a net profit of 676 million RMB, up 11.9% year-on-year [12]. - The company has a robust membership system with 590,000 active member accounts, contributing significantly to retail sales [4]. Financial Summary - The company’s total revenue projections for FY2026 to FY2028 are 6.023 billion, 6.480 billion, and 6.956 billion RMB, respectively, with growth rates of 8.6%, 7.6%, and 7.3% [5]. - The net profit for FY2026 is projected to be 978 million RMB, with a year-on-year growth of 9.5% [5]. - The company maintains a healthy gross profit margin of 66.52% and a net profit margin of 20.02% in FY26H1, both showing improvements [12]. Brand and Channel Performance - The company’s mature brand JNBY continues to be a core revenue driver, achieving 1.860 billion RMB in revenue for FY26H1, a growth of 5.67% [12]. - Emerging brands such as LESS and new brands have shown significant growth, with revenues of 3.89 million, 4.95 million, and 3.94 million RMB, reflecting year-on-year increases of 0.35%, 4.12%, and 16.33%, respectively [12]. - Online channels have accelerated growth, with a revenue increase of 25.10% in FY26H1 [12]. Store Expansion and Inventory Management - As of December 31, 2025, the company has expanded its global independent retail stores to 2,163, with a net increase of 46 stores [12]. - The inventory at the end of FY26H1 was 1.020 billion RMB, a year-on-year increase of 2.91%, which is lower than the revenue growth rate, indicating effective inventory management [4].

Investment Rating - The report assigns a rating of "Accumulate" for the company [8]. Core Insights - The company is expected to achieve high-quality growth in FY26H1, with strong performance from multi-brand and online channels, alongside steady expansion of stores and membership, leading to an upward revision of the full-year performance forecast [2]. - The company reported a revenue of 3.376 billion RMB in FY26H1, representing a year-on-year growth of 7.0%, and a net profit of 676 million RMB, up 11.9% year-on-year [12]. - The company has a total of 2,163 independent retail stores globally, with a net increase of 46 stores since the beginning of the period [12]. Financial Summary - The company’s total revenue is projected to grow from 5.238 billion RMB in FY2024 to 6.956 billion RMB in FY2028, with a compound annual growth rate (CAGR) of approximately 7.3% [5]. - The net profit is expected to increase from 849 million RMB in FY2024 to 1.145 billion RMB in FY2028, reflecting a CAGR of about 8.7% [5]. - The company’s gross profit margin is projected to improve from 66.52% in FY26H1, with a net profit margin of 20.02%, both showing year-on-year increases [12]. Brand and Channel Performance - The mature brand JNBY remains the core revenue driver, achieving 1.860 billion RMB in revenue for FY26H1, a growth of 5.67% year-on-year [12]. - Emerging brands such as LESS and new brands showed significant growth, with revenues of 394 million RMB and 237 million RMB respectively, marking increases of 16.33% and 22.42% year-on-year [12]. - Online channels experienced a revenue increase of 25.10% year-on-year, contributing to overall profitability enhancement [12]. Membership and Inventory Management - The company has 590,000 active member accounts, an increase of 50,000 year-on-year, with high-engagement members contributing over 4.9 billion RMB to retail sales, accounting for more than 60% of offline retail revenue [4]. - Inventory management remains effective, with inventory at 1.020 billion RMB at the end of FY26H1, a year-on-year increase of 2.91%, which is lower than the revenue growth rate [4].

Event Overview - In FY2026H1, the company's revenue, net profit, and operating cash flow were 3.376 billion, 676 million, and 996 million yuan, respectively, representing year-on-year growth of 7.0%, 11.9%, and 21.1% [1] - Government subsidies amounted to 50.21 million yuan, and the net profit excluding these subsidies was 626 million yuan, showing a year-on-year increase of 15.5% [1] - The company declared an interim dividend of 0.52 HKD per share, with a dividend yield of 5.18% [1] Brand Performance - Revenue growth by brand in FY2026H1 was as follows: JNBY 1.860 billion, Su Xie 389 million, jnby by JNBY 495 million, LESS 394 million, and emerging brands 237 million, with year-on-year growth rates of 5.7%, 0.4%, 4.1%, 16.3%, and 22.4%, respectively [1] - Store counts for each brand were 992, 297, 527, 271, and 54, with year-on-year changes of 3.3%, -6%, 1.9%, 4.6%, and 3.8% [1] - Store efficiency (sales per store) was 1.87 million, 1.31 million, 0.94 million, 1.45 million, and 4.40 million yuan, with year-on-year growth of 2.2%, 6.5%, 2.2%, 10.7%, and 18.0% [1] Channel Performance - Revenue by channel in FY2026H1 was 1.180 billion from direct sales, 1.442 billion from distribution, and 753 million from online sales, with year-on-year growth of 5.7%, 0.3%, and 25.1% [1] - The number of direct and distribution stores was 512 and 1,651, respectively, with year-on-year growth of 4% and 1% [1] - Direct store efficiency and distribution single-store sales were 230,000 and 87,000 yuan per half year, with year-on-year growth of 1.3% and a decline of 1.1% [1] Membership and Retail Performance - As of December 31, 2025, retail sales contributed by members accounted for over 80% of total sales, remaining stable year-on-year [1] - The number of active member accounts was 590,000, reflecting a year-on-year increase of 9% [1] - The number of member accounts with annual purchases exceeding 5,000 yuan was over 340,000, growing by 3% [1] Profitability Metrics - Gross margin in FY2026H1 was 66.5%, an increase of 1.4 percentage points year-on-year [2] - By brand, gross margins were as follows: JNBY 69.4%, Su Xie 67.5%, jnby by JNBY 60.2%, LESS 70.5%, and emerging brands 48.8%, with year-on-year changes of 1.8, 2.0, 1.8, 1.7, and -3.6 percentage points [2] - The net profit margin was 20.0%, up 0.9 percentage points year-on-year [2] Expense Analysis - In FY2026H1, the sales, management, and financial expense ratios were 32.4%, 9.2%, and 0.17%, with year-on-year increases of 0.1, 0.6, and a decrease of 0.17 percentage points [2] - The increase in management expenses was primarily due to higher spending in product design and R&D departments [2] Inventory and Receivables - Ending inventory in FY2026H1 was 1.02 billion yuan, a year-on-year increase of 9.4% [3] - Accounts receivable stood at 220 million yuan, remaining stable, with a turnover period of 9 days, a decrease of 1 day year-on-year [3] - Accounts payable was 308 million yuan, up 29.2% year-on-year, with a turnover period of 44 days, a decrease of 12 days [3] Investment Outlook - Short-term revenue growth has been strong since the beginning of the year [3] - The company has significant room for expansion in its growth and emerging brands, with potential for improved store efficiency through various strategies [3] - In the medium to long term, fan loyalty is expected to support stable gross margins and further growth in net profit margins [3] - Revenue forecasts for FY26-28 are 6.004 billion, 6.396 billion, and 6.806 billion yuan, with year-on-year growth of 8.21%, 6.53%, and 6.41% [3] - Net profit forecasts for FY26-28 are 971 million, 1.040 billion, and 1.115 billion yuan, with year-on-year growth of 8.72%, 7.08%, and 7.24% [3] - Corresponding EPS forecasts for FY26-28 are 1.86, 1.92, and 2.09 yuan, with a PE ratio of 9.4, 9.1, and 8.3X based on the closing price of 20.08 HKD on February 26, 2026 [3]

Core Viewpoint - The company reported better-than-expected performance for 1HFY26, with revenue of 3.376 billion yuan, a year-on-year increase of 7.0%, and a net profit attributable to shareholders of 674 million yuan, up 12.5% [1][2] Financial Performance - Revenue breakdown by channel for 1HFY26 shows direct sales, distribution, and e-commerce channels grew by 5.7%, 0.3%, and 25.1% respectively, reaching 1.181 billion, 1.442 billion, and 753 million yuan [1] - The company added 20 direct stores and 26 distribution stores, bringing the total to 512 and 1,630 stores respectively, while comparable store sales declined by 2.2% [1] - The gross margin for 1HFY26 increased by 1.4 percentage points to 66.5%, driven by improved pricing strategies despite stable retail discounts [2] - Operating cash flow rose by 21% year-on-year to 996 million yuan, indicating healthy operations [2] Membership and Customer Engagement - The number of member accounts with total purchases exceeding 5,000 yuan increased by approximately 10,000 to over 340,000 compared to the end of FY25 [2] Growth Outlook - The company is expected to achieve its retail target of 10 billion yuan for FY26, supported by strong terminal sales performance compared to peers [2] Profit Forecast and Valuation - The profit forecasts for FY26 and FY27 have been raised by 7% and 9% to 988 million and 1.069 billion yuan respectively, with the current stock price corresponding to 9.7 and 8.8 times FY26/27 P/E [2] - The target price has been adjusted upward by 5% to 24.97 HKD, representing a 24% upside potential from the current price [2]

Core Viewpoint - Jiangnan Buyi reported a strong performance for the first half of the 2026 fiscal year, with revenue of 3.376 billion yuan, a year-on-year increase of 7.0%, and a net profit attributable to shareholders of 674 million yuan, up 12.5% year-on-year, exceeding expectations due to better-than-expected gross margin improvement [1] Group 1 - The company declared an interim dividend of 0.52 HKD, corresponding to an interim payout ratio of approximately 37% [1] - The company is expected to achieve its retail target of 10 billion yuan for the 2026 fiscal year, driven by better-than-industry performance in terminal sales [1] - The investment bank raised its profit forecasts for the company for the 2026 and 2027 fiscal years by 7% and 9%, respectively, to 988 million yuan and 1.069 billion yuan [1] Group 2 - The investment bank maintained an "outperform" rating for the company and raised the target price by 5% to 24.97 HKD [1]