Core Viewpoint - The company reported a 5% year-on-year increase in revenue for FY25 H1, driven by online sales growth and an increase in offline stores [1][2]. Financial Performance - FY25 H1 revenue reached 3.16 billion RMB, with mature brands contributing 1.76 billion RMB (+4% YoY), growth brands at 1.2 billion RMB (-2% YoY), and emerging brands at 200 million RMB (+149% YoY) [1]. - Net profit for FY25 H1 was 600 million RMB, reflecting a 5.5% increase YoY [1]. - Gross margin stood at 65.1%, a slight decrease of 0.1 percentage points, while net margin was 19.1%, also down by 0.1 percentage points [1]. Dividend Announcement - The company declared an interim dividend of 0.45 HKD per share (approximately 0.43 RMB per share) [1]. Membership Insights - In 2024, over 80% of retail revenue was contributed by members, with active member accounts totaling 540,000, a slight decrease from 2023 [1][2]. - Membership accounts with total purchases exceeding 5,000 RMB numbered over 330,000, generating retail revenue of 4.68 billion RMB, contributing over 60% of offline retail revenue [1]. Strategic Initiatives - The company aims to strengthen its position as a leading designer brand group in China through various strategies, including optimizing brand and product mix via self-incubation or acquisitions, enhancing retail networks, and leveraging data-driven operations [2]. - The focus will be on creating value-added services for fans and improving the overall retail experience [2]. Earnings Forecast - The company maintains its earnings forecast, projecting revenues of 5.5 billion RMB, 6 billion RMB, and 6.6 billion RMB for FY25-27, with net profits of 880 million RMB, 900 million RMB, and 990 million RMB respectively [2]. - Expected EPS for FY25-27 is 1.69, 1.74, and 1.91 RMB per share, corresponding to PE ratios of 8, 8, and 7 times [2].
江南布衣(03306.HK)：品牌稳健增长 重视长期发展