Core Insights - Jiangnan Buyi Limited reported a total revenue increase of approximately 4.6% to 5.548 billion yuan for the fiscal year ending June 30, 2025, driven by growth in online sales and expansion of offline stores [2] - The company's net profit rose by 6.0% to 899 million yuan, indicating that nearly 80% of brand revenue still comes from offline stores [2] - The overall gross margin remained at 65.6%, a slight decrease of 0.3 percentage points from the previous fiscal year [2] Revenue Breakdown - Online channel revenue grew by 18.3% to 1.201 billion yuan, marking a significant contribution to the overall revenue [2] - The JNBY brand, with over 30 years of history, accounted for 54.3% of total revenue, with a revenue increase of 2.3% [3] - Emerging brands, including POMMEl DE TERRE, JNBYHOME, onmygame, and B1OCK, generated revenue of 361 million yuan, a substantial increase of 107.4% year-on-year, contributing 6.5% to total revenue [4] Membership and Customer Engagement - Brand members contributed over 80% of retail revenue, with active member accounts exceeding 560,000 [4] - Members with total purchases exceeding 5,000 yuan accounted for over 60% of offline retail revenue, totaling 4.86 billion yuan [4] Strategic Focus - The company aims to maintain its retail target of 10 billion yuan for the fiscal year 2026, focusing on domestic market growth despite current challenges [5] - The strategy includes a dual approach for emerging brands, emphasizing product strength and brand foundation while leveraging existing mature brands for growth [5] - The total number of independent retail stores increased from 2,025 to 2,117, covering all provinces in mainland China and 10 other countries and regions [5] Market Dynamics - The company experienced positive growth in both online and offline channels, with online sales surpassing 20% of total revenue for the first time [5] - The gross margin for both online and direct sales channels improved, reflecting stable pricing and discount strategies [6] - The retail scale in first- and second-tier cities remains dominant, with over 40% of offline store numbers and more than half of retail revenue coming from these areas [6]
近八成营收来自线下，江南布衣暂无推即时零售计划