Core Viewpoint - Jiangnan Buyi maintains its target of achieving 10 billion in retail by fiscal year 2026, focusing on domestic market expansion while viewing overseas markets as long-term opportunities for brand influence and lifestyle globalization [2][3]. Financial Performance - For the fiscal year 2025, Jiangnan Buyi reported total revenue of approximately RMB 5.548 billion, a year-on-year increase of about 4.6% [2]. - The company's gross profit reached RMB 3.64 billion, with a stable gross margin exceeding 65% [2]. - Net profit for the fiscal year was approximately RMB 897 million, reflecting a 6% year-on-year growth, resulting in a net profit margin of 16.2%, surpassing previous expectations [3][4]. Sales Channels - Online sales grew by 18.3% to RMB 1.201 billion, while the overall retail network expanded to 2,117 stores globally, covering all provinces in mainland China and 10 other countries [6][7]. - The contribution of online sales to total revenue surpassed 20% for the first time [7][8]. Multi-Brand Strategy - Jiangnan Buyi operates a multi-brand strategy with three tiers: mature brands, growth brands, and emerging brands, covering various segments including menswear, womenswear, and children's wear [4]. - The mature brand JNBY accounted for 54.3% of total revenue, while emerging brands generated RMB 361 million, a 107.4% increase year-on-year [4][5]. Operational Strategy - The company plans to enhance its retail network and optimize its direct sales team for better operational efficiency, focusing on key cities [5][8]. - Jiangnan Buyi aims to improve its supply chain and inventory structure through a shared inventory system and plans to establish a more intelligent distribution center [9]. Membership and Customer Engagement - Active membership accounts increased to over 560,000, contributing more than 80% of total retail revenue, with members spending over RMB 5,000 also rising to over 330,000 [8][9]. - The company is enhancing member benefits and experiences to drive further growth in online sales [8].
2025财年毛利率65.6%，江南布衣2026财年百亿零售目标不变