Core Viewpoint - The report from Minyin International indicates that Jiangnan Buyi (03306) has met revenue and profit expectations for FY25, with stable same-store sales and high member retention, alongside significant growth from emerging brands [1][2] Financial Performance - For FY25 (ending June 30, 2025), revenue increased by 4.6% year-on-year to 5.55 billion yuan, while net profit attributable to shareholders rose by 5.3% to 890 million yuan [1] - The gross profit margin decreased by 0.3 percentage points to 65.6%, and the dividend payout ratio remained at 75% [1] - Inventory at the end of the period increased by 24% year-on-year to 930 million yuan, with good inventory clearance in the outlet channels during July and August, and some inventory increase related to preparations for the autumn/winter season [1] Strategic Outlook - The company maintains a steady guidance, aiming for a retail target of 10 billion yuan for FY26, with corresponding revenue targets of 6 billion yuan and gross/net profit margin targets of over 65% and 15%, respectively, while keeping the dividend payout ratio at 75% [1] - The attractive dividend yield is estimated to be around 7% to 7.5% based on consensus expectations and closing prices [1] Growth Potential - The company demonstrates the ability to sustain growth and withstand cyclical fluctuations through design-driven and refined retail management, creating a loyal and high-retention fan membership base [2] - Despite pressure on customer traffic, the company managed to maintain flat same-store sales for FY25, with retail sales in July and August showing positive growth, outperforming the overall mid-to-high-end women's wear industry [2] - As a multi-brand designer group, the company possesses unique operational alpha and resilience, making it a candidate for active investment consideration [2]
民银国际：江南布衣(03306)FY25收入及利润符合预期 具备穿越周期波动的能力