Core Viewpoint - The company is experiencing steady growth in its fiscal year 2025, with a focus on maintaining a high dividend payout ratio, supported by revenue growth from online channels and expansion of offline stores [1][2] Financial Performance - For the fiscal year ending June 30, 2025, the company's revenue increased by 4.6% year-on-year to 5.548 billion yuan, and net profit attributable to shareholders rose by 5.3% to 893 million yuan [1] - In the second half of the fiscal year, revenue grew by 4.2% year-on-year to 2.392 billion yuan, with net profit increasing by 6.6% to 293 million yuan [2] - The gross profit margin decreased by 0.3 percentage points to 65.6% due to a shift from a higher-margin self-operated model to a lower-margin distribution model [1] - Operating cash flow decreased by 29.2% to 1.133 billion yuan, primarily due to increased inventory [1] Channel and Brand Performance - Online revenue saw a significant increase of 18.3% year-on-year to 1.202 billion yuan, while offline self-operated and distribution revenues experienced a decline of 6.2% and an increase of 9.6%, respectively [2] - The main brand's revenue grew by 2.3%, accounting for 54.3% of total revenue, while emerging brands saw a remarkable growth of 107.4%, making up 6.5% of total revenue [2] Dividend Policy - The company maintains a high dividend payout ratio, with total dividends for the year amounting to 716 million Hong Kong dollars, representing over 75% of net profit [1]
江南布衣(03306.HK)：2025财年收入增长稳健 分红率保持75%以上