Core Viewpoint - Jiangnan Buyi aims to achieve a revenue target of 10 billion RMB by the fiscal year 2026, despite challenges in the current market environment [1] Financial Performance - For the fiscal year ending June 30, 2025, Jiangnan Buyi reported total revenue of 5.548 billion RMB, a year-on-year increase of 4.64%, and a profit of 898 million RMB, up 6.02% [1][3] - The growth rate of 4.6% for the fiscal year 2025 is lower than the 5% growth rate in the first half of the year, indicating a slight slowdown [3] Brand Performance - The main brand, JNBY, generated revenue of 3.012 billion RMB, accounting for 54.3% of total revenue, with a growth of 2.3% [2][3] - Growth brands, including Croquis, jnby by JNBY, and LESS, saw a slight decline in revenue, totaling 2.174 billion RMB, down 0.5% [2][3] - Emerging brands experienced significant growth, with revenue increasing by 107.4% to 361 million RMB, representing 6.5% of total revenue [2][3] Store Expansion - As of June 30, 2025, Jiangnan Buyi operated 2,117 stores, an increase of 92 stores from the previous year [4][5] - The number of JNBY stores reached 924, while growth brands had 961 stores, and emerging brands had 52 stores [4][5] Sales Channels - In the fiscal year 2025, 81% of Jiangnan Buyi's revenue, amounting to 2.554 billion RMB, came from offline retail stores [6][10] - Online sales grew by 18.3% to 1.202 billion RMB, accounting for 21.7% of total revenue [10] Membership and Customer Engagement - Membership contributed over 80% of retail revenue, with active member accounts increasing to over 560,000 [9][11] - High-value members, defined as those with annual purchases exceeding 50,000 RMB, contributed 48.6 billion RMB, accounting for over 60% of offline retail revenue [9][11] Strategic Direction - Jiangnan Buyi is exploring acquisition opportunities while maintaining a cautious approach, focusing on existing brands for growth in the next three to five years [8] - The company is enhancing its fan-centric retail network and leveraging data-driven strategies to improve customer engagement and loyalty [12]
江南布衣还想搏一把，但文艺青年难撑“百亿雄心”