Core Viewpoint - Jiangnan Buyi reported a strong performance for the first half of the 2026 fiscal year, with revenue of 3.376 billion yuan, a year-on-year increase of 7.0%, and a net profit attributable to shareholders of 674 million yuan, up 12.5% year-on-year, exceeding expectations due to better-than-expected gross margin improvement [1] Group 1 - The company declared an interim dividend of 0.52 HKD, corresponding to an interim payout ratio of approximately 37% [1] - The company is expected to achieve its retail target of 10 billion yuan for the 2026 fiscal year, driven by better-than-industry performance in terminal sales [1] - The investment bank raised its profit forecasts for the company for the 2026 and 2027 fiscal years by 7% and 9%, respectively, to 988 million yuan and 1.069 billion yuan [1] Group 2 - The investment bank maintained an "outperform" rating for the company and raised the target price by 5% to 24.97 HKD [1]
研报掘金丨中金：江南布衣上半财年业绩超预期，目标价上调至24.97港元