Core Viewpoint - The company has achieved high-quality growth in FY26H1, with strong performance from multiple brands and online channels, leading to an upward revision of the full-year earnings forecast [1] Financial Performance - FY26H1 revenue reached 3.376 billion yuan, a year-on-year increase of 7.0% - Net profit for FY26H1 was 676 million yuan, up 11.9% year-on-year - Gross margin and net margin improved to 66.52% and 20.02%, respectively, with increases of 1.4 percentage points and 0.9 percentage points year-on-year [1] Brand Performance - Mature brand JNBY generated revenue of 1.860 billion yuan in FY26H1, growing 5.67% year-on-year - Growth brands LESS, jnby by JNBY, and速写 reported revenues of 389 million, 495 million, and 394 million yuan, with year-on-year growth rates of 0.35%, 4.12%, and 16.33% respectively - Emerging brands achieved revenue of 237 million yuan, reflecting a robust year-on-year growth of 22.42% [2] Channel Performance - Revenue from direct sales, distribution, and online channels in FY26H1 was 1.181 billion, 1.442 billion, and 753 million yuan, with year-on-year growth of 5.72%, 0.31%, and 25.10% respectively - Online and offline collaboration has enhanced overall profitability, with gross margins improving across all channels [3] Store and Membership Expansion - As of December 31, 2025, the company had 2,163 independent retail stores globally, an increase of 46 stores from the beginning of the period - Active membership accounts reached 590,000, with a year-on-year increase of 50,000 accounts, contributing to over 60% of offline retail revenue [3]
江南布衣(3306.HK)：FY26H1实现高质量增长 上调全年业绩预期