海外消费行业周更新：美国非农数据出炉，江南布衣FY2024营利双增

Macro Data - The unemployment rate in the US for August is 4.2%, meeting expectations, while the number of new jobs added is 142,000, below the expected 160,000 [2] - The non-farm employment numbers for June and July have been revised down by a total of 86,000 jobs, with June's figures adjusted from 179,000 to 118,000 and July's from 114,000 to 89,000 [2] - Average hourly wages in the US for August increased by 3.8% year-on-year, exceeding the expected 3.7%, and rose by 0.4% month-on-month, surpassing the expected 0.3% [2] Company Performance - Jiangnan Buyi reported a total revenue of 5.238 billion yuan for FY2024, a year-on-year increase of 17.3%, and a net profit of 848 million yuan, up 36.5% [2] - The gross profit margin for Jiangnan Buyi reached 66.3%, an increase of 1 percentage point year-on-year, indicating strong performance within the industry [2] - The company’s cash flow from operating activities for FY2024 was 1.603 billion yuan, a significant increase of 70.7%, which is 1.9 times the net profit [2] - Membership contributions accounted for 80% of retail revenue, with active members exceeding 550,000, an increase of approximately 40,000 from the previous year [2][3] - Jiangnan Buyi's store count reached 2,024 by the end of FY2024, with a net increase of 34 stores, while self-operated stores decreased by 50 to 515 [2] Investment Strategy - Jiangnan Buyi aims to achieve a retail target of 10 billion yuan by FY2026 through self-incubation and acquisitions to enhance its brand portfolio [3] - The company has made a strategic investment in Hangzhou Huiju, acquiring 51% of its shares for 96 million yuan, filling a gap in the sports sector and enhancing its children's business layout [3] Stock Performance - The S&P 500 Consumer Discretionary index decreased by 2.86%, while the Hang Seng Consumer index fell by 1.72% [4] - Notable stock performances include Jiangnan Buyi, which increased by 1.49%, while other companies like Dollar Tree saw a significant drop of 21.29% [4]