江南布衣：Prudent guidance and generous dividends

9 Sep 2024 CMB International Global Markets | Equity Research | Company Update JNBY Design (3306 HK) Prudent guidance and generous dividends FY24 results were roughly inline with CMBI/BBG est.. Some investors could be concerned about the softened performance in 2H24, but this should be partially expected. The conservative tone for FY25E is not surprising and guidance should likely be achieved, thanks to further upgrades in member management and customer services, resilient GP margin and a better channel mix ...