Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][11]. Core Viewpoints - The company reported a revenue of 3.156 billion CNY for FY25H1, representing a year-on-year growth of 5.0%, with a net profit of 604 million CNY, up 5.5% year-on-year [1]. - The main brand, JNBY, showed stable growth with a revenue of 1.760 billion CNY, a 3.6% increase year-on-year, driven by online channels and store expansion [1]. - The company plans to continue enhancing its brand power through self-incubation and acquisitions, optimizing its designer brand portfolio, and expanding both offline and online channels [3]. Performance Analysis Brand Performance - JNBY brand revenue: 1.760 billion CNY, +3.6% YoY, accounting for 55.8% of total revenue - Other brands: OMG and B1OCK showed significant growth, with total revenue from other brands reaching 194 million CNY, +147.3% YoY [1]. Channel Performance - Online revenue: 602 million CNY, +11.9% YoY - Direct and distribution channel revenues: 1.117 billion CNY and 1.437 billion CNY, -7.7% and +14.2% YoY respectively [2]. Profitability Metrics - Gross margin: 65.2%, stable YoY - Net profit margin: 19.3%, stable YoY - Inventory turnover days: 140 days, +5 days YoY, influenced by warm winter conditions [2]. Forecast and Valuation - Projected net profits for FY2025-2027 are 877 million CNY, 917 million CNY, and 981 million CNY, with growth rates of 3.33%, 4.57%, and 6.96% respectively [4]. - Earnings per share (EPS) forecasted at 1.69 CNY, 1.77 CNY, and 1.89 CNY for FY2025-2027 [4].
江南布衣：H1经营稳健，期待品牌力持续向上-20250228