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 influence and expand its multi-brand matrix through self-incubation and acquisitions, while also optimizing store performance and increasing member engagement [3]. Summary by Sections Performance Review - FY25H1 revenue reached 3.156 billion CNY, a 5.0% increase year-on-year, with a net profit of 604 million CNY, reflecting a 5.5% growth [1]. - The interim dividend is set at 0.45 HKD per share, with an expected annual payout ratio of no less than 75% [1]. Brand Analysis - JNBY brand revenue was 1.760 billion CNY, accounting for 55.8% of total revenue, with growth driven by online sales and store expansion [1]. - Other brands, including OMG and B1OCK, showed significant growth, with total revenue from other brands increasing by 147.3% year-on-year [1]. Channel Analysis - Online revenue for FY25H1 was 602 million CNY, up 11.9% year-on-year, while direct and distribution channel revenues were 1.117 billion CNY and 1.437 billion CNY, showing a decline of 7.7% and an increase of 14.2% respectively [2]. - The company experienced a stable gross margin of 65.2% and a net profit margin of 19.3% [2]. Future Outlook - The company aims to strengthen its position as a leading Chinese designer brand fashion group by optimizing its brand and product mix, expanding offline stores, and enhancing online sales channels [3]. - The forecast for net profit for FY2025-2027 is 877 million CNY, 917 million CNY, and 981 million CNY, with expected growth rates of 3.33%, 4.57%, and 6.96% respectively [4].
江南布衣：H1经营稳健，期待品牌力持续向上-20250301