Investment Rating - The report maintains a "Buy" rating for Jiangnan Buyi (03306) with a target price not specified [6]. Core Viewpoints - The company reported a revenue of 3.16 billion RMB for FY25H1, representing a year-on-year increase of 5%. The revenue breakdown shows that the mature brand (JNBY) generated 1.76 billion RMB (+4% YoY), growth brands (Suxie, LESS, jnby by JNBY) generated 1.2 billion RMB (-2% YoY), and emerging brands generated 200 million RMB (+149% YoY) [1][2]. - The net profit for FY25H1 was 600 million RMB, reflecting a 5.5% increase YoY. The gross margin was 65.1%, a slight decrease of 0.1 percentage points, while the net margin was 19.1%, also down by 0.1 percentage points [2]. - The company emphasizes the importance of member data, with over 80% of retail sales coming from members. Active member accounts numbered 540,000, slightly down from 2023, but those spending over 5,000 RMB contributed significantly to retail sales [3]. - Jiangnan Buyi aims to solidify its position as a leading designer brand fashion group in China, focusing on optimizing its brand portfolio, enhancing retail networks, and leveraging data-driven strategies for operational innovation [4]. Financial Projections - The report forecasts revenues for FY25-27 to be 5.5 billion RMB, 6 billion RMB, and 6.6 billion RMB respectively. Net profits are projected at 880 million RMB, 900 million RMB, and 990 million RMB for the same period. The expected EPS for FY25-27 is 1.69, 1.74, and 1.91 RMB per share, corresponding to P/E ratios of 8, 8, and 7 times [5].
江南布衣：品牌稳健增长，重视长期发展-20250303