Investment Rating - The report assigns a rating of "Accumulate" for the company [8]. Core Insights - The company is expected to achieve high-quality growth in FY26H1, with strong performance from multi-brand and online channels, alongside steady expansion of stores and membership, leading to an upward revision of the full-year performance forecast [2]. - The company reported a revenue of 3.376 billion RMB in FY26H1, representing a year-on-year growth of 7.0%, and a net profit of 676 million RMB, up 11.9% year-on-year [12]. - The company has a robust membership system with 590,000 active member accounts, contributing significantly to retail sales [4]. Financial Summary - The company’s total revenue projections for FY2026 to FY2028 are 6.023 billion, 6.480 billion, and 6.956 billion RMB, respectively, with growth rates of 8.6%, 7.6%, and 7.3% [5]. - The net profit for FY2026 is projected to be 978 million RMB, with a year-on-year growth of 9.5% [5]. - The company maintains a healthy gross profit margin of 66.52% and a net profit margin of 20.02% in FY26H1, both showing improvements [12]. Brand and Channel Performance - The company’s mature brand JNBY continues to be a core revenue driver, achieving 1.860 billion RMB in revenue for FY26H1, a growth of 5.67% [12]. - Emerging brands such as LESS and new brands have shown significant growth, with revenues of 3.89 million, 4.95 million, and 3.94 million RMB, reflecting year-on-year increases of 0.35%, 4.12%, and 16.33%, respectively [12]. - Online channels have accelerated growth, with a revenue increase of 25.10% in FY26H1 [12]. Store Expansion and Inventory Management - As of December 31, 2025, the company has expanded its global independent retail stores to 2,163, with a net increase of 46 stores [12]. - The inventory at the end of FY26H1 was 1.020 billion RMB, a year-on-year increase of 2.91%, which is lower than the revenue growth rate, indicating effective inventory management [4].
江南布衣：FY26H1 实现高质量增长，上调全年业绩预期-20260301