Core Viewpoint - The report from CICC indicates that Jiangnan Buyi achieved a revenue of 5.55 billion yuan for the fiscal year ending June 2025, representing a year-on-year increase of 4.6%, and a net profit attributable to shareholders of 890 million yuan, up 5.3%, aligning with expectations [1] Group 1: Financial Performance - Jiangnan Buyi's revenue for the fiscal year ending June 2025 reached 5.55 billion yuan, marking a 4.6% increase year-on-year [1] - The company's net profit attributable to shareholders was 890 million yuan, reflecting a year-on-year growth of 5.3% [1] Group 2: Future Outlook - The company reiterated its retail target of 10 billion yuan for the fiscal year 2026 [1] - CICC anticipates that the company's terminal cash flow in July and August will outperform peers, driven by strong member loyalty and multi-brand cultivation capabilities [1] Group 3: Strategic Initiatives - Jiangnan Buyi plans to establish its own logistics center, which is expected to reduce financial income net of capital occupation, leading to a faster revenue growth rate compared to profit growth in fiscal year 2026 [1] Group 4: Valuation and Rating - CICC raised the target price for Jiangnan Buyi by 18% to 23.7 HKD, corresponding to a price-to-earnings ratio of 12 times for this year and 11.6 times for next year, indicating a 19% upside potential from the current price [1] - The rating of "outperforming the industry" is maintained [1]