Core Viewpoint - The company reported stable growth in FY2025 H1, with a mid-term dividend of 0.45 HKD per share, and is expected to maintain its leading designer brand advantage in FY2025 H2, resulting in steady performance [1][2]. Financial Performance - In FY2025 H1, the company achieved revenue of 3.156 billion RMB, a year-on-year increase of 5.0%, and a net profit of 604 million RMB, up 5.5% year-on-year, meeting expectations [1]. - The company's gross margin remained stable during this period [1]. Brand Performance - The mature brand JNBY generated revenue of 1.76 billion RMB in H1, growing by 3.6% year-on-year, while emerging brands saw significant growth with a total revenue of 190 million RMB, up 147% year-on-year [2]. - The growth rates for other brands were as follows: Su Xie at 390 million RMB (-6.0%), jnby by JNBY at 480 million RMB (-0.6%), and LESS at 340 million RMB (+0.8%) [2]. Channel Performance - Revenue from self-operated, distribution, and online channels in H1 was 1.12 billion RMB (-7.7%), 1.44 billion RMB (+14.2%), and 600 million RMB (+11.9%) respectively [2]. - The company has a total of 491 self-operated stores and 1614 distribution stores in China, with a net decrease of 24 self-operated stores and a net increase of 126 distribution stores in H1 [2]. Membership and Consumer Engagement - Membership sales accounted for over 80% of total sales, with active members spending over 5000 RMB increasing to 330,000, contributing to a sales increase of 8% to 4.68 billion RMB [2]. - The company is focusing on enhancing brand strength and refining membership management for steady growth in FY2025 [2]. Dividend and Shareholder Returns - The company announced a mid-term dividend of 0.45 HKD per share, with an expected annual dividend yield of approximately 8% [2].

2025/06 2025上半年商贸零售白皮书 目录 CONTENTS 01 市场概况 02 主要市场趋势 03 现 04 企业财报分析 各品类销售表 05 政策环境与展 望 目录 CONTENTS 06 投资策略与建 议 07 行业动态与案 例 08 板块行情回顾 09 总结与展望 01 市场概况 整体增长态势 社会消费品零售总额增长 2025年上半年，中国零售行 业整体保持增长态势，社会消 费品零售总额达到5.3万亿元， 同比增长6.8%。 线上零售高增速 线上零售保持了较高的增速， 上半年达到2.8万亿元，同比 增长12.4%。 线下零售复苏迹象 线下零售虽然增速放缓，但仍 呈现出复苏迹象，大型商超和 便利店的业绩有所回暖。 消费信心与需求回升 疫情缓解带动信心增强 随着疫情的逐渐缓解，消费者的消费信心增强，线下购物的需求逐步回升。 促销活动消费表现 促销活动也刺激了消费者的消费，进一步推动了线下购物需求的回升。 02 主要市场趋势 线上线下融 线上零售格局趋稳 节假日消费表现 在节假日期间，消费者的购买欲望显著提升，带动了整体零售市场的增长。 合趋势 线上零售保持较高增速，格局逐渐 稳定。2025年上半 ...

一、深度参与的投资实践，铸就发展基石 （一）文创领域：传统与现代的交融创新 在瞬息万变的投资市场中，博韵同舟始终以敏锐的眼光和稳健的步伐前行。过去十余年，我们在众多领域积极探索，深度参与了部分项目的投资与运营，也 在一些方向上保持着持续关注与研究。这些经历不仅构筑起博韵同舟丰富的投资版图，也为未来发展积累了宝贵经验。 在汉服文化复兴浪潮中，博韵同舟精准捕捉市场机遇，深度参与汉服店投资项目。我们协助品牌以传统汉服形制为根基，融合现代时尚元素，打造出兼具文 化底蕴与潮流风格的产品。通过线上社群运营与线下主题活动结合的推广策略，该汉服店迅速打开市场，年销售额连续三年保持 30% 以上的长，成为区域 内汉服文化传播与商业运营的标杆。 手工剪纸项目同样是博韵同舟在文创领域的成功实践。我们引入现代设计理念，将剪纸艺术转化为具有实用性与收藏价值的文创商品。从文旅纪念品到高端 定制礼品，产品矩阵不断丰富。借助电商平台与文旅展会的渠道拓展，项目合作的剪纸工坊年订单量突破十万件，带动数十位民间艺人实现技艺变现，推动 非遗文化商业化发展。 （二）生活服务：体验升级与品质塑造 儿童写真摄影项目中，博韵同舟聚焦服务体验优化，从场景搭建 ...