Core Viewpoint - The company reported FY25 results that met expectations, with revenue of 5.55 billion yuan and a net profit of 890 million yuan, reflecting year-on-year growth of 4.6% and 5.3% respectively [1][2] Financial Performance - The company declared a final dividend of 0.93 HKD per share, alongside an interim dividend of 0.45 HKD per share, resulting in an annual payout ratio of approximately 75% [1] - FY25 gross margin decreased by 0.3 percentage points to 65.6%, primarily due to an increase in revenue contribution from distribution and online channels [2] - FY25 net profit margin increased by 0.1 percentage points to 16.1% [2] Membership and Sales Channels - The number of high-value members (those with purchases exceeding 5,000 yuan) increased by approximately 20,000 to over 330,000 [1] - Revenue from direct sales, distribution, and e-commerce channels for FY25 was 2.08 billion, 2.27 billion, and 1.20 billion yuan respectively, with year-on-year changes of -6%, +10%, and +18% [1] - The company reduced its direct store count by 24 to 492, while increasing its distribution stores by 116 to 1,625 [1] Brand Performance - Revenue from the JNBY, jnby by JNBY, LESS, and Su Xie brands for FY25 was 3.01 billion, 830 million, 620 million, and 720 million yuan respectively, with year-on-year changes of +2.3%, +2.9%, +0.2%, and -4.6% [1] - New emerging brands saw a revenue increase of 107.4% to 360 million yuan, driven by the consolidation of newly acquired brands onmygame and B1OCK [1] Future Outlook - The company reiterated its goal of achieving 10 billion yuan in retail sales for FY26, with expectations of better terminal sales performance compared to peers [2] - Plans to establish a logistics center are anticipated to reduce capital occupation and improve financial returns, leading to faster revenue growth than profit growth in FY26 [2] Earnings Forecast and Valuation - The FY26 profit forecast is maintained at 926 million yuan, with an introduction of FY27 profit forecast at 983 million yuan [2] - The current stock price corresponds to 10.1 and 9.7 times FY25 and FY26 price-to-earnings ratios, with an 18% increase in target price to 23.70 HKD, implying a 19% upside potential [2]

Core Viewpoint - Shenzhen is advancing its infrastructure with the commencement of the T2 terminal and North Cargo Area projects at Shenzhen Airport, aimed at enhancing its status as a global economic center and international aviation hub [1][4][12]. Group 1: Project Details - The T2 terminal project is designed to handle an annual passenger throughput of 31 million, featuring a main terminal area of 400,000 square meters and 53 parking positions [4][12]. - The North Cargo Area will significantly increase air cargo capacity by over 1.8 million tons per year, supporting high-end manufacturing and cross-border e-commerce in the Greater Bay Area [12][15]. - Both projects are strategically located to enhance connectivity with existing infrastructure, including rail and road transport systems, facilitating seamless air-rail connections for passengers [5][12]. Group 2: Economic Impact - The development of these projects is expected to inject new momentum into Shenzhen's economy, supporting its transformation into a more globally influential economic center and modern metropolis [1][15]. - The projects align with national and regional development plans, contributing to the construction of a modern logistics system and enhancing Shenzhen's role in the global supply chain [12][15]. - The simultaneous launch of these key projects underscores their importance for the high-quality development of civil aviation in Shenzhen and the broader goal of expanding international openness [15].