江南布衣 20251015 摘要 江南布衣作为设计师女装领军企业，市场份额占比超过 10%，在需求疲 软背景下仍保持低双位数增长，显示出较强的业绩韧性。 公司拥有层次递进的品牌结构，包括核心女装、男装、速写、童装等， 贡献了近十几年的收入增长，新兴品牌如童装和可回收概念品牌也贡献 显著。 公司管理团队稳定，创始人负责战略，妻子负责设计及零售，引入阿里 资深总监加强数智零售，实控人家族持股比例高，确保战略一致性。 公司估值经历多次波动，目前估值逐步抬升到 10 倍左右，综合股息率、 业绩增速及 ROE 水平，相较其他港股服饰公司仍存在一定低估空间。 江南布衣通过独特设计风格和强大的设计师团队实现持续收入增长，自 有部门主导面料开发和设计，确保风格稳定与商业价值动态平衡。 公司通过全渠道采集用户数据，进行定制化会员运营，推出"布置盒 子"APP 等措施，显著提升购买转化率，活跃会员数持续增长。 江南布衣通过高净利率、快周转以及权益乘数拉动，ROE 表现优于其他 男女装企业，并通过信息化系统打通和产品竞争力提升实现高速周转。 Q&A 江南布衣公司在纺织服装行业中的竞争力如何，未来成长性如何？ 江南布衣公司在纺织服装 ...

机构：长江证券 现优于其他中高端女装的韧性增长： 1）设计力：设计师高自由度创作叠加成熟产品上市流程实现艺术与商业属性兼具，面料环节向后赋能 设计，产品设计风格与时代共振，为品牌锚定更优的增长韧性。2）粉丝力：打造全域零售模式实现多 方位品牌触达，粉丝纳新与留存手段成熟，并以精细化会员服务及权益，数智化升级&多品牌集合店提 供后台、场景赋能，带来可观零售转化，实现高回报粉丝经济。3）多品牌：公司副线品牌培育均衡， 多品牌运营能力得到验证，且品类覆盖相比同业更为多元，品牌互补形成的业绩抗风险能力以及未来增 长空间较优。 如何理解公司高ROE 持续性 研究员：于旭辉/魏杏梓 公司的高ROE 属性是自身经营能力与竞争优势的体现，具备较强稳定性与可持续性，杜邦分析拆分来 看：1）高周转率：一方面，全国库存共享分配系统叠加快反追单，有效提升存货周转效率；另一方 面，公司与经销商强绑定，采取业内少有的先付款后发货结算模式，资金回笼速度领先行业。2）高净 利率：毛利率，设计师品牌属性溢价下取得中等偏上的毛利率水平，并在品牌力提升&供应链优化下持 续改善；费用率，较强的加盟商管理能力下实现较高的经销占比，有效控制开店支出，此 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3][10][12]. Core Insights - Jiangnan Buyi, as a leading designer brand in China, showcases strong design capabilities, fan economy, and a multi-brand matrix that forms its competitive moat. The company demonstrates resilience in adverse conditions and flexibility in favorable ones, supported by its advanced omnichannel operations and a large, loyal membership system that continuously contributes to retail sales, laying a solid foundation for steady growth in performance [3][10]. Summary by Sections Company Overview - Jiangnan Buyi is recognized as a top designer brand in China, with a product positioning in the mid-to-high-end market. The company has a comprehensive multi-brand layout that meets diverse customer needs, with established brands, growth brands, and emerging brands contributing to its revenue [7][30]. Financial Performance - The company is projected to achieve a net profit attributable to shareholders of 9.2 billion, 9.6 billion, and 9.9 billion CNY for FY2026, FY2027, and FY2028, respectively, with a corresponding PE ratio of 9 for each year. Assuming a 75% dividend payout ratio, the dividend yield for FY2026 is expected to reach 8% [3][10]. Competitive Advantages - Jiangnan Buyi's competitive advantages stem from three main pillars: design strength, fan engagement, and a multi-brand strategy. The design aspect combines artistic creativity with commercial viability, while the fan economy leverages a comprehensive retail model to enhance customer engagement and retention [8][9][10]. ROE and Dividend Policy - The company maintains a high return on equity (ROE) of over 35% in recent years, supported by efficient inventory turnover and strong profit margins. The dividend payout ratio has consistently been above 70%, reinforcing its attractiveness as a high-dividend stock [7][9][50]. Market Position - Jiangnan Buyi holds a significant market share in the domestic designer brand segment, with a 9.6% share in 2016, and has shown steady revenue growth with a CAGR of 13% from FY2014 to FY2025 [26][30][31]. Future Outlook - The report highlights the company's potential for growth in the designer brand segment, which is expected to continue expanding at a CAGR of 17% over the next five years, significantly outpacing the overall apparel market [56][58].

Core Viewpoint - The company is experiencing steady growth in its fiscal year 2025, with a focus on maintaining a high dividend payout ratio, supported by revenue growth from online channels and expansion of offline stores [1][2] Financial Performance - For the fiscal year ending June 30, 2025, the company's revenue increased by 4.6% year-on-year to 5.548 billion yuan, and net profit attributable to shareholders rose by 5.3% to 893 million yuan [1] - In the second half of the fiscal year, revenue grew by 4.2% year-on-year to 2.392 billion yuan, with net profit increasing by 6.6% to 293 million yuan [2] - The gross profit margin decreased by 0.3 percentage points to 65.6% due to a shift from a higher-margin self-operated model to a lower-margin distribution model [1] - Operating cash flow decreased by 29.2% to 1.133 billion yuan, primarily due to increased inventory [1] Channel and Brand Performance - Online revenue saw a significant increase of 18.3% year-on-year to 1.202 billion yuan, while offline self-operated and distribution revenues experienced a decline of 6.2% and an increase of 9.6%, respectively [2] - The main brand's revenue grew by 2.3%, accounting for 54.3% of total revenue, while emerging brands saw a remarkable growth of 107.4%, making up 6.5% of total revenue [2] Dividend Policy - The company maintains a high dividend payout ratio, with total dividends for the year amounting to 716 million Hong Kong dollars, representing over 75% of net profit [1]

Core Viewpoint - The Korean designer brand Wooyoungmi is expanding its presence in China with new stores in Beijing and Chengdu, despite having an existing store in China, highlighting the complexities of brand operations and market entry strategies in the region [1][2]. Group 1: Brand Operations and Market Entry - Wooyoungmi's new stores in Beijing and Chengdu are operated by Kolon Group, while the existing store in Beijing's Galeries Lafayette is managed by the mall as an agent [1]. - Kolon Group has diverse business interests, including textiles and outdoor sports, and operates various designer brands in Asia, although Wooyoungmi is not listed among them [2]. - The collaboration with local agents allows Korean brands to leverage established distribution channels and better understand market trends in China [5]. Group 2: Market Trends and Competitive Landscape - Korean brands are generally more aggressive in expanding into China compared to Japanese brands, often partnering with local agents to enhance market penetration [5]. - Wooyoungmi, established in 2002, has 47 global retail points, with only three independent stores, indicating a reliance on multi-brand retail environments [5]. - The pricing strategy for Wooyoungmi's products aligns with other Korean brands, targeting a mid to high-end market segment, with prices for shirts and outerwear ranging from 2,000 to 7,500 yuan [5]. Group 3: Challenges and Consumer Perception - Despite the growth of Korean brands in China, the overall presence of designer brands remains limited, with many relying on multi-brand sales channels [12]. - The lack of a strong brand identity for Korean designer brands compared to their Japanese counterparts poses challenges in market recognition and consumer loyalty [13]. - Consumer feedback indicates that the late arrival of independent stores and significant price discrepancies across different channels affect purchasing decisions [13].

Core Insights - Jiangnan Buyi, established in 1994, is a leading designer brand fashion company with a strong market presence and high dividend payout since its listing in 2016 [1][2] - The company has maintained a high return on equity (ROE), averaging 35.7% over the past three years and 33.4% over the past five years, positioning it among the top in the consumer goods sector [1] Group 1: Growth Strategies - The company employs three main strategies for growth: multi-brand matrix, design-driven approach, and fan-driven engagement [1] - Multi-brand matrix: Revenue contributions from mature brands, growth brands, and emerging brands are 56.2%, 41.7%, and 2.1% respectively, with compound annual growth rates (CAGR) of 9.4% and 9.2% for mature and growth brands from FY2019 to FY2024 [1] - Design-driven: The founder is directly involved in design, with strong incentives and high investment in core designers, including initiatives like the Sesame Laboratory to explore sustainable fashion [1] - Fan-driven: The company has a strong membership base with 319,000 active members contributing over 60% of offline retail sales, supported by digital retail initiatives [1] Group 2: Market Potential and Financial Outlook - The designer brand market shows significant potential, with a CAGR of 5.5% from 2017 to 2022, and an expected CAGR of 14.5% from 2023 to 2027, ranking among the top two in its segment [2] - The company has a high-quality channel presence, with 45.3% of stores located in first and second-tier cities, and a comparable store growth rate of 10.7% for FY24 [2] - Financial projections indicate revenue growth to reach 5.59 billion yuan, 5.98 billion yuan, and 6.39 billion yuan for FY2025, FY2026, and FY2027 respectively, with year-on-year growth rates of 6.7%, 7.0%, and 6.9% [2] - Net profit forecasts for the same period are 890 million yuan, 950 million yuan, and 1.02 billion yuan, with year-on-year growth rates of 4.4%, 7.6%, and 7.1% [2]