But still, management reiterated its FY25E guidance and we do concur with their view. Management has reiterated its guidance of positive sales (likely MSD) and net profit growth in FY25E and outlined a similar guidance for 2H25E. And they are confident to consistently outperform the entire apparel industry's sales growth. Despite the macro uncertainly and potential consumption downgrade, we are also confident that JNBY can achieve its target, thanks to: 1) acceleration of store expansion (opened around 100 ...