Group 1 - The company reported FY25 revenue of 5.5 billion, a year-on-year increase of 4.6%, and a net profit of 900 million, up 6.0% year-on-year, with a gross margin of 65.6%, down 0.3 percentage points [1] - The company is enhancing brand strength by adhering to a dual-driven strategy of design and brand power, multi-brand scalable development, and fan economy, celebrating its 30th anniversary with a theme of "born unique, standing diverse" [1] - The company has enriched its brand matrix by acquiring the contemporary art and lifestyle brand "B1OCK," providing customers with a broader selection and unique shopping experience [1] Group 2 - The total number of independent retail stores operated globally increased from 2,025 after restructuring on June 30, 2024, to 2,117 by June 30, 2025, with 961 stores under the JNBY brand [2] - The retail network covers all provinces, autonomous regions, and municipalities in mainland China, as well as 10 other countries and regions globally [2] - The contribution of group members to retail sales exceeded 80% of total retail sales, with active member accounts reaching 560,000, and the number of accounts with annual purchases over 5,000 RMB exceeding 330,000, contributing over 60% of offline retail sales [2] Group 3 - Based on FY25 performance and brand resilience, the company adjusted its profit forecasts for FY26-28, expecting net profits of 935 million, 1.024 billion, and 1.086 billion RMB respectively, with corresponding P/E ratios of 10, 9, and 9 [2]

Core Viewpoint - Jiangnan Buyi maintains stable gross and net profit margins in a complex market environment, with net profit exceeding expectations and overall performance meeting forecasts [1] Financial Performance - For the fiscal year 2025, Jiangnan Buyi reported total revenue of 5.548 billion yuan, a year-on-year increase of 4.6%, and net profit of 897 million yuan, up 6% year-on-year [1] - The board proposed a final dividend of 0.93 HKD per share, alongside an interim dividend of 0.45 HKD per share, totaling approximately 716 million HKD for the year, with a payout ratio of 75% [1] Brand and Business Development - The company operates a multi-brand sustainable scale model, with an overall gross margin maintained at a high level of 65.6% [2] - Revenue from the mature brand JNBY grew by 2.3%, accounting for 54.3% of total revenue, while the emerging brand segment saw a significant increase of 107.4% to 361 million yuan, representing 6.5% of total revenue [2] - Jiangnan Buyi's membership strategy has led to over 80% of retail sales coming from members, with active member accounts increasing to 560,000 [2] Retail Strategy - The company is focused on optimizing its fan-centric retail network, leveraging data and technology to enhance customer experience [3] - As of June 30, the total number of independent retail stores globally reached 2,117, with strategic investments in store image upgrades and service quality [3] ESG Practices - Jiangnan Buyi integrates sustainability into its core operations, focusing on product innovation, environmental friendliness, talent development, and community engagement [4] - The company achieved a sustainable material ratio of 30.6% for fiscal year 2025, an increase of 8.2 percentage points from the previous year [5] - The company aims for a retail target of 10 billion yuan for fiscal year 2026, emphasizing quality and health of growth over mere scale [5]