该行认为，公司具备持续成长和抵御周期波动的能力：公司以设计驱动+精细化全域零售管理，通过独 特调性的产品和品牌体验，构筑不断增长且高粘性粉丝会员群体。反映到经营结果上，FY25(截至 25/6/30)在客流承压背景下，公司仍能保持同店持平。据渠道调研，今年以来公司流水维持单位数以上 正增，7月/8月零售流水同比分别+高单/+双位数以上，好于中高端女装行业整体。公司作为多品牌布局 的设计师品牌集团，具备独特经营alpha和韧性，可积极关注。 智通财经APP获悉，民银国际发布研报称，江南布衣(03306)FY25收入及利润符合预期，同店稳健，会 员高粘性，新兴品牌高增。FY25(截至2025/6/30)收入同比+4.6%至55.5亿元，归母净利同比+5.3%至8.9 亿元，毛利率同比-0.3pp至65.6%，派息率保持75%。期末存货同比+24%至9.3亿元，据渠道调研，公司 7-8月奥莱渠道存货去化较好，且部分存货增加与25秋冬备货相关，合理可控。 据业绩会，公司指引稳健，维持FY26百亿零售目标，对应营收目标60亿，毛利率/净利润率目标分别为 65%以上/15%以上，派息率保持75%，据iFind一致预期和收 ...

Core Viewpoint - The traditional clothing industry is facing significant challenges, prompting companies to seek control changes and business transformations to improve performance [1][4]. Group 1: Company Developments - Three clothing companies, Anniel, *ST Jinbi, and Bangjie, are planning or implementing control changes to revitalize their businesses amid poor performance [1][4]. - *ST Jinbi has been warned of delisting due to continuous net profit losses and revenue below 300 million yuan [1][3]. - Anniel has reported a revenue decline of over 20% year-on-year in 2024, with a net loss of 115 million yuan [3]. Group 2: Industry Trends - The clothing industry is experiencing a downturn, with nearly 70% of traditional clothing companies in the A-share market reporting declining or negative profits in 2024 [4]. - New controlling shareholders often inject new assets to optimize business structures and enhance profitability, which could provide new growth momentum for companies [4][7]. Group 3: Transformation Strategies - Companies are exploring dual business operations or cross-industry transformations to create new growth points [5][6]. - Daybo Fashion is attempting to enter the lithium battery adhesive market through a restructuring plan, while Xinha shares is investing in emerging industries like low-altitude economy and artificial intelligence [6]. - Bangjie is undergoing a control change after a failed transition to the photovoltaic industry, which led to significant losses [7].

Group 1 - The core lesson learned in Africa emphasizes the importance of respecting the market, culture, and human nature [1] - The company conducted market research in Tanzania, focusing on the clothing and toy markets [4][12] - The clothing market in Tanzania is evolving, with an increasing number of wealthy individuals seeking mid to high-end fashion [10][11] Group 2 - The toy market in Tanzania is still in its infancy, presenting significant growth potential due to the high birth rate [12] - The company identified that imported toys are expensive due to high shipping costs and tariffs, making them less accessible to the average consumer [13][14] - The company observed a rapid change in the clothing market, with improved store displays and a rise in online shopping [13] Group 3 - The company faced challenges in selling bed linens due to local competition and consumer preferences [32] - The company encountered difficulties with product selection, leading to unsold inventory and financial losses [33][36] - The registration and tax compliance process in Tanzania proved to be costly and complicated, resulting in unexpected fines [37][39]