FY26H1 实现高质量增长，上调全年业绩 预期 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 钟启辉(研究助理) | 021-23185686 | zhongqihui@gtht.com | S0880125042254 | | [Table_Invest] 评级： | 增持 | | --- | --- | | [当前价格 Table_CurPrice] (港元)： | 21.52 | [Table_Market] 交易数据 | 52 周内股价区间(港元) | 13.50-22.12 | | --- | --- | | 当前股本(百万股) | 533 | | 当前市值(百万港元) | 11,476 | 本报告导读： FY26H1 实现高质量增长，多品牌及线上渠道表现亮眼，门店与会员稳健扩张，上 调全年业绩预期。 投资要点： JNBY/ 速 写 /jnby by JNBY/LESS/ 新兴品牌门店 ...

| [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 钟启辉(研究助理) | 021-23185686 | zhongqihui@gtht.com | S0880125042254 | FY26H1 实现高质量增长，上调全年业绩 预期 本报告导读： FY26H1 实现高质量增长，多品牌及线上渠道表现亮眼，门店与会员稳健扩张，上 调全年业绩预期。 投资要点： JNBY/ 速 写 /jnby by JNBY/LESS/ 新兴品牌门店数量分别为 992/297/527/271/54 家，"江南布衣+"多品牌集合店 22 家。受暖冬 和春节错期影响，FY26H1 可比同店销售下滑 2.2%，但将春节周期 拉通看，我们预计累计可比同店销售已恢复正增长。会员体系方面， 公司活跃会员账户数达 59 万个，同比增加 5 万个；年度购买总额超 过人民币 5000 元的高粘性会员账户数逾 34 万个，贡献零售额 49.0 亿 ...

Event Overview - In FY2026H1, the company's revenue, net profit, and operating cash flow were 3.376 billion, 676 million, and 996 million yuan, respectively, representing year-on-year growth of 7.0%, 11.9%, and 21.1% [1] - Government subsidies amounted to 50.21 million yuan, and the net profit excluding these subsidies was 626 million yuan, showing a year-on-year increase of 15.5% [1] - The company declared an interim dividend of 0.52 HKD per share, with a dividend yield of 5.18% [1] Brand Performance - Revenue growth by brand in FY2026H1 was as follows: JNBY 1.860 billion, Su Xie 389 million, jnby by JNBY 495 million, LESS 394 million, and emerging brands 237 million, with year-on-year growth rates of 5.7%, 0.4%, 4.1%, 16.3%, and 22.4%, respectively [1] - Store counts for each brand were 992, 297, 527, 271, and 54, with year-on-year changes of 3.3%, -6%, 1.9%, 4.6%, and 3.8% [1] - Store efficiency (sales per store) was 1.87 million, 1.31 million, 0.94 million, 1.45 million, and 4.40 million yuan, with year-on-year growth of 2.2%, 6.5%, 2.2%, 10.7%, and 18.0% [1] Channel Performance - Revenue by channel in FY2026H1 was 1.180 billion from direct sales, 1.442 billion from distribution, and 753 million from online sales, with year-on-year growth of 5.7%, 0.3%, and 25.1% [1] - The number of direct and distribution stores was 512 and 1,651, respectively, with year-on-year growth of 4% and 1% [1] - Direct store efficiency and distribution single-store sales were 230,000 and 87,000 yuan per half year, with year-on-year growth of 1.3% and a decline of 1.1% [1] Membership and Retail Performance - As of December 31, 2025, retail sales contributed by members accounted for over 80% of total sales, remaining stable year-on-year [1] - The number of active member accounts was 590,000, reflecting a year-on-year increase of 9% [1] - The number of member accounts with annual purchases exceeding 5,000 yuan was over 340,000, growing by 3% [1] Profitability Metrics - Gross margin in FY2026H1 was 66.5%, an increase of 1.4 percentage points year-on-year [2] - By brand, gross margins were as follows: JNBY 69.4%, Su Xie 67.5%, jnby by JNBY 60.2%, LESS 70.5%, and emerging brands 48.8%, with year-on-year changes of 1.8, 2.0, 1.8, 1.7, and -3.6 percentage points [2] - The net profit margin was 20.0%, up 0.9 percentage points year-on-year [2] Expense Analysis - In FY2026H1, the sales, management, and financial expense ratios were 32.4%, 9.2%, and 0.17%, with year-on-year increases of 0.1, 0.6, and a decrease of 0.17 percentage points [2] - The increase in management expenses was primarily due to higher spending in product design and R&D departments [2] Inventory and Receivables - Ending inventory in FY2026H1 was 1.02 billion yuan, a year-on-year increase of 9.4% [3] - Accounts receivable stood at 220 million yuan, remaining stable, with a turnover period of 9 days, a decrease of 1 day year-on-year [3] - Accounts payable was 308 million yuan, up 29.2% year-on-year, with a turnover period of 44 days, a decrease of 12 days [3] Investment Outlook - Short-term revenue growth has been strong since the beginning of the year [3] - The company has significant room for expansion in its growth and emerging brands, with potential for improved store efficiency through various strategies [3] - In the medium to long term, fan loyalty is expected to support stable gross margins and further growth in net profit margins [3] - Revenue forecasts for FY26-28 are 6.004 billion, 6.396 billion, and 6.806 billion yuan, with year-on-year growth of 8.21%, 6.53%, and 6.41% [3] - Net profit forecasts for FY26-28 are 971 million, 1.040 billion, and 1.115 billion yuan, with year-on-year growth of 8.72%, 7.08%, and 7.24% [3] - Corresponding EPS forecasts for FY26-28 are 1.86, 1.92, and 2.09 yuan, with a PE ratio of 9.4, 9.1, and 8.3X based on the closing price of 20.08 HKD on February 26, 2026 [3]

机构：中金公司 考虑到公司盈利能力持续提升，我们上调FY26/FY27 盈利预测7%/9%至9.88/10.69 亿元，当前股价对应 9.7/8.8 倍FY26/27P/E，维持跑赢行业评级。相应上调目标价5%至24.97 港元，对应12.0/10.9 倍FY25/26 P/E，较当前有24%的上行空间。 线上渠道收入增速亮眼，品牌矩阵接力增长。1）分渠道看，1HFY25 直营/经销/电商渠道收入分别同比 +5.7%/+0.3%/+25.1%至11.81/14.42/7.53 亿元。门店方面，1HFY26 直营门店较FY25末净增20 家至512 家，经销门店净增26 家至1,630 家，线下可比同店销售同比-2.2%。2）分品牌看，1HFY26 成熟品牌 JNBY收入同比+5.7%至18.60 亿元，增长韧性强，成长品牌jnby byJNBY/LESS/速写收入分别同比 +4.1%/+16.3%/+0.4%至4.95/3.94/3.89 亿元，新兴品牌收入同比+22.4%至2.37 亿元。 3）会员方面，1HFY26 购买总额超人民币5,000 元的会员账户数较FY25 末约增1 万个至超34 万个。 毛利 ...

证券研究报告|港股公司点评报告 [Table_Date] 2026 年 02 月 27 日 [Table_Title] 业绩靓丽，剔除政府补助后净利增速更高 [Table_Title2] 江南布衣(3306.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 3306 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 15.86/11.78 | | 目标价格(港元)： | | 总市值(亿港元) | 107.08 | | 最新收盘价(港元)： | 20.08 | 自由流通市值(亿港元) | 92.03 | | | | 自由流通股数(百万) | 518.75 | [Table_Summary] 事件概述 FY2026H1 公司收入/净利润/经营活动现金流 33.76/6.76/9.96 亿元，同比增长 7.0%/11.9%/21.1%；上半 财年政府补助为 5021.1 万元、剔除政府补助影响后的净利润为 6.26 亿元、同比增长 15.5%。 公司宣派中期股息每股 0.52 港元，股息率为 5.18%。 分 ...

华西证券（002926）发布研报称，维持江南布衣(03306)"买入"评级，FY26-28公司收入预测 60.04/63.96/68.06亿元，同比增长8.21%/6.53%/6.41%，归母净利润预测9.71/10.40/11.15亿元，同比增长 8.72%/7.08%/7.24%，对应FY26-28年EPS预测为1./1.9286/2.09元，26年2月26日公司收盘价20.08港元对 应PE为9.4/9.1/8.3X。 华西证券主要观点如下： 事件概述 未来展望 短期来看，公司年初以来流水持续较快增长，公司的成长品牌及新兴品牌仍有较大开店空间，未来随着 大店占比提升、多品牌集合店增加、低效直营店转加盟、粉丝经济带动离店销售等，店效仍有较大提升 空间;中长期来看，粉丝粘性有望带动公司毛利率稳中有升、规模效应带动费用下降，有望带动公司净 利率进一步增长。 (2)分渠道来看，FY2026H1直营/经销/线上收入分别为11.80/14.42/7.53亿元，同比增长 5.7%/0.3%/25.1%，直营/经销门店数分别为512/1651家，同比增长4%/1%，FY2026H1直营店效/经销单 店出货分别为230/ ...

毛利率及归母净利率上升1.4/0.9PCT，归母净利率增速低于毛利率主要由于管理费用率和所得税费用率 提升、财务收入下降。FY2026H1毛利率为66.5%、同比提升1.4PCT(1)分品牌毛利率来看，主品牌毛利 率稳健：JNBY/速写/jnby by JNBY/LESS/新兴品牌毛利率分别为69.4%/67.5%/60.2%/70.5%/48.8%、同比 提升1.8/2.0/1.8/1.7/-3.6PCT。(2)分渠道毛利率来看，直营/经销/线上毛利率分别为73.7%/61.0%/65.8%， 同比提升0.1/2.0/1.6PCT;(3)2026H1归母净利率为20.0%、同比上升0.9PCT。从费用率看，FY2026H1销 售/管理/财务费用率分别为32.4%/9.2%/0.17%、同比增加0.1/0.6/-0.17PCT，管理费用提升主要由于产品 设计和研发部门开支增加。其他收益/收入占比提升0.47PCT，主要由于创业投资基金的公允价值变动收 益增加，所得税/收入同比提升0.2PCT。 存货有所增长 智通财经APP获悉，华西证券发布研报称，维持江南布衣(03306)"买入"评级，FY26-28公司收入 ...

证券研究报告|港股公司点评报告 [Table_Date] 2026 年 02 月 27 日 [Table_Title] 业绩靓丽，剔除政府补助后净利增速更高 [Table_Title2] 江南布衣(3306.HK) 公司宣派中期股息每股 0.52 港元，股息率为 5.18%。 分析判断: LESS 恢复较快增长、速写延续弱势，线上加速增长。（1）分品牌来看，FY2026H1 JNBY/速写/jnby by JNBY/LESS/新兴品牌收入分别为 18.60/3.89/4.95/3.94/2.37 亿元，同比增长 5.7%/0.4%/4.1%/16.3% /22.4%，门店数量分别为 992/297/527/271/54 家，同比增长 3.3%/-6%/1.9%/4.6%/3.8%，店效分别为 187 /131/94/145/440 万元，同比增长 2.2%/6.5%/2.2%/10.7%/18.0%；即，男装品牌速写在低基数基础上仍延 续弱势、关店调整，和行业情况基本一致，而女装 LESS 则表现出开店和店效双恢复态势。（2）分渠道来 看，FY2026H1 直营/经销/线上收入分别为 11.80/14.42/ ...

2023年1月3日，周令钊先生溘然长逝，享年104岁。生前，他已郑重决定将221件作品捐赠中央美术学院 美术馆。在其爱女周容教授的悉心整理以及中央美术学院的支持推动下，这批作品得以进行系统的学术 梳理并完整呈现，最终促成本次展览。展览将展出至3月1日。 王广燕 （《周令钊捐赠作品展 中央美院美术馆开展》由贵阳日报为您提供，转载请注明来源，未经书面授权 许可，不得转载或镜像。） 展览从周令钊的艺术精神与人格品格切入，呈现他在时代激流中的价值选择。展出作品涵盖水彩、水 粉、素描、速写、连环画、壁画与设计等多个类别。创作时间横跨1938年至2008年，系统铺展其跨越七 十余年艺术实践的轨迹。展出黄鹤楼一层壁画《白云黄鹤》创作稿5幅，北京饭店壁画《古都集萃》创 作稿53张、《独臂西施》连环画稿27幅，以及大量反映新中国生产建设、改革新风、民族风貌的作品。 转自：贵州日报 近日，"画在时光深处——周令钊先生捐赠作品展"在中央美术学院美术馆启幕，呈现周令钊捐赠中央美 术学院美术馆的220余件珍贵作品。 ...

Core Insights - Jiangnan Buyi reported a total revenue of 5.548 billion yuan for the fiscal year 2025, representing a year-on-year growth of 4.6%, with a profit of 899 million yuan, up 6.0% [2] - The company aims to achieve a revenue target of 10 billion yuan for the fiscal year 2026, indicating a need for nearly double growth within a year [2] - The multi-brand strategy has allowed Jiangnan Buyi to cover a wide range of consumer demographics, from mainstream to niche markets [14] Financial Performance - The main brand JNBY generated 3.013 billion yuan in revenue, accounting for 54.3% of total revenue, with a year-on-year growth of 2.3% [5] - The growth brands collectively generated 2.174 billion yuan, a slight decline of 0.5%, representing 39.2% of total revenue [7] - Emerging brands saw a significant revenue increase of 107.4%, reaching 361 million yuan, which is 6.5% of total revenue [9] Store Expansion - As of June 30, Jiangnan Buyi operated 2,117 stores, an increase of 92 stores from the previous year [11] - The distribution of stores includes 961 for JNBY, 1,082 for growth brands, and 52 for emerging brands [12] Sales Challenges - Same-store sales declined by 0.1%, indicating challenges in maintaining customer traffic [15] - The company reported a 24.2% increase in inventory, reaching 932.6 million yuan, raising concerns about high inventory levels [21] Membership Economy - Active membership accounts increased to over 560,000, contributing more than 80% of retail revenue [23] - High-value members, defined as those with annual purchases exceeding 50,000 yuan, numbered over 330,000, contributing 4.86 billion yuan to revenue [24] Growth Strategies - Jiangnan Buyi is exploring external acquisitions to accelerate growth, including the acquisition of a 51% stake in Hangzhou Huiju and the fashion brand B1OCK [31] - The company plans to increase the proportion of direct sales in first- and key second-tier cities while relying on distributors in lower-tier cities [32] Industry Context - The apparel industry is facing challenges due to a shift in consumer preferences towards practicality and long-term value, impacting traditional designer brands [34] - Increased competition from both high-value basic brands and emerging designer brands is intensifying market pressures [36]