Core Insights - Jiangnan Buyi Co., Ltd. reported a total revenue of 5.548 billion RMB for the fiscal year 2025, representing a year-on-year growth of 4.6% driven by increased online sales and expansion of offline store networks [1] Revenue Breakdown - Online channel revenue grew by 18.3% to 1.201 billion RMB, while optimized inventory sharing and distribution systems contributed to a 3.1% increase in incremental retail sales to 1.137 billion RMB [1] - The mature brand JNBY, with over 30 years of history, saw a revenue increase of 2.3%, accounting for 54.3% of total revenue; the growth brand portfolio experienced a slight decline of 0.5%, making up 39.2%; the emerging brand portfolio achieved a remarkable 107.4% increase in revenue to 361 million RMB, raising its share to 6.5% [4] Membership and Customer Engagement - Membership contributed over 80% of total retail sales, with active member accounts increasing to over 560,000, up by approximately 10,000 from the previous fiscal year; members with total purchases exceeding 50,000 RMB numbered 330,000, contributing over 60% of offline retail sales [4] Strategic Adjustments - In response to market segmentation and fluctuations in offline foot traffic, the company is upgrading consumer experiences and product offerings, optimizing store images, and enhancing its omnichannel retail network [5] - As of June 30, 2025, the company operated 2,117 independent retail stores globally, covering all provincial-level administrative regions in mainland China and 10 countries and regions worldwide [5] Brand and Design Strategy - The company plans to continue optimizing its brand portfolio through self-incubation or acquisitions, enhancing design and R&D capabilities, and deepening its presence in key cities [5] - The design-driven strategy is emphasized as a long-term commitment to consumers, aiming to strengthen brand and design as dual drivers of market competitiveness [5] Sustainability Initiatives - Jiangnan Buyi has made significant strides in sustainability, achieving a sustainable raw material weight ratio of 30.6%, exceeding its 30% target, and showing an 8.2% increase from the previous fiscal year [6] - The company has initiated a carbon management strategy, completed carbon assessments, and established a monitoring data system, while also engaging in community sustainability through initiatives like "art classrooms" [7] Future Outlook - The CFO stated that the company maintains its target of achieving 10 billion RMB in retail sales for the fiscal year 2026, with a core strategic focus on the domestic market while viewing overseas expansion as a long-term opportunity [7] - A dual-track strategy will be employed for emerging brands, focusing on strengthening product and brand foundations while leveraging mature brands to incubate new ones for future business expansion [7]