Core Viewpoint - Jiangnan Buyi reported a steady performance in FY2025 H1 with total revenue of 3.156 billion yuan, up 5% year-on-year, and net profit of 604 million yuan, up 5.5% year-on-year, while proposing an interim dividend of 0.45 HKD per share [1][2] Financial Performance - FY2025 H1 total revenue reached 3.156 billion yuan, with a year-on-year increase of 5% and net profit of 604 million yuan, reflecting a 5.5% year-on-year growth [1] - The overall gross margin slightly declined to 65.1%, down 0.1 percentage points year-on-year, while the net profit margin increased to 19.1%, up 0.1 percentage points year-on-year [1][2] - Revenue breakdown by brand shows JNBY at 1.76 billion yuan (up 3.6%), Sketch at 388 million yuan (down 6%), jnby by JNBY at 476 million yuan (down 0.6%), LESS at 338 million yuan (up 0.8%), and emerging brands at 194 million yuan (up 147.3%) [1] Channel Performance - Revenue by channel indicates direct sales at 1.117 billion yuan (down 7.7%), distributor channel at 1.437 billion yuan (up 14.2%), and online channel at 602 million yuan (up 11.9%) [1] - The overall expense ratio increased, with sales and marketing expenses at 32.35% (up 1.1 percentage points) and administrative expenses at 8.62% (up 0.4 percentage points) [2] Store Expansion and Brand Development - As of December 31, 2024, the group operated 2,126 independent retail stores globally, an increase of 101 stores since June 30, 2024, with JNBY having 960 stores [3] - The company upgraded store images and optimized supply chain management, contributing to retail performance improvement, alongside the acquisition of Hangzhou Muli Brand Management Company to expand its brand matrix [3] Future Outlook - The company is expected to achieve revenues of 5.53 billion, 5.96 billion, and 6.42 billion yuan for FY2025-2027, with net profits of 880 million, 930 million, and 1 billion yuan respectively, indicating a positive growth trajectory [4] - The current closing price corresponds to a PE ratio of 8.0, 7.5, and 7.0 for the respective years, suggesting the company is a low-valuation, high-dividend quality stock [4]
江南布衣(03306.HK)FY2025H1业绩点评：FY2025H1业绩稳健 新兴品牌增长强劲