股票 
板块 
用户 
资讯 独立不迁 横而不流
Independent and Unwavering,
Steadfast without Yielding.
◎
江南布衣：
稳健推进多品牌运营
Steadily Advancing Multi-Brand Operations
投资要点
Investment Thesis
公司发布年报
FY26公司营收60.50亿元，同增9%；其中JNBY营收32亿，占总54%，同增7.6%；速写营收7.1亿，占总12%，同增-1%；jnby by JNBY营收8.8亿，占总15%，同增6.5%；Less营收7.3亿，占总12%，同增17%。
FY26公司自营店营收23亿，占总38%，同增11%；经销营收23亿，占总38%，同增1%；线上营收14.5亿，占总24%，同增21%。
FY26公司净利9.97亿元，同增11%；净利率16.5%，同增0.3pct。
尽管当下国际国内经贸局势错综复杂，中国经济总体仍保持稳定运行与结构性复苏。伴随着国家扩内需、促消费政策的持续深化与精准发力，消费市场已从前期的波动震荡逐步走向理性筑底与温和复苏。公司观察到，消费者信心已趋于平稳，但在支出决策上表现出显著的精准与理性，非必要消费更加审慎，而对能切实提升生活质量、具备高质量保障的产品表现出更强的消费意愿。
中国服装市场继续展现多样化与结构化的消费趋势，本土品牌在本土甚至国际舞台的影响力持续深化，追求生活品味与独特审美的消费群体不断增长，「去标签化」与「静奢」理念深入人心。消费者对产品的需求不仅体现在个性化与可持续理念上，更加看重优质面料、工艺、剪裁质感以及实用与美学的平衡。在追求物质消费的同时，消费者对品牌所能赋予的情绪价值、心理疗愈以及尊享体验提出了更高要求；中高端及设计师品牌所处的细分市场结构型分化与向头部集中的趋势越发显著。面对服装行业整体增速放缓与竞争加剧，资源与市场份额正迅速向具备扎实产品力、明确品牌心智及稳健供应链能力的头部品牌倾斜。
同时，消费场景正加速向「沉浸式体验」与「智能化全渠道」重塑。在线数字化与人工智能化触达与精细化运营，线下实体门店则加速向「品牌文化空间」与「体验中心」转型，全渠道融合进一步加深。这一趋势促使设计师品牌不断精进产品品质、深耕品牌文化内涵并持续升级全触点服务体验，以满足消费者对优质体验的升级需求，推动行业迈向高品质创新与发展。
作为中国有影响力设计师品牌时尚集团，受益于多元化的设计师品牌组合和良好的运营管理，公司对未来仍然充满信心
公司将在保证充沛现金流的基础上继续巩固及扩大作为中国有影响力的设计师品牌时尚集团的地位，并致力于创建一种公司所倡导的「江南布衣」生活方式生态圈而制定的各项策略，主要包括：
通过自我孵化或并购的方式，进一步优化设计师品牌及品类组合，继续提升前瞻设计及研发能力，全面提升品牌力，继续培养新的「江南布衣」粉丝；
继续运用互联网思维和人工智能技术，进一步增强国内外的各类零售网络，持续对店铺视觉及形象开发的战略投入，积极布局新零售渠道和新兴消费场景，优化全局互动营销平台和智能快反供应链的能力，打造不同品牌在各细分市场建立合理规模的运营能力；
坚持以数据为驱动、技术为载体、粉丝经济为核心，鼓励运营创新，持续不断地为粉丝创造及提供增值服务的场景和触点建设，以提升多元化全局零售网络的粉丝体验。
The Company Released Its Annual Report
In FY26, the company's revenue reached RMB 6.050 billion, up 9% YoY; of which JNBY revenue was RMB 3.2 billion, accounting for 54% of total, up 7.6% YoY; CROQUIS revenue was RMB 710 million, accounting for 12% of total, down 1% YoY; jnby by JNBY revenue was RMB 880 million, accounting for 15% of total, up 6.5% YoY; Less revenue was RMB 730 million, accounting for 12% of total, up 17% YoY.
In FY26, the company's self-operated store revenue was RMB 2.3 billion, accounting for 38% of total, up 11% YoY; distribution revenue was RMB 2.3 billion, accounting for 38% of total, up 1% YoY; online revenue was RMB 1.45 billion, accounting for 24% of total, up 21% YoY.
In FY26, the company's net profit was RMB 997 million, up 11% YoY; Net Profit Margin was 16.5%, up 0.3 pct YoY.
Despite the current complex international and domestic economic and trade landscape, China's economy has maintained overall stable operation and structural recovery. With the continued deepening and precise implementation of national policies to expand domestic demand and stimulate consumption, the consumer market has gradually moved from earlier volatility and turbulence toward rational consolidation and mild recovery. The Company has observed that consumer confidence has stabilized, yet consumers demonstrate notable precision and rationality in spending decisions, exercising greater caution toward non-essential consumption while showing stronger willingness to spend on products that genuinely enhance quality of life and offer high-quality assurance.
China's apparel market continues to exhibit diversified and structured consumption trends, with domestic brands deepening their influence on both domestic and international stages, a growing consumer segment pursuing refined taste and distinctive aesthetics, and the concepts of "de-labeling" and "quiet luxury" taking firm hold. Consumer demand for products is reflected not only in personalization and sustainability, but also in a greater emphasis on premium fabrics, craftsmanship, tailoring quality, and the balance between functionality and aesthetics. While pursuing material consumption, consumers are placing higher demands on the emotional value, psychological comfort, and premium experiences that brands can deliver; structural differentiation and concentration toward leading players in the mid-to-high-end and designer brand segments are becoming increasingly pronounced. Faced with the Overall Industry's slowing growth and intensifying competition, resources and market share are rapidly tilting toward leading brands with solid product strength, well-defined brand positioning, and robust supply chain capabilities.
Meanwhile, consumption scenarios are accelerating their transformation toward "immersive experiences" and "intelligent omni-channel" models. Online digital and AI-driven outreach and refined operations are advancing, while offline physical stores are accelerating their transition into "brand cultural spaces" and "experience centers," with omni-channel integration deepening further. This trend is driving designer brands to continuously refine product quality, deepen brand cultural content, and upgrade full-touchpoint service experiences to meet consumers' escalating demand for premium experiences, propelling the industry toward high-quality innovation and development.
As an influential designer brand fashion group in China, benefiting from a diversified designer brand portfolio and sound operational management, the Company remains highly confident about the future
Building on a foundation of ample cash flow, the Company will continue to consolidate and expand its position as an influential designer brand fashion group in China, and is committed to implementing various strategies designed to create a "Jnby Design" lifestyle ecosystem as advocated by the Company, primarily including:
Through self-incubation or mergers and acquisitions, further optimize the designer brand and category portfolio, continue to enhance forward-looking design and R&D capabilities, comprehensively strengthen brand power, and continue to cultivate new "Jnby Design" fans;
Continue to leverage internet thinking and artificial intelligence technology to further strengthen various domestic and international retail networks, maintain strategic investment in store visual and image development, actively expand into new retail channels and emerging consumption scenarios, optimize the capabilities of the integrated interactive marketing platform and intelligent rapid-response supply chain, and build operational capabilities of appropriate scale for different brands across various market segments;
Adhere to a data-driven, technology-enabled, and fan economy-centered approach, encourage operational innovation, and continuously create and provide value-added service scenarios and touchpoint development for fans, so as to enhance the fan experience across the diversified global retail network.
投资建议
Investment Thesis
调整盈利预测，维持“买入”评级
公司多品牌保持稳健增长，基于FY26业绩表现，我们调整FY27-28并新增FY29盈利预测，预计FY27-29年公司营收分别65亿人民币、70亿人民币、76亿人民币（FY27-28前值分别为67亿人民币、72亿人民币）；
FY27-29净利分别10.5亿人民币、11.4亿人民币、12.3亿人民币（FY27-28前值分别为10.8亿人民币、11.6亿人民币）；
FY27-29EPS分别2.0元人民币、2.1元人民币、2.3元人民币；对应PE分别10x、9x、8x。
Revising Earnings Forecast, maintaining "Buy" Rating
The Company's multiple brands maintain steady growth. Based on FY26 performance, we are revising our FY27–28 Earnings Forecast and introducing new FY29 projections. We estimate the Company's revenues for FY27–29 at RMB 6.5 billion, RMB 7.0 billion, and RMB 7.6 billion, respectively (previous FY27–28 estimates were RMB 6.7 billion and RMB 7.2 billion, respectively);
FY27-29 net profit is RMB 1.05 billion, RMB 1.14 billion, and RMB 1.23 billion respectively (previous estimates for FY27-28 were RMB 1.08 billion and RMB 1.16 billion respectively);
FY27-29 EPS is RMB 2.0, RMB 2.1, and RMB 2.3 respectively; corresponding P/E ratios are 10x, 9x, and 8x respectively.
风险提示
扩充品牌及产品组合不及预期，市场竞争激烈，品牌认知度风险等。
Risks Warnings
expansion of brand and product portfolio falling short of expectations, intense market competition, brand awareness risks, etc.
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