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Jiangnan Buyi'S Revenue In The First Half Of 2024 Is 2.97 Billion Yuan

2024/3/1 17:51:00 102

February 27 Hereinafter referred to as "Jiangnan Buyi") released the interim performance announcement for the six months ended December 31, 2023 (the first half of 2024 fiscal year). During the reporting period, Jiangnan Buyi realized a total revenue of 2.976 billion yuan, an increase of 26.1% over the same period of the previous year; Gross profit was 1.948 billion yuan, up 27.6% year on year, and gross profit margin increased 0.8 percentage points year on year to 65.5%.

At the press conference on Jiangnan Buyi's interim performance of fiscal year 2023/24 held on the 28th, the management said that it had enough cash to support the annual dividend ratio of no less than 75% and actively feedback to shareholders. In this regard, the company declared an interim dividend of HK $0.46 per share. At the same time, to celebrate the 30th anniversary of the company, it declared a special dividend of HK $0.39 per share, totaling HK $0.85 per share.

Compared with the long-term depressed market, the overall performance of Jiangnan Buyi's share price in the past two years has been remarkable, Since the beginning of 2023, the cumulative increase has exceeded 83%, and since 2024, the cumulative increase has exceeded 45%.

Returning to growth track, offline store revenue increased significantly

At the press conference on the interim performance of Jiangnan Buyi in the 2023/24 fiscal year held on the 28th, the management said that with China's economy fully returning to normal operation and offline passenger flow recovering, the total number of stores of Jiangnan Buyi in China was 2019, which remained stable; The offline retail stores increased by 23.9% compared with the same store. By the end of December, Jiangnan Buyi had 2036 physical retail stores. The growth of stores also provided a steady boost to the performance growth of Jiangnan Clothes.

The management pointed out that thanks to the growth of the size and sales of physical stores and the growth of online channel sales, the revenue of offline channels rose by 26.5%, including 36.7% for direct stores and 18.2% for dealers; Online channel revenue surged 24.2%.

At the performance conference, Fan Yongkui, chief financial officer and vice president of the company, pointed out that the performance of direct stores had increased significantly compared with that of online channels, which was mainly due to the fact that direct stores were mainly located in first tier cities, coupled with the low base caused by the epidemic last year and other factors.

Pay attention to "membership system" and keep the goal of 10 billion yuan unchanged

In recent years, Jiangnan Buyi has actively embraced the Internet to better meet the shopping experience and needs of its members through intelligent services.

As early as 2015, Jiangnan Buyi began to build an online and offline integrated member operation system, and invested a lot of resources to incubate super members. In 2018, Jiangnan Buyi launched the "BOX+More Than Boxes" applet, combining "exclusive matching" with "try before buy".

In terms of the retention of users, the establishment of Jiangnan Buyi's private marketing system can also be regarded as a model. It has early built an information system integrating member management, new product push and user data analysis, and output content on the most popular social media to cultivate the minds of young consumers, finally realizing the full link of online and offline channel traffic such as WeChat, applet, live broadcast, official website and stores.

At the same time, Jiangnan Clothes Group also launched "Jiangnan Clothes+" multi brand collection store. In its positioning, "Jiangnan Clothes+" is the experience center of core users, including consumption scenes of "more than box private matching", "cross brand member rights", "free shipping", "high-end clothing care" and other member exclusive experiences.

It is Jiangnan Buyi that has constructed a relatively complete membership ecology, and has also made it gain some loyal users.

By the end of 2023, the total number of members of Jiangnan Buyi will have exceeded 7.4 million, accounting for 80% of the revenue contributed by members in fiscal year 2023. Among them, there are more than 550000 active members and 300000 members with an annual purchase amount of more than 5000 yuan. These 300000 members contributed 4.33 billion yuan and more than 60% of the total offline retail sales.

The viscosity and purchasing power of Jiangnan cloth clothing members make their peers salivate. In the view of industry insiders, "as long as Jiangnan Buyi serves its members well, billions of businesses will be enough this year".

Based on the current performance growth and continuous investment in R&D and innovation, the company's management stressed at the performance conference that the goal of achieving 10 billion turnover in 2026 would not change.