CROSBY Research – JNBY (3306 HK/NR): Both top-line and bottom-line up by MSD YoY in FY1H25

7 Mar 2025

JNBY announced its 1HFY25 interim results, with revenue increased by 5.0% YoY to Rmb3,156m mainly driven by sales growth in online channel and increase in the scale of offline stores. JNBY brand remained as the largest revenue contributor, accounted for 55.8% of 1HFY24 revenue (1HFY24: 56.6%) and recorded a 3.6% YoY revenue growth. Younger brands such as CROQUIS, jnby by JNBY and LESS recorded a 2.1% YoY sales decline, and accounted for 38.1% of total revenue