CSC Financial: Maintains "Buy" rating on JNBY (03306.HK); FY26 multi-brand steady growth

Zhitong Finance APP has learned that China Securities Co., Ltd. released a research report stating that it maintains a "Buy" rating on JNBY (03306.HK), and expects the company's FY2027-FY2029 revenue to be RMB 6.44 billion, RMB 6.83 billion, and RMB 7.21 billion, respectively, and net profit attributable to shareholders of RMB 1.068 billion, RMB 1.141 billion, and RMB 1.218 billion, respectively. The company released its FY2026 annual results announcement (corresponding to July 1, 2025-June 30, 2026): FY2026 company revenue was RMB 6.046 billion/+9.0%, operating profit and net profit attributable to shareholders were RMB 1.334 billion/+11.4% and RMB 997 million/+11.7%, respectively; FY2026 net cash flow from operating activities was RMB 1.433 billion/+26.5%. The company declared a final dividend of HKD 1.06 per share and a special dividend of HKD 0.75 per share. Together with the interim dividend of HKD 0.52, the full-year dividend per share was HKD 2.33, corresponding to a payout ratio of approximately 110%.