CLSA has released a research report increasing the target price for JNBY from HK$17 to HK$25, with an "outperform" rating. The company's stock price rose 7% last Friday, benefiting from better-than-expected net profit for the first half of fiscal year 2026, which ended in December, as well as steady progress toward its fiscal 2026 sales and net profit targets of RMB 6 billion and RMB 900 million, respectively. Gross margin expanded by 1.4 percentage points, supported by effective discount control and a favorable brand and channel mix. The firm anticipates that the group's fiscal 2026 sales and net profit will increase by 9% and 13% year-on-year. It has also raised its sales and net profit forecasts for fiscal years 2026 to 2027 by 0% and 2% to 3%, respectively, while adjusting its valuation basis by increasing the target price-to-earnings ratio for the next 12 months from 8x to 10x.