2023年冬天，曾舜晞宣布成为海澜之家品牌代言人。今年4月，作为"二代接班人"、海澜之家董事长周立宸和曾这位内娱新生代演员突现西安一家商场， 迅速聚拢的人群将两位年龄差8岁，分别来自商界、娱乐圈的男人围了个水泄不通。 在现场，周立宸望着曾舜晞笑眯眯，曾则手持一张"爱他就送他海澜之家"的海报。 海澜之家自2006年首次聘请印小天担任代言人以来，搭配这位初代代言人魔性舞蹈，打响了"男人的衣柜"这一概念。后面陆续与杜淳、林更新、陈晓、周 杰伦、武磊（签约的首位体育明星）、许魏洲、侯明昊、张颂文、潘展乐等合作。 近两年，对于服装品牌，行业基本没有花团锦簇。海澜之家作为国内男装龙头持续增长乏力，即是其中一个典型案例。 今年上半年，该公司营收略有增长，利润总额、归母净利润同比减少。去年已经出现业绩下滑迹象，全年营收及归母净利润同比减少。如今服装市场不济 的情势下，海澜之家需要下更大的功夫应对挑战。 频换代言人，增长仍乏力 将自家明星代言人大幅高清照插在财报中，是海澜之家一贯的风格。2025年半年报中，曾舜晞的照片十分醒目。 在请男明星助力品牌方面痛下血本，一定程度上改变了外界吐槽海澜之家服装设计"土"的负面印象，但海澜之 ...

本次监测周期内，UR、优衣库和七匹狼以1.78、1.68、1.66的综合热度位列榜单综合热度前三。 | 制立 排名 | | | | | | --- | --- | --- | --- | --- | | 01 | ાર | UR | 1.78 | NEW | | 02 | OLO | 优衣库 | 1.68 | NEW | | 03 | | 七匹狼 | 1.66 | ▲ 11 | | 04 | | 傅内 | 1.63 | ▲ 2 | | 05 | | 海澜之家 | 1.57 | NEW | | OR | | 蔻驰 | 1.50 | 2 2 | | 07 | | 波司登 | 1.48 | NEW | | 08 | BELLE | 百丽 | 1.40 | NEW | | 09 | ubras | ubras | 1.38 | ▼ 7 | | 10 | SEMIR | 織司 | 1.31 | V 1 | | 11 | 20 PEACEBIRD | 太平鸟 | 1.15 | NEW | | 12 | | 回力 | 1.15 | NEW | | 131 | CHARLES & KEITH | Charles & Keit ...

Investment Rating - The report maintains a "Buy" rating for key companies in the sports footwear and apparel sector, including Anta Sports, Li Ning, and Xtep International, with respective 2025 PE ratios of 18x, 19x, and 12x [5][9][10]. Core Insights - The sports footwear and apparel sector shows robust growth, with a 9.1% year-on-year revenue increase to 65.9 billion yuan in H1 2025, and a net profit growth of 8.2% to 10.54 billion yuan after adjusting for one-time gains and losses from the previous year [1][17]. - A-shares in the branded apparel sector experienced stable revenue but significant profit pressure, with a slight revenue decline of 0.1% and a net profit drop of 17.5% in H1 2025 [2][17]. - The textile manufacturing sector faced a weakening trend in Q2 2025 compared to Q1, with a revenue increase of 2.7% but a net profit decline of 9.8% [3][17]. - The gold and jewelry sector saw weak demand, with gold jewelry consumption down 27% and 24% in Q1 and Q2 2025, respectively, highlighting the importance of product and brand strength [4][17]. Summary by Sections H-Shares Sports Footwear and Apparel - Revenue for key companies grew 9.1% to 65.9 billion yuan, with net profit increasing 8.2% to 10.54 billion yuan after adjustments [1][17]. - Companies are focusing on expanding differentiated store formats and enhancing product performance in running shoes while entering new outdoor categories for long-term growth [1][17]. A-Shares Branded Apparel - Revenue remained stable with a slight decline of 0.1%, while net profit fell 17.5% due to increased sales expenses [2][17]. - The home textile category showed stable demand, while fashion and leisure apparel companies exhibited varied performance [2][17]. - The outlook for H2 2025 suggests potential easing of profit pressure as companies manage expenses more effectively [2][17]. Textile Manufacturing - The sector's performance weakened in Q2 2025, with revenue growth of 2.7% and a net profit decline of 9.8% [3][17]. - The impact of changing tariff policies is noted, with Southeast Asian products gaining market share in the U.S. [3][17]. - Companies with integrated and international supply chains are expected to benefit from market share gains in the long term [3][17]. Gold and Jewelry - Overall demand for gold jewelry remains weak, with significant declines in consumption [4][17]. - Companies with strong product and brand capabilities are focusing on product development and marketing to differentiate themselves in a competitive market [4][17].

"上半年整个消费环境不是特别好，如果从国内服装A股的表现来说，比音勒芬 （002832.SZ）的成绩可以算是不错的，但从我个人的观点来说，我们还得继续努力。"近 日，比音勒芬集团董事长谢秉政在媒体交流会上表示。比音勒芬在2025年上半年业绩显示， 营收增长8.63%至21.03亿元，净利润下降13.56%至4.14亿元。尽管营收保持增长，但成本与 费用增幅更高，导致利润下滑。值得注意的是，比音勒芬电商渠道表现突出，实现营收2.14 亿元，同比增长71.82%，成为重要增长引擎。 致力于打造"中国版拉夫劳伦"的比音勒芬近两三年来持续加速年轻化和国际化转型，实施多品牌战略， 涵盖比音勒芬、比音勒芬高尔夫、Carnaval De Venise（威尼斯狂欢节）、高端定位的KENT&CURWEN 及CERRUTI 1881等品牌，持续布局细分服饰市场，也不断加码线上渠道销售。谢秉政坦言未来将下调 品牌定位，陆续增加针对年轻人的产品，价格上也会更适应年轻人。目前，集团总经理是谢秉政之子谢 邕，谢邕的上任，也意味着比音勒芬加速年轻化的决心。 国家统计局数据显示，2025上半年社会消费品零售总额增速持续收窄，限额以上服装鞋帽 ...

丨证券研究报告丨 公司研究丨点评报告丨海澜之家（600398.SH） [Table_Title] 海澜之家 2025H1 点评：经营凸显强韧性，H2 主业&京东奥莱业务望迎向上周期 报告要点 [Table_Summary] 展望：多曲线成长性逐步兑现，红利中的优质α标的。预计主品牌线下弱零售对未来业绩拖累 渐消化，新业务京东奥莱坪效优、盈利确定性高且开店空间广，叠加电商/出海/斯搏兹多曲线成 长性逐步兑现，有望带来业绩端的强增量。此外，公司具备持续且较优的分红能力，近年分红 比例有望维持~90%。预计公司 2025-2027 年归母净利润为 23.9/26.2/30.9 亿元，同比 +11%/+10%/+18%，对应 PE 为 14/13/11X，90%分红比例假设下 2025 年股息率达 6.4%，维 持"买入"评级。 分析师及联系人 [Table_Author] 于旭辉 魏杏梓 SAC：S0490518020002 SAC：S0490524020003 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 海澜之家（600398.SH） cj ...

证券研究报告·公司点评报告·服装家纺 海澜之家（600398） 2025 年 09 月 01 日 证券分析师 汤军 执业证书：S0600517050001 021-60199793 tangj@dwzq.com.cn 证券分析师 赵艺原 执业证书：S0600522090003 zhaoyy@dwzq.com.cn 2025 年中报点评：整体经营稳健，新业务增 厚业绩 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 21,528 | 20,957 | 22,268 | 24,638 | 26,665 | | 同比（%） | 15.98 | (2.65) | 6.26 | 10.65 | 8.23 | | 归母净利润（百万元） | 2,952 | 2,159 | 2,434 | 2,744 | 3,044 | | 同比（%） | 36.96 | (26.88) | 12.74 | 12.77 | 10.90 | | ...

海外市场持续拓展，25H1 海外收入2.06 亿元（同比+27.4%），较年初净开10 家至111 家，下半年将有 序推进中雅、中东、非洲市场布局，预计在悉尼开出澳大利亚首店。 投资要点 Q2 主营业绩企稳，投资收益影响归母基数 25H1 实现收入115.7 亿元（同比+1.7%），归母净利润15.80 亿元（同比-3.4%），扣非后归母净利润 15.66 亿元（同比+3.8%）。 25Q2 实现收入53.8 亿元（同比+3.6%），归母净利润6.45 亿元（同比-13.9%），扣非后归母净利润6.41 亿元（同比+1.4%），归母净利润下滑受到去年Q2 斯搏兹股权投资收益1.13 亿元影响。 主品牌：降幅环比收窄，渠道持续优化 25H1 主品牌收入83.95 亿元（同比-5.9%），其中Q1/Q2 同比分别-9.5%/-0.9%，降幅环比收窄、逐渐企 稳。结合公司整体分渠道表现，我们预计直营增速亮眼、加盟及线上有所承压。 25H1 主品牌毛利率48.3%（同比+2.2pp），预计来自直营及电商占比提升、加盟占比下降的渠道结构影 响。25H1 末主品牌直营/加盟店为1532/4191 家，分别较年初净开64/ ...

Group 1 - The "national team" has appeared in the shareholder lists of over 190 listed companies, with a total market value exceeding 100 billion yuan as of August 29 [2] - Key sectors for the "national team" include finance, real estate, energy, materials, and pharmaceuticals, indicating a significant adjustment in the holding structure within these sectors [2] - Central Huijin has newly invested in Dalian Dashang Group, while the China Securities Finance Corporation (CSF) has reduced its holdings in several companies including Greenland Holdings and Haier [3][5] Group 2 - The top four holdings of Central Huijin, each exceeding 10 billion yuan in market value, are CITIC Securities, New China Life Insurance, Ping An Insurance, and Kweichow Moutai [3] - CSF's major reductions include approximately 46.81 million shares in Greenland Holdings and 30.37 million shares in Jinyu Group [5][6] - The Social Security Fund has significantly increased its holdings in companies such as Sanan Optoelectronics and China Life Insurance, with increases of 80.01 million shares and 52.12 million shares respectively [7] Group 3 - The "national team" typically selects companies with stable fundamentals and reasonable valuations, providing a reference for ordinary investors to identify long-term investment opportunities [4] - The actions of the "national team" can signal policy intentions, such as increasing holdings during market lows to convey stability [4][8] - Understanding the "national team's" holdings can help investors capture long-term investment themes driven by macro policies like industrial upgrades and financial reforms [8]

Core Viewpoint - The company, HLA, reported a slight increase in revenue but a decline in net profit, indicating ongoing performance challenges despite some positive developments in diversification and international expansion [1][2][10]. Financial Performance - For the first half of 2025, HLA achieved a revenue of 11.566 billion yuan, a year-on-year increase of 1.73%, while net profit attributable to shareholders was 1.58 billion yuan, a decrease of 3.42% [1]. - The net profit after excluding non-recurring gains was 1.566 billion yuan, reflecting a year-on-year growth of 3.83% [1]. - Basic earnings per share were 0.33 yuan, down 5.71% compared to the previous year [1]. - Revenue growth from 2020 to 2024 showed significant volatility, with figures of -18.26%, 12.41%, -8.06%, 15.98%, and -2.65% respectively [1]. Inventory and Operational Challenges - The company's inventory balance reached 10.255 billion yuan in the first half of 2025, up from 9.553 billion yuan in mid-2024 [2]. - Inventory turnover days were reported at 323 days, indicating a prolonged period for inventory digestion, which could impact liquidity and operational costs [2]. Channel Performance - As of the report's end, HLA operated 7,209 stores, with 2,099 being direct-operated, maintaining a stable offline presence [4]. - Online business revenue was 2.308 billion yuan, showing a slight increase from 2.212 billion yuan year-on-year, but growth has significantly slowed compared to a previous 47% increase [4]. - The overseas market showed promising growth, with 111 stores and revenue of 206 million yuan, a 27.42% increase year-on-year [4]. Brand Diversification and Strategy - HLA has expanded its brand portfolio, including women's, youth, and children's clothing, with other brands achieving a revenue growth of 65.57% [6][10]. - The company is actively pursuing international expansion, with plans to enter Central Asia, the Middle East, and Africa, and to open its first store in Australia [4][10]. - HLA's collaboration with JD.com to launch "JD Outlet" stores has also contributed to its diversification strategy [8][10]. Quality Concerns - The company faces challenges regarding product quality, with over 3,700 complaints reported, primarily related to garment quality issues [5].

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Insights - The company's main brand is under pressure, but the direct sales channel is expanding effectively. The revenue from the main brand, Hai Lan Zhi Jia, decreased by 5.86%, while the revenue from direct sales increased by 17.15% [6]. - The company is actively expanding its new retail business and optimizing its offline store layout, with a significant increase in the number of direct stores [6]. - The overall gross margin improved to 46.35%, an increase of 1.83 percentage points year-on-year, attributed to a higher proportion of direct sales [6]. - The company is also focusing on expanding its sports and outlet business, with a notable increase in overseas market revenue, which grew by 27.42% year-on-year [6]. Financial Forecast Summary - Revenue is projected to grow from 20,957 million yuan in 2024 to 26,086 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 8.2% [2]. - The net profit attributable to the parent company is expected to increase from 2,159 million yuan in 2024 to 3,001 million yuan in 2027, reflecting a growth rate of 12.6% in 2027 [2]. - The diluted EPS is forecasted to rise from 0.45 yuan in 2024 to 0.62 yuan in 2027, indicating a positive trend in earnings per share [2]. Financial Performance Overview - In the first half of 2025, the company achieved a revenue of 11,566 million yuan, a year-on-year increase of 1.73%, while the net profit decreased by 3.42% to 1,580 million yuan [6]. - The company's cash flow from operating activities is expected to improve significantly, reaching 3,478.60 million yuan in 2025 [8]. - The overall financial ratios indicate a stable performance, with a projected return on equity (ROE) increasing from 12.69% in 2024 to 16.47% in 2027 [7].