证券代码：600398 证券简称：海澜之家 编号：2025—031 海澜之家集团股份有限公司 二〇二五年十月三十一日 会议以记名投票表决方式审议通过了《公司 2025 年第三季度报告》。 公司董事会认为：公司 2025 年第三季度报告的编制符合相关法律法规及《公 司章程》的有关规定，报告真实、准确、完整地反映了公司 2025 年第三季度的 财务状况和经营成果，不存在虚假记载、误导性陈述或重大遗漏。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 该议案已经公司董事会审计委员会审议通过。 《海澜之家集团股份有限公司2025年第三季度报告》详见上海证券交易所网 站（www.sse.com.cn）。 特此公告。 海澜之家集团股份有限公司董事会 第九届第十八次董事会（现场结合通讯）决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 海澜之家集团股份有限公司（以下简称"公司"）董事会第九届第十八次会 议于 2025 年 10 月 30 日在公司会议室以现场结合通讯方式召开，会议通知已于 2025 年 10 月 17 日通过书 ...

Financial Performance - The company's revenue for Q3 2025 reached approximately CNY 4.03 billion, an increase of 3.71% compared to the same period last year[7] - Total profit for the quarter was approximately CNY 386.55 million, reflecting a decrease of 4.01% year-over-year[7] - Net profit attributable to shareholders was approximately CNY 281.99 million, up by 3.95% compared to the previous year[7] - Total operating revenue for the first three quarters of 2025 reached CNY 15,599,408,001.60, an increase of 2.24% compared to CNY 15,258,841,551.72 in the same period of 2024[25] - Net profit for the first three quarters of 2025 was CNY 1,843,673,394.34, a decrease of 6.13% from CNY 1,964,014,369.52 in the previous year[26] - Total comprehensive income for the first three quarters of 2025 was CNY 1,845,237,087.61, down from CNY 1,975,279,703.18, a decline of 6.57%[26] Cash Flow - The net cash flow from operating activities for the year-to-date period was approximately CNY 2.03 billion, showing a significant increase of 7,436.93%[7] - In the first three quarters of 2025, the cash inflow from operating activities was approximately ¥16.91 billion, an increase of 2.1% compared to ¥16.57 billion in the same period of 2024[28] - The net cash flow from operating activities reached ¥2.03 billion, a significant increase from just ¥26.89 million in the first three quarters of 2024[28] - Cash outflow for purchasing goods and services decreased to ¥9.02 billion from ¥10.50 billion year-over-year, reflecting a reduction of 14.2%[28] - The net cash flow from investing activities was -¥1.31 billion, an improvement from -¥1.59 billion in the same period last year[29] - Cash inflow from financing activities was ¥780 million, down from ¥1.11 billion in the previous year[29] - The cash outflow for dividend distribution and interest payments was ¥864.50 million, a decrease of 77.2% compared to ¥3.79 billion in the same period of 2024[29] - The company received ¥191.29 million from investment recoveries, a notable increase from ¥100,000 in the previous year[29] Assets and Liabilities - The total assets at the end of the reporting period were approximately CNY 33.09 billion, a decrease of 1.03% from the previous year-end[8] - Total liabilities decreased to CNY 14,819,600,287.44 from CNY 16,144,102,669.57, indicating a reduction of approximately 8.18%[22] - Total equity increased to CNY 18,267,406,291.16 from CNY 17,286,917,855.83, reflecting a growth of about 5.68%[23] - The company's cash and cash equivalents decreased from approximately RMB 6.79 billion at the end of 2024 to RMB 5.59 billion by September 30, 2025[21] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 62,651[12] - The basic earnings per share for the quarter was CNY 0.06, a decrease of 4.88% compared to the same period last year[8] - Earnings per share (EPS) for the first three quarters of 2025 was CNY 0.39, down from CNY 0.41 in the same period of 2024[26] Business Operations - The total number of stores increased from 7,178 at the beginning of the year to 7,241 by the end of the reporting period, resulting in a net increase of 63 stores[15] - The company opened 681 new stores while closing 618, resulting in a net increase of 63 stores across all brands[15] - Online sales accounted for 20.42% of total revenue, generating approximately RMB 3.09 billion, while offline sales contributed 79.58% with around RMB 12.05 billion[18] - The main business revenue for the Hai Lan Zhi Jia series reached approximately RMB 10.85 billion, with a gross margin of 47.68%, reflecting a year-on-year decrease of 3.99% in revenue[15] - The main business income for the franchise and other stores was approximately RMB 9.35 billion, with a gross margin of 40.29%[16] - The company reported a total main business income of approximately RMB 15.14 billion, with a gross margin of 46.25%[16] Research and Development - Research and development expenses for the first three quarters of 2025 were CNY 156,993,010.89, down from CNY 184,381,815.17, representing a decrease of 14.81%[25] Other Financial Metrics - The company reported a weighted average return on equity of 1.66%, down by 0.09 percentage points from the previous year[8] - Non-recurring gains and losses for the quarter totaled approximately CNY 32.00 million[10] - The gross profit margin for direct stores was 63.22%, showing an increase of 1.26% compared to the previous year[16] - The company reported a financial income of CNY 201,409,904.60, compared to CNY 186,010,853.71 in the previous year, marking an increase of 8.06%[25] - The company reported a negative impact of ¥9.45 million from exchange rate fluctuations on cash and cash equivalents[29]

Core Insights - The company reported third-quarter revenue of 4.033 billion yuan, representing a year-on-year increase of 3.71% [1] - The net profit for the third quarter was 282 million yuan, showing a year-on-year growth of 3.95% [1] - For the first three quarters, the total revenue reached 15.599 billion yuan, which is a year-on-year increase of 2.23% [1] - The net profit for the first three quarters was 1.862 billion yuan, reflecting a year-on-year decline of 2.37% [1]

Core Viewpoint - The leading men's apparel brand, HLA (海澜之家), has announced its plan to issue H shares and list in Hong Kong, aiming to deepen its global presence and create a diversified capital platform, while facing challenges such as a sluggish domestic market, high inventory, and brand aging [1] Group 1: Global Expansion and Performance - As of June 2025, HLA has established 111 overseas stores in Southeast Asia, with overseas market growth of 27.42% year-on-year, significantly outpacing the domestic growth of 1.35% [3] - Despite the overseas expansion, overseas revenue has consistently accounted for less than 2% of total revenue, raising doubts about the effectiveness of its globalization strategy [3] - HLA's revenue has fluctuated between 17.9 billion and 21.5 billion from 2020 to 2024, with net profit showing a pattern of alternating growth and decline [3] Group 2: Financial Performance and Dividend Policy - In 2025, HLA reported a slight revenue increase of 1.73% and a net profit decline of 3.42%, despite being expected to be a growth year [3] - Since its backdoor listing in 2014, HLA has distributed a total of 21.1 billion in dividends, with a dividend payout ratio exceeding 70%, reaching 91.22% in 2024 [3] - The founder's family, holding 45.75% of shares, has received approximately 9.722 billion in dividends, raising concerns about the company's high dividend and low retention policy [3] Group 3: Industry Challenges - The domestic men's apparel industry is experiencing collective growth anxiety, with only 4 out of 15 listed companies achieving revenue growth in the first half of 2025 [4] - E-commerce channels are struggling, with HLA's highest-selling item during the Double 11 shopping festival having only over 9,000 buyers, indicating a decline in core product sales [4] - HLA's inventory reached 10.255 billion as of June 2025, with inventory turnover days increasing from 263 to 322 days, reflecting challenges in its asset-light model [4] Group 4: Brand and Market Positioning - HLA's young transformation led by the second-generation leader, Zhou Licheng, has not yielded significant results, with only 10% of revenue coming from new brands despite substantial marketing investments [5] - The brand's image among Generation Z remains stagnant, with new sub-brands like "Black Whale" struggling to gain traction in the market [5] - The company's ongoing challenges of inventory pressure, operational constraints, and brand aging cannot be resolved merely through a listing, indicating a longer path ahead for transformation [5]

Core Viewpoint - Haian Home, once known as the "first stock in men's clothing," is facing anxiety over expansion as it attempts to penetrate the younger market while dealing with growth challenges and financial pressures [1][3][10] Group 1: Market Expansion Efforts - The company is shifting its marketing strategy to attract younger consumers by collaborating with popular young celebrities for brand promotion [1] - As of October 28, Haian Home's official Douyin account has 5.7 million followers, and a collaboration with a celebrity for a live-streaming event garnered over 140 million views [1] - The company is also focusing on enhancing its online presence, with online sales reaching 2.3 billion yuan in the first half of 2025, a year-on-year increase of 4.36% [5] Group 2: Financial Performance - In 2024, Haian Home reported a net profit of 2.16 billion yuan, a year-on-year decline of 26.88%, while the first half of 2025 saw a slight revenue increase of 1.73% to 11.57 billion yuan [3][4] - The main brand's revenue accounted for 72.58% of total revenue in the first half of 2025, showing a decline of 5.86% [4] Group 3: Store Operations and Inventory Management - The company is transitioning from a franchise model to a direct sales model, with direct stores increasing to 2,099, representing 29.12% of total stores [4] - As of the first half of 2025, inventory reached 10.26 billion yuan, a year-on-year increase of 7.35%, with an inventory turnover period of 323 days [7][8] - The company faces significant inventory pressure due to its traditional bulk ordering model, which contrasts with the agile "fast fashion" approach of competitors [8][9] Group 4: Brand Diversification and Challenges - Haian Home has launched multiple sub-brands, including the high-end women's brand OVV, which is positioned in premium shopping areas [5] - Despite efforts to diversify, the main brand still dominates revenue, while new brands are gradually becoming growth drivers, with a 65.57% year-on-year increase in revenue from other brands [4] Group 5: Marketing and Sales Strategy - The company has significantly increased its sales and marketing expenses, which reached 2.47 billion yuan in the first half of 2025, accounting for 21.37% of revenue [10] - Despite these efforts, the company struggles to break into new consumer segments, indicating that its transformation journey remains challenging [10]

Group 1: E-commerce Performance - The recent drop in temperatures across the country has led to a surge in sales of warm clothing on e-commerce platforms, particularly during the "Double 11" shopping festival [1][2] - Vipshop reported that since the start of the "11·11" sales event on October 20, sales of women's down jackets increased by 57% year-on-year, children's down jackets by 91%, and men's down jackets by 59% [1] - JD.com also noted significant growth in sales of women's down jackets, coats, and cashmere sweaters, with some brands experiencing sales increases of up to 600% [1] Group 2: Regional Demand Variations - Demand for warm clothing is particularly strong in southern regions, with sales of down jackets in Guizhou, Guangxi, and Sichuan exceeding 150% year-on-year [1] - The popularity of domestic brands like Bosideng and sports brands such as Anta and Fila has contributed to the sales growth of down jackets [1] Group 3: Cleaning Services Demand - The sudden cold wave has also increased demand for professional cleaning services, with 58 Daojia reporting a 425% month-on-month increase in orders for floor heating cleaning and maintenance [2] - In first-tier cities, laundry and shoe cleaning orders saw a month-on-month increase of 318% and a year-on-year increase of 79% in October [3] - The introduction of high-end cleaning services by 58 Daojia has been well received, particularly for luxury garments [3]

Financing Activities - On October 24, 2025, Hailan Home (600398) recorded a financing buy of 14.82 million yuan, a financing repayment of 12.14 million yuan, resulting in a net financing buy of 2.68 million yuan. The financing balance stood at 256 million yuan, with a cumulative net buy of 7.16 million yuan over the last three trading days and 11 out of the last 20 trading days showing net financing buys [1][2]. Margin Trading Data - On October 24, 2025, the margin trading balance reached 262 million yuan, reflecting an increase of 0.9% from the previous day. The balance change was 2.34 million yuan [4]. Short Selling Activities - On October 24, 2025, there were 4,000 shares sold short, with a repayment of 43,300 shares, resulting in a net short sale of 39,300 shares. The remaining short selling volume was 948,000 shares [3].

Core Viewpoint - The report from the招商中证红利交易型开放式指数基金 indicates a net value growth rate of 9.21% over the past year, with significant changes in the top ten holdings compared to the previous quarter [1]. Group 1: Fund Performance - The fund achieved a net value growth rate of 9.21% over the last year [1]. - The report highlights the addition of new stocks to the top ten holdings, including 潞安环能, 中谷物流, 农业银行, 南钢股份, and 建设银行 [1]. Group 2: Changes in Top Holdings - New entries in the top ten holdings include: - 潞安环能 (669709): 7.7764 million shares valued at 1.11 billion - 中谷物流 (603560): 10.0744 million shares valued at 1.1 billion - 农业银行 (601288): 161.424 million shares valued at 1.08 billion - 南钢股份 (600282): 199.957 million shares valued at 1.05 billion - 建设银行 (601939): 117.632 million shares valued at 1.01 billion [2]. - 宁波华翔 (002048) saw an increase in holdings by 56.7 thousand shares, making it the largest holding at 2.73 billion [1][2]. - Other stocks that exited the top ten holdings include 成都银行, 兴业银行, 大秦铁路, 江苏银行, and 交通银行 [1][2].

Investment Rating - The report maintains a "Buy" rating for several key companies in the textile and apparel industry, including Shenzhou International, Anta Sports, Li Ning, and Bosideng, among others [10][24][41]. Core Views - The textile and apparel industry is experiencing a recovery in retail sales, with clothing retail sales growing by 4.7% year-on-year in September 2025, indicating a positive trend [1][15]. - E-commerce sales in the apparel sector are outperforming offline channels, with online retail sales of physical goods reaching 915.28 billion yuan, a growth of 6.5% [2][17]. - Companies like Nike are showing signs of improvement in their fundamentals, which is expected to benefit upstream manufacturing companies [3][21]. Summary by Sections Retail Sales Performance - In September 2025, the total retail sales of consumer goods increased by 3% year-on-year, with cumulative growth of 4.5% from January to September 2025 [1][15]. - Jewelry retail sales saw a significant increase of 9.7% year-on-year in September 2025, driven by rising gold prices [1][15]. E-commerce vs. Offline Sales - For the period from January to September 2025, offline retail sales in various channels showed mixed results, with convenience stores and supermarkets growing by 6.4% and 4.4%, respectively [2][17]. - The e-commerce channel accounted for 25% of total retail sales, with food, clothing, and daily necessities growing by 15.1%, 2.8%, and 5.7%, respectively [2][17]. Company Recommendations - The report highlights several companies with strong fundamentals and growth potential, including: - Shenzhou International and Huayi Group, benefiting from Nike's improved orders [3][21]. - Anta Sports, with a PE ratio of 17 times for 2025, and Li Ning, with a PE ratio of 18 times for 2025, both showing strong operational resilience [3][22]. - Bosideng, expected to see stable revenue growth during the autumn and winter seasons [4][35]. Market Trends - The textile and apparel sector is expected to continue its recovery, with companies focusing on product innovation and channel efficiency to enhance their market positions [3][23]. - The report notes that the overall textile and apparel sector has underperformed compared to the broader market, with the textile manufacturing sector growing by 2.11% and the brand apparel sector by 1.62% [29][30].

Core Viewpoint - A consumer reported on social media that an Adidas down jacket purchased from a live-streaming platform was actually a product made by a different brand, Snow Flying, suggesting that it would be better to buy directly from Snow Flying to avoid the markup [1] Group 1 - The consumer's claim raises concerns about the authenticity of products sold through live-streaming platforms [1] - Adidas customer service responded by stating that all products sold are guaranteed for quality [1]