Summary of Conference Call Company and Industry Overview - The conference call discusses the performance and customer traffic of the JD Aolai shopping center located in the bustling area of Tengzhou, which reportedly has foot traffic approximately double that of two other nearby shopping centers [1] - The shopping center features various amenities including a large supermarket, a cinema, beauty stores, and multiple dining options, which contribute to attracting a significant number of family customers [1] Key Insights and Arguments - **Store Layout and Product Offering**: - The JD Aolai store spans approximately 4,800 square meters and is divided into eight main areas, with the highest product display space allocated to sportswear and footwear, accounting for about 40% of the total space [1] - The smallest space is dedicated to beauty and luxury bags, which together occupy around 10% [1] - **Pricing and Discounts**: - Most products are offered at discounts ranging from 20% to 50%, with additional promotions available for purchases over certain amounts [2] - Specific brands and their discount ranges include: - Head apparel at 20%-30% - Under Armour footwear at around 30% - Asics and Puma shoes at 30%-40% [2] - **Consumer Perception**: - Consumers find the brand discount model at JD Aolai appealing and novel, which enhances customer interest and engagement [3] Additional Important Points - **Comparison with Other Locations**: - The store in Anyang shares similarities with the Tengzhou location but is situated in a smaller shopping center with a diverse range of nearby businesses, contributing to a steady flow of customers [3] - **Traffic and Sales Dynamics**: - The supermarket adjacent to the JD Aolai store significantly boosts foot traffic, especially during peak hours in the evening when discounts are offered [4] - The Anyang store has around 20 to 30 brands, with discount levels similar to those in Tengzhou, maintaining a competitive pricing strategy [5] - **Customer Behavior**: - Customers tend to spend considerable time in-store, often exceeding the minimum purchase thresholds to benefit from discounts, leading to average transaction values between 700 to 800 yuan [6] - **Future Outlook**: - The current stage of the shopping centers is viewed as early in their development, suggesting potential for growth and investment opportunities [8] - **Ongoing Research and Monitoring**: - The company plans to continue monitoring new store openings in locations such as Shijiazhuang and Anhui, indicating a proactive approach to market expansion [9]

Investment Rating - The report maintains a "Buy" rating for the company [3][5][17] Core Insights - The strategic partnership between JD Group and Hailan Group aims to develop the JD Outlet business, with the first offline store opening in Wuxi on September 25, 2024, offering a variety of international brands at discounted prices [1] - The JD Outlet stores focus on providing a premium shopping experience with a membership system that offers discounts on branded products [2] - The company is expected to see EPS of 0.46, 0.55, and 0.62 CNY per share for the years 2024 to 2026, respectively, with corresponding P/E ratios of 16, 13, and 12 [3] Financial Data and Valuation - Revenue projections for the company are as follows: 2022: 18,561.74 million CNY, 2023: 21,527.55 million CNY, 2024E: 21,635.19 million CNY, 2025E: 23,041.47 million CNY, 2026E: 25,023.04 million CNY, with growth rates of -8.06%, 15.98%, 0.50%, 6.50%, and 8.60% respectively [4][11] - The net profit attributable to the parent company is projected to be 2,155.28 million CNY in 2022, increasing to 2,961.71 million CNY by 2026, with growth rates of -13.49%, 36.96%, -25.14%, 20.51%, and 11.22% [4][11] - The company's total assets are expected to grow from 32,748.67 million CNY in 2022 to 37,943.12 million CNY in 2026 [10]

Group 1 - A-shares experienced adjustments recently, but institutional investors net bought several stocks [1] - Robot concept stock Tuosida rose over 15% on January 2, with institutions net buying a total of 173 million yuan [1] - Hailan Home saw a cumulative increase of over 16% from December 30, 2024, to January 2, 2025, with institutional net purchases amounting to 147 million yuan [1] Group 2 - Chuanhuan Technology increased nearly 9% on December 30, 2024, with three institutions net buying nearly 65 million yuan [2] - Aishide and other online and offline stocks also received institutional net purchases exceeding 50 million yuan in the past week [3]

证券代码：600398 证券简称：海澜之家 编号：2025—001 海澜之家集团股份有限公司 股票交易异常波动公告 （二）重大事项情况 经公司自查并书面问询控股股东及实际控制人，公司控股股东及实际控制人 均不存在筹划涉及上市公司的重大资产重组、股份发行、重大交易类事项、业务 重组、股份回购、股权激励、破产重整、重大业务合作、引进战略投资者等重大 事项。 海澜之家集团股份有限公司（以下简称"公司"）股票于 2024 年 12 月 30 日、2024 年 12 月 31 日、2025 年 1 月 2 日连续三个交易日内日收盘价格 涨幅偏离值累计达到 20%，根据《上海证券交易所交易规则》的有关规 定，属于股票交易异常波动。 经公司自查并向控股股东及实际控制人发函核实，公司、控股股东及实 际控制人不存在应披露而未披露的重大事项。 公司敬请广大投资者注意二级市场交易风险，理性决策，审慎投资。 （三）媒体报道、市场传闻、热点概念情况 经公司核实，公司未发现对公司股票交易价格可能产生重大影响的媒体报 道或市场传闻，亦未涉及市场热点概念。 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 ...

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses the performance and strategies of **Hailan Home** in the **retail and fashion industry**, particularly focusing on its collaboration with **JD.com** and the expansion of its **outlet stores** [1][2][3][4]. Key Points and Arguments - **Store Expansion**: Hailan Home opened a new outlet store in Wuxi, covering over 3,000 square meters and featuring a variety of international brands such as Adidas, Nike, and Coach. The store has seen optimistic sales since its opening in late September, with total sales of approximately **11 million** in October and November [1][3]. - **Sales Projections**: Future monthly sales for the outlet are projected to be between **5 million to 8 million** after accounting for brand shares and operational costs. The overall sentiment regarding sales performance remains positive [3][4]. - **Online and Offline Integration**: Since July, Hailan Home has partnered with JD.com to enhance its omni-channel operations. The online store has gained **95,000** followers by the end of December, indicating a growing customer base and potential for increased sales through online channels [3][4]. - **Brand Partnerships**: The outlet has onboarded **60 to 70 brands**, with further opportunities for expanding the online SKU offerings. The business model includes a consignment approach, which is expected to enhance profitability [4][5]. - **Market Presence**: As of now, there are **239 outlet stores** across China, with plans for further expansion into both tier-one and lower-tier cities. Hailan Home's outlet strategy is positioned to capture a significant market share [5][6]. - **Future Growth**: The company anticipates a long-term revenue growth potential in the range of **tens of billions** as it deepens its omni-channel business and expands its brand partnerships [4][6]. Additional Important Insights - **Financial Performance**: Despite a decline in revenue during the first three quarters of the year, profitability has improved due to operational efficiencies. The company is expected to maintain a stable growth trajectory with a projected double-digit profit growth rate by 2025 [6][7]. - **Valuation Metrics**: The company's current PE ratio is noted to be around **12 times**, which is considered relatively low, suggesting potential for investment [7][8]. - **Consumer Trends**: There is an observed improvement in consumer spending, particularly as the weather cools, which may positively impact sales in the upcoming quarters [7][8]. - **Strategic Focus**: Hailan Home is also looking to expand its international presence and enhance its operational capabilities through new business lines, such as the acquisition of stakes in brands like **Sporz** [6][7]. This summary encapsulates the key insights from the conference call, highlighting Hailan Home's strategic initiatives, market positioning, and financial outlook within the retail sector.

Investment Rating - The investment rating for the company is upgraded to "Buy" from "Accumulate" [7][30]. Core Views - The main brand, HLA, is a leading men's apparel brand that has maintained steady development and has established strong channel management capabilities, laying the foundation for expanding retail businesses like JD Outlet [3]. - The company is expected to recover healthy growth in 2025 after facing short-term pressure in 2024, with a focus on brand management and new business developments [13][30]. - The JD Outlet business is progressing well, with plans to increase the number of stores significantly, which could enhance profitability and market presence [4][24]. Company Overview - HLA brand revenue for Q1 to Q3 2024 decreased by 5% year-on-year to 11.3 billion yuan, while gross margin increased by 0.9 percentage points to 45.3% [3]. - As of Q3 2024, the number of HLA stores reached 5,872, with 1,379 direct-operated stores and 4,493 franchise stores, indicating a leading position in the industry [3]. - The company has a strong focus on enhancing product quality and introducing innovative product lines, which have been well-received in the market [3]. Business Segments - The offline JD Outlet business opened its first store in September 2024, with expectations to expand to around 10 stores by the Chinese New Year in 2025 [4]. - The online JD Outlet business is still in the adjustment phase, with expectations for integration with offline operations by the first half of 2025 [25]. - The company’s other brand revenues increased by 20% year-on-year to 1.76 billion yuan in Q1 to Q3 2024, driven by the consolidation of the Sboz brand [29]. Financial Performance - The company's revenue for 2024 is projected to be 21.33 billion yuan, with a slight decline of 0.9% year-on-year, while net profit is expected to drop by 25.3% to 2.21 billion yuan [15][30]. - The company has maintained a high dividend payout ratio of over 85% from 2021 to 2023, making it attractive to investors [30]. - The financial outlook for 2025 includes a projected net profit of 2.70 billion yuan, reflecting a recovery in profitability [30].

Investment Rating - The investment rating for the company is "Buy" with a target price of 7.84 CNY per share, compared to the current price of 6.51 CNY [5][38]. Core Views - The company is expected to see a significant rebound in performance in 2024, with a projected EPS of 0.48 CNY, followed by 0.52 CNY in 2025 and 0.63 CNY in 2026. The estimated revenue for 2024 is 212.35 billion CNY, with a slight decline of 1.4% year-on-year, but growth is expected to resume in subsequent years [38]. - The company is expanding its online business, with projected revenues of 42.36 billion CNY, 55.06 billion CNY, and 71.58 billion CNY for 2024 to 2026, respectively, reflecting a consistent growth rate of 30% [9]. - The company is also focusing on its franchise business, with expected revenues of 93.67 billion CNY in 2024, showing a decline of 12.31% due to market conditions, but a recovery is anticipated in the following years [24]. - The company is enhancing its retail operations through strategic partnerships, such as the collaboration with JD.com to open new discount retail stores, which is expected to be a new growth driver [20]. Financial Summary - The company's revenue for 2022 was 18,562 million CNY, with a projected increase to 21,528 million CNY in 2023, followed by a slight decrease to 21,235 million CNY in 2024, and then growth to 23,364 million CNY in 2025 and 26,259 million CNY in 2026 [2]. - The EBITDA for 2022 was 4,651 million CNY, expected to rise to 5,384 million CNY in 2023, but projected to decline to 4,436 million CNY in 2024 before recovering to 4,944 million CNY in 2025 and 5,733 million CNY in 2026 [2]. - The net profit attributable to shareholders for 2022 was 2,155 million CNY, with a forecast of 2,952 million CNY in 2023, a drop to 2,282 million CNY in 2024, and then growth to 2,510 million CNY in 2025 and 3,005 million CNY in 2026 [2]. Revenue Breakdown - The direct sales revenue is projected to be 48.06 billion CNY in 2024, increasing to 54.00 billion CNY in 2025 and 61.92 billion CNY in 2026, with a stable gross margin of 62.11% [42]. - The franchise business is expected to generate 93.67 billion CNY in 2024, with a gross margin of 37.86% [24]. - The group purchase business is anticipated to yield 20.53 billion CNY in 2024, with a gross margin of 44.00% [25].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The report emphasizes the transformation of discount retail, highlighting the growth of outlet stores in China, which have become a significant part of the retail landscape, with a market size of 1.8 trillion RMB in 2023, accounting for 3.8% of total retail sales [9][223]. - The company is positioned to leverage its partnerships with JD.com and other brands to enhance its discount retail strategy, particularly through the JD Outlet project, which is expected to drive significant revenue growth [305][321]. - The report forecasts substantial growth potential for the company's new business segments, including FCC and JD Outlet, with projected revenues of 57 billion RMB and 120 billion RMB respectively by 2026 [65][84]. Summary by Sections Investment Logic - The report outlines the strategic importance of discount retail in the current economic climate, where consumer behavior is shifting towards value-oriented purchases [9][223]. - The company is expected to benefit from its unique business model that combines online and offline sales channels, enhancing customer engagement and operational efficiency [305][321]. Financial Projections - Revenue forecasts for 2024-2026 are set at 210 billion RMB, 247 billion RMB, and 272 billion RMB, with corresponding growth rates of -2.24%, 17.48%, and 10.19% [10][364]. - Net profit projections for the same period are 23 billion RMB, 27 billion RMB, and 30 billion RMB, reflecting growth rates of 22.49%, 18.01%, and 11.90% [10][364]. Business Model and Competitive Advantage - The company’s business model focuses on a light-asset approach, allowing for rapid expansion and high profitability, particularly in the JD Outlet segment [305][321]. - The report highlights the importance of supply chain management and the ability to offer genuine products at competitive prices as key factors for success in the discount retail sector [318][319]. Market Positioning - The company is positioned as a leader in the casual menswear segment, with a strong foothold in both domestic and international markets [9][223]. - The report notes that the company’s partnerships with major brands and its innovative retail strategies are expected to enhance its market share and customer loyalty [305][321].

证券代码：600398 证券简称：海澜之家 编号：2024—052 海澜之家集团股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 12 月 04 日（星期三）上午 09:00-10:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） （一）会议召开时间：2024 年 12 月 04 日上午 09:00-10:00 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 27 日（星期三）至 12 月 03 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 600398@hla.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 海澜之家集团股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日在 《上海证券报》《中国证券报 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][4]. Core Views - The company's main brand is experiencing a decline in offline sales due to a weak retail environment, but this impact is expected to gradually dissipate. The company is positioned as a quality stock with strong growth potential across multiple business lines, supported by orderly expansion of new businesses [4][3]. - The projected net profit for the company from 2024 to 2026 is estimated at 2.23 billion, 2.54 billion, and 3.05 billion respectively, with year-on-year changes of -25%, +14%, and +20%. The corresponding price-to-earnings ratios are 13, 12, and 10 times, with a dividend yield of approximately 7% in 2024 [4][3]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenues of 3.889 billion, a decline of 11% year-on-year, and a net profit attributable to shareholders of 271 million, down 65% year-on-year. The first three quarters saw total revenues of 15.259 billion, a decrease of 2% year-on-year [3][4]. - The main brand's revenue fell by 27% in Q3, with offline store sales significantly impacted. The company closed 101 franchise stores, continuing a trend of store closures [3][4]. Cost and Margin Analysis - The gross margin decreased by 1.1 percentage points due to lower margins from e-commerce and non-core businesses. The sales expense ratio increased by 5.8 percentage points to 24.8%, primarily due to fixed costs associated with direct store openings [4][3]. Future Outlook - The company is expected to achieve stable growth in the future, driven by strong growth potential across multiple business lines and orderly expansion of new businesses. The company has high free cash flow, strong performance stability, and a significant surplus in undistributed profits, indicating a robust dividend-paying capacity [4][3].