Core Viewpoint - The trend of A-share companies listing in Hong Kong is increasing, with 11 companies having done so this year, and over 50 more in the pipeline. The primary motivation for this move is to pursue global strategic expansion, as exemplified by the clothing brand HLA [1]. Group 1: Market Expansion - HLA has opened 50 stores in Malaysia since its first store in 2017, with a total of 78 stores across Southeast Asia as of January this year [2]. - Semir, another clothing brand, has also accelerated its overseas strategy, with 70 stores by the end of 2023 and plans to exceed 100 stores in 2024 [2][3]. - Major Chinese brands, including Anta and Li Ning, are also focusing on Southeast Asia for their international expansion, with Anta planning to establish 1,000 stores in the region over the next three years [5]. Group 2: Challenges in Overseas Markets - Despite the growth in overseas revenue for brands like HLA, the contribution to total revenue remains low, with HLA's overseas revenue accounting for only 1.76% in 2024 [7][8]. - Many traditional Chinese clothing brands struggle to achieve significant overseas market penetration, with most having less than 2% of their revenue coming from international sales [8][9]. - The slow urbanization process in Southeast Asia limits the effectiveness of the business models that have worked in China, as brands primarily target major cities, leaving smaller cities underserved [12][13]. Group 3: E-commerce and Retail Dynamics - The rise of e-commerce in Southeast Asia poses a challenge for traditional retail, as online platforms like Shopee and TikTok Shop gain traction [15][16]. - HLA has seen an increase in online sales, but overall revenue has declined, indicating difficulties in adapting to the online market [16]. - The reliance on physical stores in major cities may not be sustainable if e-commerce continues to grow, potentially impacting the profitability of brands that do not adapt [17].

Core Viewpoint - The trend of A-share companies listing in Hong Kong is increasing, with 11 companies having done so this year, including Haier Home, which plans to list in Hong Kong as part of its global strategy [1] Group 1: Company Expansion - Haier Home has opened 50 stores in Malaysia since its first store in 2017, with a total of 78 stores in Southeast Asia as of January this year [2] - Semir, another Chinese brand, has also accelerated its overseas expansion, with 70 stores by the end of 2023 and plans to exceed 100 stores in 2024 [2] - Other brands like UR, E-PRANCE, and Anta are also expanding aggressively in Southeast Asia, with Anta planning to open 1,000 stores in the region over the next three years [3] Group 2: Market Challenges - Despite the growth in store numbers, the overseas revenue for many Chinese apparel brands remains low, with Haier Home's overseas revenue accounting for only 1.76% of total revenue by 2024 [6] - Semir's overseas revenue is projected to be less than 1% of its total revenue in 2024, indicating a common struggle among Chinese brands to penetrate the Southeast Asian market [6][7] - The traditional business model that worked in China may not be effective in Southeast Asia, where brands are primarily targeting large cities, leaving smaller cities underserved [8] Group 3: E-commerce Impact - The rise of e-commerce in Southeast Asia, exemplified by platforms like Shopee, poses a challenge to traditional retail models, as many consumers are shifting towards online shopping [10][11] - Haier Home has seen an increase in online sales, but overall revenue has decreased, highlighting the difficulties in transitioning to an online model [11][12] - The potential for e-commerce growth in Southeast Asia could undermine the current strategy of Chinese brands that focus heavily on physical stores [12]

Market Overview - The textile and apparel sector has underperformed the broader market since September, with textile manufacturing outperforming branded apparel, showing +0.1% and -1.6% respectively as of October 9 [1][13] - Key companies that have seen significant gains since September include Xin'ao Co. (+16.9%), Fengtai Enterprise (+14.9%), Adidas (+11.6%), and others [1] Brand Apparel Insights - Retail sales of clothing in August grew by 3.1% year-on-year, with a 1.3 percentage point increase from the previous month [2] - The sales pressure is expected in September due to the absence of the Mid-Autumn Festival and high temperatures affecting consumer behavior [2] - E-commerce channels showed strong growth in outdoor apparel, with sportswear brands like Descente (+51%) and Lululemon (+35%) leading the way [2] Textile Manufacturing Insights - Vietnam's textile exports in September increased by 9.4% year-on-year, while footwear exports rose by 9.0% [3] - China's textile exports showed a slight improvement in August, with a 1.4% increase, although apparel and footwear exports declined significantly [3] - Wool prices saw a notable increase in September, rising by 17.5% month-on-month and 28.3% year-on-year [3] Investment Recommendations - Focus on the rebound opportunities in textile manufacturing, with expectations for order recovery in Q4 [5] - Companies like Shenzhou International, which is Nike's largest apparel supplier, and Huayi Group are highlighted as key beneficiaries of tariff changes and Nike's recovery [5] - The report suggests that the impact of tariffs will diminish in Q4, leading to a stabilization of orders [5] Key Company Forecasts - Shenzhou International is rated "Outperform" with an expected EPS of 4.37 in 2025 and a PE ratio of 13.9 [8] - Other companies such as Huayi Group and Kai Run Co. are also rated "Outperform" with positive growth forecasts [8]

Market Overview - The textile and apparel sector has underperformed the broader market since September, with textile manufacturing showing better performance than branded apparel, with respective changes of +0.1% and -1.6% as of October 9 [1][13] - Key companies that have seen significant gains since September include Xin'ao Co. (+16.9%), Fengtai Enterprise (+14.9%), Adidas (+11.6%), and others [1] Brand Apparel Insights - Retail sales of clothing increased by 3.1% year-on-year in August, with a 1.3 percentage point improvement from the previous month. However, sales in September are expected to face pressure due to the absence of the Mid-Autumn Festival and continued warm weather [2] - E-commerce channels showed strong growth in outdoor apparel, with categories like sportswear and outdoor clothing growing by 22% and 51% respectively for leading brands [2] - On social media platform Xiaohongshu, the top three brands in the sports and outdoor category saw significant follower growth, indicating strong consumer interest [2] Textile Manufacturing Insights - Vietnam's textile exports saw a year-on-year increase of 9.4% in September, while footwear exports rose by 9.0%, indicating a recovery in the sector [3] - The price of wool significantly increased in September, with a month-on-month rise of 17.5% and a year-on-year increase of 28.3% [3] - Companies like Ruohong have visibility on orders extending to Q1 2026, maintaining a revenue target of over 3 billion yuan per month [3] Investment Recommendations - Focus on textile manufacturing rebound opportunities, particularly after the release of Q3 reports. The impact of U.S. tariffs is expected to diminish, with orders stabilizing [5] - Key companies to watch include Shenzhou International, Huayi Group, and Kai Run Co., which are positioned to benefit from tariff changes and recovery in demand [5][7] - In the branded apparel segment, long-term growth is anticipated in the sports category, with recommendations for brands like Anta Sports, Xtep International, and Li Ning [7]

海澜之家集团股份有限公司 2025 年第一次临时股东会 会 议 资 料 2025 年 10 月 海澜之家集团股份有限公司 2025 年第一次临时股东会材料目录 八、关于提请股东会授权董事会及其授权人士办理与公司发行 H 股股票并 上市有关事项的议案 九、关于公司境外公开发行 H 股股票募集资金使用计划的议案 十四、关于投保董事、高级管理人员及招股说明书责任保险的议案 十五、关于补选公司第九届董事会独立董事的议案 （一）提名穆炯为公司第九届董事会独立董事 （二）提名夏霓为公司第九届董事会独立董事 海澜之家集团股份有限公司 2025 年第一次临时股东会参会须知 为维护投资者的合法权益，确保股东会的正常秩序和议事效率，根据《中华 人民共和国公司法》《中华人民共和国证券法》《上市公司股东会规则》以及《公 司章程》的有关规定，特制订如下参会须知，望出席股东会的全体人员严格遵守： 一、股东会设秘书处，具体负责会议的组织工作并处理相关事宜。 二、股东会期间，全体出席人员应以维护股东的合法权益、确保股东会的正 常秩序和议事效率为原则，自觉履行法定义务。 三、出席股东会的股东，依法享有发言权、表决权等权利。 四、股东会召开期间 ...

Core Viewpoint - HLA, known as "the men's wardrobe," has announced plans to list on the Hong Kong stock exchange, marking a significant strategic shift as it seeks to expand its international market presence [1][4]. Group 1: Company Performance and Financials - HLA's net profit has not returned to pre-2023 levels since Zhou Licheng took over five years ago, indicating challenges in its business model and market appeal [2][5]. - In the first half of 2025, HLA reported a revenue of 11.566 billion, a year-on-year increase of 1.73%, while net profit decreased by 3.1% to 1.588 billion [10]. - The company's inventory has reached 10.255 billion, a 7.35% increase year-on-year, with an average inventory turnover period of 323 days, indicating potential financial strain [11][13]. Group 2: Market Challenges and Consumer Perception - HLA faces difficulties in appealing to younger consumers, who are increasingly critical of traditional branding narratives and demand more innovative and stylish products [6][7]. - Despite significant advertising expenditures exceeding 2.5 billion over recent years, brand recognition among younger demographics remains limited [8][9]. - The company's business model, which heavily relies on an efficient ODM approach, has not adapted to the evolving preferences of younger consumers, leading to a disconnect in product offerings [8][9]. Group 3: International Expansion Strategy - The primary goal of the Hong Kong listing is to facilitate HLA's global strategy and accelerate overseas business development [15][16]. - HLA has made gradual progress in international markets, with overseas revenue not exceeding 2% of total revenue in recent years, highlighting the need for a more aggressive expansion strategy [21][22]. - The company plans to open its first store in Sydney, Australia, while continuing to deepen its presence in Southeast Asia and exploring markets in Central Asia, the Middle East, and Africa [30][29]. Group 4: Future Challenges and Considerations - HLA's international expansion faces challenges, including differing market conditions, consumer preferences, and competition in developed markets [32][34]. - The company must enhance its product design and development capabilities to compete effectively in international markets, as evidenced by the low R&D expenditure compared to successful global brands [38][36]. - Overall, HLA's future success in global markets will depend on its ability to adapt its business model and product offerings to meet diverse consumer needs [39][40].

Core Insights - The production and demand for suits in China have been declining due to decreased industry prosperity, widespread market saturation, and increased competition from foreign markets. In 2015, the production of suit sets was 594 million pieces, while it is projected to be approximately 165 million pieces by 2024 [1][5]. Industry Overview - Suits, also known as western-style clothing, are characterized by features such as lapels and pockets, and are typically worn in formal settings. They can be categorized by gender, occasion, production process, and button style [2][3]. Current Industry Status - The suit industry in China is experiencing a downward trend in both production and demand. The production of suit sets is expected to decline by 8.61% year-on-year in the first half of 2025 [5][6]. Consumer Demand - There is a growing demand for personalized and comfortable suits, particularly among younger consumers, especially Generation Z. Key preferences include unique styles (53%), body-shaping designs (51%), and high-quality fabrics (48%) [6][7]. Customization Trend - Personalized customization is identified as the future direction of the suit industry, with the high-end custom suit market expected to reach 6.8 billion yuan in 2024 and potentially 8 billion yuan in 2025 [7][11]. Industry Chain - The upstream of the suit industry includes raw materials like cotton, viscose, and wool, while the midstream involves manufacturing. The downstream consists of retail and customization channels, serving consumers through both online and offline methods [8][9]. Historical Development - The suit entered China in 1911 and has evolved from a single style to a diverse range of options, reflecting cultural shifts. The industry is currently transitioning from scale expansion to category restructuring, driven by technological innovation [9][10]. Competitive Landscape - The Chinese suit industry has shifted from OEM production for foreign brands to developing independent brands with advanced technology. The market is competitive, with major players including HLA, Hongdou, Youngor, and Kute Intelligent [10][11]. Future Trends - The demand for suits is expanding beyond business professionals to the general public, with a focus on quality. Future trends include high-end, eco-friendly, and customized products, supported by advancements in smart manufacturing technology [10][11].

Core Viewpoint - The recent IPO attempt by Hailan Home in Hong Kong may be more of a "self-rescue performance" rather than a genuine growth opportunity for the company [3][57]. Financial Performance - Hailan Home reported a revenue of 11.566 billion yuan for the first half of 2025, a slight increase of 1.73% year-on-year, but net profit fell to 1.58 billion yuan, down 3.42% [8][16]. - For the full year of 2024, the company experienced a revenue decline of 2.65% to 20.957 billion yuan and a significant net profit drop of 26.88% to 2.159 billion yuan [9][10]. - The company's net profit margin has decreased to 10.45%, the lowest in ten years, indicating a trend of "increasing revenue without increasing profit" [18][19]. Market Position and Challenges - Hailan Home's previous success was attributed to its unique "light asset + quasi-direct" model, which is now struggling in a saturated market where consumer demand is weak [12][15]. - The overall clothing consumption market in China grew only 0.3% in 2024, reflecting a broader industry downturn that Hailan Home is facing [13][15]. - The company's inventory issues are significant, with inventory reaching 11.99 billion yuan in 2024, a 28.38% increase year-on-year, and an inventory turnover period of 330 days, indicating slow sales [32][35]. Business Model and Strategy - Hailan Home's business model relies heavily on supply chain integration without engaging in product design, leading to outdated product offerings that fail to meet current consumer preferences [21][34]. - The company has attempted to pivot towards sportswear and overseas markets under the leadership of the new CEO, but these efforts have not yet significantly impacted overall revenue [46][54]. - Despite high dividend payouts (91.22% in 2024), this strategy may be short-sighted as it diverts funds from necessary investments in product development and consumer engagement [37][38]. Future Outlook - The upcoming IPO in Hong Kong is seen as a potential opportunity for new funding, but the company's ability to address core issues such as product relevance and brand modernization will be crucial for long-term success [56][57]. - Analysts express skepticism about Hailan Home's future performance in the capital markets, given its traditional business model and declining financial metrics [56].

证券代码：600398 证券简称：海澜之家 编号：2025-029 海澜之家集团股份有限公司 关于召开2025年第一次临时股东会的通知 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： 公司于 2025 年 9 月 30 日召开第九届董事会第十七次会议，审议通过了《关 于提请召开公司 2025 年第一次临时股东会的议案》，现就召开 2025 年第一次临 时股东会有关事宜通知如下： 一、 召开会议的基本情况 (一)股东会类型和届次 2025年第一次临时股东会 (二)股东会召集人：董事会 召开的日期时间：2025 年 10 月 17 日 14 点 30 分 召开地点：江苏省江阴市华士镇华新路 8 号海澜之家 1 号楼会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 10 月 17 日 至2025 年 10 月 17 日 股东会召开日期：2025年10月17日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (三)投票方 ...

Market Overview - The apparel and home textile sector experienced a decline of 0.29% on September 30, with Hongxing Co. leading the drop [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Top Performers - Anner (002875) saw a significant increase of 8.48%, closing at 18.93, with a trading volume of 187,300 shares and a transaction value of 347 million [1] - Kanglongda (603665) rose by 7.12%, closing at 27.70, with a trading volume of 58,300 shares and a transaction value of 26.65 million [1] - Longtou Co. (600630) increased by 6.62%, closing at 9.18, with a trading volume of 512,900 shares and a transaction value of 469 million [1] Underperformers - Bingshi Co. (001209) experienced a significant drop of 9.84%, closing at 18.78, with a trading volume of 169,200 shares and a transaction value of 324 million [2] - Hongdou Co. (600400) fell by 5.26%, closing at 2.88, with a trading volume of 1,910,300 shares and a transaction value of 561 million [2] - Tianchuang Fashion (603608) decreased by 4.55%, closing at 7.35, with a trading volume of 117,000 shares and a transaction value of 87.46 million [2] Capital Flow - The apparel and home textile sector saw a net outflow of 216 million from institutional investors, while retail investors contributed a net inflow of 186 million [2][3] - Major stocks like Longtou Co. and Haian Home (600398) experienced varying levels of net inflow and outflow from different investor categories [3]