Core Viewpoint - Haier Home Group achieved a strong performance in Q1 2025, with revenue of 6.187 billion and a net profit of 935 million, marking a year-on-year growth of 0.16% and 5.46% respectively, reaching a five-year high [2][5] Group 1: Performance Highlights - The company reported a net cash flow from operating activities of 1.587 billion, an increase of 14.91% year-on-year [2] - The dual growth in revenue and net profit demonstrates the company's resilience amid a complex domestic and international environment [2][5] - The company has maintained a consistent focus on product innovation, brand building, and channel development over the years [2][5] Group 2: Product and Brand Development - In 2024, the company's R&D investment increased by 43.82% to 288 million, with Q1 2025 R&D spending reaching 46.96 million [6] - The company launched several innovative product lines, including the "Yun Cai Natural" series and upgraded outdoor technology products, enhancing product functionality and appeal [6][5] - The main brand adheres to the philosophy of "creating vibrant clothing," actively engaging with contemporary consumer values to enhance brand vitality and value [8][9] Group 3: Sales Channels and Structure - Online sales in Q1 2025 reached 1.014 billion, a year-on-year increase of 19.76%, while offline sales accounted for 83.18% of total revenue [15][16] - The company is optimizing its channel structure by increasing the proportion of direct-operated stores, which now account for 28.22% of total stores [17] - Direct-operated stores have a higher gross margin, with Q1 2025 gross margin reaching 64.50% compared to 41.46% for franchise stores [17] Group 4: New Growth Engines - The company is exploring new growth avenues, such as entering the sports sector with the establishment of "Sibozi" and collaborating with JD.com to create "city outlet" stores [19][20] - The partnership with Adidas has expanded the company's retail capabilities, with 433 Adidas stores authorized by the end of 2024 [19] - The overseas market has shown promising results, with revenue from international operations reaching 355 million in 2024, a year-on-year growth of 30.75% [20]

2025年4月30日，海澜之家(600398.SH)发布2025年第一季报。截至2025年4月30日，共有122个机构投资 者披露持有海澜之家A股股份，合计持股量达35.46亿股，占海澜之家总股本的73.83%。其中，前十大 机构投资者包括海澜集团有限公司、荣基国际(香港)有限公司、江阴恒盛国际贸易有限公司、香港中央 结算有限公司、招商银行股份有限公司-上证红利交易型开放式指数证券投资基金、中国证券金融股份 有限公司、中国农业银行股份有限公司-中证500交易型开放式指数证券投资基金、中国对外经济贸易信 托有限公司-外贸信托-睿郡稳享私募证券投资基金、国星集团有限公司、交通银行股份有限公司-富国天 益价值混合型证券投资基金，前十大机构投资者合计持股比例达69.27%。相较于上一季度，前十大机 构持股比例合计下跌了0.93个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计37个，主要包括富国天益价值混合A/B、招商产 业精选股票A、招商瑞利灵活配置混合(LOF)A、招商中证红利ETF、宝盈成长精选混合A等，持股增加 占比达1.20%。本期较上一季度持股减少的公募基金共计18个，主要包括南方中证500ET ...

2、公司年度报告披露后存在退市风险警示或终止上市情形的，应当披露导致退市风险警示或终止上市 情形的原因。 □适用 √不适用 证券代码：600398 证券简称：海澜之家 编号：2025一005 登录新浪财经APP 搜索【信披】查看更多考评等级 报告期，公司实现营业收入209.57亿元，归属于上市公司股东的净利润21.59亿元。具体经营情况详见 2024年年度报告"第三节 管理层讨论与分析之经营情况讨论与分析"。 海澜之家集团股份有限公司 第九届第八次监事会决议公告 本公司监事会及全体监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"）第九届第八次监事会会议于2025年4月29日在公司会议 室召开，公司已于2025年4月17日以书面形式向公司全体监事发出了会议通知。监事会主席黄凯主持了 会议，会议应到监事3名，亲自出席监事3名，会议的召开符合《公司法》和《公司章程》的有关规定， 会议合法、有效。 经与会监事审议，会议通过了以下事项： 一、审议通过了《公司2024年度监事会工作报告》 2024年度，公司监事会依 ...

Core Viewpoint - The annual report of HLA Group highlights the challenges faced by the apparel industry in China during 2024, including sluggish consumer demand and increased competition, while also outlining the company's strategic initiatives and financial performance. Group 1: Company Overview - HLA Group is a major retail group in China specializing in apparel, with a focus on self-owned brands, international brand agency, and customized group purchases [12][13]. - The company operates several brands, including its main brand "HLA," women's brand "OVV," trendy brand "HLA JEANS," and children's brand "YeeHoO" [13][14]. Group 2: Industry Situation - The apparel industry in China faced a challenging economic environment in 2024, with retail sales of clothing reaching 1,071.62 billion yuan, a mere 0.1% increase year-on-year, significantly slowing down from the previous year's growth rate of 15.3% [5][6]. - Consumer preferences have shifted towards value, functionality, and sustainability, leading to increased pressure on traditional products [6][7]. - The market for men's clothing is characterized by intense competition, with a shift from scale expansion to value cultivation, impacting smaller brands [7][8]. - Women's clothing brands are focusing on quality, design, and brand culture, leading to a competitive landscape where innovation is crucial for survival [8]. - The sportswear segment is experiencing growth due to rising health awareness, but brands face challenges such as profit pressure and inventory issues [8][9]. Group 3: Financial Performance - The company plans to distribute a cash dividend of 1.80 yuan per 10 shares, totaling approximately 864.5 million yuan for the year, which represents 91.22% of the net profit attributable to shareholders [4]. - The total cash dividend for 2024, including previous distributions, amounts to approximately 1.97 billion yuan [4]. Group 4: Business Model - HLA Group employs a "platform + brand" model for its operations, providing unified management services across its brands while allowing for independent brand operations [24][30]. - The company has established a logistics center in Jiangyin, equipped with advanced systems for efficient inventory management and supply chain integration [25][27]. - The sales channels include both offline and online platforms, with a focus on major urban centers and e-commerce platforms like Tmall and JD.com [30].

Core Viewpoint - Facing market competition pressure, the leading men's clothing brand in A-shares, Hailan Home, is seeking new growth points for performance improvement [1] Financial Performance - In 2024, Hailan Home achieved revenue of 20.957 billion yuan, a year-on-year decrease of 2.65%, and a net profit attributable to shareholders of 2.159 billion yuan, down 26.88% [1] - In Q1 2025, Hailan Home's performance improved with revenue of 6.187 billion yuan, a year-on-year increase of 0.16%, and a net profit of 935 million yuan, up 5.46% [1] Brand Strategy and Expansion - Hailan Home is increasing its focus on the sports sector, acquiring exclusive rights for the Austrian sports brand HEAD in China and holding a 51% stake in Spobz Brand Management [2][6] - The company is implementing a "multi-brand, full-category, group" strategy, expanding its brand portfolio to include Hailan Home, OVV, Black Whale, and YeeHoO [2] Revenue Structure - The main brand, Hailan Home, contributed 15.270 billion yuan in revenue in 2024, a decrease of 7.22%, while the group purchase customization business generated 2.224 billion yuan [3] - The "other brands" segment saw a significant increase in revenue, totaling 2.668 billion yuan, up 32.38% [3] Sales Channels - In 2024, online sales contributed 4.419 billion yuan, accounting for 21.92% of total revenue, with a year-on-year growth of 35.63% [10] - Offline sales accounted for 15.743 billion yuan, a decrease of 10.02%, with a revenue share dropping from 84.30% in 2023 to 78.08% in 2024 [10][12] Store Expansion - By the end of 2024, Hailan Home had a total of 7,178 stores, with 5,833 belonging to the main brand [11] - The company opened 1,103 new stores while closing 802 in 2024 [11] International Expansion - Hailan Home's overseas revenue reached 355 million yuan in 2024, a year-on-year increase of 30.75%, with a total of 101 overseas stores [13]

Core Viewpoint - In 2024, HLA's revenue and net profit declined due to a slower-than-expected recovery in the consumer market, with a significant drop in net profit by 26.88% year-on-year. However, the first quarter of 2025 showed unexpected growth, with a net profit of 935 million yuan, up 5.46% year-on-year [1][2]. Financial Performance - In 2024, HLA achieved a revenue of 20.957 billion yuan, a decrease of 2.65% year-on-year, and a net profit attributable to shareholders of 2.159 billion yuan, down 26.88% [2]. - The main revenue contributors, pants and T-shirts, saw significant declines in revenue and gross margin, with pants revenue at 3.766 billion yuan (down 12.14%) and T-shirts at 2.918 billion yuan (down 8.20%) [2]. - Inventory levels increased notably, with pants and T-shirts inventory rising by 22.30% and 19.03%, respectively, and shoe inventory surging by 143.28%. Total inventory at the end of 2024 reached 11.987 billion yuan, up 28.38% [2]. Store Operations - In 2024, HLA experienced a significant number of store closures, with 431 franchise stores closed compared to 78 new openings, while direct stores saw 341 new openings and 125 closures. By the end of 2024, there were 1,468 direct stores and 4,365 franchise stores [2]. - Direct stores contributed significantly to gross profit, with a gross margin of 62.85%, compared to 40.95% for franchise and other stores [2]. Sales Channels - HLA's offline revenue declined from 17.496 billion yuan in 2023 to 15.743 billion yuan in 2024, with offline sales accounting for 78.08% of total revenue, down from 84.30% [3]. - Conversely, online sales grew significantly, reaching 4.419 billion yuan in 2024, an increase of over 30%, and accounting for 21.92% of total revenue [3]. - In the first quarter of 2025, online sales reached 1.014 billion yuan, up approximately 20%, contributing to a total revenue of 6.187 billion yuan, a slight increase of 0.16% year-on-year [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to see continuous growth from new channels and new business initiatives, which are anticipated to become new growth drivers [5] - The company's core business profitability has improved, with a gross margin of 46.07% in 2024, up by 0.21 percentage points year-on-year [7] - The company has successfully launched new businesses, including partnerships with JD.com and Adidas, which are expected to drive revenue growth [7] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 21,528 million RMB - 2024: 20,957 million RMB (YoY change: -2.65%) - 2025E: 23,353 million RMB (YoY change: 11.43%) - 2026E: 25,373 million RMB (YoY change: 8.65%) - 2027E: 26,909 million RMB (YoY change: 6.06%) [6] - Net profit projections are as follows: - 2023: 2,952 million RMB - 2024: 2,159 million RMB (YoY change: -26.88%) - 2025E: 2,624 million RMB (YoY change: 21.57%) - 2026E: 2,890 million RMB (YoY change: 10.12%) - 2027E: 3,172 million RMB (YoY change: 9.75%) [6] - The company’s earnings per share (EPS) are projected to be: - 2023: 0.61 RMB - 2024: 0.45 RMB - 2025E: 0.55 RMB - 2026E: 0.60 RMB - 2027E: 0.66 RMB [6] Business Growth Drivers - The company is focusing on expanding its online business, which is expected to contribute significantly to revenue, with online revenue reaching 44.19 billion RMB in 2024, up by 35.63% year-on-year [7] - The partnership with JD.com and the expansion into the outlet market are anticipated to be key growth engines for the company [7] - The company’s core men's wear business remains solid, with expectations for revenue and profit growth driven by increased online and direct sales channel contributions [7]

Core Viewpoint - HLA Group reported a strong performance in Q1 2025, achieving revenue of 6.187 billion yuan, a year-on-year increase of 0.16%, and a net profit of 935 million yuan, up 5.46%, marking a five-year high [1][2] Financial Performance - The company generated a net cash flow from operating activities of 1.587 billion yuan, reflecting a year-on-year growth of 14.91% [1] - HLA Group's revenue from its main brand reached 4.642 billion yuan, with a gross margin of 49.25%, an increase of 2.85 percentage points [9][10] - The group’s revenue from the group purchase series was 646 million yuan, up 17.58%, while other brands generated 743 million yuan, with a remarkable growth of 100.22% [9] Product and Brand Development - HLA Group has diversified its product offerings beyond menswear to include womenswear, childrenswear, home goods, and customized group purchases [2] - The company increased its R&D investment by 43.82% to 288 million yuan in 2024, with Q1 2025 R&D spending reaching 46.96 million yuan [3] - New product lines such as the "YunCai Natural" summer series and upgraded outdoor technology products have been launched, focusing on functionality and style [3] Brand Strategy - HLA Group emphasizes a brand philosophy of "creating vibrant clothing" and has been recognized as a leading brand in the national clothing industry [5] - The company has been actively involved in community events, such as sponsoring the Wuxi Marathon, promoting sustainability and brand visibility [5] Channel Optimization - Online sales in Q1 2025 reached 1.014 billion yuan, a year-on-year increase of 19.76%, while offline sales accounted for 83.18% of total revenue [11][12] - The company has been enhancing its direct store presence, with 2,025 direct stores by the end of Q1 2025, representing 28.22% of total stores [13] New Market Initiatives - HLA Group is expanding into the sports sector through its partnership with Spobz and Adidas, with 433 Adidas stores authorized by the end of 2024 [14] - The collaboration with JD.com aims to create a new "city outlet" model, enhancing the company's presence in the high-value consumer market [15] - The overseas revenue reached 355 million yuan in 2024, with a growth of 30.75%, and a total of 101 overseas stores [15]

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 10.15 [7][8] Core Views - The company achieved a revenue of RMB 20.96 billion in 2024, a year-on-year decrease of 2.7%, and a net profit of RMB 2.16 billion, down 26.9% year-on-year, which is in line with previous expectations [1] - In Q1 2025, the company reported a revenue of RMB 6.19 billion, a slight increase of 0.2% year-on-year, and a net profit of RMB 0.94 billion, up 5.5% year-on-year, indicating a recovery in growth [1] - The company is focusing on solidifying its core apparel business while expanding into the sports sector and accelerating globalization, particularly through the new JD Outlet business model [1][2] Revenue and Growth - The main brand, group buying, and other brands (including FCC and JD Outlet) generated revenues of RMB 15.27 billion, RMB 2.22 billion, and RMB 2.67 billion respectively, with growth rates of -7.2%, -2.5%, and +32.4% [2] - Offline revenue for 2024 was RMB 15.74 billion with a total of 7,178 stores, while online revenue increased by 35.6% to RMB 4.42 billion, reflecting a robust multi-channel marketing strategy [2] Profitability and Costs - The gross profit margin remained stable at 44.5% in 2024, while the net profit margin decreased by 3.2 percentage points to 10.4% due to increased selling and management expenses [3] - Selling expense ratio increased by 2.9 percentage points to 23.1%, primarily due to the rise in direct store numbers and advertising costs [3] Inventory and Cash Flow - Inventory turnover days increased by 47 days to 330 days, mainly due to the consolidation of the FCC business and increased winter apparel inventory [4] - Cash and cash equivalents decreased by 42.9% year-on-year to RMB 6.79 billion, potentially due to increased dividend payouts and the impact of the FCC business [4] Profit Forecast and Valuation - The net profit forecast for 2025 and 2026 is RMB 2.78 billion and RMB 3.11 billion respectively, with an introduction of a 2027 forecast of RMB 3.39 billion [5] - The target price is based on a 2025E PE of 17.5x, with a comparison to the industry average PE of 17.0x [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 10.15 [7][8]. Core Insights - The company achieved a revenue of RMB 20.96 billion in 2024, a year-on-year decrease of 2.7%, and a net profit of RMB 2.16 billion, down 26.9% year-on-year, which aligns with previous expectations [1]. - In Q1 2025, the company reported a revenue of RMB 6.19 billion, a slight increase of 0.2% year-on-year, and a net profit of RMB 0.94 billion, reflecting a year-on-year growth of 5.5% [1]. - The company is focusing on solidifying its core apparel business while expanding into the sports sector and accelerating globalization efforts, particularly through the JD Outlet new business model [1][2]. Revenue Breakdown - For 2024, the main brand, group purchases, and other brands (including FCC and JD Outlet) generated revenues of RMB 15.27 billion, RMB 2.22 billion, and RMB 2.67 billion respectively, with growth rates of -7.2%, -2.5%, and +32.4% [2]. - Offline revenue for 2024 reached RMB 15.74 billion, with a total of 7,178 stores, while online revenue increased by 35.6% to RMB 4.42 billion [2]. Profitability and Costs - The company's gross margin remained stable at 44.5% in 2024, while the net profit margin decreased by 3.2 percentage points to 10.4% [3]. - Selling expenses increased by 2.9 percentage points to 23.1%, primarily due to the rise in direct store numbers and advertising costs [3]. - The company’s inventory turnover days increased by 47 days to 330 days, influenced by the consolidation of the FCC business and increased winter apparel inventory due to a warm winter [4]. Financial Forecasts - The report maintains net profit forecasts of RMB 2.78 billion for 2025 and RMB 3.11 billion for 2026, with an introduction of a 2027 forecast of RMB 3.39 billion [5]. - The estimated PE ratio for 2025 is set at 17.5x, with a target price of RMB 10.15 based on the company's steady development and new growth avenues [5].