证券代码：600398 证券简称：海澜之家 编号：2025—025 海澜之家集团股份有限公司 关于就 H 股发行修订于 H 股发行上市后生效的 《公司章程（草案）》及相关议事规则（草案）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。 海澜之家集团股份有限公司（以下简称"公司"）于 2025 年 9 月 25 日召开 的第九届董事会第十六次会议审议通过了《关于就 H 股发行修订于 H 股发行上 市后生效的<公司章程（草案）>及相关议事规则（草案）的议案》。现将相关内 容公告如下： 一、修订《公司章程》及相关议事规则的原因及依据 公司拟在境外发行股份（H 股）并申请在香港联合交易所有限公司主板上市 （以下简称"本次发行上市"），根据《中华人民共和国公司法》《中华人民共和 国证券法》《境内企业境外发行证券和上市管理试行办法》以及《香港联合交易 所有限公司证券上市规则》等境内外法律、法规、规范性文件的要求，并结合公 司实际情况，公司拟对《海澜之家集团股份有限公司章程》（以下简称"《公司章 程》"）及其附件《股东会议事规则》《董 ...

公司于 2025 年 9 月 25 日召开第九届董事会第十六次会议，审议通过了《关 于公司发行 H 股股票并在香港联合交易所有限公司上市的议案》《关于公司发行 H 股股票并在香港联合交易所有限公司上市方案的议案》等相关议案。公司将充 分考虑现有股东的利益和境内外资本市场的情况，在股东会决议有效期内（即经 公司股东会审议通过之日起 24 个月或同意延长的其他期限）选择适当的时机和 发行窗口完成本次发行并上市。 截至目前，公司正积极与相关中介机构就本次发行并上市的相关工作进行商 讨，除本次董事会审议通过的相关议案外，其他关于本次发行并上市的具体细节 尚未确定。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所 股票上市规则》《境内企业境外发行证券和上市管理试行办法》《香港联合交易所 有限公司证券上市规则》等有关法律和法规的规定，公司本次发行并上市尚需提 交公司股东会审议，在符合中国境内相关法律、法规和规范性文件、香港法律的 要求和条件下进行，并需要取得中国证券监督管理委员会、香港联交所和香港证 券及期货事务监察委员会等相关政府机关、监管机构、证券交易所的批准、核准 或备案。 证券代码：6003 ...

证券代码：600398 证券简称：海澜之家 编号：2025—027 海澜之家集团股份有限公司 独立董事提名人和候选人声明与承诺公告 海澜之家集团股份有限公司独立董事提名人声明与承诺 提名人海澜之家集团股份有限公司董事会，现提名穆炯、夏霓为海澜之家集 团股份有限公司第九届董事会独立董事候选人，并已充分了解被提名人职业、学 历、职称、详细的工作经历、全部兼职、有无重大失信等不良记录等情况。被提 名人已同意出任海澜之家集团股份有限公司第九届董事会独立董事候选人（参见 该独立董事候选人声明）。提名人认为，被提名人具备独立董事任职资格，与海 澜之家集团股份有限公司之间不存在任何影响其独立性的关系，具体声明并承诺 如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、行政法规、 规章及其他规范性文件，具有 5 年以上法律、经济、会计、财务、管理或者其他 履行独立董事职责所必需的工作经验。 被提名人穆炯、夏霓已经参加培训并取得证券交易所认可的相关培训证明 材料。 （四）中共中央纪委、中共中央组织部《关于规范中管干部辞去公职或者退 （离）休后担任上市公司、基金管理公司独立董事、独立监事的通知》的规定（如 适用）； （ ...

证券代码：600398 证券简称：海澜之家 编号：2025—026 金剑先生、刘刚先生在担任公司独立董事期间，恪尽职守、勤勉尽责、独立 公正，为公司的规范运作、稳健发展等发挥了积极作用。公司董事会对金剑先生、 刘刚先生任职期间为公司发展所做出的贡献表示衷心感谢！ 二、补选独立董事情况 海澜之家集团股份有限公司 关于独立董事离任暨补选独立董事 并调整专门委员会委员的公告 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。 一、独立董事离任情况 | 姓名 | 离任职务 | 离任时间 | 原定任期 | | 离任 | 是否继续在 上市公司及 | 具体职 务（如 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 到期日 | | 原因 | 其控股子公 | 适用） | 毕的公开 | | | | | | | | 司任职 | | 承诺 | | | 独立董事、董 事会审计委员 会委员、董事 | 自公司股 东会选举 | 年 2026 | 5 | 工 ...

海澜之家集团股份有限公司 董事会成员及雇员多元化政策（草案） （3） 如该候选人当选，应能使董事会具备合理的专业结构；及 （4） 董事会具备配合公司业务需要的不同技能。 （H 股发行上市后适用） 第一条 根据《中华人民共和国公司法》、公司股票上市地证券交易所相关监 管规则（包括但不限于《香港联合交易所有限公司证券上市规则》项下之附录 C1《企 业管治守则》）等法律、法规、规范性文件以及《海澜之家集团股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，结合公司实际情况，制定本政策。 第二条 本政策是为海澜之家集团股份有限公司（以下简称"公司"）董事会 （以下简称"董事会"）成员及全体雇员（包括高级管理人员）多元化而制定及遵守 的原则和政策。 第三条 公司董事会成员及全体雇员（包括高级管理人员）应根据公司的业务 模式及具体需要，具备适当的技能、经验及多样的观点与角度。 第四条 董事会所有委任均以用人唯才为原则，董事候选人人选遵循多元化的 考量因素，包括但不限于董事性别、年龄、文化及教育背景、种族、行业经验、技术 能力、专业资格、技能、业务模式及特定需求、服务任期等，并应考虑技术、法律、 财务、管理、审计等 ...

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"）董事会第九届第十六次会 议于 2025 年 9 月 25 日在公司会议室召开。会议通知于 2025 年 9 月 19 日通过书 面送达、电话等方式通知各位董事。会议应到董事 9 人，亲自出席董事 9 人，公 司高级管理人员列席了会议。会议由公司董事长周立宸先生主持，本次会议的召 开符合《公司法》及《公司章程》的有关规定。 会议以记名投票表决方式逐项审议通过了以下议案： 证券代码：600398 证券简称：海澜之家 编号：2025—024 海澜之家集团股份有限公司 第九届第十六次董事会决议公告 本次发行的股票为在香港联交所主板挂牌上市的境外上市股份（H股），均 为普通股；以人民币标明面值，以外币认购，每股面值为人民币1.00元。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 （2）发行方式 表决结果：同意 9 票，反对 0 票，弃权 0 票。 该议案已经公司独立董事专门会议审议通过，尚需提交公司2025年第一次临 时股东会审议。 《 ...

Group 1 - The core viewpoint of the article is that HLA (海澜之家) plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and accelerate overseas business development [1] - The company has passed relevant proposals and will consider the interests of existing shareholders and market conditions to choose an appropriate time and window for the issuance and listing [1] - Currently, the company is in discussions with intermediaries regarding the related work, and specific details have yet to be determined [1] Group 2 - The issuance and listing will require approval from the shareholders' meeting and relevant regulatory authorities, indicating a process with uncertainties [1] - The company commits to timely information disclosure obligations, emphasizing the need for investors to be aware of investment risks [1]

Core Viewpoint - Hailan Home is planning to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange to enhance its global strategy, accelerate overseas business development, and improve its international brand image, amidst challenges of slowing revenue growth and declining net profit [1][2]. Group 1: Company Background and Financial Performance - Hailan Home, known as the "first stock of men's clothing" in A-shares, has a market value exceeding 30 billion yuan [1]. - The company reported a revenue of 20.957 billion yuan in 2024, maintaining the top position in the A-share apparel industry for six consecutive years, despite facing challenges such as a net profit margin decline to 10.45% and sales expenses reaching 4.841 billion yuan [2]. - The company’s inventory pressure has reached a historical high of 11.987 billion yuan [2]. Group 2: Strategic Initiatives - The company aims to establish an "A+H" dual financing platform through the Hong Kong IPO to attract international capital and optimize its capital structure [2]. - Hailan Home is undergoing a transformation from a family business to a modern enterprise by introducing professional managers and optimizing its board structure [4]. - The brand is focusing on two main reform lines: youthfulness and globalization, attempting to reshape its narrative and increase its presence in digital commerce [4][5]. Group 3: Market Challenges and Opportunities - Hailan Home faces significant challenges, including a brand perception as "dad's clothing," which is difficult to overcome despite launching sub-brands and collaborating with young idols [4]. - The company is expanding into Southeast Asia, the Middle East, and Africa, with overseas revenue reaching 206 million yuan in the first half of 2025, a year-on-year increase of 27.42% [3][5]. - The brand is competing against international fast-fashion giants like H&M, Uniqlo, and Zara, which presents a challenge in balancing cultural output and commercial profitability [5]. Group 4: Future Outlook - The IPO journey represents both a strategic expansion in capital and a generational breakthrough for the brand, reflecting broader themes of generational transition in Chinese private enterprises [6]. - The outcome of this strategic move may provide new paradigms and insights for the globalization and youthfulness of Chinese companies [6].

Investment Rating - The industry investment rating is "Overweight (Maintain)" [2] Core Viewpoints - The report emphasizes investment opportunities arising from the acceleration of China's consumer supply chain going overseas, particularly in the packaging sector, which is crucial for the consumer supply chain [4] - The report highlights the performance of key companies in the light industry and textile sectors, recommending a focus on companies with strong growth potential and market positioning [8] Summary by Relevant Sections Key Company Status - The report lists several companies with their respective stock prices and earnings per share (EPS) forecasts, indicating a "Buy" rating for companies like Baiya Co., Sun Paper, and Morning Light Co. [2] Market Trends - The light industry index decreased by 0.58% from September 15 to September 19, 2025, ranking 18th among 28 industries, while the textile and apparel index decreased by 0.26%, ranking 15th [12] - Specific sub-sectors within the light industry showed varied performance, with home goods increasing by 0.84% and packaging printing decreasing by 2.3% [12] Industry Data Tracking - The report tracks key industry data, noting that the sales volume of commercial housing in 30 major cities increased by 25.4% year-on-year during the week of September 14 to September 20, 2025 [32] - The furniture manufacturing sector saw a year-on-year increase of 22% in retail sales from January to August 2025 [65] Recommendations - The report suggests focusing on companies like Crystal International and Huayi Group, which are expected to improve their market share and profitability due to structural optimization and scale effects [8] - It also recommends attention to the home furnishing sector, particularly companies like Xilinmen and Gujia Home, which are positioned to benefit from ongoing demand for soft furnishings [8]

Group 1: Guangdong Hongda (002683.SZ) - The company is a leader in the civil explosives industry, with growth rates exceeding the industry average, and military business is poised for expansion [7][8] - Expected net profits for 2025-2027 are projected at 1.196 billion, 1.415 billion, and 1.772 billion yuan, respectively, with a target price of 47.2 yuan based on a 30x PE for 2025, rated as "Accumulate" [7][8] - Revenue from the domestic regions of Northwest, Southwest, and North China for 2024 is expected to be 2.69 billion, 1.14 billion, and 2.34 billion yuan, respectively, with significant year-on-year growth [8] Group 2: Yangnong Chemical (600486.SH) - The company is positioned as a leader in the pesticide industry, benefiting from an upward trend in industry conditions and a recovery in the market [11][12] - Projected revenues for 2025-2027 are 11.484 billion, 12.325 billion, and 13.536 billion yuan, with net profits of 1.443 billion, 1.654 billion, and 1.884 billion yuan, respectively, rated as "Accumulate" [11][12] - The company is expected to transition from a generic pesticide manufacturer to a CDMO for innovative drugs, enhancing its growth potential [12] Group 3: China Communications Construction Company (601800.SH) - The company holds a leading position in transportation infrastructure and is expected to benefit from increased domestic infrastructure projects and international expansion [14][15] - The company is the largest international engineering contractor in China, with a strong historical presence in overseas markets, contributing to growth [14][15] - A dividend plan has been announced, ensuring stable returns for investors, with a target price of 11.78 yuan based on an 8x PE for 2025, rated as "Buy" [14][15] Group 4: Xinzhou Bang (300037.SZ) - The company is focused on a comprehensive layout in the lithium battery and fluorochemical sectors, with clear growth in demand for fluorochemicals [18][19] - Expected net profits for 2025-2027 are projected at 1.130 billion, 1.501 billion, and 1.859 billion yuan, with significant year-on-year growth rates [18][19] - The company is enhancing its vertical integration and global layout, with ongoing projects in Malaysia and the US expected to boost profitability [18][19] Group 5: Haian Home (600398.SH) - The main brand has shown improvement, with revenue for the first half of 2025 reaching 11.566 billion yuan, a year-on-year increase of 1.73% [21][22] - The company is expanding its direct sales while reducing franchise operations, with a focus on new retail formats [21][22] - Projected net profits for 2025-2027 are 2.421 billion, 2.700 billion, and 2.947 billion yuan, with a growth rate of 12.2%, 11.5%, and 9.1% respectively, rated as "Buy" [24] Group 6: Xtep International (01368.HK) - The main brand has shown steady growth, with revenue for the first half of 2025 reaching 6.838 billion yuan, a year-on-year increase of 7.1% [26][27] - The company is focusing on the running segment, with strong performance in its professional sports line [26][27] - Projected net profits for 2025-2027 are 1.379 billion, 1.516 billion, and 1.664 billion yuan, with growth rates of 11.3%, 9.9%, and 9.8% respectively, rated as "Buy" [28] Group 7: Mindray Medical (300760.SZ) - The company reported total revenue of 16.743 billion yuan for the first half of 2025, a year-on-year decrease of 18.45% [30][31] - International business showed resilience with revenue of 8.332 billion yuan, a year-on-year increase of 5.39%, while domestic revenue declined significantly [30][31] - The company plans to distribute a total of 3.298 billion yuan in cash dividends for 2025, representing 65.06% of its net profit for the first half of the year [31]