以下文章来源于晚点财经 ，作者晚点团队 晚点财经 . 用框架思维分析上市公司的增长逻辑与投资价值。 海澜之家现在的问题是，之前的模式太过完美。 文 丨 胡昊 上述内容表明，国内男装市场的发展前景大概率将受限，又由于长久以来的品牌标签固化的原因，传 统男装品牌在年轻化、时尚化、运动化、功能化的产品延展上推进得并不顺利，基本已经淡化了估值 的想象力。 在此背景下，海澜之家于近期开启了港股 IPO 的进程。 对此，市场基本在用一种审视和质疑的目光来看待这家营收常年停滞不前的男装公司，尤其是在近期 海澜成立江阴海澜之水饮料公司之后，这一 "卖水" 的动作迹象更容易被舆论冠以 "不务正业""慌不择 路" 的口舌。 在宏观数据上，2025 年 11 月社零数据同比增长 1.3%，前 11 个月的同比增速为 4.0%；其中，限 额以上的服装、鞋帽、针纺织品类的 11 月份和累计同比增速均为 3.5%，表明服装类零售虽然具 备一定的消费韧性，但整体上仍然是承压的； 在微观公司上，包括雅戈尔、七匹狼、九牧王等男装品牌在 2025 年前三季度均录得不同程度的 业务萎缩，规模体量最大的海澜之家也仅实现 3.7% 的增长，可见国内整 ...

Market Performance - The apparel and home textile sector increased by 0.92% compared to the previous trading day, with Qipilong leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up by 1.5%, while the Shenzhen Component Index closed at 14022.55, up by 1.4% [1] Top Gainers - Qipilong (002029) closed at 11.77, with a rise of 6.71% and a trading volume of 767,200 shares, amounting to a transaction value of 898 million [1] - Henghui Security (300952) rose by 6.04% to close at 42.65, with a transaction value of 507 million [1] - ST Bosen (002569) increased by 4.98% to 13.69, with a transaction value of 28.31 million [1] - True Love Home (003041) saw a 3.95% increase, closing at 57.15, with a transaction value of 575 million [1] Top Losers - Tianchuang Fashion (603608) experienced a significant drop of 8.88%, closing at 9.54, with a trading volume of 807,400 shares [2] - Zhongwang Fabric (605003) fell by 5.13% to 30.36, with a transaction value of 198 million [2] - Kute Intelligent (300840) decreased by 3.64% to 19.86, with a transaction value of 69.5 million [2] Capital Flow - The apparel and home textile sector saw a net outflow of 18.39 million from institutional investors and 26.21 million from retail investors, while retail investors had a net inflow of 44.60 million [2] - Major stocks like Haian Home (600398) and Jiuwang (601566) had varying net inflows and outflows from different investor categories [3] Individual Stock Capital Flow - Haian Home (600398) had a net inflow of 29.51 million from institutional investors, while it faced a net outflow of 14.39 million from retail investors [3] - Jiuwang (601566) saw a net inflow of 24.87 million from institutional investors, with a net outflow of 27.62 million from retail investors [3] - Qipilong (002029) had a net inflow of 21.97 million from institutional investors, but a significant net outflow of 39.48 million from retail investors [3]

（文章来源：证券日报） 证券日报网讯 1月5日，海澜之家在互动平台回答投资者提问时表示，有关城市奥莱、黑鲸品牌的介绍 可参见公司披露的定期报告。 ...

对于运动领域的尝试，海澜之家早就跃跃欲试。譬如海澜之家频繁赞助各大运动赛事，包括无锡马拉 松、江苏省城市足球联赛、中国男篮热身赛、江阴村BA等。而"澜跑研习社"及其核心赛事HLA POW"王者大神挑战赛"则让海澜之家在运动领域的布局更深。 在多年的发展中，男装业务一直是海澜之家的主业。但从海澜之家多年的业绩表现来看，其依然面临着 一定的挑战。业界认为，随着业绩出现波动，海澜之家休闲男装业务不排除面临天花板到来的风险。如 何应对可能到来的业务天花板问题成为海澜之家后续发展的关键。 在要客研究院院长周婷看来，海澜之家与阿迪达斯的合作，正是寻求新增长点的尝试。"海澜之家的传 统优势在于高效的供应链管理与高性价比的产品定位。但随着线下客流持续下滑、线上流量成本攀升， 品牌依赖线下渠道驱动增长的模式遭遇瓶颈。品牌发展陷入'上下承压'的局面：向上冲击高端市场缺乏 品牌溢价，难以获得高端消费者认可；向下则面临白牌产品的性价比挤压，大众客群的流失。当前海澜 之家正处于战略转型的关键节点，运动赛道是其重要的破局方向。"周婷说道。 海澜之家正在寻求新的转型机遇。近日，海澜之家宣布与阿迪达斯开展合作。在此次合作中，双方发布 了HL ...

发布合作版卫衣，承诺在路跑、越野跑等领域深化合作，海澜之家正在寻求新的转型机遇。近日，海澜之家宣布与阿迪达斯开展合作，构建全新的"体育 +"生态圈。从二者的发展来看，一个需要转型寻求新增长，一个需要下沉市场实现更加本土化的发展，看似一拍即合，但在竞争日益加剧的运动市场下， 不论是海澜之家的转型还是阿迪达斯想要在中国市场更上一层楼，都不是件容易的事情。 对于运动领域的尝试，海澜之家早就跃跃欲试。2025年7月，海澜之家成立了"澜跑研习社"，已通过核心赛事IP"HLA POW王者大神挑战赛"吸引来自全国22 个省、超10000名跑者报名参赛，赛事直播观看量突破百万。此外，海澜之家还通过营销合作、打造自主体育IP等方式涉足体育运动业务。譬如海澜之家频 繁赞助各大运动赛事，包括无锡马拉松、江苏省城市足球联赛、中国男篮热身赛、江阴村BA等。而"澜跑研习社"及其核心赛事HLA POW"王者大神挑战 赛"则让海澜之家在运动领域的布局更深。 就合作相关事宜，北京商报记者对海澜之家进行采访，但截至发稿未收到回复。 在要客研究院院长周婷看来，双方合作的核心逻辑是资源互补、各取所需。海澜之家借助阿迪达斯的运动基因拓展品类边界，提升 ...

海澜之家需要国际化， 阿迪达斯则需要扎根本土。 海澜之家与阿迪达斯的合作正变得"深刻"。 12月28日，在江苏省江阴市海澜飞马体育公园，海澜之家与阿迪达斯共同宣布，双方将超越传统的商业探索，正式构建"体育+"生态圈。 有趣的是，尽管海澜之家代理阿迪达斯已两年有余，但本次发布会仍可被视作对于合作的"首次线下公开"。 作为本土品牌，海澜之家需要国际化，阿迪达斯则需要扎根本土。 "现在的阿迪达斯与两三年前相比很不一样了。" 发布会现场，海澜集团董事长周立宸如此坦言。"两年以前，我们互相'试探'，而截止到今年，我们已经有数百家（adidas FCC）门店。" 在他的感知中，阿迪达斯真正做到了"爱中国，在中国，为中国"，海澜之家也已成为其重要的合作伙伴。双方在聚势联合下共同成长，积极拥抱来自中国 市场的变化与挑战，也将切实助力中国体育事业的发展。 以体育为"价值内核" 也正是基于对健康生活方式的追求，海澜之家与阿迪达斯共建的"体育+"生态圈，将秉持"开放、互补、可持续"的原则，始终以"体育"为价值内核，并拓 展至赛事运营、产品共创、公益行动、文化传播等多元维度。 海澜之家与阿迪达斯的"缘分"始于2023年。 据介绍，海 ...

海澜之家需要国际化， 阿迪达斯则需要扎根本土。 海澜之家与阿迪达斯的合作正变得 "深刻"。 12 月 28 日，在江苏省江阴市海澜飞马体育公园，海澜之家与阿迪达斯共同宣布，双方将超越传统的商业探索，正式构建"体育 + "生态圈。 有趣的是，尽管海澜之家代理阿迪达斯已两年有余，但本次发布会仍可被视作对于合作的 "首次线下公开"。 作为本土品牌，海澜之家需要国际化，阿迪达斯则需要扎根本土。 "现在的阿迪达斯与两三年前相比很不一样了。" 反观本次合作，"体育+"生态圈的共建无疑是在此前合作的基础上继续共创。 发布会现场，海澜集团董事长周立宸如此坦言。"两年以前，我们互相'试探'，而截止到今年，我们已经有数百家（adidas FCC）门店。" 在他的感知中，阿迪达斯真正做到了 "爱中国，在中国，为中国"，海澜之家也已成为其重要的合作伙伴。双方在聚势联合下共同成长，积极拥抱来自中国 市场的变化与挑战，也将切实助力中国体育事业的发展。 以体育为 "价值内核" 海澜之家与阿迪达斯的"缘分"始于2023年。 据介绍，海澜之家通过控股斯搏兹与阿迪达成长期合作。斯搏兹负责adidas FCC门店的所有产品采购。在阿迪达斯批准的范 ...

Core Viewpoint - The collaboration between HLA and Adidas has evolved from traditional commercial cooperation to a comprehensive "Sports +" ecosystem, aiming to enhance both brands' market reach and social impact [2][16]. Group 1: Partnership Overview - HLA and Adidas announced a two-year partnership upgrade to co-create the "HLA × Adidas Sports +" ecosystem, focusing on resource complementarity and broader consumer engagement [2][4]. - The partnership will leverage HLA's extensive retail channels and Adidas's advanced sports technology to enhance competitiveness in the sports and leisure market [6]. Group 2: Ecosystem Development - The collaboration will focus on three main pillars: systematic upgrades to the "Lan Run Study Club," enhancement of the "One More Gram of Warmth" charity initiative, and the launch of a commemorative sweatshirt for the Year of the Horse [4][6]. - The "Lan Run Study Club" aims to provide a platform for runners, with its flagship event, the HLA POW "King Challenge," attracting over 10,000 participants and achieving over a million views in live broadcasts [8][9]. Group 3: Social Responsibility - The "One More Gram of Warmth" initiative has reached over 30,000 students across 1,700 schools since its inception in 2014, focusing on providing sports support to children in remote areas [12]. - This initiative reflects the "business for good" philosophy, integrating social responsibility into the ecosystem and promoting equitable access to sports education [12]. Group 4: Product Launch - The HLA x Adidas Year of the Horse commemorative sweatshirt combines Chinese zodiac culture with international sports design, catering to year-end consumer demand and marking the first product of the "Sports +" ecosystem [13][14]. Group 5: Strategic Implications - The partnership signifies a shift from mere channel and product integration to a holistic approach encompassing brand value, user engagement, and social responsibility [16]. - This collaboration serves as a benchmark for the apparel and sports industry, demonstrating that breaking traditional boundaries can create new opportunities for sustainable growth and social value [16].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 8.26 CNY [1][7]. Core Insights - The report highlights that the company is maintaining its leading position in the men's apparel sector while expanding its new business formats, which may take time to reflect in performance. The earnings per share (EPS) forecasts for 2025-2027 are adjusted to 0.46, 0.48, and 0.51 CNY respectively, with a price-to-earnings (PE) ratio of 18 times for 2025, which is above the industry average [7][10]. Financial Summary - Total revenue for 2023 is projected at 21,528 million CNY, with a slight decline to 20,957 million CNY in 2024, followed by a recovery to 21,610 million CNY in 2025, representing a 3.1% increase [8][11]. - Net profit attributable to the parent company is expected to decrease from 2,952 million CNY in 2023 to 2,159 million CNY in 2024, before gradually increasing to 2,470 million CNY by 2027 [8][11]. - The company’s net asset return (ROE) is forecasted to decline from 18.4% in 2023 to 12.7% in 2024, with a gradual recovery to 13.9% by 2027 [8][11]. Market Performance - The current stock price is 6.13 CNY, with a 52-week price range of 6.09 to 8.78 CNY [2]. - The company has a total market capitalization of 29,441 million CNY and a net asset value per share of 3.75 CNY, resulting in a price-to-book (P/B) ratio of 1.6 [3][2]. Business Expansion - The company is actively expanding its partnership with Adidas, aiming to create a "sports+" ecosystem and has opened over 500 Adidas stores, with expectations to exceed 700 by the end of the year [10]. - The overseas revenue is projected to reach 360 million CNY in 2024, marking a 30.8% year-on-year growth, with a compound annual growth rate (CAGR) of 27.3% from 2022 to 2024 [10]. Brand Performance - The main brand's revenue for Q3 2025 is reported at 2.46 billion CNY, showing a 3.0% year-on-year growth, with a gradual improvement in revenue growth rates over the quarters [10]. - The gross margin for the main brand is 45.5%, an increase of 3.1 percentage points year-on-year, attributed to a higher proportion of direct sales [10].

Group 1 - The core viewpoint of the articles highlights the growth opportunities for domestic brands in China, driven by globalization and domestic consumption upgrades, with artificial intelligence enhancing innovation efficiency [2] - The "2025 Golden Jubilee Award" recognizes competitive enterprises and institutions through data analysis and media research, aiming to identify benchmark forces in the business and financial sectors [2][3] - The award categories include company, institution, and comprehensive categories, with notable winners such as Hailan Home Group, Bright Dairy, and Jiangsu Hongdou Industrial Co., Ltd., which excelled in brand building, product innovation, and market expansion [3] Group 2 - The winners of the "2025 New National Goods Model Enterprise" award are recognized for leveraging digital technology and cultural heritage to drive high-quality development and promote Chinese aesthetics on the global stage [3]