证券代码：600398 证券简称：海澜之家 编号：2025—021 海澜之家集团股份有限公司（以下简称"公司"）于 2025 年 9 月 8 日召开 第九届董事会第十五次会议，审议通过了《关于授权公司管理层启动公司境外发 行股份（H 股）并在香港联合交易所有限公司上市相关筹备工作的议案》。 为深化公司全球化战略布局，加快海外业务发展，提升公司国际化品牌形象， 同时打造多元化资本运作平台，进一步增强公司资本实力，助力公司高质量发展， 公司拟在境外发行股份（H 股）并在香港联合交易所有限公司（以下简称"香港 联交所"）上市（以下简称"本次 H 股上市"），公司董事会授权公司管理层 启动本次 H 股上市的前期筹备工作。公司计划与相关中介机构就本次 H 股上市 的具体推进工作进行商讨，关于本次 H 股上市的细节尚未确定。 公司将严格遵照《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》等法律法规的要求，持续履行信息披露义务，保障公司及 全体股东的利益。待确定具体方案后，公司将根据相关法律法规，履行相关决策 流程，审议本次 H 股上市的相关议案。 根据《上海证券交易所股票上市规则》《境内企业境外 ...

格隆汇9月8日丨海澜之家(600398.SH)公布，为深化公司全球化战略布局，加快海外业务发展，提升公 司国际化品牌形象，同时打造多元化资本运作平台，进一步增强公司资本实力，助力公司高质量发展， 公司拟在境外发行股份（H股）并在香港联合交易所有限公司（简称"香港联交所"）上市，公司董事会 授权公司管理层启动本次H股上市的前期筹备工作。公司计划与相关中介机构就本次H股上市的具体推 进工作进行商讨，关于本次H股上市的细节尚未确定。 ...

每经AI快讯，9月8日，海澜之家（600398）(600398.SH)公告称，授权公司管理层启动公司境外发行股 份(H股)并在香港联合交易所有限公司上市相关筹备工作。 ...

Investment Rating - The report maintains a "Buy" rating for several key companies in the textile and apparel industry, including Anta Sports, Li Ning, and Xtep International, with respective 2025 PE ratios of 18x, 19x, and 12x [11][40]. Core Insights - Lululemon's FY2025Q2 revenue grew by 7% year-on-year to $2.5 billion, which was below the company's expectations, primarily due to weak performance in the U.S. market [1][16]. - The report highlights a continued recovery in the consumer environment for apparel, with a focus on the long-term growth potential of the sports footwear and apparel segment [3][24]. - The report emphasizes the importance of product differentiation and brand strength in the jewelry sector, predicting that companies with clear product differentiation will outperform the industry in 2025 [4][24]. Summary by Sections Lululemon's Performance - Lululemon's Q2 revenue was $2.5 billion, with a 7% year-on-year increase, and a 6% increase on a currency-neutral basis. The Americas segment saw a 1% increase, while international revenue grew by 22% [1][16]. - The gross profit increased by 5% to $1.5 billion, but the gross margin decreased by 1.1 percentage points to 58.5% [1][16]. - The company adjusted its FY2025 revenue growth forecast to 2%-4%, with a potential 4%-6% growth on a comparable 52-week basis [1][16]. Regional Analysis - In the U.S., Q2 revenue was flat, with a 1% increase in the Americas segment. The company noted that consumer response to new product colors was below expectations, indicating a potential issue with product lifecycle [20]. - In China, Q2 revenue grew by 24%, driven by the opening of five new stores and various brand-building activities. The company expects a 20%-25% revenue growth in FY2025 for the Chinese market [20][21]. Apparel and Footwear Sector - The report indicates that the sports footwear segment is expected to outperform the overall apparel market, with a healthy inventory turnover ratio of 4-5 [3][24]. - Key recommendations include Anta Sports, Li Ning, and Xtep International, which are expected to show strong performance due to their operational capabilities and market positioning [27][40]. Jewelry Sector - The report notes that the jewelry market is facing weak demand, with gold jewelry consumption down 27% and 24% in Q1 and Q2, respectively. Companies with strong product and brand capabilities are expected to perform better [39][24]. Manufacturing Sector - The textile manufacturing sector is experiencing changes due to new tariff policies, which may impact profit expectations for 2025-2026. Companies with integrated and international supply chains are expected to gain market share [8][25]. - Recommendations include Shenzhou International and Huayi Group, which are seen as having strong performance and competitive advantages [25][40].

Core Viewpoint - The apparel industry has faced challenges in recent years, with Hai Lan Zhi Jia, a leading men's clothing brand in China, experiencing sluggish growth and declining profits despite efforts to revitalize its brand through celebrity endorsements and product innovation [1][15]. Financial Performance - In the first half of 2025, Hai Lan Zhi Jia reported revenue of approximately 11.566 billion yuan, a year-on-year increase of 1.73%, while net profit attributable to shareholders was about 1.58 billion yuan, a decrease of 3.42% [2][4]. - The company's total profit decreased by 1.23% year-on-year, with basic earnings per share at 0.33 yuan, down 5.71% [4][7]. - For the full year of 2024, revenue was approximately 20.957 billion yuan, and net profit was about 2.159 billion yuan, representing declines of 2.65% and 26.88% respectively [7]. Brand Strategy and Marketing - Hai Lan Zhi Jia has frequently changed its celebrity endorsements, including recent partnerships with actors like Zeng Shunxi, but this strategy has not led to significant improvements in sales performance [2][4]. - The brand's positioning as a "mass" or "national" brand has limited its appeal in high-consumption urban areas, where consumers have more options [6][9]. Inventory and Production Issues - As of June 30, 2025, the company's inventory reached approximately 10.255 billion yuan, a 7.35% increase from the previous year [11]. - The production of key products has seen significant increases, particularly in shoes, which saw a production increase of 187.89%, while sales for many categories have declined [12][13]. Market Expansion and Future Plans - Hai Lan Zhi Jia is focusing on expanding its presence in overseas markets, including Malaysia, Vietnam, and Singapore, with plans to open its first store in Australia [18][19]. - The company aims to enhance operational efficiency in existing stores while also increasing its footprint in sports and outlet retail [17][19]. Industry Context - The apparel industry in China is facing a slow recovery, with consumer spending on discretionary items remaining weak, leading to a challenging environment for brands like Hai Lan Zhi Jia [15][16].

Group 1: Brand Rankings - UR, Uniqlo, and Seven Wolves ranked first, second, and third in comprehensive heat with scores of 1.78, 1.68, and 1.66 respectively [1][2] - Other notable brands include Fu Nai at 1.63, Hailan Home at 1.57, and Coach at 1.50, indicating a competitive landscape in the fashion industry [2] Group 2: Industry Trends - The fashion industry is shifting focus towards functional consumption, with brands emphasizing specific scene-based solutions rather than just style [3][4] - Uniqlo's summer campaign highlights three key series: AIRism, UV protection, and cool linen, addressing consumer needs for lightweight and breathable clothing [3] - New brands like Jiao Nai and ubras are innovating with products that target specific consumer pain points, such as heat and breathability, showcasing a trend towards practical solutions [3] Group 3: Social Media Influence - UR has become a central hub for social media engagement, particularly on platforms like Xiaohongshu, where users share outfit inspirations, enhancing brand visibility and consumer connection [4] - The rise of social attributes in fashion items is blurring the lines between luxury and fast fashion, as brands create complete outfit templates for various occasions [4] Group 4: Consumer Behavior - Consumers are increasingly willing to pay for products that effectively address specific situational needs, indicating a shift in purchasing motivations from aesthetics to functionality [3][4] - The trend towards personalized expression in fashion is evident, with brands like Crocs positioning their products as essential for social and recreational activities [4]

Investment Rating - The report maintains a "Buy" rating for key companies in the sports footwear and apparel sector, including Anta Sports, Li Ning, and Xtep International, with respective 2025 PE ratios of 18x, 19x, and 12x [5][9][10]. Core Insights - The sports footwear and apparel sector shows robust growth, with a 9.1% year-on-year revenue increase to 65.9 billion yuan in H1 2025, and a net profit growth of 8.2% to 10.54 billion yuan after adjusting for one-time gains and losses from the previous year [1][17]. - A-shares in the branded apparel sector experienced stable revenue but significant profit pressure, with a slight revenue decline of 0.1% and a net profit drop of 17.5% in H1 2025 [2][17]. - The textile manufacturing sector faced a weakening trend in Q2 2025 compared to Q1, with a revenue increase of 2.7% but a net profit decline of 9.8% [3][17]. - The gold and jewelry sector saw weak demand, with gold jewelry consumption down 27% and 24% in Q1 and Q2 2025, respectively, highlighting the importance of product and brand strength [4][17]. Summary by Sections H-Shares Sports Footwear and Apparel - Revenue for key companies grew 9.1% to 65.9 billion yuan, with net profit increasing 8.2% to 10.54 billion yuan after adjustments [1][17]. - Companies are focusing on expanding differentiated store formats and enhancing product performance in running shoes while entering new outdoor categories for long-term growth [1][17]. A-Shares Branded Apparel - Revenue remained stable with a slight decline of 0.1%, while net profit fell 17.5% due to increased sales expenses [2][17]. - The home textile category showed stable demand, while fashion and leisure apparel companies exhibited varied performance [2][17]. - The outlook for H2 2025 suggests potential easing of profit pressure as companies manage expenses more effectively [2][17]. Textile Manufacturing - The sector's performance weakened in Q2 2025, with revenue growth of 2.7% and a net profit decline of 9.8% [3][17]. - The impact of changing tariff policies is noted, with Southeast Asian products gaining market share in the U.S. [3][17]. - Companies with integrated and international supply chains are expected to benefit from market share gains in the long term [3][17]. Gold and Jewelry - Overall demand for gold jewelry remains weak, with significant declines in consumption [4][17]. - Companies with strong product and brand capabilities are focusing on product development and marketing to differentiate themselves in a competitive market [4][17].

Group 1: Company Performance - Biyinlefen's revenue increased by 8.63% to 2.103 billion yuan, while net profit decreased by 13.56% to 414 million yuan in the first half of 2025 [2] - Dazzle Fashion's revenue decreased by 5.55% to 1.067 billion yuan, and net profit fell by 23.54% to 170 million yuan in the first half of 2025 [6] - Ge Li Si Group's revenue decreased by 5.28% to 1.371 billion yuan, but net profit increased by 45.27% to 85.06 million yuan in the first half of 2025 [8] - Seven Wolves' revenue decreased by 5.93% to 1.375 billion yuan, and net profit decreased by 13.93% to 160 million yuan in the first half of 2025 [12] - Anner's revenue decreased by 23.47% to 263 million yuan, with a narrowed net loss of 28.7 million yuan in the first half of 2025 [18] Group 2: Industry Trends - The overall retail sales growth of social consumer goods in China continued to narrow, with clothing and footwear retail sales only slightly increasing by 0.3% [4] - The online retail sales of wearable goods grew by only 1.4%, indicating a slowdown in consumer spending [4] - Many domestic clothing companies are facing challenges such as aging brands, declining channel efficiency, and high inventory levels, leading to a general decline in net profits [4] - The apparel industry saw a total revenue decline of 1.43% and a profit decline of 12.92% among large-scale enterprises in the first half of 2025 [18]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is expected to gradually realize multi-channel growth, with the main brand's offline retail weakness becoming less of a drag on future performance. The new business, JD Outlet, shows high profitability and significant store expansion potential. Coupled with growth from e-commerce, overseas expansion, and the Sporz brand, strong incremental performance is anticipated. The company also has a solid dividend capability, with a projected payout ratio of around 90% in recent years. The forecasted net profit for 2025-2027 is 2.39 billion, 2.62 billion, and 3.09 billion yuan, respectively, representing year-on-year growth of 11%, 10%, and 18%. The corresponding PE ratios are 14, 13, and 11X, with a projected dividend yield of 6.4% in 2025 under the 90% payout assumption [2][4][6]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 11.57 billion yuan, a year-on-year increase of 1.7%. The net profit attributable to the parent company was 1.58 billion yuan, down 3.4% year-on-year, while the net profit excluding non-recurring items was 1.57 billion yuan, up 3.8% year-on-year. In Q2 alone, revenue reached 5.38 billion yuan, a 3.6% increase year-on-year, with a net profit of 650 million yuan, down 13.9% year-on-year [4][6]. Brand Performance - The main brand's Q2 revenue was 3.75 billion yuan, down 0.9% year-on-year. The offline channel optimization is expected to yield positive same-store growth, while online sales are projected to decline year-on-year. The gross margin for the main brand improved by 1.4 percentage points, attributed to reduced promotional activities. The group purchase segment, Saint Keno, saw a 30% year-on-year revenue increase to 700 million yuan, with a gross margin improvement [4][6]. Future Outlook - The company is positioned as a high-quality alpha stock within the current market environment, with expectations for the main brand's offline retail challenges to diminish over time. The JD Outlet business is anticipated to contribute significantly to revenue growth, supported by e-commerce and international expansion strategies. The company is also expected to maintain a high dividend payout ratio, enhancing its attractiveness to investors [2][4][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's overall operations are stable, with new business segments contributing to performance growth [1] - The revenue for the first half of 2025 is reported at 11.566 billion yuan, a year-on-year increase of 1.73%, while the net profit attributable to shareholders is 1.580 billion yuan, a decrease of 3.42% year-on-year [1] - The decline in net profit is attributed to a high base from the previous year due to one-time investment gains from the acquisition of a stake in a company [1] - The company is focusing on improving profitability in its e-commerce strategy, shifting from scale to profit [1] Financial Performance Summary - Total revenue forecast for 2023A is 21.528 billion yuan, with a projected growth of 6.26% in 2025E [1][8] - The net profit attributable to shareholders is expected to be 2.434 billion yuan in 2025E, reflecting a year-on-year growth of 12.74% [1][8] - The earnings per share (EPS) for 2025E is projected at 0.51 yuan, with a price-to-earnings (P/E) ratio of 13.75 [1][8] - The gross margin for the first half of 2025 is reported at 46.35%, an increase of 1.15 percentage points year-on-year [1] - Operating cash flow for the first half of 2025 is 2.72 billion yuan, a year-on-year increase of 36.1% [1] Business Segment Performance - The main brand, "Hailan Home," generated revenue of 8.395 billion yuan in the first half of 2025, a decrease of 5.86% year-on-year [1] - The group buying business saw a revenue increase of 23.70% year-on-year, reaching 1.343 billion yuan [1] - Other brands experienced significant growth, with revenue increasing by 65.57% year-on-year to 1.500 billion yuan [1] - The company has expanded its store count to 7,209 by the end of the first half of 2025, with new store formats contributing to growth [1] Long-term Outlook - The long-term outlook remains positive, with the main brand expected to maintain stable operations and new business segments potentially opening a second growth curve [1]