Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][30]. Core Views - The company experienced a revenue growth of 1.7% year-on-year in the first half of 2025, reaching 11.57 billion yuan, while the net profit attributable to shareholders decreased by 3.4% to 1.58 billion yuan, primarily due to a one-time investment income contribution from the previous year [1][4]. - The gross profit margin improved by 1.1 percentage points to 46.4%, while the net profit margin decreased by 0.7 percentage points to 13.7% [1][2]. - The main brand's revenue showed stability, with a focus on expanding new business formats, particularly the rapid growth of the JD Outlet and Adidas FCC businesses [4][3]. Summary by Sections Financial Performance - In Q2 2025, the company's revenue increased by 3.6% year-on-year to 5.38 billion yuan, while the net profit attributable to shareholders fell by 13.9% to 650 million yuan [2]. - The gross profit margin for Q2 was 46.0%, an increase of 2.6 percentage points year-on-year [2]. - The company’s inventory increased by 7.3% year-on-year to 10.26 billion yuan, with inventory turnover days rising by 50 days to 323 days [1]. Business Segments - The main brand's revenue was 8.39 billion yuan in the first half of 2025, a decrease of 5.9% year-on-year, with offline direct sales driving revenue growth [3]. - The group purchase business generated 1.34 billion yuan in revenue, up 23.7%, while other brands collectively saw a revenue increase of 65.6% to 1.5 billion yuan [3]. Future Outlook - The company expects to open new stores rapidly in the next 3-5 years, particularly in the JD Outlet and Adidas FCC segments, which are anticipated to contribute significantly to profits [4][22]. - The profit forecast for 2025-2027 is adjusted to 2.31 billion, 2.62 billion, and 2.92 billion yuan, with year-on-year growth rates of 6.9%, 13.4%, and 11.6% respectively [4][26].

Group 1 - The core viewpoint of the news is the significant institutional ownership in Hailan Home, with 96 institutional investors holding a total of 3.501 billion shares, representing 72.90% of the total share capital [1] - The top ten institutional investors collectively hold 68.46% of the shares, with a slight decrease of 0.81 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, two funds increased their holdings, accounting for a 0.10% increase, while four funds decreased their holdings by 0.35% [2] - Thirteen new public funds were disclosed during this period, including notable funds such as Xingquan Trend Investment Mixed (LOF) and Ping An CSI A500 ETF [2] - One foreign fund, Guoxing Group Co., Ltd., reduced its holdings slightly compared to the previous quarter [2]

证券代码：600398 证券简称：海澜之家 编号：2025—020 海澜之家集团股份有限公司 2025 年半年度报告更正公告 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个别及连带责任。 海澜之家集团股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日在上 海证券交易所网站（www.sse.com.cn）披露了《2025 年半年度报告》和《2025 年半年度报告摘要》。经核查，发现部分内容有误，特此更正，具体如下： 一、对《2025 年半年度报告摘要》"第二节 公司基本情况"之"2.2 主要财 务数据"中的"基本每股收益和稀释每股收益"进行更正： 更正前： | | 本报告期末 | 上年度末 | 本报告期末比上年 度末增减(%) | | --- | --- | --- | --- | | …… | | | | | 基本每股收益（元／股） | 0.36 | 0.35 | 2.86 | | 稀释每股收益（元／股） | 0.36 | 0.35 | 2.86 | 更正后： | 股收益（元／股） | | --- | 更正后： | 主 ...

海澜之家集团股份有限公司2025 年半年度报告 公司代码：600398 公司简称：海澜之家 海澜之家集团股份有限公司 2025 年半年度报告 1 / 149 海澜之家集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人周立宸、主管会计工作负责人秦敏杰及会计机构负责人（会计主管人员）秦敏 杰声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本报告期内不进行利润分配和公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告涉及的未来计划、发展战略等前瞻性描述，不构成公司对投资者的实质承诺，敬请投 资者注意投资风险。 公司已在本报告中详细描述可能存在的相关风险，敬请查阅第三节"管理层讨论与分析"中 "可能面对的风险"的内容。 十一、 其他 □适用 √不适用 2 / 149 七、 是否存在被控股股东及其他关联方 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target PE of 14 times for 2025 [7]. Core Views - The company reported a revenue increase of 2% year-on-year for H1 2025, reaching 11.57 billion yuan, while the net profit attributable to shareholders decreased by 3% to 1.58 billion yuan. The non-recurring net profit increased by 4% to 1.57 billion yuan [1]. - The gross margin improved by 1.1 percentage points to 46.4% in H1 2025, indicating enhanced profitability quality [1]. - The company is expected to see steady recovery in profitability quality in H2 2025, driven by new store openings and improved project profitability [5]. Revenue and Profitability - For Q2 2025, the company achieved a revenue of 5.38 billion yuan, a 4% increase year-on-year, while the net profit attributable to shareholders fell by 14% to 650 million yuan [2]. - The gross margin for Q2 2025 increased by 2.6 percentage points to 46% [2]. - The main brand's revenue for H1 2025 decreased by 6% to 8.39 billion yuan, but the gross margin improved by 2.2 percentage points to 48.3% [3]. Brand and Channel Performance - The main brand's performance in Q2 2025 improved compared to Q1, with a significant focus on technology, fashion IP, and quality products [3]. - The group purchase and customization series saw a revenue increase of 24% to 1.34 billion yuan in H1 2025 [3]. - Direct sales channels outperformed franchise channels, with direct sales revenue increasing by 17% to 2.9 billion yuan in H1 2025 [4]. Cash Flow and Inventory Management - The company's inventory at the end of H1 2025 increased by 7.3% to 10.26 billion yuan, with inventory turnover days rising by 49.7 days to 322.6 days [5]. - The net operating cash flow for H1 2025 was 2.72 billion yuan, approximately 1.7 times the net profit attributable to shareholders [5]. Financial Projections - The company expects revenue growth in the low single digits for 2025, with a significant increase in net profit attributable to shareholders [5]. - Projected net profits for 2025, 2026, and 2027 are 2.45 billion yuan, 2.84 billion yuan, and 3.23 billion yuan, respectively [6].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company experienced a revenue slowdown primarily due to online sales decline, influenced by a profit protection strategy. The adjustment of the Spobz strategy also contributed to the decrease in net profit [2][3] - The company is expanding its international presence while maintaining growth in established markets like Malaysia, Thailand, Vietnam, and Singapore, with plans to open stores in Sydney, Australia [3] Financial Performance - In H1 2025, the company achieved revenue of 11.566 billion yuan, a year-on-year increase of 1.73%, while net profit attributable to the parent company was 1.580 billion yuan, a decrease of 3.42% [2] - For Q2 2025, the company reported revenue of 5.379 billion yuan, a year-on-year growth of 3.59%, but net profit decreased by 13.92% to 645 million yuan [2] - The gross profit margin improved to 46.4% in H1 2025, up by 1.1 percentage points year-on-year, while the net profit margin decreased to 13.7%, down by 0.7 percentage points [5] Brand and Channel Analysis - The main brand's revenue in H1 2025 was 8.395 billion yuan, a decline of 5.86% year-on-year, while other brands saw significant growth [3] - Direct sales revenue increased by 17.2% to 2.9 billion yuan in H1 2025, while online sales revenue decreased by 4.8% [3] - The company opened 23 new JD Outlet stores, contributing to the growth of its other brands [4] Future Outlook - The company anticipates that online sales, overseas markets, and the Spobz strategy will be long-term growth drivers, with projections indicating that online sales could match offline sales in the next 3-5 years [7] - The revenue forecast for 2025-2027 has been adjusted downwards, with expected revenues of 21.13 billion yuan, 23.16 billion yuan, and 24.32 billion yuan respectively [7] Valuation Metrics - As of August 27, 2025, the closing price was 7.1 yuan, corresponding to a price-to-earnings ratio of 15 for 2025 [7]

Group 1 - The company reported a revenue of 11.566 billion yuan for the first half of 2025, representing a year-on-year growth of 1.73% [1] - The net profit attributable to shareholders was 1.580 billion yuan, with the main brand generating 8.395 billion yuan in revenue [1] - The group purchasing and customization business achieved a revenue of 1.343 billion yuan, growing by 23.70%, while other brands saw a revenue increase of 65.57% to 1.500 billion yuan [1] Group 2 - The company has enhanced its brand matrix and product ecosystem to achieve deep coverage of niche markets, focusing on core consumer insights for product innovation and functional upgrades [2] - The company has successfully launched collaborative collections, including the "Three-Body" series and the "Mountain is Not High" series, to enhance its youthful brand image [2] - The company is investing in R&D for digital operations and fabric innovation, accumulating competitive advantages in the industry [2] Group 3 - The company is undergoing a digital transformation, utilizing three data management platforms for product development, retail operations, and supply chain management to improve efficiency [2] - In the first half of the year, the company implemented 31 system optimization proposals to achieve comprehensive digital restructuring of business processes [2] - The innovative use of AI and RPA technologies has created intelligent solutions across the entire supply chain [2]

Core Viewpoint - The report indicates that the domestic clothing consumption market is experiencing a sluggish recovery, leading to overall performance pressure on clothing enterprises. The company is focusing on its core clothing business, innovating brand management and retail, and expanding into the sports sector and overseas markets to maintain a stable growth trajectory [1] Financial Performance - The company achieved an operating income of 11.566 billion yuan, representing a year-on-year increase of 1.7% [1] - The net profit attributable to shareholders was 1.580 billion yuan, showing a year-on-year decline of 3.42% [1] - The main business income from the Haianzhijia series was 8.395 billion yuan [1] - The group purchase customization business generated a main business income of 1.343 billion yuan [1] - Other brands contributed a main business income of 1.500 billion yuan [1]

Group 1 - The core viewpoint of the article is that Hailan Home has reported its financial performance for the first half of 2025, showing a slight increase in revenue but a decline in net profit [1] - The company achieved a revenue of 11.566 billion yuan, representing a year-on-year growth of 1.73% [1] - The net profit attributable to the parent company was 1.58 billion yuan, which reflects a year-on-year decrease of 3.4% [1]

Core Viewpoint - The company reported a slight increase in revenue but a decline in net profit for the first half of 2025, indicating mixed financial performance [1] Financial Performance - The company achieved a revenue of 11.566 billion yuan, representing a year-on-year growth of 1.73% [1] - The net profit attributable to shareholders was 1.58 billion yuan, showing a year-on-year decrease of 3.42% [1] - The net profit after deducting non-recurring gains and losses was 1.566 billion yuan, reflecting a year-on-year increase of 3.83% [1] - The basic earnings per share were 0.36 yuan [1]