Core Viewpoint - HLA (海澜之家) reported a revenue of 11.566 billion yuan for the first half of the year, marking a year-on-year growth of 1.73%, with a net profit of 1.580 billion yuan, maintaining its position as the leading men's clothing brand in China for 11 consecutive years, holding a market share of 5% [1] Group 1: Brand and Market Strategy - HLA has established a multi-brand matrix focusing on men's, women's, children's, professional, and sportswear, creating a comprehensive "family wardrobe" ecosystem [2] - The main brand targets male consumers aged 20-45, aiming for a market share of 5% by 2024, continuing its dominance in the men's clothing sector [2] - The company emphasizes long-term growth in its core apparel business through enhanced brand operation, supply chain management, and channel operations [2] Group 2: Product Development and Innovation - HLA's product strategy includes four style upgrades: "New National Trend," "New Street Trend," "Light Business," and "Light Sports," introducing innovative products like the travel jacket and ultra-light skin coat [2] - The company invested 106 million yuan in R&D, focusing on technological fabrics, green sustainability, and design innovation, resulting in high-value product offerings [6] - Collaborations with educational institutions through the "HLA Cloud Clothing Laboratory" aim to develop cutting-edge technologies and enhance product competitiveness [7] Group 3: Sales and Distribution Channels - HLA's online revenue reached 2.308 billion yuan, accounting for 20.54% of total revenue, with a year-on-year growth of 4.36% [4] - The company has optimized its offline channels, increasing the number of direct stores to 2,099, with a gross margin of 63.89% for direct stores [4] - HLA's collaboration with platforms like JD.com and TikTok has expanded its reach, with significant engagement in live streaming and short video marketing [5][4] Group 4: Financial Performance and Growth - HLA's revenue from corporate group purchases in the professional clothing sector reached 1.343 billion yuan, showing a year-on-year increase of 23.70% [3] - The company's other brands collectively generated 1.500 billion yuan in revenue, reflecting a substantial year-on-year growth of 65.57% [3] - Analysts predict that HLA will maintain its industry-leading position and achieve steady growth across its multi-brand portfolio [3]

Core Insights - 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 after deducting non-recurring items was 1.566 billion yuan, with a year-on-year increase of 3.83% [1] - The new strategic direction for 2025 focuses on "focusing on brands, embracing the global market, and enhancing quality of life" [1] Revenue Breakdown - The main brand, Haieranzhijia, has shown a steady increase in gross margin due to network expansion over the past three years [1] - The Haieranzhijia group purchase custom series and other brands maintain a gross margin of over 40% [1] - Overall, the improvement in gross margin is driven by channel structure optimization and product mix adjustments [1] Brand Performance - The corporate clothing segment, Haieranzhijia group purchase, achieved a revenue of 1.343 billion yuan, growing by 23.70% year-on-year [2] - The women's brand OVV contributed significant growth through high-end fabric series [2] - The children's brand YeeHoO enhanced its high-end positioning, leading to increased member repurchase rates [2] - The sportswear segment opened over 400 stores in lower-tier cities, focusing on cost-effective products [2] - The collaboration with JD.com to create the "JD Outlet" model has integrated online and offline resources, with 23 new stores opened in the first half of the year [2] - Other brands collectively generated a revenue of 1.500 billion yuan, marking a year-on-year growth of 65.57% [2]

渠道布局上，海澜之家集团报告期内共计门店7209家，其中海澜之家直营门店净增64家，占比提升至 26.77%，毛利率63.89%；线上业务布局传统电商平台（天猫、京东、唯品会）与社交电商（抖音、快 手），同时布局TikTok平台拓展东南亚直播带货业务；探索"线上购物，门店送货"模式，以全国门店为 前置仓，通过智慧门店模式推动万名店员参与数字化营销，利用微信社群、小程序实现线上线下联动。 报告期内，线上渠道实现主营业务收入23.08亿元，同比增4.36%。 海澜之家表示，将以"百亿电商、业态革新、研发高地"三大战略为指引，围绕多人群、多场景服饰体验 与生活方式，夯实材料、工艺、制造创新基础，协同产业链上下游发展，推动高质量可持续增长。 （海澜之家财报） 据海澜之家2025年半年度财报显示，公司上半年营收115.66亿元，同比增长1.73%，净利润15.80亿元； 盈利能力、现金流表现稳健，派发现金红利积极，每股收益稳步提升。 报告期内，主品牌实现销售83.95亿元，海澜团购定制业务营收13.43亿元（同比增23.70%），其他品牌 营收15.00亿元（同比增65.57%）。 产品端，海澜之家投入亿元级资源打造" ...

Industry Overview - In 2025, China's economy demonstrates strong resilience and vitality, with the clothing industry maintaining a stable and positive trend. The textile industry's added value increased by 3.1% year-on-year from January to June, while per capita clothing consumption rose by 2.1% [1] - Retail sales of clothing, shoes, and textiles increased by 3.1% year-on-year, and online retail sales of clothing grew by 1.4% [1] Company Performance - HLA Group Co., Ltd. reported a revenue of 11.566 billion yuan for the first half of 2025, a year-on-year increase of 1.73%. The net profit attributable to shareholders was 1.580 billion yuan, reflecting a decrease of 3.42% compared to the previous year [4][6] - The company’s total assets were approximately 33.422 billion yuan, with a slight decrease of 0.03% from the previous year [6] Strategic Initiatives - HLA has adopted a new strategic goal to become a world-class, leading Chinese brand in apparel retail, focusing on high-end, intelligent, and green technology upgrades [1][4] - The company is actively promoting health and sustainability, sponsoring various sports events and advocating for a healthy lifestyle [6] Brand Development - HLA's main brand achieved a revenue of 8.395 billion yuan, maintaining a market share of 5.0% in the men's clothing sector, which has been the highest in China for 11 consecutive years [7][9] - The company has launched new products focusing on functional technology and sustainable materials, with a research and development expenditure of 1.06 billion yuan in the first half of 2025 [9] Multi-Brand Strategy - HLA has expanded its brand portfolio to include various sub-brands and has established partnerships with global brands like Adidas, enhancing its market presence [10][16] - The company has also collaborated with JD.com to create a discount retail platform, improving consumer access to quality products [13] Financial Metrics - The gross profit margin for HLA's main brand reached 48.32%, with a steady increase in gross profit margins driven by the expansion of direct sales stores [18][19] - The company reported a significant increase in cash flow from operating activities, with a net cash flow of 2.718 billion yuan, up 36.11% year-on-year [6] Store Expansion - As of the report, HLA operates a total of 7,209 stores, with 1,532 being direct-operated stores, reflecting a net increase of 64 stores [21][22] - The company is focusing on expanding its presence in landmark commercial complexes to enhance customer experience [21] Future Outlook - Under the new strategic direction of "Focusing on Brands, Embracing the Global, and Enriching Lives," HLA aims to empower quality brands and connect China with the world [23]

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"）董事会第九届第十四次会 议于 2025 年 8 月 27 日在公司会议室召开，会议通知已于 2025 年 8 月 15 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， 公司部分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： 1、审议通过了《公司 2025 年半年度报告及半年度报告摘要》 表决结果：同意 9 票，反对 0 票，弃权 0 票。 该议案已经公司董事会审计委员会审议通过。 《海澜之家集团股份有限公司 2025 年半年度报告》详见上海证券交易所网 站（www.sse.com.cn）。 证券代码：600398 证券简称：海澜之家 编号：2025—018 海澜之家集团股份有限公司 第九届第十四次董事会决议公告 2、审议通过了《关于计提减值准备和资产转销的议案》 表决结果：同意 9 票 ...

证券代码：600398 证券简称：海澜之家 编号：2025—019 海澜之家集团股份有限公司 关于计提减值准备和资产转销的公告 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 8 月 27 日召开 第九届董事会第十四次会议，审议通过了《关于计提减值准备和资产转销的议案》。 现将具体情况公告如下： 一、计提减值准备的情况概述 根据《企业会计准则》和相关会计政策的规定，为真实、准确地反映公司2025 年6月30日的财务状况和2025年半年度经营成果，基于谨慎性原则，公司对2025 年半年度合并报表范围内相关资产计提减值准备共计25,775.50万元，本期转销 24,948.39万元。具体如下： 库存商品和委托代销商品中，对于附可退货条款的可退货库存商品，由于公 司可以按照成本原价退还给供应商，因此，公司对该类存货不计提存货跌价准备； 对于附不可退货条款的不可退货库存商品，公司于每个会计期末根据该类商品的 预计市场售价，减去至出售时估计将要发生的成本、估计的销售费用以及相 ...

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 for the same period was 1.58 billion yuan, showing a year-on-year decline of 3.42% [1]

Group 1 - The apparel and home textile sector increased by 1.03% on August 26, with Sheng Tai Group leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] - Notable gainers in the sector included Sheng Tai Group, which rose by 10.01% to a closing price of 8.68, and Tanluo Group, which increased by 7.24% to 9.78 [1] Group 2 - The apparel and home textile sector experienced a net outflow of 187 million yuan from institutional funds, while retail investors contributed a net inflow of 310 million yuan [2] - Key stocks with significant net inflows from retail investors included Jin Hong Group and Senma Clothing, while major outflows were observed in Aokang International and Tian Chuang Fashion [3] - The overall trading volume for the sector was substantial, with notable transactions in stocks like Tanluo Group and Jin Hong Group, indicating active market participation [2][3]

金融界消息 截至2025年8月25日收盘，海澜之家（600398）报收于7.16元，下跌0.42%，换手率0.94%， 成交量45.28万手，成交金额3.22亿元。 资金流向方面，今日主力资金净流出2994.00万元，占比成交额9.29%。其中，超大单净流出441.45万 元、占成交额1.37%，大单净流出2552.55万元、占成交额7.92%，中单净流出流出151.68万元、占成交 额0.47%，小单净流入3145.68万元、占成交额9.76%。 天眼查商业履历信息显示，海澜之家集团股份有限公司，成立于1997年，位于无锡市，是一家以从事纺 织服装、服饰业为主的企业。企业注册资本480277.0296万人民币，实缴资本466300.96万人民币。公司 法定代表人为周立宸。 通过天眼查大数据分析，海澜之家集团股份有限公司共对外投资了10家企业，参与招投标项目5000次， 知识产权方面有商标信息556条，专利信息480条，此外企业还拥有行政许可35个。 来源：金融界 海澜之家最新一期业绩显示，截至2025一季报，公司营业总收入61.87亿元、同比增长0.16%，归属净利 润9.35亿元，同比增长5.46%，扣非 ...

Investment Rating - The report maintains a rating of "Outperform the Market" for the industry [7] Core Insights - The report highlights that Dahon Technology is the leading player in the domestic folding bicycle industry, with a market share of 26.3% in sales volume and 36.5% in sales revenue for 2024, indicating strong brand influence and industry position [2][12] - The folding bicycle market is experiencing rapid growth, with a projected compound annual growth rate (CAGR) of 24% in sales volume and 33% in revenue from 2022 to 2024 for Dahon Technology [2][59] - The global bicycle market is expected to grow steadily, with a retail volume increase from 164.5 million units in 2019 to 178.8 million units in 2024, reflecting a CAGR of 1.7% [13][16] Summary by Sections Industry Overview - The demand for folding bicycles is rapidly increasing, driven by urban commuting needs and the convenience of compact storage [21][22] - The global folding bicycle market is projected to grow from 2.0 million units in 2019 to 3.7 million units in 2024, with a CAGR of 13.4% [22][30] - The market for high-end folding bicycles (priced above 2500 RMB) is expanding, accounting for approximately 44.1% of retail volume and 86.5% of retail revenue in 2024 [30][42] Company Profile: Dahon Technology - Dahon Technology, founded in 1982, has established itself as a leader in the folding bicycle sector, achieving significant growth and brand recognition [2][55] - The company’s revenue for 2024 is projected to reach 4.51 billion RMB, with a net profit of 0.52 billion RMB, both reflecting a year-on-year increase of 50% [2][59] - Dahon's product strategy focuses on the mid to high-end market, with mid-range products accounting for approximately 69.5% of revenue by 2024 [70] Market Dynamics - The domestic market for folding bicycles is highly concentrated, with Dahon Technology holding a dominant position, capturing 60.4% of the market share among the top five companies [49][46] - The report indicates that the Chinese market is the largest single market for folding bicycles, with retail volume expected to grow from 0.3 million units in 2019 to 0.8 million units in 2024, reflecting a CAGR of 19.9% [40][41] - The company is expanding its distribution network, with over 680 retail points across 30 provincial regions in China, while also gradually recovering its overseas market presence [75][76]