证券代码：600398 证券简称：海澜之家 编号：2025—001 海澜之家集团股份有限公司 股票交易异常波动公告 （二）重大事项情况 经公司自查并书面问询控股股东及实际控制人，公司控股股东及实际控制人 均不存在筹划涉及上市公司的重大资产重组、股份发行、重大交易类事项、业务 重组、股份回购、股权激励、破产重整、重大业务合作、引进战略投资者等重大 事项。 海澜之家集团股份有限公司（以下简称"公司"）股票于 2024 年 12 月 30 日、2024 年 12 月 31 日、2025 年 1 月 2 日连续三个交易日内日收盘价格 涨幅偏离值累计达到 20%，根据《上海证券交易所交易规则》的有关规 定，属于股票交易异常波动。 经公司自查并向控股股东及实际控制人发函核实，公司、控股股东及实 际控制人不存在应披露而未披露的重大事项。 公司敬请广大投资者注意二级市场交易风险，理性决策，审慎投资。 （三）媒体报道、市场传闻、热点概念情况 经公司核实，公司未发现对公司股票交易价格可能产生重大影响的媒体报 道或市场传闻，亦未涉及市场热点概念。 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 ...

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses the performance and strategies of **Hailan Home** in the **retail and fashion industry**, particularly focusing on its collaboration with **JD.com** and the expansion of its **outlet stores** [1][2][3][4]. Key Points and Arguments - **Store Expansion**: Hailan Home opened a new outlet store in Wuxi, covering over 3,000 square meters and featuring a variety of international brands such as Adidas, Nike, and Coach. The store has seen optimistic sales since its opening in late September, with total sales of approximately **11 million** in October and November [1][3]. - **Sales Projections**: Future monthly sales for the outlet are projected to be between **5 million to 8 million** after accounting for brand shares and operational costs. The overall sentiment regarding sales performance remains positive [3][4]. - **Online and Offline Integration**: Since July, Hailan Home has partnered with JD.com to enhance its omni-channel operations. The online store has gained **95,000** followers by the end of December, indicating a growing customer base and potential for increased sales through online channels [3][4]. - **Brand Partnerships**: The outlet has onboarded **60 to 70 brands**, with further opportunities for expanding the online SKU offerings. The business model includes a consignment approach, which is expected to enhance profitability [4][5]. - **Market Presence**: As of now, there are **239 outlet stores** across China, with plans for further expansion into both tier-one and lower-tier cities. Hailan Home's outlet strategy is positioned to capture a significant market share [5][6]. - **Future Growth**: The company anticipates a long-term revenue growth potential in the range of **tens of billions** as it deepens its omni-channel business and expands its brand partnerships [4][6]. Additional Important Insights - **Financial Performance**: Despite a decline in revenue during the first three quarters of the year, profitability has improved due to operational efficiencies. The company is expected to maintain a stable growth trajectory with a projected double-digit profit growth rate by 2025 [6][7]. - **Valuation Metrics**: The company's current PE ratio is noted to be around **12 times**, which is considered relatively low, suggesting potential for investment [7][8]. - **Consumer Trends**: There is an observed improvement in consumer spending, particularly as the weather cools, which may positively impact sales in the upcoming quarters [7][8]. - **Strategic Focus**: Hailan Home is also looking to expand its international presence and enhance its operational capabilities through new business lines, such as the acquisition of stakes in brands like **Sporz** [6][7]. This summary encapsulates the key insights from the conference call, highlighting Hailan Home's strategic initiatives, market positioning, and financial outlook within the retail sector.

Investment Rating - The investment rating for the company is upgraded to "Buy" from "Accumulate" [7][30]. Core Views - The main brand, HLA, is a leading men's apparel brand that has maintained steady development and has established strong channel management capabilities, laying the foundation for expanding retail businesses like JD Outlet [3]. - The company is expected to recover healthy growth in 2025 after facing short-term pressure in 2024, with a focus on brand management and new business developments [13][30]. - The JD Outlet business is progressing well, with plans to increase the number of stores significantly, which could enhance profitability and market presence [4][24]. Company Overview - HLA brand revenue for Q1 to Q3 2024 decreased by 5% year-on-year to 11.3 billion yuan, while gross margin increased by 0.9 percentage points to 45.3% [3]. - As of Q3 2024, the number of HLA stores reached 5,872, with 1,379 direct-operated stores and 4,493 franchise stores, indicating a leading position in the industry [3]. - The company has a strong focus on enhancing product quality and introducing innovative product lines, which have been well-received in the market [3]. Business Segments - The offline JD Outlet business opened its first store in September 2024, with expectations to expand to around 10 stores by the Chinese New Year in 2025 [4]. - The online JD Outlet business is still in the adjustment phase, with expectations for integration with offline operations by the first half of 2025 [25]. - The company’s other brand revenues increased by 20% year-on-year to 1.76 billion yuan in Q1 to Q3 2024, driven by the consolidation of the Sboz brand [29]. Financial Performance - The company's revenue for 2024 is projected to be 21.33 billion yuan, with a slight decline of 0.9% year-on-year, while net profit is expected to drop by 25.3% to 2.21 billion yuan [15][30]. - The company has maintained a high dividend payout ratio of over 85% from 2021 to 2023, making it attractive to investors [30]. - The financial outlook for 2025 includes a projected net profit of 2.70 billion yuan, reflecting a recovery in profitability [30].

Investment Rating - The investment rating for the company is "Buy" with a target price of 7.84 CNY per share, compared to the current price of 6.51 CNY [5][38]. Core Views - The company is expected to see a significant rebound in performance in 2024, with a projected EPS of 0.48 CNY, followed by 0.52 CNY in 2025 and 0.63 CNY in 2026. The estimated revenue for 2024 is 212.35 billion CNY, with a slight decline of 1.4% year-on-year, but growth is expected to resume in subsequent years [38]. - The company is expanding its online business, with projected revenues of 42.36 billion CNY, 55.06 billion CNY, and 71.58 billion CNY for 2024 to 2026, respectively, reflecting a consistent growth rate of 30% [9]. - The company is also focusing on its franchise business, with expected revenues of 93.67 billion CNY in 2024, showing a decline of 12.31% due to market conditions, but a recovery is anticipated in the following years [24]. - The company is enhancing its retail operations through strategic partnerships, such as the collaboration with JD.com to open new discount retail stores, which is expected to be a new growth driver [20]. Financial Summary - The company's revenue for 2022 was 18,562 million CNY, with a projected increase to 21,528 million CNY in 2023, followed by a slight decrease to 21,235 million CNY in 2024, and then growth to 23,364 million CNY in 2025 and 26,259 million CNY in 2026 [2]. - The EBITDA for 2022 was 4,651 million CNY, expected to rise to 5,384 million CNY in 2023, but projected to decline to 4,436 million CNY in 2024 before recovering to 4,944 million CNY in 2025 and 5,733 million CNY in 2026 [2]. - The net profit attributable to shareholders for 2022 was 2,155 million CNY, with a forecast of 2,952 million CNY in 2023, a drop to 2,282 million CNY in 2024, and then growth to 2,510 million CNY in 2025 and 3,005 million CNY in 2026 [2]. Revenue Breakdown - The direct sales revenue is projected to be 48.06 billion CNY in 2024, increasing to 54.00 billion CNY in 2025 and 61.92 billion CNY in 2026, with a stable gross margin of 62.11% [42]. - The franchise business is expected to generate 93.67 billion CNY in 2024, with a gross margin of 37.86% [24]. - The group purchase business is anticipated to yield 20.53 billion CNY in 2024, with a gross margin of 44.00% [25].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The report emphasizes the transformation of discount retail, highlighting the growth of outlet stores in China, which have become a significant part of the retail landscape, with a market size of 1.8 trillion RMB in 2023, accounting for 3.8% of total retail sales [9][223]. - The company is positioned to leverage its partnerships with JD.com and other brands to enhance its discount retail strategy, particularly through the JD Outlet project, which is expected to drive significant revenue growth [305][321]. - The report forecasts substantial growth potential for the company's new business segments, including FCC and JD Outlet, with projected revenues of 57 billion RMB and 120 billion RMB respectively by 2026 [65][84]. Summary by Sections Investment Logic - The report outlines the strategic importance of discount retail in the current economic climate, where consumer behavior is shifting towards value-oriented purchases [9][223]. - The company is expected to benefit from its unique business model that combines online and offline sales channels, enhancing customer engagement and operational efficiency [305][321]. Financial Projections - Revenue forecasts for 2024-2026 are set at 210 billion RMB, 247 billion RMB, and 272 billion RMB, with corresponding growth rates of -2.24%, 17.48%, and 10.19% [10][364]. - Net profit projections for the same period are 23 billion RMB, 27 billion RMB, and 30 billion RMB, reflecting growth rates of 22.49%, 18.01%, and 11.90% [10][364]. Business Model and Competitive Advantage - The company’s business model focuses on a light-asset approach, allowing for rapid expansion and high profitability, particularly in the JD Outlet segment [305][321]. - The report highlights the importance of supply chain management and the ability to offer genuine products at competitive prices as key factors for success in the discount retail sector [318][319]. Market Positioning - The company is positioned as a leader in the casual menswear segment, with a strong foothold in both domestic and international markets [9][223]. - The report notes that the company’s partnerships with major brands and its innovative retail strategies are expected to enhance its market share and customer loyalty [305][321].

证券代码：600398 证券简称：海澜之家 编号：2024—052 海澜之家集团股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 12 月 04 日（星期三）上午 09:00-10:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） （一）会议召开时间：2024 年 12 月 04 日上午 09:00-10:00 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 27 日（星期三）至 12 月 03 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 600398@hla.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 海澜之家集团股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日在 《上海证券报》《中国证券报 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][4]. Core Views - The company's main brand is experiencing a decline in offline sales due to a weak retail environment, but this impact is expected to gradually dissipate. The company is positioned as a quality stock with strong growth potential across multiple business lines, supported by orderly expansion of new businesses [4][3]. - The projected net profit for the company from 2024 to 2026 is estimated at 2.23 billion, 2.54 billion, and 3.05 billion respectively, with year-on-year changes of -25%, +14%, and +20%. The corresponding price-to-earnings ratios are 13, 12, and 10 times, with a dividend yield of approximately 7% in 2024 [4][3]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenues of 3.889 billion, a decline of 11% year-on-year, and a net profit attributable to shareholders of 271 million, down 65% year-on-year. The first three quarters saw total revenues of 15.259 billion, a decrease of 2% year-on-year [3][4]. - The main brand's revenue fell by 27% in Q3, with offline store sales significantly impacted. The company closed 101 franchise stores, continuing a trend of store closures [3][4]. Cost and Margin Analysis - The gross margin decreased by 1.1 percentage points due to lower margins from e-commerce and non-core businesses. The sales expense ratio increased by 5.8 percentage points to 24.8%, primarily due to fixed costs associated with direct store openings [4][3]. Future Outlook - The company is expected to achieve stable growth in the future, driven by strong growth potential across multiple business lines and orderly expansion of new businesses. The company has high free cash flow, strong performance stability, and a significant surplus in undistributed profits, indicating a robust dividend-paying capacity [4][3].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][19]. Core Views - The company experienced an 11% decline in revenue in the third quarter, with increased expense ratios putting pressure on profitability. The overall retail environment for clothing has been challenging since 2024, leading to a significant drop in consumer demand [2][12]. - The company's net profit for the third quarter fell by 64.9% year-on-year to 270 million yuan, with a net profit margin decrease of 9.1 percentage points to 8.4% [2][10]. - Inventory levels increased significantly, with a year-on-year growth of 53.5% to 12.33 billion yuan, primarily due to the consolidation of the subsidiary and increased procurement [2][10]. Summary by Sections Revenue and Profitability - Third-quarter revenue decreased by 11% year-on-year to 3.89 billion yuan, with a gross margin decline of 1.1 percentage points to 42.8% [2][10]. - The sales expense ratio increased by 5.8 percentage points to 24.8%, with sales expenses rising by 16% to 960 million yuan [2][10]. - The company expects a weak recovery in consumer demand for the fourth quarter and has adjusted profit forecasts for 2024-2026, estimating net profits of 2.4 billion, 2.76 billion, and 3 billion yuan respectively [12][10]. Brand and Channel Performance - The main brand's offline sales were under pressure, with a 27% decline in revenue, while e-commerce sales grew by 40% [3][12]. - The subsidiary, Sporz, contributed significantly to revenue growth, with a 110% increase in revenue from other brands due to its consolidation [3][12]. Financial Forecasts - The company has revised its revenue forecasts for 2024-2026 to 21.02 billion, 22.78 billion, and 24.6 billion yuan, reflecting a year-on-year change of -2.4%, +8.3%, and +8.0% respectively [10][12]. - The gross margin is expected to be 44.4%, 44.6%, and 44.6% for the same period, with an increase in sales expense ratios anticipated [10][12]. Valuation - The target price has been adjusted to 6.5-7.0 yuan, corresponding to a PE ratio of 13-14x for 2024 [12][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5]. Core Insights - The company's Q3 performance has been under pressure, with a significant decline in offline operations, while the integration of the brand "Sboz" has led to substantial revenue growth from other brands [3][5]. - For the first three quarters of 2024, the company reported a revenue of 15.259 billion yuan, a year-on-year decrease of 1.99%, and a net profit attributable to shareholders of 1.908 billion yuan, down 22.19% [3]. - The online sales channel has shown strong growth, with a revenue increase of 44.67%, while offline sales decreased by 11.82% [3][5]. - The company is expected to face short-term operational challenges due to the overall consumption environment, but long-term prospects remain positive as it continues to strengthen its core competitiveness and improve profit margins [5]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 3.889 billion yuan, down 11.01% year-on-year, and a net profit of 271 million yuan, down 64.88% [3]. - The revenue breakdown by brand for the first three quarters shows: Haian Home 11.3 billion yuan (-4.95%), Haian Group Purchase Custom 1.462 billion yuan (-13.55%), and other brands (including Sboz) 1.759 billion yuan (+19.59%) [3]. - The company’s gross margin for the first three quarters of 2024 was 44.59%, a slight decrease of 0.18 percentage points compared to the same period last year [4]. - The company’s operating cash flow for the first three quarters was 27 million yuan, a significant decline of 98.9% year-on-year [4]. Future Earnings Forecast - The company is projected to achieve revenues of 21.39 billion yuan, 23.36 billion yuan, and 25.37 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of -1%, +9%, and +9% [5]. - The net profit attributable to shareholders is expected to be 2.34 billion yuan, 2.77 billion yuan, and 3.09 billion yuan for the same years, reflecting a year-on-year decline of 21% in 2024, followed by growth of 18% and 12% in the subsequent years [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.24 CNY, based on a 13x PE valuation for 2024 [3][4][9]. Core Insights - The company reported a revenue of 15.26 billion CNY for the first three quarters of 2024, a year-on-year decrease of 1.99%, and a net profit attributable to the parent company of 1.91 billion CNY, down 22.2%. In Q3 2024, revenue and net profit decreased by 11.01% and 64.9% year-on-year, respectively, falling short of market expectations [1]. - By brand, Q3 2024 saw a significant decline in revenue for the main brand and group purchases, down 26.6% and 37.1% year-on-year, attributed mainly to reduced foot traffic in physical stores and adjustments in the franchise channel. Conversely, other brands experienced a substantial revenue increase of 109.7%, primarily due to the consolidation of the Sporz brand management (Shanghai) Co., Ltd. into the company's financial statements [1]. - In terms of sales channels, online revenue grew by 39.7% year-on-year, while offline revenue fell by 25.9%. Revenue from direct stores, franchise stores, and others decreased by 2.4% and 14.2% respectively [1]. - The company's inventory turnover days increased to 346 days in Q3 2024, up 71 days year-on-year, likely due to pre-stocking, the consolidation of Sporz's business, and poor sales of the main brand [1]. Financial Performance Summary - The gross profit margin in Q3 2024 decreased by 1.1 percentage points to 42.8%. The selling, administrative, and R&D expense ratios increased by 5.8 percentage points, 0.3 percentage points, and 1 percentage point year-on-year, respectively. Financial expenses were -0.47 million CNY, down from 0.19 million CNY in the same period last year, mainly due to reduced interest expenses after the conversion of convertible bonds [2]. - The company faces short-term performance pressure due to the consumption environment but anticipates a recovery in mass consumption driven by subsequent policy support. The e-commerce business, Sporz brand management (FCC sports business + JD Outlet), and overseas operations are showing promising growth, particularly the JD Outlet business, which is expanding both online and offline [2]. Earnings Forecast and Investment Recommendations - Based on the Q3 report, the earnings forecast has been adjusted, with expected earnings per share for 2024, 2025, and 2026 at 0.48 CNY, 0.56 CNY, and 0.65 CNY, respectively. The previous estimates were 0.59 CNY, 0.67 CNY, and 0.74 CNY. The target price of 6.24 CNY corresponds to a 13x PE valuation for 2024, maintaining the "Buy" rating [3][9].