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]

8月27日，海澜之家集团发布2025年上半年财报。报告期，公司实现营业收入115.66亿元，同比增 长1.73%；归属于上市公司股东的净利润15.80亿元；其中海澜之家系列实现主营业务收入83.95亿元； 海澜团购定制业务实现主营业务收入13.43亿元，同比增长23.70%；其他品牌实现主营业务收入15.00亿 元，同比增长65.57%。 主品牌海澜之家秉承"创造有生命力的服饰"的品牌理念，以科技创新、产品体验和内容传播为驱 动，打造多维、立体化品牌价值传播矩阵，以中华文化为纽带，持续输出有温度、有内容的品牌理念， 不断夯实国民品牌根基。 海澜之家相关负责人介绍，公司通过完善品牌矩阵与产品生态，实现细分市场的深度覆盖。基于对 核心消费群体的精准洞察，在产品创新与功能升级方面取得突破性进展。通过线上线下双轨协同运营模 式，构建了多元化的产品矩阵，联名系列成功推出海澜之家三体联名款及国潮"山不在高"系列，有效提 升品牌年轻化形象；功能型产品持续迭代，涵盖凉感、防晒、吸湿排汗、吸湿速干、5A 抗菌防螨、三 防（防水防油耐沾污）、消臭、免烫等创新技术；同时重点布局新兴品类赛道，包括远行冲锋夹克、墨 羽轻壳皮肤衣、领昂 ...

格隆汇8月27日丨海澜之家(600398.SH)公布半年度报告，2025年上半年，国内服装消费市场回暖乏力， 服装企业整体业绩承压，面对复杂多变的国内外环境，公司聚焦服装主业，创新品牌管理与零售，持续 布局运动领域，打造城市奥莱新业态，加码海外市场扩张，发展态势持续稳固向好。报告期，公司实现 营业收入115.66亿元，同比增长1.7%，归属于上市公司股东的净利润15.80亿元，同比下降3.42%；其中 海澜之家系列实现主营业务收入83.95亿元；海澜团购定制业务实现主营业务收入13.43亿元；其他品牌 实现主营业务收入15.00亿元。 ...

北京商报讯（记者 张君花）8月27日，海澜之家发布2025年半年度业绩报告称，上半年公司实现营收 115.66亿元，同比增长1.73%；归母净利润15.8亿元，同比下降3.4%。 ...

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]

8月27日晚间，海澜之家（600398）发布半年度业绩报告，上半年公司实现营收115.66亿元，同比增长 1.73%；归母净利润15.80亿元。值得一提的是，主品牌海澜之家连续11年蝉联中国男装市场占有率第一 （市占率5%），公司市值稳居A股服装类目首位，营收规模连续六年领跑A股服装企业。 上半年，海澜之家通过集团化品牌矩阵深耕、全渠道线上线下（300959）深度融合、科技与设计双轮驱 动的产品研发，不仅巩固了行业龙头地位，更在全球化布局与数字化转型中展现出强劲韧性，为中国服 装品牌高质量发展提供了"海澜样本"。 多品牌矩阵构建生态壁垒 海澜之家以主品牌为核心，通过"成熟+成长+培育"的阶梯式品牌矩阵，实现对男装、女装、童装、职 业装、运动装等全品类市场的覆盖，形成"全家人的衣柜"生态闭环。主品牌海澜之家聚焦20-45岁男性 消费者，以"聚焦品牌，拥抱全球，普惠生活"为价值主张，2024年市占率达5%，连续11年位居中国男 装第一。 多年来，海澜之家专心服装本业。持续强化品牌运营、供应链管理和渠道运营的综合能力，实现服装主 业的长期有效增长。从衣开始，为更多人打造美好生活方式。产品端，通过"新国潮、新街潮、轻 ...

本报讯 （记者曹卫新）8月27日晚，海澜之家集团股份有限公司（以下简称"海澜之家"）发布2025年半 年度报告。报告显示，公司上半年实现营业收入115.66亿元，同比增长1.73%；扣非后归母净利润15.66 亿元，同比增长3.83%。 2025年，海澜之家提出了"聚焦品牌，拥抱全球，惠普生活"的全新战略方针。公司围绕功能科技、智改 生活、时尚潮流和绿色环保四个方面进行服饰研发，加大产品和科技面料的研发力度，引领中国品牌品 质升级，让"国民品牌 海澜之家"的形象不断深入广大消费者的内心。 分品牌来看，海澜之家主品牌近三年直营网络扩张呈现毛利率稳步提升态势。海澜团购定制系列和其他 品牌毛利率维持在40%以上。整体而言，渠道结构优化与产品组合调整共同构成了毛利率提升的"双轮 驱动"。 此外，公司以"精布局、高品质、强体验"为指引，加速进军地标性商业综合体。截至6月底，公司旗下 品牌门店共计7209家。其中，海澜之家直营门店1532家，净增64家，直营门店占比达26.77%；其他品 牌直营门店共计567家。 多品牌协同方面，各细分赛道均实现突破性增长。其中，职业装领域，海澜团购以"智能制造+匠心品 质"为核心，服务 ...

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" ...

作为国民男装品牌的海澜之家，不仅在产品力和品牌力等方面持续突破，更与全球优秀品牌深度合作， 探索品牌管理和服饰零售新可能，并提出"做世界一流、中国领先的品牌服饰零售集团"全新战略目标。 2025年，中国经济展现出强大的韧性和活力，服装行业保持稳中向好态势，现代化产业体系建设迈出坚 实步伐。1-6月全国规模以上纺织行业增加值同比增长3.1%；居民人均衣着消费支出同比增长2.1%，全 国限额以上服装、鞋帽、针纺织品类商品零售额同比增长3.1%，全国网上穿类商品零售额同比增长 1.4%。在国家"两重""两新"政策支持下，行业企业加快高端化、智能化、绿色化技术改造升级。 8月27日，海澜之家集团股份有限公司（以下简称"海澜之家"或"公司"，股票代码：600398）发布2025 年半年度报告，报告显示，公司实现营业收入115.66亿元，同比增长1.73%；归母净利润15.80亿元，业 绩持续稳健攀升。 | 单位: 币种: 元 | | --- | | 人民币 | | 主要会计数据 | 本报告期 (1-6月) | 上年同期 | 本报告期比上年 同期增减(%) | | --- | --- | --- | --- | | 营业 ...