文 | 一财商学院 陆泓 编辑 | 徐明 今年双11，AI和近场电商加入，战线又一次破了长度纪录，我们似乎进入了一个技术驱动、效率至上的新战场。一切都更精细、更复杂，也……更习以为 常。 以至于很多人感叹，很久没有小玩家一战成名，颠覆牌桌的热血故事了。 但新的增长故事从未缺席。 比如，有人在极度依赖品牌叙事的香氛赛道，用极致的零售效率和可复制的务实门店模型，跑出了让人侧目的增长速度。有人 把工业级3D打印机，变成了人人可上手的消费级大玩具，一统簪娘、胶佬与小学生等几个原本孤立的兴趣圈层。有人将一档种地综艺做成了贯穿内容、消 费与文旅的全栖生态，品牌只是周边，主题乐园才是终局，让粉丝经济成了一门可以被众多城市参考的产业模式。 因此，我们开启了双11特别观察系列「小王也是王」，深入服饰、户外、美妆、3C数码乃至IP周边等领域，去寻找那些"潜行"玩家。他们或许没有占据榜单 的绝对C位，却拥有与众不同的商业假设、用户洞察，以及对新品类、新场景的定义能力。 我们关注的，不只是他们"赢"的结果，更是他们"如何赢"的路径。 2025年冬天，排骨羽绒服成为爆款这件事其实挺迷惑的，这种家里爸妈爷奶人手一件的单品，怎么就时尚了？ ...

Group 1 - China and the U.S. should lead bilateral economic and trade relations based on the consensus reached during the recent meeting between the two countries' leaders [5] - The U.S. stock market saw all three major indices rise, with the Dow Jones up 1.08%, S&P 500 up 0.98%, and Nasdaq up 0.88% [5] - Bitcoin has experienced a significant decline, currently priced at $84,626, down over 2% and more than 22% for the month, marking its worst performance since 2022 [6] - International oil prices fell, with WTI crude down 1.73% to $57.98 per barrel, and Brent crude down 1.42% to $62.48 per barrel [7] - Gold prices decreased by 0.3%, settling at $4,064.28 per ounce, while COMEX silver futures fell by 1.27% to $49.66 per ounce [8] Group 2 - China's Ministry of Commerce reported that from January to October, the country attracted foreign investment of 621.93 billion yuan, a year-on-year decrease of 10.3% [12] - The first batch of AI-focused ETFs and several chip-related ETFs have been approved, expected to attract new capital into the market [14] - Eli Lilly became the first healthcare company to reach a market capitalization of $1 trillion, with a stock price increase of over 38% this year [26][27] - Xiaopeng Motors has officially launched its first land carrier prototype, marking a significant step in the production of its flying car [28]

Core Viewpoint - The company, HLA (海澜之家), has submitted an application for the issuance of overseas listed shares (H-shares) and for listing on the main board of the Hong Kong Stock Exchange on November 21, 2025 [1] Group 1 - The application was filed with the Hong Kong Stock Exchange and the Hong Kong Securities and Futures Commission [1] - The submitted application materials are in draft form and may be updated and revised as necessary [1]

Core Viewpoint - The company, HLA (海澜之家), has submitted an application for the issuance of overseas listed shares (H shares) and for listing on the main board of the Hong Kong Stock Exchange on November 21, 2025 [1] Group 1 - The application materials for this issuance and listing have been published on the Hong Kong Stock Exchange website on the same day [1]

Core Viewpoint - The company, Hailan Home (600398.SH), has submitted an application for the issuance of overseas listed shares (H shares) and for listing on the main board of the Hong Kong Stock Exchange on November 21, 2025 [1] Group 1 - The application materials for this issuance and listing have been published on the Hong Kong Stock Exchange's website on the same day [1]

Core Viewpoint - Haier Home (海澜之家) has submitted an application to list on the Hong Kong Stock Exchange, with Huatai International as its sole sponsor. According to Frost & Sullivan, Haier Home is projected to be the second-largest men's apparel brand globally by revenue in 2024 and has maintained its position as the leading men's apparel brand in Asia for 11 consecutive years since 2014 [1][4]. Company Overview - Haier Home is recognized as a leading brand apparel retail group in China, distinguished by its diversified brand portfolio, extensive supply chain network, and strong channel integration capabilities. It ranks fourth among Chinese apparel groups by revenue in 2024 [4]. - As of June 30, 2025, Haier Home operates over 7,200 stores globally, with 5,631 stores across 31 provincial-level administrative regions in China, covering nearly all prefecture-level cities [4][6]. - The company has established a global sales network comprising 5,723 stores, including 92 overseas locations. In addition to men's apparel, it offers a luxury women's brand (OVV) and a high-end children's brand (YeeHoO) to cater to diverse customer preferences [4][6]. Brand Strategy - Haier Home has formed strategic partnerships with globally recognized sports brands and is the exclusive operator of Adidas' Future City Concept (FCC) business in mainland China. It also holds licenses for operating the Hedi brand apparel in mainland China, Hong Kong, Macau, and Taiwan [4][6]. - The company is a long-term market leader in corporate apparel customization in China, having over 20 years of development history, and is recognized as the largest corporate apparel customization manufacturer by revenue [4][6]. International Expansion - Haier Home is committed to global expansion and enhancing its international influence. Its store network extends to countries such as Malaysia, the Philippines, Vietnam, Singapore, Thailand, Indonesia, Laos, Cambodia, the Maldives, Kenya, and Australia. As of June 30, 2025, the company has 111 directly operated stores overseas [6]. Financial Performance - The company has focused on its core apparel business and implemented rigorous operational measures, resulting in steady growth despite a complex market environment. Revenue figures for 2022, 2023, 2024, and the first half of 2025 are recorded at 17.905 billion, 20.754 billion, 20.162 billion, and 11.238 billion RMB, respectively. Net profits for the same periods are 2.062 billion, 2.918 billion, 2.189 billion, and 1.588 billion RMB [7][8]. - The gross profit margin has improved over the reporting periods, reaching 43.4%, 45.2%, 45.5%, and 46.9% for 2022, 2023, 2024, and the first half of 2025, reflecting the company's ongoing focus on product quality, operational efficiency, and refined retail management [8][9].

Core Viewpoint - The company, Hailan Home, has submitted an application for the issuance of overseas listed shares (H-shares) and for listing on the main board of the Hong Kong Stock Exchange, indicating a strategic move to expand its capital base and market presence [1] Group 1 - The application was submitted on November 21, 2025, to the Hong Kong Stock Exchange [1] - The application documents are in draft form and may be updated or revised as necessary [1] - The issuance and listing are subject to approvals from various regulatory bodies, including the Hong Kong Securities and Futures Commission and the China Securities Regulatory Commission, highlighting the regulatory uncertainties involved [1]

Core Viewpoint - HLA Group Co., Ltd. (海澜之家) has submitted an application to list on the Hong Kong Stock Exchange, with Huatai International as the sole sponsor. According to Frost & Sullivan, HLA is the second-largest men's apparel brand globally by revenue in 2024 and has maintained the top position in the Asian men's apparel market for 11 consecutive years since 2014 [1][5]. Company Overview - HLA is recognized as a leading brand apparel retail group in China, distinguished by its diversified brand portfolio, extensive supply chain network, and strong channel integration capabilities. As of June 30, 2025, the company operates over 7,200 stores globally, with 5,631 stores in 31 provincial-level administrative regions in China, covering nearly all prefecture-level cities [5][7]. - The company has established a global sales network comprising 5,723 stores, including 92 overseas locations. Besides men's apparel, HLA's proprietary brands include the mid-range women's brand OVV and the high-end children's brand Ying's, catering to diverse customer preferences [5][6]. Financial Performance - HLA has shown steady revenue growth despite a complex market environment. The company reported revenues of RMB 17.91 billion, RMB 20.75 billion, RMB 20.16 billion, and RMB 11.24 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively. Net profits for the same periods were RMB 2.06 billion, RMB 2.92 billion, RMB 2.19 billion, and RMB 1.59 billion [8][9]. - The gross profit margin has improved over the years, reaching 43.4%, 45.2%, 45.5%, and 46.9% for the years 2022, 2023, 2024, and the first half of 2025, respectively, reflecting the company's focus on product quality, operational efficiency, and refined retail management [9][10].

Core Insights - Haier's Home is applying for a listing on the Hong Kong Stock Exchange, with Huatai International as the sole sponsor. According to Frost & Sullivan, Haier's Home is the second-largest men's clothing brand globally by revenue in 2024 and has held the top position in the Asian men's clothing market for 11 consecutive years since 2014 [1][3]. Company Overview - Haier's Home is a leading brand apparel retail group in China, distinguished by its diversified brand portfolio, extensive supply chain network, and strong channel integration capabilities. As of June 30, 2025, the company operates over 7,200 stores globally, with 5,631 stores in 31 provincial-level administrative regions in China, covering nearly all prefecture-level cities [3][5]. - The company has established a global sales network comprising 5,723 stores, including 92 overseas locations. Besides men's clothing, its proprietary brands include the premium women's brand OVV and the high-end children's brand Ying's, catering to diverse customer preferences [3][4]. Financial Performance - The company has shown steady revenue growth, recording revenues of RMB 17.905 billion, RMB 20.754 billion, RMB 20.162 billion, and RMB 11.238 billion for the years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively. Net profits for the same periods were RMB 2.062 billion, RMB 2.918 billion, RMB 2.189 billion, and RMB 1.588 billion [6][7]. - The gross profit margin has improved over the reporting periods, reaching 43.4%, 45.2%, 45.5%, and 46.9% for 2022, 2023, 2024, and the six months ending June 30, 2025, respectively, reflecting the company's focus on product quality, operational efficiency, and refined retail management [6][8].

证券代码：600398 证券简称：海澜之家 编号：2025—033 海澜之家集团股份有限公司 关于向香港联交所递交境外上市股份（H 股） 发行并上市申请并刊发申请资料的公告 https://www1.hkexnews.hk/app/sehk/2025/107872/documents/sehk25112101090. pdf 需要特别予以说明的是，本公告仅为境内投资者及时了解本次发行并上市的 相关信息而作出。本公告以及公司刊登于香港联交所网站的申请资料均不构成也 不得视作对任何个人或实体收购、购买或认购公司本次发行并上市的境外上市股 份（H 股）的要约或要约邀请。 公司本次发行并上市尚需取得香港证监会、香港联交所及中国证券监督管理 委员会等相关政府机关、监管机构、证券交易所的批准、核准或备案，该事项仍 存在不确定性。公司将根据该事项的进展情况及时履行信息披露义务，敬请广大 投资者注意投资风险 特此公告。 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"）已于 2025 年 11 月 2 ...