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]

Investment Rating - The report maintains a "Positive" outlook on the textile and apparel industry, highlighting the resilience of the sportswear segment and potential growth opportunities in various sub-sectors [2][3]. Core Insights - The textile and apparel sector underperformed the market, with the SW textile and apparel index rising 2.5%, lagging behind the SW All A index by 1.4 percentage points [3][4]. - Recent industry data indicates a 2.9% year-on-year increase in retail sales for clothing, shoes, and textiles, totaling 837.1 billion yuan from January to July 2025 [3][30]. - Exports of textiles and apparel reached 170.74 billion USD in the same period, showing a modest 0.6% increase, while clothing exports declined by 0.3% [3][30]. - Cotton prices have shown a slight decline, with the national cotton price B index at 15,243 yuan/ton, down 0.2% [3][35]. Summary by Sections Textile Sector - Nobon Co. is highlighted for its strong growth potential due to its focus on personal care and new tobacco products, benefiting from low penetration rates and a young consumer base [3][9]. - The report emphasizes the importance of self-owned brands and the potential for breakthroughs in the new tobacco sector, particularly for Nobon [3][9]. - The textile manufacturing sector is expected to recover as the trade environment becomes more favorable for quality manufacturers [10]. Apparel Sector - The sportswear segment demonstrated the best resilience, with companies like Li Ning, Anta, and 361 Degrees showing revenue growth of 3%, 7%, and 11% respectively, despite facing headwinds [11][24]. - Li Ning's mid-year report showed a revenue increase to 14.82 billion yuan, although net profit fell by 11% [11][24]. - The report recommends several companies for investment, including Anta Sports, Li Ning, and 361 Degrees, as they are expected to benefit from improving domestic demand [3][11]. Market Dynamics - The report notes that domestic consumption recovery is a key focus for 2025, with various regions implementing measures to stimulate consumer spending [14]. - The performance of international brands is also discussed, with companies like Deckers and Asics reporting significant growth in their respective markets [16][21]. Key Recommendations - The report suggests investing in high-quality domestic brands and companies with strong growth potential in the textile and apparel sector, particularly in the sportswear and personal care segments [3][10][11].

Market Overview - The textile and apparel sector has shown a performance in line with the broader market since August, with textile manufacturing outperforming branded apparel, recording increases of 4.2% and 3.4% respectively [13][19] - Key companies leading the upward trend include Xtep International (+9.4%), Bosideng (+8.5%), and Li Ning (+8.1%) [13][19] Brand Apparel Insights - In July, the retail sales of clothing grew by 1.8% year-on-year, reflecting a slight deceleration compared to the previous month [21] - E-commerce sales saw a significant rebound, particularly in outdoor apparel, with growth rates of 26% for outdoor clothing and 11% for sportswear [21][28] - Notable brands with double-digit growth include Descente (+63%), Puma (+41%), and Lululemon (+39%) [21] Textile Manufacturing Insights - Vietnam's textile exports accelerated in July, with a month-on-month growth of 16.7%, while China's textile exports showed a modest increase of 0.5% [2] - The PMI for Vietnam, Indonesia, and India rose by 3.5, 2.3, and 0.7 respectively, indicating improved manufacturing conditions [2] - The cotton prices have shown slight fluctuations, with domestic prices decreasing by 0.7% and international prices increasing by 1.8% since August [2] Company Performance and Forecasts - Non-sport apparel brands have generally faced challenges due to macroeconomic conditions, leading to a decline in revenue and increased inventory impairment [4] - Sports apparel brands have maintained robust fundamentals, with management teams optimistic about meeting annual performance targets despite a slowdown in growth [4] - Companies like Shenzhou International and Huayi Group are expected to show significant earnings resilience post the current low point in Q2 and Q3 [4][7] Investment Recommendations - Focus on companies with strong fundamentals and low valuations, particularly those with high performance in mid-year reports [3][7] - Recommended stocks include Anta Sports, Xtep International, and Li Ning for branded apparel, and Shenzhou International and Huayi Group for textile manufacturing [7][8]

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%，扣非净利润9.26亿元，同比增长5.54%，流动比率1.516、速动比率 0.753、资产负债率44.92%。 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。 金融界消息 截至2025年8月14日收盘，海澜之家（600398）报收于6.82元，下跌2.01%，换手率1.01%， 成交量48.47万手，成交金额3.34亿元。 资金流向方面，今日主力资金净流出3034.22万元，占比成交额9.08%。其中，超大单净流入287.14万 元、占成交额0.86%，大单净流出3321.36万元、占成交额9.94% ...

Overall Sales Performance - In Q2 2025, men's apparel e-commerce sales were influenced by the 618 shopping festival, with total sales reaching 1.23 billion yuan and a volume of 1.4857 million items sold [1][9][12] - The peak sales period occurred from May 12 to May 18, generating approximately 14.9 billion yuan [1][9] - Year-over-year, Q2 2025 sales and volume showed a decline compared to Q2 2024, although May experienced a sales increase, with an average item price rising by 12.1% [1][12] Category Performance - T-shirts dominated sales with a 35.0% revenue share, followed by casual pants (23.2%) and jeans (10.1%) [1][16] - Emerging categories such as shorts, fashionable sun-protective clothing, and dress pants saw significant growth, with sales increasing by 60.5%, 21.1%, and 34.8% respectively [1][12] - The promotion strategies for the 618 festival had limited impact on autumn/winter categories, while summer items performed better [1][14] Top Performing Stores - The top 10 stores on Tmall featured well-known brands, with Uniqlo leading at 5.5 billion yuan in sales, followed by Hailan Home and Ralph Lauren [2][26] - On Taobao, trendy stores like GTAL and YUXIAN achieved sales exceeding 60 million yuan [2][27] - Notable emerging stores included "Cotton Aesthetics," which saw a staggering 1484.7% year-over-year sales increase, primarily selling T-shirts [2][29] Style Trends - The main style trends in Q2 2025 included street casual, light business, and outdoor sports [2][23] - Light business attire accounted for a total sales volume of 134,000 items, with brands like Hailan Home and Uniqlo leading in this category [2][23] - Outdoor sports styles, particularly sun-protective and quick-dry products, also performed well, with a total sales volume of 74,000 items [2][23] Market Insights - The overall men's apparel e-commerce market in Q2 2025 presented structural opportunities driven by mid-to-high-end positioning and scenario-based marketing [2][12] - New brands achieved rapid growth through precise category positioning and innovative styles [2][12]