证券代码：600398 证券简称：海澜之家 编号：2025—035 海澜之家集团股份有限公司 关于 2025 年度"提质增效重回报"行动方案的公告 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。 为深入贯彻落实国务院《关于进一步提高上市公司质量的意见》的相关要求， 响应上海证券交易所《关于开展沪市公司"提质增效重回报"专项行动的倡议》， 推动公司高质量发展和投资价值提升，海澜之家集团股份有限公司（以下简称 "公司"）结合自身实际经营情况及发展战略，制定了《2025 年度"提质增效 重回报"行动方案》（以下简称"行动方案"），本行动方案已经公司第九届第十 九次董事会审议通过。具体内容如下： 一、聚焦主营业务，推动公司高质量发展 2025 年，公司以"聚焦品牌、拥抱全球、普惠生活"为方针，坚守服装主 业，加码海外扩张，积极拓展运动及城市奥莱新业态；坚持集团化发展战略，持 续强化品牌建设、供应链管理和渠道运营的综合能力，推动公司可持续高质量发 展。 在产业研发方面，公司依托海澜云服实验室，持续推进服饰材料创新研发、 面料检测服务、服 ...

提到海澜之家，相信很多人脑海里立刻浮现那段魔性的广告："一年逛两次 男人的衣柜"。不过，近期海澜之家做了一件让人惊掉下巴的事——推出一款智 能手表。 （图源：海澜之家） 实际上，很多服装品牌都会推出周边产品，以增强品牌的影响力。但海澜之家选择直接跨入此前从未涉猎的科技数码赛道，这的确让人有些摸不着头脑。而 且在大多数人的认知里，智能手表向来是手机厂商、科技公司的主场，一个服装品牌突然入局，多少显得有些不按常理出牌。 （图源：海澜之家） 互联部分，海澜之家甚至为HLA WATCH FORCE Pro开发了一款专用App——HLA运动健康，安卓/iOS双端已上线。 这么看来，HLA WATCH FORCE Pro并不像是一款玩票的产品，一方面是手表本身硬件并不落伍，该有的监测功能全都有、屏幕配置也足够亮眼，设计也 还算时尚；另一方面是生态互联也做足了配套服务，无论是安卓用户还是苹果用户，都能用专用App连接使用。 当然，海澜之家并非首个尝试跨界的服装品牌，过去几年里，越来越多原本与科技毫不相干的服饰品牌、奢侈品牌，开始跳出"舒适圈"。那么，为什么偏偏 是智能手表这个看起来并不起眼的赛道呢？ 海澜之家做智能手表，玩 ...

Core Viewpoint - The "2025 (5th) Evaluation and Promotion Activity for Garment Tender Procurement" aims to standardize the procurement order in the garment industry and establish a benchmark for integrity, guiding healthy and sustainable industry development [1]. Group 1: Evaluation Criteria - The evaluation considers enterprise qualifications and overall strength, including industry experience, brand accumulation, production scale, and certification [3]. - Product innovation and technology research and development are assessed, focusing on intelligent and functional design, green technology, and cultural aesthetics [3]. - Market performance and customer coverage are evaluated based on sales volume, bidding records, and international layout [4]. - Service capability and after-sales support are crucial, emphasizing comprehensive customization services and rapid response mechanisms [4]. - Sustainable development and social responsibility are important, with a focus on green production and carbon reduction [4]. Group 2: Leading Brands - Haian Home Group Co., Ltd. focuses on creating vibrant clothing and enhancing brand recognition through product innovation and efficient supply chain management [6]. - Romon Group Co., Ltd. is a well-known domestic clothing enterprise with a brand value exceeding 10 billion yuan, producing over 6 million garments annually and recognized for its high-quality products [7][8]. - Youngor Group Co., Ltd. achieved a sales revenue of 164.6 billion yuan in 2024, maintaining a leading position in the men's shirt and suit market for decades [10]. - Hubao Group Co., Ltd. has over 120 subsidiaries and annual sales exceeding 4 billion yuan, with a strong presence in both domestic and international markets [11]. - Caizi Clothing Co., Ltd. integrates design, production, and sales, with a production capacity of over 10 million garments annually and a commitment to cultural branding [12]. - Zhejiang George White Clothing Co., Ltd. is recognized for its B2B customization model and has participated in multiple national standards formulation [13][14]. - Jiangsu Lugang Technology Co., Ltd. is a modern enterprise with advanced production equipment and a strong reputation in the industry [17]. - Shandong Nanshan Zhishang Technology Co., Ltd. is a high-tech enterprise with a focus on integrated textile and garment production, holding numerous patents and awards [18][19].

Core Viewpoint - The "2025 (5th) Clothing Bidding Procurement Evaluation Promotion Activity" aims to standardize the clothing bidding procurement order and promote industry development, coinciding with the 25th anniversary of the implementation of the "Bidding Law of the People's Republic of China" [1] Group 1: Evaluation and Rankings - The evaluation utilized a comprehensive assessment method, considering factors such as registered capital, years of operation, operational premises, human resources, total bidding amount and project count over the past three years, honors, technological innovation, management system certification, and information technology [3] - The rankings include "Top Ten Brands of Professional Workwear," "Top Ten Brands of Standardized Clothing," and "Top Ten Brands of Police Uniforms" [1][3] Top Ten Brands of Professional Workwear - Jiangsu Hongdou Industrial Co., Ltd. - Zhejiang George White Clothing Co., Ltd. - Sichuan Shengshan Baiyulan Industrial Co., Ltd. - Sichuan Qida Industrial Group Co., Ltd. - Zhejiang Busen Clothing Co., Ltd. - Shanghai Baoniao Clothing Co., Ltd. - Shenzhen Shengji Clothing Co., Ltd. - Jiangsu Yangzi Tun Clothing Co., Ltd. - Hunan Province Wangbule Clothing Co., Ltd. - Shandong Ru Yi Lu Jiana Textile Clothing Co., Ltd. [3] Top Ten Brands of Standardized Clothing - Hailan Home Group Co., Ltd. - Romon Group Co., Ltd. - Jiangsu Hongdou Industrial Co., Ltd. - Caizi Clothing Co., Ltd. - Yihe Co., Ltd. [3][4] Top Ten Brands of Police Uniforms - Jiangsu Kasti Lai Clothing Co., Ltd. - Hunan Guojin Xiang'an Industrial Co., Ltd. - Shandong Shengyang Clothing Co., Ltd. - Changchun Shengwei Yate Clothing Group Co., Ltd. - Jiangsu Lugang Technology Co., Ltd. - Shanxi Bingjuan Garment Co., Ltd. - Anhui Wuying Garment Co., Ltd. - Shandong Xianxia Clothing Co., Ltd. - Guangdong Danhao Industrial Co., Ltd. - Ailite Holding Group Co., Ltd. [4] Group 2: Customized Services - Eight personalized service menus were introduced for clothing bidding suppliers, including comprehensive strength certification, inclusion in procurement directories, news interviews, 3D (VR) showroom services, WeChat ranking promotion, bidding business training, regional resource exchange services, and national bidding resource integration services [5][6] - The services aim to enhance the visibility and credibility of the suppliers, providing them with opportunities to connect with key stakeholders in various procurement sectors [5][6] Group 3: Background of the Organizing Body - China Procurement and Bidding Network was established in 2000 to support the implementation of the "Bidding Law" and to standardize the public procurement market, becoming a significant platform in the domestic bidding and procurement field [6] - The platform publishes over 40 million bidding data and project information annually, serving more than 180,000 registered members and achieving over 400 million visits each year [6]

Core Viewpoint - The "2025 (5th) Clothing Tender Procurement Evaluation Promotion Activity" aims to standardize the clothing tender procurement order and promote industry development, coinciding with the 25th anniversary of the implementation of the "People's Republic of China Tendering and Bidding Law" [1] Group 1: Evaluation and Rankings - The evaluation utilized a comprehensive assessment method, considering factors such as registered capital, years of operation, operational premises, human resources, total bid amounts and project counts over the past three years, honors, technological innovation, management system certification, and information technology [3] - The "2025 Leading Brands in School Uniforms" list includes companies such as Haier Home Group Co., Ltd., Zhejiang Semir Garment Co., Ltd., and Jiangsu Tiger Leopard Group Co., Ltd. [3] - The "2025 Top Ten School Uniform Brands" list features Haier Home Group Co., Ltd., Zhejiang Semir Garment Co., Ltd., and Jiangsu Paixun Garment Co., Ltd. [3] Group 2: Customized Services for Suppliers - Eight personalized service menus were introduced for clothing tender suppliers, including certification services, inclusion in procurement directories, news interview services, 3D (VR) exhibition services, and promotional services on WeChat [4][5] - The services aim to enhance the visibility and credibility of suppliers, providing them with opportunities for training and networking within the public procurement sector [5] Group 3: Background of the Organizing Body - China Procurement and Bidding Network was established in 2000 to support the implementation of the "People's Republic of China Tendering and Bidding Law" and to regulate the public procurement market [6] - The platform has significant influence in the domestic bidding and public procurement fields, with over 40 million data entries published annually and more than 180,000 registered members [6]

Group 1 - The 2025 Bay Area Cross-Border New Power Brand Summit held on June 26 in Shenzhen attracted over 1,000 exhibitors and industry elites, marking a significant event in the cross-border e-commerce sector for the first half of the year [2] - The upcoming Bay Area Cross-Border Outbound Forum on December 25 will focus on "Intelligent Manufacturing Going Abroad, Cross-Border Towards New," featuring top guests and industry leaders discussing strategies and practical methods for going global [2] - The forum will include unique segments such as a private yacht networking event, aimed at creating a dual feast of ideas and resources for cross-border professionals [2] Group 2 - The forum will feature over ten leading figures in the cross-border outbound field, covering key areas such as brand expansion, supply chain, platform operations, and marketing, sharing frontline practical experiences [3] - Notable speakers include Bao Xiao from Hailan Home, who will discuss the strategic layout and experiences of traditional apparel brands going global, and Li Yifan from Heybike, who will reveal secrets to rapidly capturing overseas markets in the electric bicycle sector [4][5] - Wang Xuan from HOVERAir will analyze the product innovation and market adaptation logic for tech products going abroad, showcasing the evolution of consumer drones [6] Group 3 - The forum will address practical methods for brand operation from scratch, with speakers like "Little Prince" from Huakai Yibai sharing content marketing strategies, and Wang Mengshan discussing the underlying logic of creating explosive products [7] - Ouyang Zhijun from Langhua Group will present solutions for empowering industry outbound through supply chain finance, highlighting the group's projected revenue of 320 billion yuan and import-export volume exceeding 920 billion yuan by July 2025 [8] Group 4 - The forum will also feature a roundtable discussion with industry experts on trends, challenges, and opportunities in cross-border outbound for 2026, fostering deep discussions among participants [9] - The establishment of the Cross-Border Outbound Alliance aims to integrate resources and professional research to continuously empower the high-quality development of the cross-border industry [10] - The agenda includes various segments such as keynote speeches, the launch of the Cross-Border Outbound Alliance, and a networking session, addressing core topics like brand strategy, supply chain empowerment, and content marketing [10]

Core Insights - The recent quality supervision sampling results for clothing products in Linyi City, Shandong Province, indicate that all 13 batches tested were found to be compliant with the relevant standards [2][3][4] Group 1: Quality Inspection Results - The sampling was conducted based on standards such as GB/T 22853-2019 for knitted sportswear and GB/T 22849-2024 for knitted T-shirts [2] - The inspection criteria included parameters like fiber content, formaldehyde content (mg/kg), pH value, carcinogenic aromatic amines, and various color fastness tests [2][3] Group 2: Product Details - The inspected clothing products included various brands such as 特步 (Xtep), 宁波博洋 (Ningbo Boyang), and 海澜之家 (HLA) [3][4] - All products tested were categorized under daily-use textiles and were found to meet the quality standards set by the Linyi Fiber Quality Inspection Center [3][4]

Market Overview - The Shanghai Composite Index fell by 1.11% on December 16, with only three sectors showing gains: retail trade (up 1.32%), beauty care (up 0.66%), and social services (up 0.13%) [2] - The sectors with the largest declines were telecommunications (down 2.95%) and non-ferrous metals (down 2.81%) [2] - The textile and apparel sector also experienced a decline of 1.12% [2] Capital Flow Analysis - The net outflow of capital from the two markets reached 701.17 billion yuan, with five sectors seeing net inflows [2] - The retail trade sector led with a net inflow of 38.18 billion yuan, while the food and beverage sector had a slight decline of 0.02% but still saw a net inflow of 3.02 billion yuan [2] - A total of 26 sectors experienced net capital outflows, with the power equipment sector leading at 131.01 billion yuan, followed by the electronics sector at 116.07 billion yuan [2] Textile and Apparel Sector Performance - The textile and apparel sector had a net capital inflow of 2.16 billion yuan, with 24 out of 105 stocks rising, including one hitting the daily limit [3] - The top stock in terms of net inflow was Jiumuwang, with an inflow of 3.78 billion yuan, followed by Fengzhu Textile and Hailan Home with inflows of 1.15 billion yuan and 228.51 million yuan, respectively [3] - The sector also saw significant outflows, with 15 stocks experiencing outflows exceeding 10 million yuan, led by Furui Shares at 64.09 million yuan [5] Top Gainers and Losers in Textile and Apparel - The top gainers in the textile and apparel sector included: - Jiumuwang: up 10.03% with a capital flow of 377.81 million yuan [4] - Fengzhu Textile: up 3.79% with a capital flow of 115.06 million yuan [4] - Hailan Home: up 0.98% with a capital flow of 22.88 million yuan [4] - The top losers included: - Furui Shares: down 5.22% with a capital outflow of 64.09 million yuan [5] - Huamao Shares: down 1.05% with a capital outflow of 22.32 million yuan [5] - Jinyi Culture: down 1.62% with a capital outflow of 21.73 million yuan [5]

Core Insights - The textile and apparel industry is experiencing a mixed performance, with a recommendation to focus on leading companies benefiting from positive trends in orders and raw material prices [5][12] - The report highlights potential investment opportunities in companies like New Australia Co., Nike's upstream supply chain, and various leading brands expected to recover in performance next year [5][12] - The light industry sector shows resilience, with recommendations for companies in home textiles and new consumer businesses that are expected to grow significantly [5][12] Textile and Apparel Industry Market Review - The Shanghai Composite Index fell by 0.34%, while the ChiNext Index rose by 2.74% during the period from December 8 to December 12, 2025. The textile and apparel sector (SW) declined by 2.81%, ranking 25th among 31 primary industries [12][13] - The report indicates that the textile and apparel industry's latest PE (TTM) is 20.01X, with historical highs and lows of 57.80X and 14.44X respectively [16][17] Textile and Apparel Export Data Tracking - In November 2025, China's textile exports increased by 1.02% year-on-year, while apparel exports decreased by 10.98% [5] - Vietnam's textile exports in November 2025 amounted to $2.97 billion, down 2.72% year-on-year, with a total export of $35.9 billion for the first 11 months, reflecting a 6.7% increase [5] Light Industry Manufacturing Market Review - The light industry sector's performance remains relatively stable, with external factors like U.S. real estate transactions expected to improve conditions for leading companies [5] - Recommendations include focusing on companies like Jiangxin Home, Yuanfei Pet, and Yiyi Co., which are expected to benefit from the ongoing recovery in the export market [5] Key Company Valuation and Financial Analysis - The report provides detailed financial metrics for key companies, including EPS, PE ratios, and ROE, indicating a generally favorable outlook for companies like Mercury Home Textiles and Anta Sports [6][25] - Notable companies with strong buy ratings include Mercury Home Textiles (closing price: CNY 20.18, target price: CNY 23.08) and Anta Sports (closing price: HKD 81.80, target price: HKD 105.00) [6][25]

Investment Rating - The report recommends "Buy" for Shenzhou International and Huali Group, with respective 2026 PE ratios of 12x and 18x [2][30]. Core Views - The textile and apparel industry is experiencing fluctuations in revenue, with notable declines in some manufacturers' performance due to changing international trade environments and tariff policies [1][13]. - The report anticipates a recovery in orders and shipments for apparel manufacturers in 2026, driven by improved demand and healthy inventory levels [23][28]. - Key brands like Nike are expected to show gradual improvement in their operational performance, which may positively impact their suppliers [23][24]. Summary by Sections Recent Revenue Performance - In November 2025, revenue for Feng Tai Enterprises, Ruo Hong, and Yu Yuan Group decreased by 11.8%, increased by 1.5%, and decreased by 2.4% year-on-year, respectively [1][13]. - Cumulatively from January to November 2025, Feng Tai's revenue declined by 4.9%, while Ruo Hong and Yu Yuan reported increases of 3.8% and 0.9% [1][13]. Industry Outlook - The report indicates that the apparel manufacturing sector is expected to see a recovery in orders in 2026, with a focus on companies with integrated and international supply chains [28][29]. - The report highlights that the competitive landscape is improving, with leading manufacturers likely to gain market share [2][27]. Key Investment Opportunities - Recommended stocks include Shenzhou International and Huali Group, with a focus on companies that are expected to benefit from improved customer trends and operational efficiencies [2][28]. - Other companies to watch include Weixing Co., Kairun Co., and Jingyuan International, which are also positioned well for future growth [2][28]. Brand Performance - The report emphasizes the importance of brand performance, particularly for Nike in the Greater China region, which is expected to show a turnaround [28]. - Other recommended brands include Anta Sports and Li Ning, with respective 2026 PE ratios of 14x and 16x [28].