Group 1: Financial Performance - In the first half of 2024, overseas revenue reached 161 million RMB, accounting for 1.48% of total revenue [1] - The company has successfully entered new overseas markets, including the Maldives and Kenya, with a total of 68 stores by the end of the period [1] - Cumulative cash dividends since the company's restructuring exceed 10 billion RMB, with a commitment to maintain a consistent and reasonable cash dividend policy [2] Group 2: Brand and Store Management - The company has reduced the number of franchise stores by over 100, while increasing direct-operated stores to optimize channel structure [2] - The inventory of returnable goods has increased, with the book value of returnable inventory at the end of 2023 reaching 720.45 million RMB, representing 84.81% of total inventory [2] Group 3: Market Outlook and Challenges - The company anticipates that the apparel sector will be significantly impacted if domestic economic growth remains under pressure and consumer confidence does not recover [3] - Operating cash flow has decreased due to increased payments for winter product inventory and reduced cash receipts related to operating activities [3] - The company is focused on enhancing its operational resilience through channel optimization, product upgrades, and marketing innovations [3] Group 4: Strategic Initiatives - The company is exploring potential stock buyback options in response to recent market declines, emphasizing shareholder value [3] - There is no current business collaboration with Bangladeshi textile enterprises, and recent unrest in Bangladesh has not affected the company's operations [3]

Financial Performance - The company's revenue for Q3 2024 was approximately ¥3.89 billion, representing a decrease of 11.01% compared to the same period last year[4]. - Net profit attributable to shareholders for Q3 2024 was approximately ¥271.29 million, down 64.88% year-over-year[4]. - The basic earnings per share for Q3 2024 was ¥0.06, a decline of 66.67% compared to the previous year[4]. - The net profit excluding non-recurring gains and losses for Q3 2024 was approximately ¥240.23 million, a decrease of 57.15% compared to the same period last year[4]. - Net profit for Q3 2024 was approximately ¥1.96 billion, a decrease of 18.9% compared to ¥2.42 billion in Q3 2023[21]. - Total comprehensive income for Q3 2024 was approximately ¥1.98 billion, down from ¥2.55 billion in Q3 2023[21]. - Basic earnings per share for Q3 2024 was ¥0.41, compared to ¥0.57 in Q3 2023, reflecting a decrease of 28.1%[21]. - Net profit for the first three quarters of 2024 was CNY 1,964,014,369.52, down from CNY 2,421,156,003.24 in 2023, indicating a decline of approximately 18.93%[20]. Assets and Liabilities - Total assets at the end of the reporting period were approximately ¥32.45 billion, a decrease of 3.73% from the end of the previous year[5]. - The company's total assets decreased to CNY 32,454,582,702.27 from CNY 33,712,841,762.60, a reduction of about 3.72%[19]. - Total liabilities decreased to CNY 15,403,227,911.24 from CNY 17,675,167,545.25, a decline of approximately 12.86%[19]. - The total equity attributable to shareholders increased by 4.38% year-over-year, reaching approximately ¥16.75 billion[5]. - The total equity attributable to shareholders increased to CNY 16,753,251,180.85 from CNY 16,049,615,953.58, reflecting a growth of approximately 4.37%[19]. Cash Flow and Investments - The net cash flow from operating activities for the year-to-date was approximately ¥26.89 million, down 98.90% year-over-year[9]. - Operating cash flow for the first nine months of 2024 was approximately ¥26.89 million, a significant decline from ¥2.44 billion in the previous year[22]. - The company reported a net cash outflow from investing activities of approximately ¥1.59 billion for the first nine months of 2024, compared to ¥826.97 million in the same period of 2023[23]. - Cash outflow from financing activities for the first nine months of 2024 was approximately ¥4.47 billion, compared to ¥2.44 billion in the previous year[23]. - Cash and cash equivalents at the end of Q3 2024 were approximately ¥5.70 billion, down from ¥9.64 billion at the end of Q3 2023[23]. - The company's cash and cash equivalents decreased to RMB 5.99 billion from RMB 11.90 billion at the end of 2023[17]. - The company's cash and cash equivalents increased to CNY 3,000,000,000.00, reflecting a strong liquidity position[20]. Sales and Revenue Breakdown - The total revenue for the third quarter of 2024 reached RMB 14.52 billion, a decrease of 3.52% compared to the same period last year[14]. - Revenue from sales of goods and services for the first nine months of 2024 was approximately ¥16.35 billion, slightly down from ¥16.41 billion in the same period of 2023[22]. - The revenue from franchise stores and others was RMB 9.73 billion, with a gross margin of 41.08%[15]. - Online sales accounted for 22.03% of total revenue, with a gross margin of 48.37%, while offline sales made up 77.97% with a gross margin of 45.95%[16]. Operational Metrics - The weighted average return on equity decreased to 1.75%, down 3.50 percentage points from the previous year[5]. - The company experienced a significant decline in sales gross profit, contributing to the drop in net profit[7]. - The gross profit margin for the main business was 46.48%, reflecting a slight increase of 0.64% year-on-year[14]. - Total operating revenue for the first three quarters of 2024 was CNY 15,258,841,551.72, a decrease of 1.99% compared to CNY 15,569,111,943.91 in the same period of 2023[20]. - Total operating costs increased to CNY 12,666,496,589.76, up from CNY 12,571,036,606.11, reflecting a rise in operational expenses[20]. Store Network and Expansion - The number of direct stores increased from 1,252 to 1,379, with a net increase of 127 stores during the reporting period[13]. - The total number of stores at the end of the reporting period was 7,129, reflecting a net increase of 252 stores[13]. - The company reported a decrease in the number of franchise stores, with a net loss of 231 stores during the period[13]. - The company plans to continue expanding its direct store network and enhancing its online sales capabilities[14]. Research and Development - Research and development expenses rose to CNY 184,381,815.17, up from CNY 143,830,044.08, indicating a focus on innovation[20]. Tax and Accounting - The company experienced a decrease in tax refunds received, totaling approximately ¥11.32 million in 2024 compared to ¥136.49 million in 2023[22]. - The company has not applied new accounting standards for the year 2024[24].

证券代码：600398 证券简称：海澜之家 编号：2024—051 海澜之家集团股份有限公司 第九届第十次董事会（现场结合通讯）决议公告 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。 会议以记名投票表决方式逐项审议通过了以下议案： 一、审议通过了《公司 2024 年第三季度报告》 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 2024 年第三季度报告》详见上海证券交易所 网站（www.sse.com.cn）。 海澜之家集团股份有限公司（以下简称"公司"）董事会第九届第十次会议 于2024年10月29日在公司会议室以现场结合通讯方式召开，会议通知已于2024 年 10 月 18 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，公司高级管理人员和监事列席了会议。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。 二、审议通过了《关于制定<公司董事、监事和高级管理人员所持本公司股 ...

海澜之家集团股份有限公司 董事、监事和高级管理人员 所持本公司股份及其变动管理制度 第一章 总 则 第一条 为加强对海澜之家集团股份有限公司（以下简称"公司"）董事、监 事和高级管理人员所持本公司股份及其变动的管理，根据《中华人民共和国公司 法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司董事、监事和高级管理人员所持本公司股份及其变动管理规则》《上 海证券交易所上市公司自律监管指引第 15 号——股东及董事、监事、高级管理 人员减持股份》等法律、法规、规范性文件及《海澜之家集团股份有限公司章程》 （以下简称"《公司章程》"）的相关规定，结合公司实际情况，制定本制度。 第二条 本制度适用于公司董事、监事和高级管理人员所持公司股份及其变 动的管理。 第三条 公司董事、监事和高级管理人员所持本公司股份，是指登记在其名 下和利用他人账户持有的所有本公司股份。 公司董事、监事和高级管理人员从事融资融券交易的，还包括记载在其信用 账户内的本公司股份。 第四条 公司董事、监事和高级管理人员应当遵守《公司法》《证券法》等法 律、法规、规范性文件及《公司章程》中关于股份变动的限制 ...

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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2024 年 10 月 15 日 证券代码：600398 证券简称：海澜之家 公告编号：2024-049 海澜之家集团股份有限公司 2024 年第一次临时股东大会决议公告 本次会议由董事会召集，现场会议由董事长周立宸先生主持。会议采用现场 投票与网络投票相结合的方式召开，会议的召集和召开程序、出席会议人员的资 格、会议的表决方式和程序均符合《公司法》及《公司章程》的有关规定。 (五)公司董事、监事和董事会秘书的出席情况 1、 公司在任董事 8 人，出席 6 人，顾东升先生、陈磊先生因工作原因无法出席； 2、 公司在任监事 3 人，出席 3 人； 3、 董事会秘书出席会议；公司部分高管列席会议。 二、 议案审议情况 (一)非累积投票议案 1、 议案名称：关于补选秦敏杰先生为第九届董事会董事的议案 (二)股东大会召开的地点：江苏省江阴市华士镇华新路 8 号海澜之家 1 号楼会议 室 (三) ...

证券代码：600398 证券简称：海澜之家 编号：2024—050 表决结果：同意 9 票，反对 0 票，弃权 0 票。 特此公告。 海澜之家集团股份有限公司董事会 二〇二四年十月十六日 海澜之家集团股份有限公司 第九届第九次董事会（现场结合通讯）决议公告 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"）董事会第九届第九次会议 于2024年10月15日在公司会议室以现场结合通讯方式召开，会议通知已于2024 年 10 月 15 日通过口头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，公司高级管理人员和监事列席了会议。会议由公司董事长周立宸先生主持， 董事长在会议上对本次会议的通知时间等事项向与会董事做出了说明。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审议通过了《关于选举秦敏杰先生为第九届董事会 薪酬与考核委员会委员的议案》。 ...

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 国浩律师（上海）事务所（以下简称"本所"）接受海澜之家集团股份有限公 司（以下简称"公司"）委托，指派本所律师出席公司 2024 年第一次临时股东大 会（以下简称"本次股东大会"）。本所律师根据《中华人民共和国证券法》（以下 简称"《证券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）、《上 市公司股东大会规则》（以下简称"《股东大会规则》"）等法律、法规、部门规 章和规范性文件以及《海澜之家集团股份有限公司章程》（以下简称"《公司章 程》"）的规定，就公司本次股东大会的召集与召开程序、出席会议人员资格、召 集人资格、会议表决程序和表决结果的合法性等有关法律问题出具法律意见书。 对本法律意见书的出具，本所律师特作如下声明： 1、本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日 以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信 用原则，进行了充分的核查验证，保证本法律意见书所认定的事实真实、准确、 完整，所发表的结论性意见合法、准 ...

海澜之家集团股份有限公司 2024 年第一次临时股东大会 会 议 资 料 2024 年 10 月 海澜之家集团股份有限公司 2024 年第一次临时股东大会材料目录 一、股东大会参会须知 二、股东大会表决办法的说明 三、大会议程 四、关于补选秦敏杰先生为第九届董事会董事的议案 五、关于部分募集资金投资项目调整投资规模并结项暨节余募集资金永久补 充流动资金的议案 六、关于修订《公司对外投资管理办法》的议案 海澜之家集团股份有限公司 五、股东发言时，应先报告所持股份数和姓名。在进行表决时，股东不进行 大会发言。 六、大会以记名投票方式进行表决。 七、为保证股东大会的严肃性和正常秩序，切实维护与会股东（或代理人） 的合法权益，除出席会议的股东（或代理人）、公司董事、监事、董事会秘书、 高级管理人员、公司聘任律师及董事会邀请的人员外，公司有权依法拒绝其他人 员进入会场。 八、为保证会场秩序，场内请勿吸烟、大声喧哗，对干扰会议正常秩序、寻 衅滋事和侵犯其他股东合法权益的行为，工作人员有权予以制止，并及时报告有 关部门查处。 海澜之家集团股份有限公司 2024 年第一次临时股东大会参会须知 为维护投资者的合法权益，确保股东 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 8.52 CNY per share, compared to the current price of 7.58 CNY [4][9]. Core Views - The strategic partnership with JD.com has been established, with the first JD Outlet store opening at Hailan Feima Water City, aiming to explore new growth avenues. The store has seen an average daily foot traffic of over 30,000 during the National Day holiday [2]. - The second quarter performance was below expectations, with revenue and net profit for Q2 2024 declining by 5.88% and 14.42% respectively. The cautious outlook for Q3 is noted, although improvements are anticipated in Q4 due to favorable policy changes and the impact of the JD Outlet [2][3]. - Earnings per share (EPS) forecasts for 2024, 2025, and 2026 are projected at 0.57 CNY, 0.64 CNY, and 0.76 CNY respectively, with a reasonable valuation based on a 15x PE ratio for 2024 [2][9]. Financial Summary - Revenue for 2024 is expected to be 22.114 billion CNY, with a growth rate of 2.73%. The net profit is projected at 2.727 billion CNY, reflecting a decline of 7.61% [3][9]. - The company’s revenue breakdown includes direct sales, franchise operations, online sales, and group purchasing, with varying growth rates and profit margins across these segments [7][8][9]. - The EBITDA for 2024 is estimated at 5.067 billion CNY, with a slight decrease from the previous year [3][9]. Revenue Projections - Direct sales are projected to generate revenues of 4.806 billion CNY in 2024, with a growth rate of 6.02% [7]. - Franchise revenue is expected to decline to 9.367 billion CNY in 2024, a decrease of 12.31% [8]. - Online sales are forecasted to grow significantly, reaching 4.887 billion CNY in 2024, with a growth rate of 50% [8][9]. Profitability Metrics - The gross margin for direct sales is expected to remain stable at 62.61%, while the online business is projected to have a gross margin of 48.65% [7][8]. - The net profit margin is anticipated to be around 12.5% for 2024, with a return on equity (ROE) of 14.4% [3][9].

大家好 我是广发政策院纺织服装研究员米哈杰非常感谢大家对于广发纺织服装的支持同时也非常感谢大家参加今天的海南时间深度报告的一个解读那这篇报告呢我们是在今年年初写的这个我们做了一些更新同时呢也会增加一些新的内容但是都是呢基于以外发的这个报告那我们从上周一开始呢这个纺织服装和新光每天会有一场深度报告解读啊这个持续至月底 那海南之家的这个申报解读呢也是收官的最后一篇啊之前的话呢我们已经解读了百荣东方的深度啊清宫的家居板块中报总结和展望违心股份的深度啊清宫的出口板块中的呃中报总结和展望啊台湾青彩的深度啊清宫的呃这个造纸包装的这个中报总结和展望那这个海外运动鞋服行业采报增速啊清宫的必选消费中报总结和展望 加法行业的深度这个清宫的太阳值月的深度开润股份的深度清宫的公牛集团的深度羊绒行业的深度清宫的友谊股份的深度富盘优衣库多南亚出海成功经验的深度这个清宫的共创草坪的深度安踏体育的深度这个清宫的永兴股份的深度都是有一定关注度的行业和公司如果说大家透过了直播的话欢迎收看回放那么下面的就是我们正式进入 海南之家深度报告的一个汇报那我们呢会分成这个七个部分啊这个介绍啊首先会介绍一下海南之家整体的情况啊其次的话呢公司大宗高性价比啊这 ...