徐兴福先生在担任公司副总经理期间，恪尽职守、勤勉尽责，公司董事会对 徐兴福先生任职期间为公司发展所做出的贡献表示衷心感谢。 | 姓名 | 离任职务 | 离任时间 | | 原定任期 到期日 | | 离任 | 是否继续在 上市公司及 | 具体职 务（如 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 原因 | 其控股子公 | 适用） | 毕的公开 | | | | | | | | | 司任职 | | 承诺 | | | | 2025 年 11 | | 2026 年 | 5 | 个人 | | 渠道营 | | | 徐兴福 | 副总经理 | | | | | | 是 | 运中心 | 否 | | | | 月 14 | 日 | 月 21 | 日 | 原因 | | 负责人 | | （一）提前离任的基本情况 （二）离任对公司的影响 根据《公司法》《公司章程》的有关规定，徐兴福先生的辞职报告自送达公 司董事会之日起生效。徐兴福先生已按照公司《董事、高级管理人员离职管理制 度》做好交接工作，其辞职不会影响公 ...

Core Viewpoint - The company announced the resignation of Xu Xingfu from the position of Deputy General Manager of the Ninth Board of Directors due to personal reasons, effective immediately upon delivery of the resignation report [1] Group 1 - Xu Xingfu will continue to serve as the head of the Channel Operations Center within the company and its subsidiaries after his resignation [1]

Core Viewpoint - Xu Xingfu has submitted his resignation as the Deputy General Manager of the company's ninth board of directors due to personal reasons, effective immediately upon delivery to the board [1] Group 1 - Xu Xingfu will continue to serve as the head of the channel operation center in the listed company and its holding subsidiaries [1]

海澜之家自2017年起启动多品牌战略，发力年轻化转型。营销层面，不仅冠名《奔跑吧兄弟》《最强大 脑》等热门综艺，还频繁亮相马拉松、苏超等赛事，同时签约潘展乐、陈哲远等新生代明星代言。2020 年至2025年上半年，其广告宣传费用累计超25亿元。 （文章来源：21世纪经济报道） 据中国新闻周刊报道，11月6日，国际指数编制公司MSCI公布2025年11月指数审核结果，男装品牌海澜 之家（600398.SH）被移出MSCI中国指数，此次调整将于11月24日收盘后正式生效。同期，共有26家中 国公司新纳入该指数，20家公司被剔除。 海澜之家被剔除或与其近年业绩表现密切相关。2025年三季报显示，公司整体营收155.99亿元，同比增 长2.23%，而贡献超七成营收的主品牌"海澜之家"营收达108.49亿元，同比下滑3.99%。这已是该主品牌 自2024年下半年以来，连续多个财报期出现收入下滑。 ...

Market Overview - In October, the A-share textile and apparel sector outperformed the broader market, with textile manufacturing performing better than branded apparel. Since November, the sector has continued to show strong performance, with branded apparel increasing by 3.4% and textile manufacturing by 2.9% [1][12] - The Hong Kong textile and apparel index fell by 4.9% in October but has since turned positive in November [1][19] Brand Apparel Insights - Retail sales of clothing in September grew by 4.7% year-on-year, with a month-on-month increase of 1.6 percentage points [1][21] - E-commerce showed strong performance in October, with all categories experiencing month-on-month growth. Outdoor apparel led year-on-year growth, with sportswear, outdoor wear, leisure wear, home textiles, and personal care products showing growth rates of 0%, +19%, 0%, +1%, and +2% respectively [1][21] - Leading brands in sportswear included Lululemon (+88%), Asics (+47%), and Descente (+35%). In outdoor brands, Kailas (+55%), Berghaus (+41%), and Camel (+39%) showed strong growth. In leisure wear, Dazzle (+93%), Li Ning (+85%), and Xuezhongfei (+49%) experienced rapid growth [1][21] Textile Manufacturing Insights - On a macro level, the textile export growth in October was impacted by high base effects from the previous year, with Vietnam's textile exports declining by 1.0% year-on-year and China's textile exports down by 9.1% [1][21] - Cotton prices showed slight increases in October (+0.7%) while wool prices decreased significantly (-20.9% month-on-month) [1][21] - On a micro level, Taiwanese companies reported mixed revenue performances in October, but outlooks remain optimistic. Companies like Ju Hong expect revenue recovery in Q4, while Wei Hong has strong demand driven by the upcoming World Cup [1][21] Investment Recommendations - Focus on textile manufacturing rebound and consumer innovation opportunities. The fourth-quarter orders in textile manufacturing are expected to recover, suggesting a potential turnaround for companies facing difficulties [3][6] - Key companies to watch include Shenzhou International, which benefits from tariff reductions and Nike's recovery, and Huayi Group, which is seeing continuous improvement in profitability [6][7] Key Company Performance Predictions - Shenzhou International: Maintain "Outperform" rating with an estimated EPS of 4.37 in 2025 and 4.96 in 2026 [7] - Huayi Group: Maintain "Outperform" rating with an estimated EPS of 2.85 in 2025 and 3.48 in 2026 [7] - Kai Run Co.: Maintain "Outperform" rating with an estimated EPS of 1.52 in 2025 and 1.78 in 2026 [7] - New Australia Co.: Maintain "Outperform" rating with an estimated EPS of 0.63 in 2025 and 0.71 in 2026 [7]

Market Overview - In October, the A-share textile and apparel sector outperformed the broader market, with textile manufacturing performing better than branded apparel. Since November, the sector has continued to show strong performance, with branded apparel increasing by 3.4% and textile manufacturing by 2.9% [1][12] - The Hong Kong textile and apparel index fell by 4.9% in October but has since turned positive in November [1][19] Brand Apparel Insights - Retail sales of clothing in September grew by 4.7% year-on-year, with a month-on-month increase of 1.6 percentage points [1][21] - E-commerce showed strong performance in October, with all categories experiencing month-on-month growth. Outdoor apparel led year-on-year growth, with sportswear, outdoor wear, leisure wear, home textiles, and personal care products showing growth rates of 0%, 19%, 0%, 1%, and 2% respectively [1][21] - Leading brands in sportswear included Lululemon (88%), Asics (47%), and Descente (35%). In outdoor brands, Kailas (55%), Berghaus (41%), and Camel (39%) showed strong growth [1][21] Textile Manufacturing Insights - On a macro level, the textile export growth in October was negatively impacted by high base effects from the previous year, with Vietnam's textile exports declining by 1.0% year-on-year and China's textile exports down by 9.1% [1][21] - Cotton prices showed slight increases in October, while wool prices decreased significantly, down 20.9% month-on-month and 6.8% year-on-year [1][21] - Taiwanese companies in the textile sector are optimistic about future revenue, with several companies expecting a recovery in orders and revenue in the fourth quarter [1][6] Investment Recommendations - Focus on textile manufacturing rebound and consumer innovation opportunities. The fourth quarter is expected to see a recovery in orders, with diminishing tariff impacts and stabilizing order placements [3][6] - Key companies to watch include Shenzhou International, Huayi Group, and Kai Run Co., which are expected to benefit from improved order visibility and market demand [3][6][7] - In branded apparel, the report recommends focusing on high-end segments and brands in the sports and outdoor categories, highlighting Anta Sports, Li Ning, and Tebu International as key players [3][6]

Market Overview - In October, the A-share textile and apparel sector outperformed the broader market, with textile manufacturing performing better than branded apparel. Since November, the sector has continued to show strong performance, with branded apparel increasing by 3.4% and textile manufacturing by 2.9% [1][12] - The Hong Kong textile and apparel index fell by 4.9% in October but has since turned positive in November [1][19] Brand Apparel Insights - Retail sales of clothing in September grew by 4.7% year-on-year, with a month-on-month increase of 1.6 percentage points [1][21] - E-commerce showed strong performance in October, with all categories experiencing month-on-month growth. Outdoor apparel led year-on-year growth, with sportswear, outdoor wear, leisure wear, home textiles, and personal care products growing by 0%, 19%, 0%, 1%, and 2% respectively [1][21] - Leading brands in sportswear included Lululemon (88%), Asics (47%), and Descente (35%). In outdoor brands, Kailas (55%), Berghaus (41%), and Camel (39%) showed strong growth. In leisure wear, brands like Dazzle (93%), Li Ning (85%), and Snow Flying (49%) experienced rapid growth [1][21] Textile Manufacturing Insights - On a macro level, the textile export growth in October was impacted by high base effects from the previous year, with Vietnam's textile exports declining by 1.0% year-on-year and China's textile exports down by 9.1% [1][21] - Cotton prices showed slight increases and decreases in October, with domestic cotton prices up by 0.7% and imported cotton prices down by 0.9%. Wool prices decreased significantly, down 20.9% month-on-month and 6.8% year-on-year [1][21] - On a micro level, Taiwanese companies showed varied revenue performance in October, with optimistic future outlooks. Companies like Ju Hong and Wei Hong reported strong order visibility and expected revenue recovery in the upcoming quarters [1][21] Investment Recommendations - Focus on textile manufacturing rebound and consumer innovation opportunities. The fourth quarter is expected to see order recovery, with diminishing tariff impacts and stabilizing order placements [3][6] - Key companies to watch include Shenzhou International, which benefits from tariff reductions and Nike's recovery, and Huayi Group, which is seeing continuous improvement in profitability [6][7]

资金流向方面，主力资金净流入1310.04万元，特大单买入1259.88万元，占比9.06%，卖出602.69万元， 占比4.34%；大单买入3091.61万元，占比22.24%，卖出2438.77万元，占比17.54%。 11月12日，海澜之家盘中上涨2.06%，截至10:31，报6.44元/股，成交1.39亿元，换手率0.45%，总市值 309.30亿元。 海澜之家今年以来股价跌12.02%，近5个交易日涨3.04%，近20日跌1.53%，近60日跌8.00%。 分红方面，海澜之家A股上市后累计派现214.04亿元。近三年，累计派现65.16亿元。 机构持仓方面，截止2025年9月30日，海澜之家十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股8325.53万股，相比上期减少295.66万股。华泰柏瑞上证红利ETF（510880）位居第五大流 通股东，持股7772.88万股，相比上期增加432.86万股。南方中证500ETF（510500）位居第六大流通股 东，持股3489.99万股，相比上期减少71.78万股。易方达中证红利ETF（515180）位居第九大流通股 东，持股1945.56万股 ...

Core Insights - The article highlights the transformation of the apparel industry towards "digital intelligence," exemplified by the smart factory of Hailan Home in Jiangyin, Jiangsu, where every garment is tracked through a digital system from fabric development to delivery [1][2][5] Group 1: Digital Transformation - Hailan Home has partnered with JD.com to enhance supply chain efficiency and product innovation, launching over a hundred exclusive products annually and utilizing JD's VMI cloud warehouse network for efficient distribution [1][9] - The focus has shifted from short-term sales spikes to long-term operational efficiency, with the "Double 11" shopping festival serving as a comprehensive supply chain exercise rather than just a traffic-driven event [2][11] - The brand is redefining its identity from "men's wardrobe" to "family lifestyle," expanding into women's and children's clothing, thus tapping into new growth areas and diversifying its consumer base [3][4] Group 2: Supply Chain and Production Efficiency - The smart factory has transitioned from "mass production" to "customized production," allowing for single-piece orders and rapid delivery within seven days, showcasing a flexible and efficient manufacturing model [5][6] - The integration of data-driven production processes enables real-time adjustments based on sales data, enhancing responsiveness to market fluctuations [4][6] - Hailan Home's collaboration with JD.com has established a "smart brain" for supply chain management, allowing for predictive capabilities and improved consumer experience through localized fulfillment [9][10] Group 3: Consumer Engagement and Product Development - The rise of "parameter consumption" has led to a focus on fabric quality and functionality, with JD.com introducing a quality certification system for apparel, ensuring consumers receive reliable products [10][11] - Hailan Home and JD.com co-create numerous exclusive products based on consumer insights, enhancing the brand's ability to meet market demands effectively [10][11] - The brand's marketing strategies are increasingly tailored to younger consumers, utilizing social media and events to engage with this demographic [3][4]

Core Insights - The establishment of the "Lan Run Research Society" marks a strategic step for HLA in the sports industry, aiming to create a comprehensive running ecosystem that covers professional competition to mass participation [1][4] Group 1: Event Overview - The "Lan Run Research Society" was inaugurated on November 8 at the HLA Feima Sports Park, emphasizing the importance of running in broadening social connections and personal growth [1] - HLA Group Chairman Zhou Licheng shared personal insights on how running has transformed his life, highlighting the community aspect of the initiative [1][5] Group 2: Membership and Future Plans - The first president of the society, Cai Zhendong, introduced a membership benefits system that includes professional training, exclusive gear, and community activities [4] - The HLA POW "King of Gods Challenge" will undergo a significant upgrade in 2026, with plans to double the event scale and introduce a "running team leaderboard" mechanism [4] Group 3: Strategic Partnerships - HLA has formed deep strategic partnerships with top industry players, including Wuxi Huipao Sports Co., Ltd. and Beijing Houlang Yuhui, to enhance event execution and resource sharing [4] - The collaboration aims to explore and develop diverse brand running events and trail running competitions, leveraging HLA's strong physical resources and Huipao's expertise [4]