海澜之家半年报：净利润同比下滑3.42%，多业务毛利率下滑

Core Insights - The company reported a slight increase in revenue for the first half of 2025, achieving 11.566 billion yuan, a year-on-year growth of 1.73%, but net profit attributable to shareholders decreased by 3.42% to 1.580 billion yuan, indicating a divergence between revenue growth and profit decline [1] - The main business segment, the Hailan Home series, experienced a revenue drop of 5.86% to 8.395 billion yuan, which significantly impacted overall performance [1] - Despite the challenges, the company saw a substantial increase in operating cash flow, with a net cash flow from operating activities of 2.718 billion yuan, up 36.11% year-on-year [1] Business Performance - The multi-brand strategy attempted by the company showed mixed results, with the Hailan group purchase customization business revenue increasing by 23.70% and other brand revenues soaring by 65.57% [1] - However, the profitability of these segments declined, with the gross margin for the Hailan group purchase customization dropping by 3.25 percentage points to 40.36%, and other brands' gross margin falling significantly by 9.58 percentage points to 49.07% [1] Channel Analysis - Revenue from franchise stores decreased by 4.81%, while direct-operated stores saw a growth of 17.15%, with a slight increase in gross margin to 63.89% [1] - During the reporting period, the company net reduced 174 franchise stores while adding 64 direct-operated stores [1] - As of the end of June, the company's inventory balance was high at 10.255 billion yuan, with a provision for inventory impairment of 872 million yuan, and contract liabilities decreased significantly by 59.46% to 249 million yuan [1]