海澜之家拟赴港上市，加速出海多元发展，半年海外收入增27.42%

Core Viewpoint - Haier's Home, known as the "men's wardrobe," is facing unprecedented growth challenges, with declining revenue from its main brand and a reduction in store count, prompting the company to seek a breakthrough through a Hong Kong IPO aimed at international markets [1] Group 1: Market Environment - The timing for the Hong Kong IPO is favorable due to a "golden window period" in the capital markets of mainland China and Hong Kong, supported by recent policies from the China Securities Regulatory Commission encouraging leading companies to list in Hong Kong [3][5] - The Hong Kong Stock Exchange has introduced new listing approval processes to enhance efficiency, reducing the issuance threshold for A-share companies with market capitalizations over HKD 10 billion, leading to a significant increase in IPO fundraising [5][7] Group 2: Company Performance - In the first half of the year, the company's total revenue grew slightly by 1.73% to CNY 11.566 billion, but the main brand "Haier's Home" saw a revenue decline of 5.86% to CNY 8.395 billion, marking the lowest level in three years [9] - The number of physical stores decreased from 6,006 at mid-2023 to 5,723, indicating the end of an aggressive expansion strategy [11] Group 3: Strategic Shift - The company has recognized the need to move beyond its reliance on a single brand, as its traditional "light asset" model has led to weaknesses in product design and innovation, making it vulnerable to competition from international fast-fashion brands [11][13] - The new leadership, under Chairman Zhou Licheng, aims to reverse the domestic market decline, with the Hong Kong listing seen as a crucial step in this strategy [15] Group 4: International Expansion - The company has been expanding internationally since 2017, with overseas revenue reaching CNY 206 million in the first half of the year, a 27.42% increase, and a total of 111 overseas stores as of June [16] - The strategic plan includes entering new markets in Central Asia, the Middle East, and Africa, with a focus on adapting products and marketing strategies to local markets [17][19]