HEILAN HOME(SH:600398) 3 6 Ke·2025-09-21 01:54Core Viewpoint - The determination of apparel giants to return to their core business is increasingly strong, signaling a shift in the industry as companies like Youngor and Qipilang face growth challenges and seek new strategies to overcome them [1][2]. Group 1: Company Strategies - Youngor has rebranded itself as "Youngor Fashion Co., Ltd." and is focusing on its core apparel business after divesting from investments and real estate [1]. - Qipilang's financial report for the first half of 2025 shows that out of a net profit of 160 million yuan, only 30 million yuan came from its apparel business, indicating a heavy reliance on investments for profitability [1]. - Hailan Home has announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and capital strength, aiming for international brand recognition [5]. Group 2: Industry Trends - The apparel industry is experiencing a cyclical downturn, with many companies facing challenges related to scale and inventory management [8]. - Hailan Home's strategy includes a shift from being "a wardrobe for men" to "a wardrobe for the whole family," reflecting a broader market appeal [9]. - The company has adopted a multi-brand strategy, including various product lines and collaborations with international brands, to diversify its offerings [9]. Group 3: Financial Performance - Hailan Home's revenue from 2021 to 2024 showed fluctuations, with figures of 20.19 billion yuan, 18.56 billion yuan, 21.53 billion yuan, and 20.96 billion yuan respectively, while net profits varied from 2.49 billion yuan to 2.16 billion yuan [9][10]. - In the first half of 2025, Hailan Home reported total revenue of 11.57 billion yuan, a slight increase of 1.73%, but net profit declined by 3.42% to 1.58 billion yuan [10]. - The company's inventory has been increasing significantly, from 7.42 billion yuan in 2020 to 11.99 billion yuan in 2024, raising concerns about potential inventory depreciation risks [10]. Group 4: Internationalization Efforts - Hailan Home has been expanding its international presence since 2017, with plans to enter new markets in Central Asia, the Middle East, and Africa, and aims to open its first store in Australia [12]. - The company's overseas revenue has been growing but remains a small portion of total revenue, with figures of 219 million yuan, 272 million yuan, and 355 million yuan from 2022 to 2024, representing only 1.22% to 1.76% of total revenue [13]. - The upcoming H-share IPO is seen as a crucial step for Hailan Home to enhance its capital strength and accelerate its international business development [13][14].