海澜之家赴港上市：库存之下的豪赌

Core Viewpoint - HLA (Hailan Home) is facing significant challenges, including a massive inventory burden of 10.255 billion yuan and a declining number of stores, leading to questions about its strategy to issue H-shares in Hong Kong as a potential solution to its growth issues [2][17]. Group 1: Company Performance and Challenges - HLA's peak revenue was 20.188 billion yuan in 2021, with a net profit of 2.491 billion yuan, but it has since experienced a decline in revenue and profit stability [3][5]. - The company's inventory has ballooned from 8.79 billion yuan in 2020 to 10.255 billion yuan in 2025, with a turnover period of 323 days, leading to significant financial costs [5][10]. - Store closures have accelerated, with 110 stores closed in the first half of 2025, contributing to a total of nearly 300 closures over two years [2][5]. Group 2: Business Model and Strategy - HLA's "group purchase model," which was once a key driver of growth, has become a constraint, as it relies heavily on outsourcing design, production, and inventory management [7][8]. - The model has led to a lack of innovative products, with suppliers focusing on conservative designs, resulting in a loss of competitiveness against fast-fashion brands [8][10]. - The company's attempt to diversify through a multi-brand strategy has not alleviated dependence on its main brand, with the core brand still accounting for 72.6% of total revenue in 2025 [11][12]. Group 3: Future Prospects and Market Position - HLA's decision to list in Hong Kong is seen as a desperate measure to address its financial issues rather than a strategic breakthrough, with the majority of raised funds likely going towards inventory management and debt [17][18]. - The company's overseas revenue is minimal, contributing only 1.8% to total revenue, raising doubts about the effectiveness of its global strategy [17][18]. - HLA faces significant challenges in the capital market, including low valuations for traditional manufacturing and a lack of investor confidence due to its inventory and store closure issues [18][19].