以下文章来源于盐财经 ，作者张婉莹 简洋洋 盐财经 . 文 ｜ 张婉莹、简洋洋 编辑 ｜ 江江 来源｜ 盐财经（ID：nfc-yancaijing） 封面来源 ｜ 视觉中国 "A＋H"，又将增添一员。 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 这场赴港IPO的"突围"， 很可能只是一场华丽的"自救表演"。 继奶茶、潮玩、零食陆续向港交所发起冲击后，有"国产男装第一股"之称的海澜之家也盯上了港股市场这波热度。 9月26日，拥有超过7200家门店的男装巨头——海澜之家发布公告称，拟发行H股股票并在港交所主板挂牌上市。 海澜之家拟在境外发行股份（H股）并在香港联合交易所有限公司上市/图源：海澜之家 从2014年借壳凯诺科技登陆A股市场，到如今寻求港股上市，十余年过去，海澜之家也站上了转型的十字路口。 "男人，一年逛两次海澜之家"，这句火遍大街小巷的魔性广告语，曾吸引了无数男性消费者走入海澜之家的门店。A股上市后，这家男装巨头凭借独特的"轻 资产+类直营"模式，长期稳坐国产男装头把交椅，缔造了服装行业的"海澜神话"。 然而，十年河东，十年河西。曾经的行业霸主，如今正陷入前所未有的增长困局。8月底发布的2025 ...

Core Viewpoint - The company, Haier Home, known as the "first domestic men's clothing stock," is seeking to list H-shares on the Hong Kong Stock Exchange amid a challenging growth environment and declining financial performance [2][5][48]. Financial Performance - In the first half of 2025, Haier Home reported a revenue of 11.566 billion yuan, a slight increase of 1.73% year-on-year, but net profit fell to 1.58 billion yuan, down 3.42% [7][14]. - For the full year 2024, revenue was 20.957 billion yuan, a decrease of 2.65%, and net profit dropped significantly by 26.88% to 2.159 billion yuan [8][14]. - The company's net profit in 2024 was lower than in 2014 when it first went public, indicating a regression in performance over the past decade [14][22]. Business Model Challenges - Haier Home's "light asset + quasi-direct" model, which previously drove its success, is now seen as outdated in a saturated market where consumer demand is weak [11][13]. - The company has struggled with high inventory levels, with inventory reaching 11.987 billion yuan in 2024, a 28.38% increase year-on-year, and an average inventory turnover period of 330 days [26][30]. - The brand's reliance on a push marketing strategy has led to a disconnect with modern consumer preferences, resulting in a perception of the brand as outdated [20][29]. Market Position and Competition - The overall clothing consumption market in China has shown minimal growth, with a reported increase of only 0.3% in 2024 for clothing, shoes, and textiles [11][13]. - Haier Home's market capitalization is significantly lower than competitors like Youngor, despite higher revenue, reflecting investor skepticism about its growth potential [22][23]. Strategic Initiatives - The new leadership under Zhou Licheng has attempted to pivot towards sportswear and international markets, including partnerships with brands like Adidas and the launch of discount stores [40][45]. - However, the impact of these initiatives on overall revenue remains limited, with the main brand still accounting for over 70% of total revenue [44][47]. Future Outlook - The upcoming IPO in Hong Kong is seen as a potential opportunity for new funding, but the company's ability to address core issues such as product relevance and brand perception will be crucial for long-term success [48].