证券日报网12月11日讯嘉曼服饰在12月11日回答调研者提问时表示，公司目前在库存管理上运用以数字 化为主，人工为辅的管理机制，根据数字化管理系统进行动态库存管理，结合人工预警机制，检查填补 系统可能出现的短板。公司也在持续跟进人工智能的技术发展。未来公司将会不断尝试与新技术结合， 从而提高公司整体效率。 （文章来源：证券日报） ...

Core Viewpoint - The establishment of Jiangyin Hailan Water Beverage Co., Ltd. by Hailan Home, with an investment of 5 million yuan, marks its entry into the beverage market, reflecting a strategic shift from a clothing brand to a broader family-oriented brand [3][4]. Financial Performance - Hailan Home's financial performance has shown stagnation, with a significant decline in net profit by 26.88% in 2024, amounting to 2.159 billion yuan, which is lower than the profit level of 2.375 billion yuan in 2014, indicating a regression of at least ten years [9][10]. - In the first three quarters of 2025, the company reported a revenue of 15.599 billion yuan, a year-on-year increase of 2.23%, but net profit decreased by 2.37% to 1.862 billion yuan, highlighting a situation of increasing revenue without profit growth [10]. - The main brand's revenue has been declining, with a 5% drop in the first three quarters of 2024 and a further decrease of 3.99% in the first three quarters of 2025, leading to a total revenue of 10.849 billion yuan [10]. Inventory and Cost Management - As of mid-2025, Hailan Home's inventory reached 10.255 billion yuan, with a turnover period of 322.58 days, indicating significant pressure on cash flow and inventory management [10]. - Sales expenses have risen sharply from 2.403 billion yuan in 2020 to 4.841 billion yuan in 2024, with 3.524 billion yuan spent in the first three quarters of 2025, while R&D expenses remain low at 157 million yuan, showing a heavy reliance on marketing over innovation [10]. Market Entry and Strategy - The bottled water market is seen as a potential growth area for traditional companies, characterized by high consumption frequency and stable demand, but it is dominated by major players like Nongfu Spring and Yibao, which hold nearly 60% of the market share [13][15]. - Analysts suggest that Hailan Home's entry into the beverage market may be a low-cost diversification attempt rather than a robust strategic move, given the significant differences in product logic and consumer scenarios between clothing and beverages [15]. Future Outlook - The establishment of Hailan Water may primarily aim to meet the internal water supply needs of Hailan Home's extensive network of over 7,200 stores, with 5,631 located domestically, which presents a considerable daily demand for water [19]. - The company may leverage its existing brand influence to attract young consumers through this cross-industry venture, but success will depend on product quality and differentiation in a highly competitive beverage market [21][22]. - The management faces a critical decision on whether to continue investing in traditional operations or to allocate resources to explore new, uncertain markets, with the establishment of Hailan Water potentially serving as a test of market conditions [24].

证券日报网12月11日讯嘉曼服饰在12月11日回答调研者提问时表示，公司未来两年重点仍然在产品的升 级迭代上，但公司会持续推进常态化的明星合作、达人种草、线上推广等，也会随着线下渠道的铺设开 展系列营销活动，例如广告营销、地面推广等，所以短期内公司销售费用将维持稳定。中长期来看，公 司会随着不同品牌的发展阶段适时加大宣传推广的投入，强化品牌认知，积累品牌势能。 （文章来源：证券日报） ...

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答:公司目前在库存管理上运用以数字化为主，人工为辅的管理机制，根据数字化管理系统进行动态库 存管理，结合人工预警机制，检查填补系统可能出现的短板。公司也在持续跟进人工智能的技术发展。 未来公司将会不断尝试与新技术结合，从而提高公司整体效率。 格隆汇12月11日丨嘉曼服饰(301276.SZ)在投资者关系中表示，有被问到:公司在库存管理的数字化运营 程度。 ...

答:公司目前在库存管理上运用以数字化为主，人工为辅的管理机制，根据数字化管理系统进行动态库 存管理，结合人工预警机制，检查填补系统可能出现的短板。公司也在持续跟进人工智能的技术发展。 未来公司将会不断尝试与新技术结合，从而提高公司整体效率。 格隆汇12月11日丨嘉曼服饰(301276.SZ)在投资者关系中表示，有被问到:公司在库存管理的数字化运营 程度。 ...

Core Insights - The conference emphasizes the shift from short-term profit-driven marketing to long-term brand value as the core competitive advantage for companies in a changing media landscape [3][5][24] - The importance of deep emotional connections and cultural significance in branding is highlighted, as brands must evolve to maintain relevance and consumer trust [5][19][24] Group 1: Brand Value and Strategy - The president of the China Advertising Association stresses that brands are the most critical competitive asset, requiring long-term accumulation rather than short-term marketing tactics [5] - Companies are encouraged to focus on the deeper values of their brands, including product quality, craftsmanship, and customer service, rather than just traffic and exposure [3][5] - The transition from "traffic" to "retention" is deemed necessary, as the essence of brand-user connection remains unchanged despite technological advancements [11][24] Group 2: Content and Consumer Engagement - The rise of "slow content" through podcasts is noted as a response to information overload, providing a unique emotional connection that AI cannot replicate [7] - Brands are urged to create meaningful interactions and emotional narratives that resonate with consumers, moving beyond mere transactional relationships [19][21] - The integration of traditional culture with modern consumerism is highlighted as a way to deepen brand engagement and emotional ties with consumers [19] Group 3: Market Trends and Innovations - The apparel industry is showcased as an example of how brands can leverage functionality, aesthetics, and emotional storytelling to build a new pricing structure [13] - The sports sector is identified as a key area for emotional resonance, with brands using events to create natural consumer connections [15] - The evolution of domestic brands in response to new consumer trends is discussed, emphasizing the importance of brand value and innovation in maintaining market leadership [17][24] Group 4: Cross-Industry Perspectives - A roundtable discussion reveals insights from various industries on brand growth variables and the changing consumer psyche, emphasizing the need for long-term asset building [23] - The importance of aligning brand values with consumer expectations and societal responsibilities is reiterated across different sectors [23] - The conference concludes that the future of brand competition lies in establishing genuine relationships and cultural connections with consumers [24]

答:公司暂未开展跨境电商，但有持续关注海外市场情况，未来不排除择机布局海外市场。 格隆汇12月11日丨嘉曼服饰(301276.SZ)在投资者关系中表示，有被问到:公司有无跨境电商的相关布 局？ ...

格隆汇12月11日丨嘉曼服饰(301276.SZ)在投资者关系中表示，有被问到:公司对于2026年销售费用的规 划？ 答:公司未来两年重点仍然在产品的升级迭代上，但公司会持续推进常态化的明星合作、达人种草、线 上推广等，也会随着线下渠道的铺设开展系列营销活动，例如广告营销、地面推广等，所以短期内公司 销售费用将维持稳定。中长期来看，公司会随着不同品牌的发展阶段适时加大宣传推广的投入，强化品 牌认知，积累品牌势能。 ...

格隆汇12月11日丨嘉曼服饰(301276.SZ)在投资者关系中表示，有被问到:公司有无跨境电商的相关布 局？ 答:公司暂未开展跨境电商，但有持续关注海外市场情况，未来不排除择机布局海外市场。 ...