公司报告 | 半年报点评 海澜之家（600398） 证券研究报告 京东奥莱深耕质价比折扣零售 公司发布 2025 中报 25H1：营收 116 亿，归母净利润 16 亿；其中海澜之家系列主营业务收入 84 亿；海澜团购定制业务主营业务收入 13 亿；其他品牌主营业务收入 15 亿。 品牌影响力：主品牌海澜之家全渠道布局品牌传播矩阵，连续三年入选央 视总台"品牌强国工程·领跑品牌"， 乙巳蛇年春节再度登上央视春晚；深 化品牌内容创新，与沈腾及开心麻花创作团队共同打造《年味儿》贺岁微 电影；布局体育赛道，赞助"无锡马拉松""苏超"等联赛体育赛事。团购定 制及其他品牌聚焦细分市场，强化行业影响力；其中 HEAD 运动服饰于 2025 年上半年，首次携手超新星网球冠军赛，成为国内最具影响力的青少 年赛事品牌之一。 产品竞争力：主品牌海澜之家优化升级"科技功能、时尚 IP、品质环保"三 大产品系列，丰富产品阵营，于上半年推出远行冲锋甲硬核户外系列、推 出艺术家 ZOLA 联名系列和墨羽轻壳皮肤衣系列。团购定制及其他品牌锚 定品牌价值定位，塑造独具特色的产品生态；其中，英氏 YeeHoO 获得"2025 天猫金婴奖—年度 ...

Core Viewpoint - Hongdou Co., Ltd. (stock code: 600400) experienced a significant decline of 6.46% in its stock price, with a trading volume of 629 million yuan and a turnover rate of 9.00% on the day of reporting [2] Trading Activity - The stock was listed on the Shanghai Stock Exchange's "Dragon and Tiger List" due to a daily price deviation of -7.36%, with net purchases from the Shanghai-Hong Kong Stock Connect amounting to 2.32 million yuan [2] - The top five trading departments recorded a total transaction volume of 106 million yuan, with buying and selling amounts of 52.64 million yuan and 53.75 million yuan respectively, resulting in a net selling of 1.11 million yuan [2] - The Shanghai-Hong Kong Stock Connect was both the largest buying and selling department, with a buying amount of 21.12 million yuan and a selling amount of 18.79 million yuan [2] Fund Flow - The stock saw a net inflow of 12.30 million yuan from major funds, with a significant inflow of 20.76 million yuan from large orders, while large orders experienced a net outflow of 8.46 million yuan [2] - Over the past five days, the stock has seen a net outflow of 148 million yuan from major funds [2] Margin Trading Data - As of September 26, the stock's margin trading balance was 154 million yuan, with a financing balance of 153 million yuan and a securities lending balance of 31.75 thousand yuan [3] - In the past five days, the financing balance decreased by 27.88 million yuan, representing a decline of 15.38%, while the securities lending balance decreased by 1.18 thousand yuan, a decline of 3.59% [3] Financial Performance - According to the semi-annual report released on August 29, the company achieved a revenue of 868 million yuan in the first half of the year, a year-on-year decrease of 19.73%, and reported a net loss of 109 million yuan [3]

Market Overview - The apparel and home textile sector increased by 0.12% on September 29, with Aimer leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Top Gainers - The following companies showed significant gains: - Yuancao Co., Ltd. (603511) closed at 16.43, up 3.33% with a trading volume of 52,700 shares and a turnover of 85.94 million yuan [1] - Explorer (300005) closed at 8.82, up 3.28% with a trading volume of 295,100 shares and a turnover of 256 million yuan [1] - Bingshi Co., Ltd. (001209) closed at 20.83, up 3.12% with a trading volume of 204,900 shares and a turnover of 444 million yuan [1] Top Losers - The following companies experienced notable declines: - Hongdou Co., Ltd. (600400) closed at 3.04, down 6.46% with a trading volume of 2,063,000 shares and a turnover of 629 million yuan [2] - Taimusi (001234) closed at 27.43, down 5.35% with a trading volume of 106,200 shares and a turnover of 29.4 million yuan [2] - Seven Wolves (002029) closed at 7.97, down 5.34% with a trading volume of 686,600 shares and a turnover of 552 million yuan [2] Capital Flow - The apparel and home textile sector saw a net inflow of 2.49 million yuan from institutional investors, while retail investors contributed a net inflow of 74.56 million yuan [2][3] - The sector experienced a net outflow of 77.04 million yuan from speculative funds [2][3] Individual Stock Capital Flow - Meibang Apparel (002269) had a net outflow of 51.37 million yuan from institutional investors, with a 12.65% share of the total [3] - Semir Apparel (002563) saw a net inflow of 30.10 million yuan from institutional investors, representing 10.42% of the total [3] - Hongdou Co., Ltd. (600400) had a net inflow of 13.71 million yuan from institutional investors, accounting for 2.18% of the total [3]

Traditional Dividend Assets - White appliances' cash flow ratio decreased to 26% in Q2 2025, primarily due to increased allocation of financial assets impacting cash flow space[11] - The cash flow ratio for liquor reached 55% in Q2 2025, with a reduction in the allocation of financial assets compared to previous quarters[19] Cash Flow Improvement Assets - Black appliances' cash flow ratio was 24% in Q2 2025, with capital expenditure reduced to a historical low of 0.7, indicating a potential shift to a new high expenditure cycle[24] - Lighting equipment's cash flow ratio improved to 31% in Q2 2025, as financial asset allocation decreased, allowing cash flow to return to positive[33] - Beauty care's cash flow ratio was 47% in Q2 2025, driven by reduced capital expenditure, which fell to a historical low of 1.4[39] Stable Cash Flow Assets - Textile manufacturing maintained a cash flow ratio of 21% in Q2 2025, with stable cash flow generation since 2022[47] - The apparel and home textile sector achieved a cash flow ratio of 52% in Q2 2025, entering a phase of stable cash flow generation due to reduced capital expenditure[51] Assets Under Pressure - Traditional Chinese medicine and beverage sectors are under pressure, with profitability not showing signs of improvement, particularly in the context of centralized procurement affecting traditional Chinese medicine[3] - The non-liquor beverage sector, including beer and wine, continues to face challenges, with profitability remaining under pressure[3]

Core Viewpoint - The trend of A-share companies planning to list in Hong Kong continues, with 20 companies announcing their intentions in September 2023, indicating a strong interest in expanding their market presence and capitalizing on international opportunities [1][5][6]. Group 1: Companies Planning to List - 20 A-share companies have announced plans to issue H-shares and list on the Hong Kong Stock Exchange, including notable names such as 博瑞医药, 五芳斋, 海澜之家, and 海亮股份 [1]. - 博瑞医药 plans to issue H-shares and has completed clinical research for its weight loss drug BGM0504, with IND applications approved in the U.S. [5]. - 五芳斋 aims to issue H-shares and is preparing for the mid-autumn sales season with a strategy focused on high-end product customization and online marketing [5]. - 海澜之家 intends to issue H-shares and is enhancing its product lines with a focus on technology and environmental quality [6]. - 海亮股份 is also planning to issue H-shares, with significant collaborations in the copper processing sector and expectations for its copper foil business to reach breakeven by 2026 [7]. - 科大智能 is preparing to issue H-shares and has previously supplied robotic products to Tesla, although the revenue contribution is minor [7]. Group 2: Market Performance and Strategic Developments - 东山精密, a leading PCB manufacturer, is planning to issue H-shares to enhance its international strategy and has seen its stock price reach a historical high of 86.33 yuan per share, with a maximum increase of 300% since April [1]. - 沪电股份, another major PCB manufacturer, is also planning to issue H-shares, with its stock price hitting a historical high of 84.45 yuan per share and a maximum increase of 264% since April [3].

Market Overview - The apparel and home textile sector declined by 0.89% on September 26, with Taimushi leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers included: - Jinxing Co. (001209) with a closing price of 20.20, up 10.02% on a trading volume of 44,900 shares and a turnover of 89.79 million yuan [1] - Tianchuang Fashion (603608) closed at 7.64, up 6.85% with a trading volume of 262,900 shares and a turnover of 200 million yuan [1] - Significant losers included: - Taijing (001234) with a closing price of 28.98, down 10.00% on a trading volume of 150,300 shares and a turnover of 441 million yuan [2] - Hongdou Co. (600400) closed at 3.25, down 9.97% with a trading volume of 1,818,600 shares and a turnover of 597 million yuan [2] Capital Flow - The apparel and home textile sector experienced a net outflow of 386 million yuan from institutional investors, while retail investors saw a net inflow of 412 million yuan [2] - The capital flow for specific stocks showed: - Hongxing Co. (001209) had a net inflow of 43.66 million yuan from institutional investors, while retail investors had a net outflow of 19.37 million yuan [3] - Tianchuang Fashion (603608) saw a net inflow of 33.84 million yuan from institutional investors, with retail investors experiencing a net outflow of 2.26 million yuan [3]

泰慕士9月25日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 华鑫证券有限责任公司成都交子大道证券营业部 | 302.10 | 774.41 | | 买二 | 东方财富证券股份有限公司拉萨团结路第一证券营业部 | 226.98 | 35.83 | | 买三 | 国联民生证券股份有限公司无锡胡埭镇人民东路证券营 业部 | 226.00 | 0.00 | | 买四 | 大同证券有限责任公司太原分公司 | 192.31 | 22.61 | | 买五 | 东方财富证券股份有限公司拉萨东环路第二证券营业部 | 184.56 | 82.36 | | 卖一 | 国信证券股份有限公司杭州分公司 | 0.97 | 800.91 | | 卖二 | 华鑫证券有限责任公司成都交子大道证券营业部 | 302.10 | 774.41 | | 卖三 | 国信证券股份有限公司深圳互联网分公司 | 36.24 | 605.62 | | 卖四 | 华福证券有限责任公司石狮金林路证券营业部 | 0.00 | ...

Market Overview - The apparel and home textile sector declined by 1.12% on September 25, with Taimushi leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Stock Performance - Notable gainers included: - Qipilong (002029) with a closing price of 9.35, up 10.00% and a trading volume of 352,100 shares, totaling 324 million yuan [1] - ST Jinbi (002762) closed at 9.09, up 4.97% with a trading volume of 107,900 shares, totaling 97.27 million yuan [1] - ST Qibu (603557) closed at 2.60, up 4.84% with a trading volume of 245,400 shares, totaling 6.38 million yuan [1] - Major decliners included: - Taijing (001234) with a closing price of 32.20, down 10.01% and a trading volume of 47,000 shares, totaling 152 million yuan [2] - Hongdou (600400) closed at 3.61, down 5.74% with a trading volume of 3,849,700 shares, totaling 139.8 million yuan [2] - Tanluo (300005) closed at 8.70, down 4.81% with a trading volume of 511,700 shares, totaling 45.5 million yuan [2] Capital Flow - The apparel and home textile sector experienced a net outflow of 402 million yuan from institutional investors, while retail investors saw a net inflow of 373 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Notable net inflows from institutional investors included: - Wanlima (300591) with a net inflow of 19.84 million yuan, representing 3.74% of total capital [3] - Zhiyaomeijia (003041) with a net inflow of 15.00 million yuan, representing 13.59% of total capital [3] - Kute Intelligent (300840) with a net inflow of 14.64 million yuan, representing 5.30% of total capital [3] - Conversely, significant net outflows from retail investors were observed in: - Zhiyaomeijia (003041) with a net outflow of 9.21 million yuan, representing -8.34% of total capital [3] - Kute Intelligent (300840) with a net outflow of 1.07 million yuan, representing -0.39% of total capital [3]

（原标题：红豆股份龙虎榜数据（9月24日）） 红豆股份(600400)今日涨停，全天换手率11.65%，成交额9.66亿元，振幅19.69%。龙虎榜数据显示，营业部席位合计净买入2.73亿元。 上交所公开信息显示，当日该股因日振幅值达19.69%、日涨幅偏离值达9.23%上榜，营业部席位合计净买入2.73亿元。 证券时报•数据宝统计显示，上榜的前五大买卖营业部合计成交3.93亿元，其中，买入成交额为3.33亿元，卖出成交额为5969.28万元，合计净买入 2.73亿元。 具体来看，今日上榜营业部中，第一大买入营业部为国泰海通证券股份有限公司三亚迎宾路证券营业部，买入金额为1.47亿元，第一大卖出营业 部为国信证券股份有限公司浙江互联网分公司，卖出金额为1405.56万元。 资金流向方面，今日该股主力资金净流入4.69亿元，其中，特大单净流入5.26亿元，大单资金净流出5652.11万元。近5日主力资金净流入2.03亿 元。 融资融券数据显示，该股最新（9月23日）两融余额为1.71亿元，其中，融资余额为1.70亿元，融券余额为34.42万元。近5日融资余额合计减少 1185.75万元，降幅为6.51%。融券余 ...

Market Overview - The apparel and home textile sector experienced a slight decline of 0.1% on September 24, with Taimushi leading the drop [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Top Gainers in the Sector - Hongdou Co., Ltd. (600400) saw a significant increase of 10.06%, closing at 3.83, with a trading volume of 2.6691 million shares and a turnover of 966 million yuan [1] - Qipilang (002029) rose by 9.96%, closing at 8.50, with a trading volume of 432,700 shares and a turnover of 360 million yuan [1] - Bangjie Co., Ltd. (002634) increased by 5.87%, closing at 4.69, with a trading volume of 245,500 shares and a turnover of 114 million yuan [1] Top Losers in the Sector - Taizunshi (001234) experienced a significant decline of 9.99%, closing at 35.78, with a trading volume of 234,800 shares and a turnover of 894 million yuan [2] - Baoxiniang (002154) fell by 5.45%, closing at 4.34, with a trading volume of 1.6605 million shares and a turnover of 739 million yuan [2] - Wanlima (300591) decreased by 4.96%, closing at 10.93, with a trading volume of 650,700 shares and a turnover of 716 million yuan [2] Capital Flow Analysis - The apparel and home textile sector saw a net outflow of 121 million yuan from institutional investors and 156 million yuan from speculative funds, while retail investors contributed a net inflow of 277 million yuan [2] - Hongdou Co., Ltd. (600400) had a net inflow of 41.54 million yuan from institutional investors, but a net outflow of 197 million yuan from speculative funds [3] - Qipilang (002029) recorded a net inflow of 82.1772 million yuan from institutional investors, with a net outflow of 49.6436 million yuan from speculative funds [3]