Core Viewpoint - The company is preparing for its upcoming shareholder meeting, outlining the procedures and rules to ensure order and efficiency during the meeting [1][2][3]. Meeting Procedures - The shareholder meeting will have a secretariat responsible for organizing the meeting and handling related matters [1]. - Attendees must respect the rights of shareholders and maintain order during the meeting [1]. - Shareholders have the right to speak and vote, but must register in advance if they wish to speak [1]. - Non-shareholders are not allowed to speak without permission from the meeting host [2]. Voting Methods - Voting will be conducted through both on-site and online methods [3]. - On-site voting requires shareholders to collect ballots upon registration [3]. - The meeting will appoint three monitors to oversee the voting process [3]. Agenda Items - The agenda includes the review of the 2024 annual report, board and supervisory committee reports, financial statements, profit distribution proposals, and various resolutions regarding the company's governance [3][4][5]. Financial Performance - The company reported a revenue of approximately 20.96 billion yuan for 2024, a decrease of 2.65% compared to 2023 [4]. - The net profit attributable to shareholders decreased by 26.88% to approximately 2.16 billion yuan [4]. - The net cash flow from operating activities dropped by 55.70% to approximately 2.32 billion yuan [4]. Business Strategy - The company aims to enhance its brand influence and market presence through various initiatives, including expanding its product offerings and optimizing store layouts [12][24]. - The company is focusing on digital transformation and innovation in product development to meet diverse consumer needs [22][25].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported a revenue of 20.957 billion RMB for 2024, a decrease of 2.65% year-on-year, with a net profit of 2.159 billion RMB, down 26.88% [2]. - The Q1 2025 revenue was 6.187 billion RMB, showing a slight increase of 0.16%, while the net profit rose by 5.46% to 935 million RMB [2]. - The company achieved a total cash dividend of 1.969 billion RMB in 2024, with a dividend payout ratio exceeding 91% [2]. Operational Analysis - The main business operations are stable, with significant growth in online and overseas channels. The main brand, Hai Lan Zhi Jia, generated revenue of 15.270 billion RMB, down 7.22%, while group purchases brought in 2.224 billion RMB, down 2.51% [2]. - In Q1 2025, the main brand's revenue decreased by 9.52% to 4.642 billion RMB, while group purchases increased by 17.58% to 646 million RMB [2]. - The direct sales channel achieved revenue of 1.592 billion RMB in Q1 2025, a year-on-year increase of 13.15%, with a total of 1,510 stores by the end of Q1 2025 [2]. - Online revenue reached 4.419 billion RMB in 2024, a growth of 35.63%, indicating a strong performance in online channels [2]. - The company is expanding its international presence, particularly in Malaysia, Thailand, Vietnam, and Singapore, with overseas revenue of 355 million RMB, up 30.75% [2]. New Business Development - The company is experiencing positive momentum in new business formats, with other brands generating revenue of 2.668 billion RMB in 2024, an increase of 32.38%, and 743 million RMB in Q1 2025, a growth of 100.22% [3]. - The acquisition of a controlling stake in Sports Holdings contributed 994 million RMB in revenue and a net profit of 67.05 million RMB from April to December 2024 [3]. - The first JD Outlet opened in September 2024, and by April 2025, the number of stores reached 12, leveraging high cost-performance to attract consumers [3]. Profitability and Forecast - The gross margin for 2024 and Q1 2025 was 44.52% and 46.62%, respectively, indicating stable profitability [3]. - The net profit margin for 2024 and Q1 2025 was 10.30% and 15.12%, respectively, showing improvement in profitability [3]. - The company forecasts EPS of 0.57, 0.65, and 0.75 RMB for 2025-2027, with corresponding PE ratios of 14, 12, and 11 times [5].

业绩简评 公司于 4 月 29 日公布 2024 年年报&2025 年一季报，2024 全年营 收 209.57 亿元，同降 2.65%，归母净利润 21.59 亿元，同降 26.88%。 2025Q1 营收 61.87 亿元，同增 0.16%，归母净利润 9.35 亿元，同 增 5.46%。公司一季报业绩超预期，2024 年度累计现金分红总额 19.69 亿元，分红率超 91%。 经营分析 主业经营向好，线上、海外渠道增速亮眼。24 全年公司主业经营 整体平稳，海澜之家主品牌/海澜团购营收分别为152.70/22.24亿 元，同降 7.22%/2.51%，25Q1 海澜之家主品牌/海澜团购营收为 46.42/6.46 亿元，同比-9.52%/+17.58%，主业方面受消费环境影 响，整体经营情况平稳，25Q1 直营渠道实现营收 15.92 亿元，同 比增长 13.15%，2025Q1 末直营渠道为 1510 家，24 全年/25Q1 新 开 216/42 家。公司构建全域流量营销体系，24 年线上营收 44.19 亿元，同增 35.63%，线上渠道增长亮眼。公司积极寻求增量，加 码品牌"出海"，深耕马来西亚 ...