以下文章来源于晚点财经 ，作者晚点团队 晚点财经 . 用框架思维分析上市公司的增长逻辑与投资价值。 海澜之家现在的问题是，之前的模式太过完美。 文 丨 胡昊 上述内容表明，国内男装市场的发展前景大概率将受限，又由于长久以来的品牌标签固化的原因，传 统男装品牌在年轻化、时尚化、运动化、功能化的产品延展上推进得并不顺利，基本已经淡化了估值 的想象力。 在此背景下，海澜之家于近期开启了港股 IPO 的进程。 对此，市场基本在用一种审视和质疑的目光来看待这家营收常年停滞不前的男装公司，尤其是在近期 海澜成立江阴海澜之水饮料公司之后，这一 "卖水" 的动作迹象更容易被舆论冠以 "不务正业""慌不择 路" 的口舌。 在宏观数据上，2025 年 11 月社零数据同比增长 1.3%，前 11 个月的同比增速为 4.0%；其中，限 额以上的服装、鞋帽、针纺织品类的 11 月份和累计同比增速均为 3.5%，表明服装类零售虽然具 备一定的消费韧性，但整体上仍然是承压的； 在微观公司上，包括雅戈尔、七匹狼、九牧王等男装品牌在 2025 年前三季度均录得不同程度的 业务萎缩，规模体量最大的海澜之家也仅实现 3.7% 的增长，可见国内整 ...

绝境是创新的唯一土壤。 2025年9月8日，海澜之家发布公告，称"启动境外发行H股并在香港联交所上市"。 这个曾靠"男人的衣柜"口号响彻街头的男装巨头，已经从巅峰跌落：此刻正背着102.55亿元的库存大山——据2025年中报数据，这些货品需要近一年 （323天）才能卖完，同时2025年上半年海澜之家系列门店净关店110家，两年累计关店近300家，系列门店总数降至5723家。 一边是百亿库存的沉重包袱，一边是赴港募资的急切动作，海澜之家的这场"远征"，究竟是破解增长困局的破局之举，还是资金链承压下的无奈赌博？ 01 从"衣柜之王"到库存之困 在很多70后、80后的记忆里，海澜之家曾是男装消费的"最优解"。广告循环播放，"一年逛两次海澜之家"的slogan深入人心，门店从一二线城市商场蔓延 到三四线城镇街头，巅峰时全国门店数量突破6800家，2016年市值更是飙升至451亿元，稳坐国内服装界"一哥"宝座。 那时的海澜之家，靠一组漂亮的数据定义行业标杆。2021年营收突破201.88亿元，归母净利润达24.91亿元，较2020年分别增长12.4%和39.6%，增速远超 同期男装行业平均水平。加盟商趋之若鹜，甚至出现 ...

Core Viewpoint - The men's apparel giant Hailan Home (600398) has submitted an application for a dual listing on the Hong Kong Stock Exchange, aiming for an "A+H" listing, with a market capitalization of approximately 29.6 billion yuan as of the close on the 28th [1]. Group 1: Business Expansion and Strategy - Hailan Home aims to transition from being "a wardrobe for men" to "a wardrobe for the whole family," with plans to expand its global footprint to over 7,200 stores by mid-2025 [2]. - The company is currently in an international expansion phase, operating 111 direct stores across 11 overseas countries, with overseas revenue increasing from 0.06 million yuan in 2017 to 355 million yuan in 2024 [2][11]. - The company has established a partnership with Adidas to operate Adidas FCC stores in China, managing site selection, daily operations, and product planning [6][7]. Group 2: Financial Performance - Hailan Home reported revenues of 17.9 billion yuan in 2022, 20.7 billion yuan in 2023, and 20.2 billion yuan in 2024, with a slight decline in 2025's first half to 11.2 billion yuan [8][12]. - The main brand, Hailan Home, contributed 75.1% of total revenue in 2022, with a consistent share above 70% over the years, although it faced a revenue decline in 2024 and the first half of 2025 [9]. - The company's gross profit margin has improved from 43.4% in 2022 to 46.9% in the first half of 2025 [7]. Group 3: Market Position and Challenges - Hailan Home ranks fourth in revenue among Chinese apparel groups, according to Frost & Sullivan, based on projected 2024 revenues [1]. - Despite the growth in overseas revenue, it still accounts for less than 2% of total revenue, indicating a need for further market penetration [11][12]. - The company faces challenges in maintaining growth, as evidenced by the revenue decline of its main brand in recent periods [9].

Core Viewpoint - The company, HLA (海澜之家), is pursuing an "A+H" listing on the Hong Kong Stock Exchange, aiming to expand its market presence and capitalize on its international business growth, with a current A-share market capitalization of approximately 29.6 billion RMB [1]. Group 1: Business Expansion and International Strategy - HLA is transitioning from being a men's clothing brand to a family-oriented clothing brand, with plans to operate over 7,200 stores globally by mid-2025 [1]. - The company has expanded its international presence, currently operating 111 direct stores in 11 overseas countries, with overseas revenue growing from 0.06 billion RMB in 2017 to 3.55 billion RMB in 2024 [1][10]. - HLA's international strategy focuses on Southeast Asia and aims to penetrate emerging markets in Australia, Africa, the Middle East, and Central Asia [12]. Group 2: Financial Performance - HLA's revenue for 2022, 2023, 2024, and the first half of 2025 was 17.9 billion RMB, 20.8 billion RMB, 20.2 billion RMB, and 11.2 billion RMB, respectively, indicating some revenue fluctuations [5][11]. - The main brand, HLA, contributed approximately 75% to 78% of total revenue from 2022 to 2025, although it faced a revenue decline in 2024 and the first half of 2025 [7]. - The company's gross profit margin improved from 43.4% in 2022 to 46.9% in the first half of 2025, reflecting better cost management [5]. Group 3: Brand Portfolio and Market Position - In addition to its main brand, HLA operates several other brands, including the luxury women's brand OVV and the high-end children's brand Ying's, although these brands contribute a smaller portion of total revenue [2][7]. - HLA has established partnerships with international brands like Adidas and HEAD, enhancing its market position in sportswear [4][5]. - The company emphasizes its competitive advantage through high cost-performance ratios, with the main brand HLA being the primary revenue driver [6][7].

Core Viewpoint - The Chinese apparel market is projected to reach 1.5 trillion yuan in 2024 and exceed 1.9 trillion yuan by 2029, with a compound annual growth rate (CAGR) of 4.7% from 2025 to 2029. However, the industry is currently facing challenges such as declining sales volume and profit margins due to weak consumer demand and rising costs, prompting companies like HLA to pursue an IPO in Hong Kong [1][2]. Company Overview - HLA primarily focuses on men's clothing, targeting males aged 20-45, and has diversified its offerings to include women's and children's apparel, as well as custom corporate clothing solutions [3][4]. - The company operates 7,209 stores globally, with 5,723 being HLA stores, and has seen a shift in revenue distribution, with online sales increasing from 16% to 20.5% during the reporting period [8][10]. Financial Performance - HLA's revenue for 2022, 2023, 2024, and the first half of 2025 was approximately 179.05 billion yuan, 207.54 billion yuan, 201.62 billion yuan, and 112.38 billion yuan, respectively. The gross profit margins for these years were 43.4%, 45.2%, 45.5%, and 46.9% [10][11]. - The company has experienced fluctuations in performance, with a notable decline in 2024 attributed to more rational consumer behavior and unfavorable weather conditions affecting sales of high-priced autumn and winter clothing [11][12]. Market Position - HLA is the second-largest men's apparel brand globally and the largest in China, holding a market share of 1.3%. The overall apparel market in China is highly competitive and fragmented, with the top five companies accounting for about 10.5% of the market share [20][21]. Inventory and Supply Chain Risks - HLA's inventory has increased from approximately 9.455 billion yuan in 2022 to 11.987 billion yuan in 2024, with inventory turnover days extending from 351 to 379 days. The company relies heavily on external suppliers, which exposes it to risks related to procurement price fluctuations and supply chain stability [7][12]. Future Outlook - The company plans to use funds from its IPO to enhance sales channels, brand building, and digital capabilities, while also exploring potential investments and acquisitions. However, it faces challenges such as high inventory levels and reliance on its main brand, which could impact future growth [22].

Core Viewpoint - HLA's IPO aims to deepen its global strategy and accelerate overseas business development, despite recent performance challenges and declining stock prices [2][12]. Group 1: Company Overview - HLA is the second-largest men's apparel brand globally by revenue in 2024 and has held the top position in the Asian men's apparel market for 11 consecutive years since 2014 [2][8]. - The company has over 7,200 stores worldwide as of June 30, 2025, and has expanded its brand portfolio to include women's wear, children's clothing, and collaborations with global sports brands [5][4]. Group 2: Financial Performance - In the first three quarters of 2025, HLA reported revenue of 15.599 billion RMB, a slight increase of 2.23%, but net profit decreased by 18.62 billion RMB, down 2.37% year-on-year [8]. - Revenue fluctuated between 17.9 billion RMB and 21.9 billion RMB from 2019 to 2024, indicating a lack of sustained growth, with 2024 revenue down nearly 7% [10][11]. Group 3: Market Challenges - HLA faces ongoing inventory issues, with stock reaching 11.518 billion RMB and an inventory turnover period of 323 days as of Q3 2025 [13]. - The company has been removed from the MSCI index, reflecting weakened international investor confidence in its growth and profitability prospects [12][13].

Core Viewpoint - HLA Group has submitted an application for a mainboard listing on the Hong Kong Stock Exchange, aiming to establish an "A+H" dual financing platform [1] Group 1: Company Overview - HLA Group was listed on the Shanghai Stock Exchange in 2014, with a total market capitalization of approximately 29.25 billion yuan as of November 25, 2025 [1] - The company ranks as the second largest men's apparel brand globally in 2024 and has maintained the top position in the Asian men's apparel market for 11 consecutive years since 2014 [1] - HLA Group holds a 5.6% market share in the Chinese men's apparel market, surpassing the combined market share of the second to fifth largest competitors [1] - The company has a diversified brand matrix, including the core men's brand HLA, the premium women's brand OVV, and the high-end children's brand Ying's [1] Group 2: Financial Performance - Revenue figures for the company from 2022 to 2024 are 17.905 billion yuan, 20.754 billion yuan, and 20.162 billion yuan, with 11.238 billion yuan achieved in the first half of 2025 [2] - Net profit for the same period is 2.062 billion yuan, 2.918 billion yuan, 2.189 billion yuan, and 1.588 billion yuan [2] - The company's gross margin improved from 43.4% in 2022 to 46.9% in the first half of 2025 [2] - The core brand HLA contributes over 74% of total revenue, with a 74.1% share in the first half of 2025 [2] Group 3: Market Expansion and Future Plans - The company plans to accelerate its global expansion through the upcoming listing, targeting new markets in Central Asia, the Middle East, and Africa in the second half of 2025 [2] - The overseas revenue showed significant growth, increasing by 27.42% year-on-year to 206 million yuan in the first half of 2025 [2] - The funds raised from the Hong Kong listing will be used for optimizing sales channels, brand building, deepening international brand cooperation, potential acquisitions, digitalization, and R&D innovation [2]

Core Viewpoint - HLA Home, known as "the men's wardrobe," has submitted its listing application to the Hong Kong Stock Exchange amid industry downturn and performance pressure, indicating a need for capital to sustain operations and pursue global expansion [1][2][3] Industry Environment - The domestic apparel industry is experiencing a challenging period with both volume and profit declines. From January to September 2025, the industry saw a revenue drop of 4.63% year-on-year, totaling 868.52 billion yuan, and a profit decline of 16.19%, worsening by 13.57 percentage points compared to the same period in 2024 [2] - Traditional clothing retailers are struggling due to the rise of online shopping and live-streaming e-commerce, leading to a significant reduction in physical store viability [2] Financial Status - HLA Home is facing an "increase in revenue but decrease in profit" situation. In the first three quarters of 2025, the company reported a revenue of 15.599 billion yuan, a 2.23% increase year-on-year, but a net profit of 1.862 billion yuan, down 2.37% [3] - The company's revenue has fluctuated significantly from 2019 to 2024, with a lack of sustained growth and a corresponding decline in net profit [3] Core Challenges - High inventory levels are a significant concern, with 11.518 billion yuan in stock and a turnover period of 323 days, far exceeding the industry standard [6] - The company is heavily reliant on its main brand, which accounts for over 70% of revenue, and has seen a decline in sales from this brand [7] - HLA Home's sales channels are imbalanced, with offline sales making up 79.58% of total revenue, while online sales are only 20.42%, indicating a need for better online performance [9][10] Transformation Efforts - The company is attempting to rejuvenate its brand and optimize channels by engaging younger celebrity endorsements and expanding its direct sales presence [12] - HLA Home is investing in digital transformation and R&D, with 157 million yuan allocated to new fabric development and technology applications to enhance supply chain efficiency [12] - The company is also accelerating its overseas expansion, with plans to open stores in Central Asia, the Middle East, and Africa, despite current overseas revenue being only 1.8% of total income [5][13] IPO Challenges - HLA Home faces external challenges, including being removed from the MSCI index, which reflects a lack of confidence from international investors regarding its growth and profitability [11] - Increased competition from fast fashion brands and local menswear companies is further squeezing market space, leading to price wars [11] Conclusion - The IPO is seen as a potential solution for short-term financing, but the company's long-term success will depend on the effective implementation of its transformation strategies and addressing core issues such as inventory management and brand diversification [14]

Core Viewpoint - Haier's Home, a leading domestic men's clothing brand, has achieved over 20 billion in sales and is now pursuing an "A+H" stock market layout after 25 years in the A-share market [1][2] Financial Performance - Projected revenues for Haier's Home from 2022 to 2024 are 17.905 billion, 20.754 billion, and 20.162 billion respectively, with net profits of 2.062 billion, 2.918 billion, and 2.189 billion [1] - For Q3 of this year, the company reported revenues of 15.599 billion, a year-on-year increase of 2.23%, and a net profit of 1.862 billion, down 2.37% year-on-year [1][2] Market Position - According to Frost & Sullivan, Haier's Home is the second-largest men's clothing brand globally and has held the top position in the Asian men's clothing market for 11 consecutive years since 2014 [2] - The company holds a 5.6% market share in China's men's clothing sector, making it the only Chinese men's clothing brand with annual revenues exceeding 10 billion RMB [2] Brand Diversification - Haier's Home has expanded beyond men's clothing to include brands such as OVV for women's clothing, the high-end children's brand Ying's, and collaborations with Adidas [2] - The main brand, Haier's Home, contributes 75.1%, 78%, and 74.8% to total revenue from 2022 to 2024, indicating its core business status [2] Custom Clothing Business - The corporate clothing customization segment has shown significant growth, with revenues of 2.247 billion, 2.280 billion, and 2.224 billion from 2022 to 2024, accounting for 12.6%, 11%, and 11.1% of total revenue [3] - The gross margin for the customization business was notably high, reaching 47.9% and 46.1% in 2022 and 2023, respectively, although it has started to decline in 2024 [3] Store Expansion - As of June 30, the company operates 7,209 stores globally, with 5,723 under the Haier's Home brand, including 92 overseas [3] - The company plans to increase its overseas direct stores from 111 to 200 over the next three years, focusing on Australia, Europe, and Southeast Asia [5] International Strategy - The opening of the first Australian store in September marks a strategic shift towards developed markets [4] - The company aims to explore independent operations or acquisition opportunities in the sportswear sector to tap into faster-growing markets [5]

Core Viewpoint - Haier's Home has achieved over 20 billion in sales and is expanding its capital layout with an A+H share listing after 25 years in the A-share market [1][2] Financial Performance - Revenue projections for Haier's Home from 2022 to 2024 are 17.905 billion, 20.754 billion, and 20.162 billion respectively, with net profits of 2.062 billion, 2.918 billion, and 2.189 billion [1] - The company's net profit margins are projected at 11%, 13.56%, and 10.45% for the same period [1] - For Q3 of this year, revenue was 15.599 billion, a year-on-year increase of 2.23%, while total profit was 2.417 billion, a decrease of 1.69% [1] Market Position - Haier's Home is the second-largest men's clothing brand globally and has held the top position in the Asian men's clothing market for 11 consecutive years since 2014 [2] - The company holds a 5.6% market share in China's men's clothing sector, surpassing the combined market share of the second to fifth largest competitors [2] Brand Diversification - Besides men's clothing, Haier's Home has expanded into women's clothing with the OVV brand, high-end children's clothing with the acquisition of the Ying's brand, and sportswear through collaboration with Adidas [2] - The main brand, Haier's Home, contributes 75.1%, 78%, and 74.8% to total revenue from 2022 to 2024, indicating its core business strength [2] Custom Clothing Business - The corporate clothing customization segment generated revenues of 2.247 billion, 2.280 billion, and 2.224 billion from 2022 to 2024, accounting for 12.6%, 11%, and 11.1% of total revenue [3] - This segment has shown the fastest growth among Haier's Home's proprietary brands, with a revenue of 1.343 billion in the first half of this year, a year-on-year increase of 23.7% [3] Store Expansion - As of June 30, the company operates 7,209 stores globally, with 5,723 under the Haier's Home brand, including 92 overseas [3] - The company plans to increase its overseas direct stores from 111 to 200 over the next three years, focusing on Australia, Europe, and Southeast Asia [5]