海澜之家携A股上市以来累计分红超210亿元光环冲刺港股，但财务报表中的裂痕正不断扩大。 业绩上，其多年营收呈"微增"与"下滑"交替态势，2025年上半年营收微增1.73%，但净利润下降3.1%， 主品牌收入连降，团购定制与其他品牌收入体量小且成本高，海外营收占比则不足2%。 存货问题突出，2025年上半年存货达102.55亿元，占净资产的57.83%，周转天数达到323天，一年以上 库存占比高。 资金链紧张，2024年货币资金骤降42.91%，经营现金流大减55.7%，超百亿元短期债务压顶，2025年， 其应付款超过货币资金，这一背景下，其三年累计分红65.16亿元，周建平家族成最大受益者。 曾助力其迅速崛起的"上游占款、下游加盟"类金融模式也面临挑战，上游应付货款规模大，下游加盟店 减少。从费用看，其2025年上半年销售费用为24.72亿元，占营收的比例达21.37%，研发费用仅1.06亿 元，占比不足1%，有重销售、轻研发之势。其能否借助港股上市破局？ "A+H"上市潮中，"男人的衣柜"海澜之家（600398）也在发力港股二次上市。 9月9日，海澜之家公告，启动港交所上市筹备工作，旨在"加快海外业务发展， ...

海澜之家携A股上市以来累计分红超210亿元光环冲刺港股， 但财务报表中的裂痕正不断扩大。 业绩上，其多年营收呈 "微增"与"下滑"交替态势，2025年上半年营收微增1.73%，但净利润下降3.1%，主品牌收入连降，团购定制 与其他品牌收入体量小且成本高，海外营收占比则不足2%。 存货问题突出， 2025年上半年存货达102.55亿元，占净资产的57.83%，周转天数达到323天，一年以上库存占比高。 资金链紧张， 2024年货币资金骤降42.91%，经营现金流大减55.7%，超百亿元短期债务压顶，2025年，其应付款超过货币资金，这 一背景下，其三年累计分红65.16亿元，周建平家族成最大受益者。 曾助力其迅速崛起的 "上游占款、下游加盟"类金融模式 也面临挑战，上游应付货款规模大，下游加盟店减少。从费用看，其 2025 年 上半年销售费用为24.72亿元，占营收的比例达21.37%，研发费用仅1.06亿元，占比不足1%，有重销售、轻研发之势。其能否借助港 股上市破局？ "A+H"上市潮中，"男人的衣柜"海澜之家（6 0 0 3 9 8）也在发力港股二次上市。 9月9日，海澜之家公告，启动港交所上市筹备工作， ...

10月20日，海澜之家盘中下跌2.13%，截至10:13，报6.42元/股，成交9728.46万元，换手率0.31%，总市 值308.34亿元。 机构持仓方面，截止2025年6月30日，海澜之家十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股8621.19万股，相比上期减少1417.08万股。华泰柏瑞上证红利ETF（510880）位居第五大 流通股东，持股7340.02万股，相比上期减少1498.16万股。南方中证500ETF（510500）位居第七大流通 股东，持股3561.77万股，相比上期增加482.68万股。兴全趋势投资混合(LOF)（163402）位居第十大流 通股东，持股2435.29万股，为新进股东。富国天益价值混合A/B（100020）退出十大流通股东之列。 责任编辑：小浪快报 资金流向方面，主力资金净流出1418.96万元，特大单买入516.20万元，占比5.31%，卖出958.97万元， 占比9.86%；大单买入1028.23万元，占比10.57%，卖出2004.43万元，占比20.60%。 海澜之家今年以来股价跌12.30%，近5个交易日跌1.23%，近20日跌6.28%， ...

文：向善财经 素有"男人衣柜"之称的海澜之家，发布公告，启动了在港股上市的计划。 有意思的是，今年是海澜之家在A股上市的第11个年头，也是"二代目"周立宸接班的第五年，在本次公告之前，海澜之家从未有过太多要港股上市传闻。 客观来讲，海澜之家的净利润自周立宸上任之后，就再也没有回到过他上任前的水平。 而且，海澜之家的商业模式的想象力也略有不足，现在上市想要拿到高估值、高融资额并不容易。 所以，在这个时间节点上市就很值得玩味了，根据公告，赴港上市的核心目的是想要打开国际市场。 这两件事本质上，是买家自己对产品的需求与价格之间有了清晰的认知。 说白了，消费者目前的状态是：你讲你的故事，我反正不听，重要的是产品怎么样。 但本质上，是因为在国内市场，老的叙事方式触达不到年轻人，导致增量不足，现在需要新的市场来实现增长。 //"老登叙事"的背面，是不买账的年轻人 就像最近网上那个火热的名词"老登叙事"，年轻人对老品牌已经没有任何"滤镜"可言。 比如小米那部伤透了外卖小哥心的"防水"手机，比如西贝被"预制菜"打的稀碎的高端健康滤镜。 以海澜之家、比音勒芬为代表的专攻男性服饰的企业也开始遭受类似的困局，尽管找了大量的年轻明星 ...

Core Viewpoint - Haier's Home, known as the "men's wardrobe," is facing unprecedented growth challenges, with declining revenue from its main brand and a reduction in store count, prompting the company to seek a breakthrough through a Hong Kong IPO aimed at international markets [1] Group 1: Market Environment - The timing for the Hong Kong IPO is favorable due to a "golden window period" in the capital markets of mainland China and Hong Kong, supported by recent policies from the China Securities Regulatory Commission encouraging leading companies to list in Hong Kong [3][5] - The Hong Kong Stock Exchange has introduced new listing approval processes to enhance efficiency, reducing the issuance threshold for A-share companies with market capitalizations over HKD 10 billion, leading to a significant increase in IPO fundraising [5][7] Group 2: Company Performance - In the first half of the year, the company's total revenue grew slightly by 1.73% to CNY 11.566 billion, but the main brand "Haier's Home" saw a revenue decline of 5.86% to CNY 8.395 billion, marking the lowest level in three years [9] - The number of physical stores decreased from 6,006 at mid-2023 to 5,723, indicating the end of an aggressive expansion strategy [11] Group 3: Strategic Shift - The company has recognized the need to move beyond its reliance on a single brand, as its traditional "light asset" model has led to weaknesses in product design and innovation, making it vulnerable to competition from international fast-fashion brands [11][13] - The new leadership, under Chairman Zhou Licheng, aims to reverse the domestic market decline, with the Hong Kong listing seen as a crucial step in this strategy [15] Group 4: International Expansion - The company has been expanding internationally since 2017, with overseas revenue reaching CNY 206 million in the first half of the year, a 27.42% increase, and a total of 111 overseas stores as of June [16] - The strategic plan includes entering new markets in Central Asia, the Middle East, and Africa, with a focus on adapting products and marketing strategies to local markets [17][19]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's overall operations are stable, with new business segments contributing to performance growth [1] - The revenue for the first half of 2025 is reported at 11.566 billion yuan, a year-on-year increase of 1.73%, while the net profit attributable to shareholders is 1.580 billion yuan, a decrease of 3.42% year-on-year [1] - The decline in net profit is attributed to a high base from the previous year due to one-time investment gains from the acquisition of a stake in a company [1] - The company is focusing on improving profitability in its e-commerce strategy, shifting from scale to profit [1] Financial Performance Summary - Total revenue forecast for 2023A is 21.528 billion yuan, with a projected growth of 6.26% in 2025E [1][8] - The net profit attributable to shareholders is expected to be 2.434 billion yuan in 2025E, reflecting a year-on-year growth of 12.74% [1][8] - The earnings per share (EPS) for 2025E is projected at 0.51 yuan, with a price-to-earnings (P/E) ratio of 13.75 [1][8] - The gross margin for the first half of 2025 is reported at 46.35%, an increase of 1.15 percentage points year-on-year [1] - Operating cash flow for the first half of 2025 is 2.72 billion yuan, a year-on-year increase of 36.1% [1] Business Segment Performance - The main brand, "Hailan Home," generated revenue of 8.395 billion yuan in the first half of 2025, a decrease of 5.86% year-on-year [1] - The group buying business saw a revenue increase of 23.70% year-on-year, reaching 1.343 billion yuan [1] - Other brands experienced significant growth, with revenue increasing by 65.57% year-on-year to 1.500 billion yuan [1] - The company has expanded its store count to 7,209 by the end of the first half of 2025, with new store formats contributing to growth [1] Long-term Outlook - The long-term outlook remains positive, with the main brand expected to maintain stable operations and new business segments potentially opening a second growth curve [1]

Core Viewpoint - Company reported a slight revenue growth in H1 2025, driven by multiple business segments, despite a decline in net profit [1] Group 1: Financial Performance - In H1 2025, the company achieved revenue of 11.566 billion yuan, a year-on-year increase of 1.73%, while net profit attributable to shareholders was 1.580 billion yuan, a decrease of 3.42% [1] - Other income increased significantly by 97.37% to 14 million yuan, attributed to increased government subsidies [1] - The net cash flow from operating activities rose by 36.11% to 2.718 billion yuan, due to a reduction in cash payments for goods and services [1] Group 2: Brand and Channel Performance - The main brand, Hailan Home, generated revenue of 8.395 billion yuan in H1 2025, a decline of 5.86%, but the gross margin improved by 2.2 percentage points to 48.32% [2] - Other brands, including those from the JD Outlet and Adidas FCC, reported revenue of 1.500 billion yuan, a year-on-year increase of 65.57% [2] - The group purchase custom series saw revenue growth of 23.70% to 1.343 billion yuan, indicating a strong growth rate [2] - Online channels generated revenue of 2.308 billion yuan, a year-on-year increase of 4.36%, with slight improvements in revenue share and gross margin [2] - Direct sales channels, excluding the group purchase custom series, performed well with a revenue increase of 17.15% to 2.902 billion yuan and a gross margin improvement of 1.2 percentage points to 63.89% [2] Group 3: Growth Drivers - The partnership with Adidas and the expansion into lower-tier markets is expected to drive growth in the sportswear retail segment [3] - The collaboration with JD to develop offline outlet channels is anticipated to enhance revenue, with plans to open new stores in multiple provinces [3] - The company is expected to leverage its established male apparel business and expand its overseas market presence while enhancing revenue from online and direct sales channels [4] Group 4: Profit Forecast - The company is projected to achieve net profits of 2.485 billion yuan, 2.851 billion yuan, and 3.207 billion yuan for the years 2025 to 2027, reflecting year-on-year growth rates of 15.11%, 14.75%, and 12.47% respectively [4] - The company maintains a strong competitive position in the men's apparel sector, with extensive channel coverage and a focus on discount channels [4]

Core Viewpoint - The report indicates that the domestic clothing consumption market is experiencing a sluggish recovery, leading to overall performance pressure on clothing enterprises. The company is focusing on its core clothing business, innovating brand management and retail, and expanding into the sports sector and overseas markets to maintain a stable growth trajectory [1] Financial Performance - The company achieved an operating income of 11.566 billion yuan, representing a year-on-year increase of 1.7% [1] - The net profit attributable to shareholders was 1.580 billion yuan, showing a year-on-year decline of 3.42% [1] - The main business income from the Haianzhijia series was 8.395 billion yuan [1] - The group purchase customization business generated a main business income of 1.343 billion yuan [1] - Other brands contributed a main business income of 1.500 billion yuan [1]

Core Viewpoint - The company has demonstrated resilience and market vitality through multi-dimensional business development, focusing on consumer demand amidst a complex domestic and international environment [2]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 20.957 billion yuan and a net profit attributable to shareholders of 2.159 billion yuan [2]. - Revenue breakdown by brand includes: 15.270 billion yuan from the main brand, 2.224 billion yuan from group purchasing and customization, and 2.668 billion yuan from other brands [2]. Group 2: Business Strategy - The company is enhancing brand value, iterating products, and strengthening brand competitiveness while maintaining a solid foundation in the apparel sector [2]. - The company is accelerating the construction of direct-operated stores in landmark commercial complexes, optimizing channel structure, and improving store operating efficiency [3]. - The company employs an "all-channel, multi-platform, complementary advantages" online marketing strategy, resulting in online channel revenue of 4.419 billion yuan, a year-on-year increase of 35.63% [3]. Group 3: Future Outlook - The company aims to continue building a distinctive product system, deepening category expertise, and enriching the product matrix under the 2030 guideline of "focusing on brands, embracing the global market, and promoting inclusive living" [3]. - The industry is expected to enter a gradual recovery phase, characterized by demand segmentation, supply refinement, channel integration, and industrial upgrading, driven by policy incentives and confidence rebuilding [4].