证券研究报告·公司点评报告·服装家纺 海澜之家（600398） 2025 年 09 月 01 日 证券分析师 汤军 执业证书：S0600517050001 021-60199793 tangj@dwzq.com.cn 证券分析师 赵艺原 执业证书：S0600522090003 zhaoyy@dwzq.com.cn 2025 年中报点评：整体经营稳健，新业务增 厚业绩 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 21,528 | 20,957 | 22,268 | 24,638 | 26,665 | | 同比（%） | 15.98 | (2.65) | 6.26 | 10.65 | 8.23 | | 归母净利润（百万元） | 2,952 | 2,159 | 2,434 | 2,744 | 3,044 | | 同比（%） | 36.96 | (26.88) | 12.74 | 12.77 | 10.90 | | ...

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]

格隆汇8月27日丨海澜之家(600398.SH)公布半年度报告，2025年上半年，国内服装消费市场回暖乏力， 服装企业整体业绩承压，面对复杂多变的国内外环境，公司聚焦服装主业，创新品牌管理与零售，持续 布局运动领域，打造城市奥莱新业态，加码海外市场扩张，发展态势持续稳固向好。报告期，公司实现 营业收入115.66亿元，同比增长1.7%，归属于上市公司股东的净利润15.80亿元，同比下降3.42%；其中 海澜之家系列实现主营业务收入83.95亿元；海澜团购定制业务实现主营业务收入13.43亿元；其他品牌 实现主营业务收入15.00亿元。 ...

5月26日，海澜之家集团股份有限公司（以下简称"海澜之家"）召开2024年度暨2025年第一季度业绩说 明会。海澜之家董事长兼总经理周立宸、董事兼董事会秘书汤勇、财务总监秦敏杰、独立董事张铮等就 公司主业发展情况等与投资者展开深入交流。 记者了解到，海澜之家以"精布局、高品质、强体验"为指引，在国内市场加速推进以地标性商业综合体 为主的直营门店建设，持续优化渠道结构，提高门店经营效益。截至2024年，公司各品牌门店数量共计 7178家，主品牌海澜之家门店5833家，直营门店1468家。 在线上渠道，海澜之家采取"全渠道、多平台、优势互补"的线上营销策略，在直播运营、产品聚焦、数 字赋能、粉丝运营等领域持续发力，线上业务保持快速增长态势。2024年，公司线上渠道主营业务收入 44.19亿元，同比增长35.63%。 "海澜之家持续构建极具品牌特色的产品体系，深化品类专长，丰富完善产品矩阵。未来，公司将在'聚 焦品牌、拥抱全球、普惠生活'的2030方针引领下，持续以服装为原点，为优质品牌赋能，与合作伙伴 共担当，双向链接中国与世界，让更多人享有美好的生活方式。"汤勇在回答《证券日报》记者提问时 表示。 秦敏杰表示： ...