4月29日晚， 海澜之家 集团股份有限公司（以下简称"海澜之家集团"）发布2025年一季 报，实现了2025年开门红！报告期内，公司业绩稳健攀升，共实现营收61.87亿元，同比 增长0.16%；共实现归母净利润9.35亿元，同比增长5.46%，达近5年新高；经营活动产生 的现金流量净额为15.87亿元，同比增长14.91%。 面对复杂多变的国内外环境，海澜之家集团的业绩双增、表现出较强的韧性，再次彰显龙头 魅力。业绩双增背后，是海澜之家集团几十年如一日对产品创新、品牌力打造、渠道建设等 持续优化地坚持。除此之外，海澜之家集团也努力在存量市场中做多种尝试，培育新的增长 引擎，如以斯搏兹切入运动赛道，联手京东布局奥莱，加码品牌"出海"等。 业绩双增的底气： 提起国民服装品牌海澜之家，一部分人的印象还停留在那句经典的广告语"男人的衣柜"。 事实上，海澜之家集团早已突破了男装的品类桎梏，同时布局了女装、童装、生活家居及团 购定制等多领域。作为拥有多个品牌的生活零售集团，海澜之家集团旗下品牌除了包含主品 牌海澜之家（HLA）外，还包含OVV、黑鲸（HLA JEANS）、英氏（YeeHoO）、HEAD （海德）及海澜团购 ...

Core Viewpoint - HLA Group reported a strong performance in Q1 2025, achieving revenue of 6.187 billion yuan, a year-on-year increase of 0.16%, and a net profit of 935 million yuan, up 5.46%, marking a five-year high [1][2] Financial Performance - The company generated a net cash flow from operating activities of 1.587 billion yuan, reflecting a year-on-year growth of 14.91% [1] - HLA Group's revenue from its main brand reached 4.642 billion yuan, with a gross margin of 49.25%, an increase of 2.85 percentage points [9][10] - The group’s revenue from the group purchase series was 646 million yuan, up 17.58%, while other brands generated 743 million yuan, with a remarkable growth of 100.22% [9] Product and Brand Development - HLA Group has diversified its product offerings beyond menswear to include womenswear, childrenswear, home goods, and customized group purchases [2] - The company increased its R&D investment by 43.82% to 288 million yuan in 2024, with Q1 2025 R&D spending reaching 46.96 million yuan [3] - New product lines such as the "YunCai Natural" summer series and upgraded outdoor technology products have been launched, focusing on functionality and style [3] Brand Strategy - HLA Group emphasizes a brand philosophy of "creating vibrant clothing" and has been recognized as a leading brand in the national clothing industry [5] - The company has been actively involved in community events, such as sponsoring the Wuxi Marathon, promoting sustainability and brand visibility [5] Channel Optimization - Online sales in Q1 2025 reached 1.014 billion yuan, a year-on-year increase of 19.76%, while offline sales accounted for 83.18% of total revenue [11][12] - The company has been enhancing its direct store presence, with 2,025 direct stores by the end of Q1 2025, representing 28.22% of total stores [13] New Market Initiatives - HLA Group is expanding into the sports sector through its partnership with Spobz and Adidas, with 433 Adidas stores authorized by the end of 2024 [14] - The collaboration with JD.com aims to create a new "city outlet" model, enhancing the company's presence in the high-value consumer market [15] - The overseas revenue reached 355 million yuan in 2024, with a growth of 30.75%, and a total of 101 overseas stores [15]