Core Viewpoint - The company, Hailan Home, is committed to developing its brand apparel business, expanding into various segments including men's, women's, children's, sportswear, and home goods, while enhancing its overall strength through multi-channel strategies and partnerships with major brands like Adidas and JD.com [1][6][12]. Financial Performance - In 2024, the company reported a revenue of 20.96 billion yuan, a decrease of 2.65% from 2023, and a net profit of 2.16 billion yuan, down 26.88% year-on-year [3][5]. - The cash flow from operating activities was 2.32 billion yuan, reflecting a significant decline of 55.70% compared to the previous year [5][8]. - The company plans to distribute a cash dividend of 1.80 yuan per 10 shares, indicating a commitment to shareholder interests [4]. Market Position and Strategy - Hailan Home maintains a market share of 5.0% in the men's apparel sector, holding the leading position in China for 11 consecutive years [6]. - The company is focusing on younger and functional product lines to meet the evolving consumer demands, particularly targeting the "Z generation" [6][7]. Product Development and Innovation - In 2024, the company expanded its product offerings, including new styles in shirts and sportswear, and invested 288 million yuan in R&D, an increase of 43.82% year-on-year [7][8]. - The company is leveraging digital technologies in its operations, including the establishment of an intelligent factory that enhances production efficiency and product quality [15]. Sales Channels and Growth - Online sales accounted for 21.92% of total revenue in 2024, with a year-on-year growth of 35.63%, while offline sales represented 78.08% [14][15]. - The company has a total of 7,178 stores across China, with a significant number of direct-operated stores, enhancing its market presence [10]. Partnerships and Collaborations - Hailan Home has partnered with Adidas to manage sports brand operations, targeting lower-tier cities with cost-effective product lines [10][12]. - The collaboration with JD.com aims to enhance the company's online and offline presence, providing consumers with a seamless shopping experience [12][14].