Core Viewpoint - HLA (海澜之家) has submitted an application for listing on the Hong Kong Stock Exchange, with Huatai International as the sole sponsor. The company is positioned as the second-largest men's apparel brand globally by revenue in 2024 and has maintained its status as the leading men's apparel brand in Asia for 11 consecutive years since 2014 [1]. Group 1: Company Overview - HLA ranks fourth in revenue among Chinese apparel groups in 2024 and is the largest corporate apparel customization manufacturer in China by revenue [1]. - As of June 30, 2025, the company has surpassed 7,200 global stores, with overseas locations in countries such as Malaysia, the Philippines, Vietnam, and Australia [1]. Group 2: Brand and Product Strategy - In addition to its core men's apparel business, HLA owns brands such as the premium women's brand OVV and the high-end children's brand Ying's. The company collaborates with globally recognized sports brands, serving as the exclusive operator of Adidas' Future City Concept (FCC) business in mainland China and as the authorized operator of the Heider brand in Greater China [1]. - HLA is committed to global expansion, adhering to a multi-brand, omnichannel, and globally-oriented development strategy, steadily expanding its business beyond China [1]. Group 3: Operational Efficiency - The company has established an efficient and scalable brand operation system that integrates product design, procurement, production, smart digital management, logistics, and sales to support multi-brand incubation and large-scale development [1].

Group 1 - The core message highlights the successful application for a secondary listing in Hong Kong by HLA, a leading men's apparel brand known as "the men's wardrobe," which has over 7,200 global stores and holds a 5.6% market share in the Chinese men's clothing market, surpassing the combined market share of its second to fifth competitors [1][3]. - HLA has established a robust retail network over the past decade, with 5,631 stores across 31 provincial-level regions in China and 92 overseas stores, showcasing its international expansion efforts [3]. - The company's revenue has consistently remained above 20 billion yuan, with a peak of 20.754 billion yuan in 2023, and a slight adjustment to 20.162 billion yuan projected for 2024, indicating strong profitability [3]. Group 2 - The decision to list in Hong Kong is driven by the desire for broader international visibility and financing opportunities, especially in light of challenges such as digital transformation and consumer upgrades in the apparel industry [5]. - HLA is diversifying its product offerings beyond men's clothing, with the introduction of its own brand matrix, including the luxury women's brand OVV and high-end children's brand Ying's, which are expected to become new growth engines [3].

Core Viewpoint - Haier Home (海澜之家) has submitted an application to list on the Hong Kong Stock Exchange, with Huatai International as its sole sponsor. According to Frost & Sullivan, Haier Home is projected to be the second-largest men's apparel brand globally by revenue in 2024 and has maintained its position as the leading men's apparel brand in Asia for 11 consecutive years since 2014 [1][4]. Company Overview - Haier Home is recognized as a leading brand apparel retail group in China, distinguished by its diversified brand portfolio, extensive supply chain network, and strong channel integration capabilities. It ranks fourth among Chinese apparel groups by revenue in 2024 [4]. - As of June 30, 2025, Haier Home operates over 7,200 stores globally, with 5,631 stores across 31 provincial-level administrative regions in China, covering nearly all prefecture-level cities [4][6]. - The company has established a global sales network comprising 5,723 stores, including 92 overseas locations. In addition to men's apparel, it offers a luxury women's brand (OVV) and a high-end children's brand (YeeHoO) to cater to diverse customer preferences [4][6]. Brand Strategy - Haier Home has formed strategic partnerships with globally recognized sports brands and is the exclusive operator of Adidas' Future City Concept (FCC) business in mainland China. It also holds licenses for operating the Hedi brand apparel in mainland China, Hong Kong, Macau, and Taiwan [4][6]. - The company is a long-term market leader in corporate apparel customization in China, having over 20 years of development history, and is recognized as the largest corporate apparel customization manufacturer by revenue [4][6]. International Expansion - Haier Home is committed to global expansion and enhancing its international influence. Its store network extends to countries such as Malaysia, the Philippines, Vietnam, Singapore, Thailand, Indonesia, Laos, Cambodia, the Maldives, Kenya, and Australia. As of June 30, 2025, the company has 111 directly operated stores overseas [6]. Financial Performance - The company has focused on its core apparel business and implemented rigorous operational measures, resulting in steady growth despite a complex market environment. Revenue figures for 2022, 2023, 2024, and the first half of 2025 are recorded at 17.905 billion, 20.754 billion, 20.162 billion, and 11.238 billion RMB, respectively. Net profits for the same periods are 2.062 billion, 2.918 billion, 2.189 billion, and 1.588 billion RMB [7][8]. - The gross profit margin has improved over the reporting periods, reaching 43.4%, 45.2%, 45.5%, and 46.9% for 2022, 2023, 2024, and the first half of 2025, reflecting the company's ongoing focus on product quality, operational efficiency, and refined retail management [8][9].