公司报告 | 半年报点评 海澜之家（600398） 证券研究报告 京东奥莱深耕质价比折扣零售 公司发布 2025 中报 25H1：营收 116 亿，归母净利润 16 亿；其中海澜之家系列主营业务收入 84 亿；海澜团购定制业务主营业务收入 13 亿；其他品牌主营业务收入 15 亿。 品牌影响力：主品牌海澜之家全渠道布局品牌传播矩阵，连续三年入选央 视总台"品牌强国工程·领跑品牌"， 乙巳蛇年春节再度登上央视春晚；深 化品牌内容创新，与沈腾及开心麻花创作团队共同打造《年味儿》贺岁微 电影；布局体育赛道，赞助"无锡马拉松""苏超"等联赛体育赛事。团购定 制及其他品牌聚焦细分市场，强化行业影响力；其中 HEAD 运动服饰于 2025 年上半年，首次携手超新星网球冠军赛，成为国内最具影响力的青少 年赛事品牌之一。 产品竞争力：主品牌海澜之家优化升级"科技功能、时尚 IP、品质环保"三 大产品系列，丰富产品阵营，于上半年推出远行冲锋甲硬核户外系列、推 出艺术家 ZOLA 联名系列和墨羽轻壳皮肤衣系列。团购定制及其他品牌锚 定品牌价值定位，塑造独具特色的产品生态；其中，英氏 YeeHoO 获得"2025 天猫金婴奖—年度 ...

Core Viewpoint - The trend of A-share companies planning to list in Hong Kong continues, with 20 companies announcing their intentions in September 2023, indicating a strong interest in expanding their market presence and capitalizing on international opportunities [1][5][6]. Group 1: Companies Planning to List - 20 A-share companies have announced plans to issue H-shares and list on the Hong Kong Stock Exchange, including notable names such as 博瑞医药, 五芳斋, 海澜之家, and 海亮股份 [1]. - 博瑞医药 plans to issue H-shares and has completed clinical research for its weight loss drug BGM0504, with IND applications approved in the U.S. [5]. - 五芳斋 aims to issue H-shares and is preparing for the mid-autumn sales season with a strategy focused on high-end product customization and online marketing [5]. - 海澜之家 intends to issue H-shares and is enhancing its product lines with a focus on technology and environmental quality [6]. - 海亮股份 is also planning to issue H-shares, with significant collaborations in the copper processing sector and expectations for its copper foil business to reach breakeven by 2026 [7]. - 科大智能 is preparing to issue H-shares and has previously supplied robotic products to Tesla, although the revenue contribution is minor [7]. Group 2: Market Performance and Strategic Developments - 东山精密, a leading PCB manufacturer, is planning to issue H-shares to enhance its international strategy and has seen its stock price reach a historical high of 86.33 yuan per share, with a maximum increase of 300% since April [1]. - 沪电股份, another major PCB manufacturer, is also planning to issue H-shares, with its stock price hitting a historical high of 84.45 yuan per share and a maximum increase of 264% since April [3].