8月27日晚间，海澜之家（600398）发布半年度业绩报告，上半年公司实现营收115.66亿元，同比增长 1.73%；归母净利润15.80亿元。值得一提的是，主品牌海澜之家连续11年蝉联中国男装市场占有率第一 （市占率5%），公司市值稳居A股服装类目首位，营收规模连续六年领跑A股服装企业。 上半年，海澜之家通过集团化品牌矩阵深耕、全渠道线上线下（300959）深度融合、科技与设计双轮驱 动的产品研发，不仅巩固了行业龙头地位，更在全球化布局与数字化转型中展现出强劲韧性，为中国服 装品牌高质量发展提供了"海澜样本"。 多品牌矩阵构建生态壁垒 海澜之家以主品牌为核心，通过"成熟+成长+培育"的阶梯式品牌矩阵，实现对男装、女装、童装、职 业装、运动装等全品类市场的覆盖，形成"全家人的衣柜"生态闭环。主品牌海澜之家聚焦20-45岁男性 消费者，以"聚焦品牌，拥抱全球，普惠生活"为价值主张，2024年市占率达5%，连续11年位居中国男 装第一。 多年来，海澜之家专心服装本业。持续强化品牌运营、供应链管理和渠道运营的综合能力，实现服装主 业的长期有效增长。从衣开始，为更多人打造美好生活方式。产品端，通过"新国潮、新街潮、轻 ...

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].