Core Viewpoint - Facing market competition pressure, the leading men's clothing brand in A-shares, Hailan Home, is seeking new growth points for performance improvement [1] Financial Performance - In 2024, Hailan Home achieved revenue of 20.957 billion yuan, a year-on-year decrease of 2.65%, and a net profit attributable to shareholders of 2.159 billion yuan, down 26.88% [1] - In Q1 2025, Hailan Home's performance improved with 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% [1] Brand Strategy and Expansion - Hailan Home is increasing its focus on the sports sector, acquiring exclusive rights for the Austrian sports brand HEAD in China and holding a 51% stake in Spobz Brand Management [2][6] - The company is implementing a "multi-brand, full-category, group" strategy, expanding its brand portfolio to include Hailan Home, OVV, Black Whale, and YeeHoO [2] Revenue Structure - The main brand, Hailan Home, contributed 15.270 billion yuan in revenue in 2024, a decrease of 7.22%, while the group purchase customization business generated 2.224 billion yuan [3] - The "other brands" segment saw a significant increase in revenue, totaling 2.668 billion yuan, up 32.38% [3] Sales Channels - In 2024, online sales contributed 4.419 billion yuan, accounting for 21.92% of total revenue, with a year-on-year growth of 35.63% [10] - Offline sales accounted for 15.743 billion yuan, a decrease of 10.02%, with a revenue share dropping from 84.30% in 2023 to 78.08% in 2024 [10][12] Store Expansion - By the end of 2024, Hailan Home had a total of 7,178 stores, with 5,833 belonging to the main brand [11] - The company opened 1,103 new stores while closing 802 in 2024 [11] International Expansion - Hailan Home's overseas revenue reached 355 million yuan in 2024, a year-on-year increase of 30.75%, with a total of 101 overseas stores [13]