导语："二代"接班5年，海澜之家还是"爸爸装"？ 摘要： 1、男装"龙头"：亚洲男装市占率第一、国内唯一营收破百亿的男装品牌。 2、主品牌营收下降：主品牌海澜之家系列营收连续下滑、加盟体系关店数百家，库存突破百亿元、营收 规模五年徘徊不前， 海外业务占比不足2%， 增长"瓶颈"待解。 3、管理层变动：高管在递表前夕离任、家族持股高度集中、累计分红214亿元引发关注。 "海澜之家"系列连续两年营收下滑 截至 2025年 前三季度 ， 海澜之家 全球门店 （直营、加盟及其他）达到 7178 家， 在海外 覆盖东南 亚、中东、非洲、大洋洲等地区。 但这些规模背后，是 持续增长 的乏力。 从 2020年开始，海澜之家的营收结束了之前长达7年的连续增 长，而是陷入了从增长到下滑的重复性"怪圈"，而且至今也没有突破过2019年219.7亿元的营收峰值。 巧合的是， 2020年也是"二代" 周立宸 接任父亲 周建平 董事长职务的时刻。从 2020年至今， 周立宸 接班已 5年有余，但营收规模始终徘徊在200亿元的规模。 在营收 "瓶颈"的背后，是海澜之家给消费者的品牌印象仍停留在"中年男性服装"，以"男人的衣柜"为标 签的 ...

2025年11月21日，有着"男人的衣柜"之称的海澜之家正式向港交所递交上市申请，独家保荐人为华泰国际。此次并非这家男装巨头首次叩击资 本市场——2014年，它通过借壳凯诺科技成功登陆A股，市值一度突破800亿元，成为"A股男装第一股"。如今时隔11年冲刺H股，褪去"全球化 战略升级"的包装，更像是在行业下行、业绩承压、转型乏力背景下的一场"输血续命"式资本运作。本文将从行业环境、财务现状、核心挑战 与转型举措四方面，浅析海澜之家此次赴港上市的动因与前景。 上市动因：行业下行与业绩承压的双重倒逼 海澜之家选择此时递表，本质是被内外双重压力推着向前。从外部行业环境看，2025年国内服装行业正经历"量利双降"的艰难期：根据国家统 计局数据，2025年1—9月，我国服装行业规模以上企业13673家，实现营业收入8685.18亿元，同比下降4.63%；利润总额319.23亿元，同比下 降16.19%，降幅较2024年同期扩大13.57个百分点。消费方式变革更让传统服装企业雪上加霜——线上购物的便捷性、直播电商的爆发式增 长，让线下门店逐渐沦为"免费试衣间"，大量服装门店被餐饮、茶饮等体验式业态取代，线下渠道生存空间持 ...

Core Viewpoint - The company, HLA (海澜之家), is initiating plans for a Hong Kong listing to enhance its global strategy and accelerate overseas business development, with a focus on diversifying its capital operation platform [2] Group 1: Overseas Expansion - HLA's overseas revenue has significantly increased from 6.1684 million in 2017 to 355 million in 2024, with a 27.42% year-on-year growth in the first half of 2025 [2] - The company has expanded its international presence in Southeast Asia and is exploring new markets in Central Asia and the Middle East, with plans to open its first store in Australia [11][12] - As of the first half of 2025, HLA has 111 overseas stores, with overseas revenue accounting for only 1.83% of total revenue [14] Group 2: Financial Performance - In the first half of 2025, HLA's revenue grew by 1.73% to 11.566 billion, but net profit decreased by 3.42% to 1.580 billion, indicating challenges in performance [3] - The company's revenue from its main brand, HLA, accounted for approximately 75% of total revenue in the first half of 2025 [5] - HLA's historical revenue from 2020 to 2024 showed fluctuations, with figures of 17.959 billion, 20.188 billion, 18.562 billion, 21.528 billion, and 20.957 billion, reflecting a mixed growth trajectory [3][4] Group 3: Strategic Initiatives - HLA has diversified its brand portfolio since 2021, including women's brand OVV, trendy brand HLA JEANS, and children's brand YeeHoO, alongside exclusive partnerships with international brands [3] - The company is investing in the sports sector, acquiring a 51% stake in a brand management company for 248 million, and has opened 529 Adidas stores in China [6][7] - HLA is collaborating with JD.com to create a new retail format, "JD Outlet," to tap into the high-value consumer market, with 23 stores established as of mid-2025 [8]

Core Viewpoint - The company, HLA, is initiating a plan for a Hong Kong listing to enhance its global strategy and accelerate overseas business development, with a focus on diversifying its capital operation platform [1] Group 1: Overseas Expansion - HLA's overseas revenue has significantly increased from 6.1684 million in 2017 to 355 million in 2024, with a 27.42% year-on-year growth in the first half of 2025 [1] - The company has expanded its presence in Southeast Asia, including Malaysia, Thailand, Vietnam, and Singapore, while also exploring new markets in Central Asia and the Middle East [1][8] - As of the first half of 2025, HLA has opened 111 overseas stores, with overseas revenue accounting for only 1.83% of total revenue [8][6] Group 2: Business Transformation - HLA is transitioning from being a "men's wardrobe" to a "family wardrobe" by implementing a multi-brand and multi-category strategy, which includes women's wear, children's wear, and sportswear [2] - Despite a 1.73% year-on-year revenue growth to 11.566 billion in the first half of 2025, the company's net profit attributable to shareholders decreased by 3.42% to 1.580 billion, indicating challenges in performance [2][3] - The main brand, HLA, contributed approximately 75% of the company's main business revenue in the first half of 2025, highlighting its significance in the overall revenue structure [4] Group 3: Financial Performance - HLA's revenue from the main brand has consistently accounted for over 70% of total revenue from 2020 to 2024, with figures of 137.68 billion, 151.33 billion, 137.53 billion, 164.58 billion, and 152.70 billion respectively [4] - The company's financial performance has shown volatility, with significant fluctuations in both revenue and net profit from 2020 to 2024, compared to its peak in 2019 [3][4] - The company has invested 248 million in acquiring a 51% stake in a sports brand management company to enhance its sports segment and has established 529 Adidas stores in China as of the first half of 2025 [4][5]

Core Viewpoint - The domestic clothing brand "HLA" (海澜之家) has officially announced its plan to list in Hong Kong, aiming to enhance its global strategy and accelerate overseas business development [1][3]. Group 1: Company Strategy - The core purpose of the Hong Kong listing is to deepen the company's global strategy layout, accelerate overseas business development, and enhance its international brand image [3]. - HLA has expanded its business beyond the domestic market, covering self-owned brand operations, international brand authorization, and new sales channels [3]. - The company has achieved initial success in international expansion, with 111 overseas stores and overseas main business revenue of 206 million yuan, a year-on-year increase of 27.42% [3]. Group 2: Financial Performance - In the first half of 2025, HLA achieved revenue of 11.566 billion yuan, a year-on-year growth of 1.73%, and a net profit attributable to shareholders of 1.58 billion yuan, demonstrating strong profitability and operational resilience [4]. Group 3: Industry Trends - The trend of quality enterprises listing in Hong Kong is on the rise, with over 20 Jiangsu enterprises currently queued for listing, indicating a shift from mere financing needs to a key step in global strategy [5]. - The recent surge in "A+H" listings is driven by both policy and market factors, with regulatory support from the China Securities Regulatory Commission and improved listing processes in Hong Kong [6]. - The Hong Kong market serves as a critical platform for Chinese enterprises to enhance global brand recognition and optimize capital structure [6].

Group 1 - The company's Q2 main operating performance stabilized, with investment income affecting the net profit base [1] - In H1 2025, the company achieved revenue of 11.57 billion yuan (up 1.7% YoY) and a net profit attributable to shareholders of 1.58 billion yuan (down 3.4% YoY) [1] - Q2 2025 revenue was 5.38 billion yuan (up 3.6% YoY), with a net profit of 645 million yuan (down 13.9% YoY) [1] Group 2 - The main brand's revenue in H1 2025 was 8.395 billion yuan (down 5.9% YoY), with a narrowing decline in Q2 [2] - The main brand's gross margin was 48.3% (up 2.2 percentage points YoY), influenced by the increase in direct sales and e-commerce [2] - The company opened 10 new overseas stores, bringing the total to 111, with plans to expand into Australia [2] Group 3 - Other business revenue in H1 2025 was 1.5 billion yuan (up 65.6% YoY), with a gross margin of 47.1% (down 9.6 percentage points YoY) [3] - The company has opened 529 stores for the Adidas FCC series in mainland China, with a net increase of 96 stores [3] - The new projects, including FCC and JD Outlet, are expected to be profitable [3] Group 4 - The company expects the main brand to stabilize in the second half of the year, with revenue projections of 22.2 billion yuan, 24.7 billion yuan, and 26.9 billion yuan for 2025-2027 [4] - The projected net profit for 2025-2027 is 2.41 billion yuan, 2.68 billion yuan, and 2.95 billion yuan, with a PE ratio of 14, 12, and 11 times respectively [4] - The new retail format is expected to open growth opportunities, maintaining a "buy" rating [4]