海澜之家的招股书显示，华泰国际为其独家保荐人。根据弗若斯特沙利文数据，按收入计，海澜之家是2024年全球第二大男装品牌；海澜之家自2014年起 连续11年在亚洲男装市场位居首位。据其公告，海澜之家此次H股上市是为"深化全球化战略布局，加快海外业务发展"。近年来，海澜之家业绩增速放 缓，2024年收入和净利润均同比下降，同时其A股股价今年以来一路震荡下行，截至11月25日，股价报收6.09元/股，较年初的年内高点累计下跌超过 30%，远远跑输大盘。 全球门店总数突破7200家 海澜之家源于创始人周建平在1988年承包的毛纺厂，2001年正式更名为海澜集团有限公司。2002年，周建平创立了"海澜之家"品牌，并在南京开出第一家 门店。2012年深交所IPO被否之后，海澜之家于2014年借壳关联公司凯诺科技成功登陆上交所，市值一度突破800亿元，成为"A股男装第一股"。 上市后，海澜之家全国门店布局加速，并加大广告投放，"一年逛两次海澜之家"等魔性广告语和多位明星代言人，让海澜之家"男人的衣柜"的品牌形象在 全国持续爆火。截至2025年6月30日，海澜之家的全球门店总数已突破7200家。 虽然很多人对海澜之家"男人的 ...

Core Viewpoint - The company, HLA, reported a slight increase in revenue but a decline in net profit, indicating ongoing performance challenges despite some positive developments in diversification and international expansion [1][2][10]. Financial Performance - For the first half of 2025, HLA achieved a revenue of 11.566 billion yuan, a year-on-year increase of 1.73%, while net profit attributable to shareholders was 1.58 billion yuan, a decrease of 3.42% [1]. - The net profit after excluding non-recurring gains was 1.566 billion yuan, reflecting a year-on-year growth of 3.83% [1]. - Basic earnings per share were 0.33 yuan, down 5.71% compared to the previous year [1]. - Revenue growth from 2020 to 2024 showed significant volatility, with figures of -18.26%, 12.41%, -8.06%, 15.98%, and -2.65% respectively [1]. Inventory and Operational Challenges - The company's inventory balance reached 10.255 billion yuan in the first half of 2025, up from 9.553 billion yuan in mid-2024 [2]. - Inventory turnover days were reported at 323 days, indicating a prolonged period for inventory digestion, which could impact liquidity and operational costs [2]. Channel Performance - As of the report's end, HLA operated 7,209 stores, with 2,099 being direct-operated, maintaining a stable offline presence [4]. - Online business revenue was 2.308 billion yuan, showing a slight increase from 2.212 billion yuan year-on-year, but growth has significantly slowed compared to a previous 47% increase [4]. - The overseas market showed promising growth, with 111 stores and revenue of 206 million yuan, a 27.42% increase year-on-year [4]. Brand Diversification and Strategy - HLA has expanded its brand portfolio, including women's, youth, and children's clothing, with other brands achieving a revenue growth of 65.57% [6][10]. - The company is actively pursuing international expansion, with plans to enter Central Asia, the Middle East, and Africa, and to open its first store in Australia [4][10]. - HLA's collaboration with JD.com to launch "JD Outlet" stores has also contributed to its diversification strategy [8][10]. Quality Concerns - The company faces challenges regarding product quality, with over 3,700 complaints reported, primarily related to garment quality issues [5].