证券研究报告|公司点评报告 [Table_Date] 2026 年 03 月 28 日 [Table_Title] 业绩受新业务拖累，京东奥莱股权理顺 [Table_Title2] 海澜之家(600398) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 600398 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 8.72/5.69 | | 目标价格： | | 总市值(亿) | 292.49 | | 最新收盘价： | 6.09 | 自由流通市值(亿) | 292.49 | | | | 自由流通股数(百万) | 1929 | 事件概述 2025 年公司收入/归母净利/扣非归母净利/经营活动现金流分别为 216.26/21.66/21.22/44.82 亿元、同比增 长 3.19%/0.34%/5.30%/93.46%，业绩略低于市场预期，主要由于主品牌承压、少数股东损益亏损（新业务）；剔 除投资收益（25/24年分别为0.07/1.24亿元，24年为斯博兹及出售男生女生品牌收益）、少数股东损益（25/24 年分别为 ...

[Table_Title] 业绩受新业务拖累，京东奥莱股权理顺 [Table_Title2] 海澜之家(600398) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 600398 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 8.72/5.69 | | 目标价格： | | 总市值(亿) | 292.49 | | 最新收盘价： | 6.09 | 自由流通市值(亿) | 292.49 | | | | 自由流通股数(百万) | 1929 | 事件概述 2025 年公司收入/归母净利/扣非归母净利/经营活动现金流分别为 216.26/21.66/21.22/44.82 亿元、同比增 长 3.19%/0.34%/5.30%/93.46%，业绩略低于市场预期，主要由于主品牌承压、少数股东损益亏损（新业务）；剔 除投资收益（25/24年分别为0.07/1.24亿元，24年为斯博兹及出售男生女生品牌收益）、少数股东损益（25/24 年分别为-0.34/0.3 亿元）影响，则归母净利为 21.93 亿元、同比增长 9%。25Q4 ...

Core Viewpoint - The article discusses the challenges faced by HLA (海澜之家), a leading men's clothing brand in Asia, including declining revenue, high inventory, and the need for brand rejuvenation and international expansion under the leadership of the second generation, Zhou Licheng [2][5][20]. Group 1: Market Position and Financial Performance - HLA is the number one men's clothing brand in Asia, with a market share of 5.6% in the Chinese men's clothing market and the only brand with annual revenue exceeding 10 billion yuan [5][21]. - The main brand's revenue has been declining, with a 7.22% drop to 15.27 billion yuan in 2024 and a nearly 4% decrease in the first three quarters of 2025, reaching 10.849 billion yuan [7][21]. - The number of franchise stores has decreased significantly, from 4,724 to 4,101 in less than two years, indicating a contraction in the franchise system [8][9]. Group 2: Management and Strategic Changes - Zhou Licheng has been in charge for over five years, focusing on brand rejuvenation and internationalization, but has not yet reversed the revenue decline [6][20]. - The company is attempting to list on the Hong Kong Stock Exchange to support its international strategy and address financial pressures [4][12]. - Recent management changes, including the resignation of a key executive just before the IPO, have raised concerns about the company's stability [15]. Group 3: Inventory and Financial Health - HLA's inventory has exceeded 10 billion yuan, with a significant increase from 7.416 billion yuan in 2020 to 10.255 billion yuan in the first half of 2025 [12][14]. - The company has a high inventory turnover period, increasing from approximately 263.64 days in 2020 to 322.58 days in the first half of 2025, indicating potential overstock issues [14]. - The financial situation shows a cash flow strain, with total liabilities reaching 14.82 billion yuan and an asset-liability ratio of 44.79% [12][22]. Group 4: Brand Perception and Market Challenges - HLA is perceived as "dad's clothing" by younger consumers, which poses a challenge for brand rejuvenation despite efforts to engage trendy celebrities for endorsements [5][6]. - The company has faced scrutiny for maintaining high dividend payouts amidst fluctuating performance and rising inventory levels, raising questions about its financial strategy [18][19].

Core Viewpoint - Haier Home has been removed from the MSCI China Index, which may impact its market liquidity and capital attention due to its recent performance decline [1]. Group 1: MSCI Index Changes - MSCI announced the results of its index review for November 2025, with 26 Chinese companies being added and 20 removed, including Haier Home [1]. - The removal from the MSCI index is significant as it typically indicates a loss of international investment interest [1]. Group 2: Financial Performance - In the third quarter of 2025, Haier Home reported a revenue of 15.599 billion yuan, a year-on-year increase of 2.23%, and a net profit of 1.816 billion yuan, up 3.86% [1]. - The main brand, Haier Home, experienced a revenue decline of 3.99% to 10.849 billion yuan, marking a continuous decline since the second half of 2024 [1]. Group 3: Business Model and Market Position - Haier Home relies heavily on the ODM (Original Design Manufacturer) model, outsourcing most production processes to suppliers, which reduces inventory risk but limits control over design and development [3]. - The company faces challenges of product homogeneity and low repurchase rates due to its large-scale operations under the ODM model, necessitating a transformation to enhance brand, product, channel, and service [3]. - The brand struggles to attract younger consumers, which is critical for maintaining market relevance and growth [2].

Core Viewpoint - The determination of apparel giants to return to their core business is increasingly strong, signaling a shift in the industry as companies like Youngor and Qipilang face growth challenges and seek new strategies to overcome them [1][2]. Group 1: Company Strategies - Youngor has rebranded itself as "Youngor Fashion Co., Ltd." and is focusing on its core apparel business after divesting from investments and real estate [1]. - Qipilang's financial report for the first half of 2025 shows that out of a net profit of 160 million yuan, only 30 million yuan came from its apparel business, indicating a heavy reliance on investments for profitability [1]. - Hailan Home has announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and capital strength, aiming for international brand recognition [5]. Group 2: Industry Trends - The apparel industry is experiencing a cyclical downturn, with many companies facing challenges related to scale and inventory management [8]. - Hailan Home's strategy includes a shift from being "a wardrobe for men" to "a wardrobe for the whole family," reflecting a broader market appeal [9]. - The company has adopted a multi-brand strategy, including various product lines and collaborations with international brands, to diversify its offerings [9]. Group 3: Financial Performance - Hailan Home's revenue from 2021 to 2024 showed fluctuations, with figures of 20.19 billion yuan, 18.56 billion yuan, 21.53 billion yuan, and 20.96 billion yuan respectively, while net profits varied from 2.49 billion yuan to 2.16 billion yuan [9][10]. - In the first half of 2025, Hailan Home reported total revenue of 11.57 billion yuan, a slight increase of 1.73%, but net profit declined by 3.42% to 1.58 billion yuan [10]. - The company's inventory has been increasing significantly, from 7.42 billion yuan in 2020 to 11.99 billion yuan in 2024, raising concerns about potential inventory depreciation risks [10]. Group 4: Internationalization Efforts - Hailan Home has been expanding its international presence since 2017, with plans to enter new markets in Central Asia, the Middle East, and Africa, and aims to open its first store in Australia [12]. - The company's overseas revenue has been growing but remains a small portion of total revenue, with figures of 219 million yuan, 272 million yuan, and 355 million yuan from 2022 to 2024, representing only 1.22% to 1.76% of total revenue [13]. - The upcoming H-share IPO is seen as a crucial step for Hailan Home to enhance its capital strength and accelerate its international business development [13][14].

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 [1][2]. Group 1: Overseas Expansion - HLA's overseas revenue has significantly increased from 6.17 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 is expanding into mature markets like Malaysia, Thailand, Vietnam, and Singapore, while also exploring new markets in Central Asia and the Middle East [2][18]. - As of the first half of 2025, HLA has opened 111 overseas stores, with a focus on profitability in various store formats [23]. Group 2: Business Strategy and Performance - HLA is transitioning from a men's clothing brand to a family-oriented brand, implementing a multi-brand strategy that includes women's wear, children's wear, and sportswear [4][5]. - Despite a 1.73% year-on-year revenue growth to 11.566 billion in the first half of 2025, the company's net profit decreased by 3.42% to 1.580 billion, indicating challenges in performance [5]. - The main brand, HLA, contributes approximately 75% of the company's revenue, with consistent performance over the years [8][9]. Group 3: Financial Overview - HLA's 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 respectively, reflecting varying growth rates [5][6]. - The company's net profit during the same period also experienced volatility, with figures of 1.785 billion, 2.491 billion, 2.155 billion, 2.952 billion, and 2.159 billion, indicating a challenging financial landscape [5][6]. Group 4: Market Position and Future Outlook - HLA's overseas business has a gross margin significantly higher than its domestic operations, with margins of 66.32%, 68.89%, and 68.13% from 2022 to 2024 [19]. - The overseas revenue still represents a small portion of total revenue, accounting for only 1.83% in the first half of 2025 [21][22]. - The company is actively pursuing new market opportunities and plans to open its first store in Australia in the second half of 2025 [18].

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 company, HLA (海澜之家), has initiated plans for a Hong Kong listing to enhance its global strategy and accelerate overseas business development [2][3]. 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 [3]. - The company has expanded its overseas presence, opening its first store in Malaysia in 2017 and subsequently entering markets like Laos and the Philippines [8][9]. - As of the first half of 2025, HLA operates 111 overseas stores, although overseas revenue only accounted for approximately 1.83% of total revenue [11][12]. 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 [4]. - The company's revenue from the main brand, HLA, contributed approximately 75% of total revenue in the first half of 2025 [6]. - Historical revenue figures show fluctuations, with total revenues of 17.959 billion, 20.188 billion, 18.562 billion, 21.528 billion, and 20.957 billion from 2020 to 2024, reflecting a volatile growth pattern [4]. Group 3: Strategic Initiatives - HLA is transitioning from a men's clothing brand to a family-oriented brand, introducing multiple brands and categories since 2021 [3]. - The company has invested 248 million in acquiring a 51% stake in a sports brand management company to enhance its sports product offerings [6]. - HLA has partnered with JD.com to create a new retail format, "JD Outlet," to tap into the high-value consumer market [7].

Group 1 - The core point of the news is that the domestic clothing brand "Hailan Home" has officially announced its plan to list in Hong Kong, aiming to enhance its global strategy, accelerate overseas business development, and improve its international brand image [1] - Hailan Home's listing plan is supported by stable performance, with a revenue of 11.566 billion yuan in the first half of 2025, a year-on-year increase of 1.73%, and a net profit of 1.58 billion yuan, a year-on-year decrease of 3.42% [3][4] - The overall clothing industry is experiencing a contraction in market demand, with 31 out of 48 listed clothing companies reporting a decline in revenue and net profit in the first half of 2025 [3][5] Group 2 - The clothing industry is showing a significant "Matthew effect," where larger companies are performing better, with only three companies exceeding 10 billion yuan in revenue, namely Anta, Li Ning, and Hailan Home [5] - Anta leads the industry with a revenue of 38.54 billion yuan, followed by Li Ning at 14.82 billion yuan and Hailan Home at 11.566 billion yuan [5][6] - The competition in the clothing industry is intensifying, with many brands facing challenges in maintaining profitability and market share [8][14] Group 3 - The performance of men's clothing brands has been disappointing, with several companies, including Yagor and Baoxini, reporting declines in both revenue and net profit [7] - The children's clothing segment is becoming a core growth driver for companies like Semir, which reported a revenue of 10.268 billion yuan in 2024, with a 5.97% increase in the first half of 2025 [10] - Anta has also launched a children's series, achieving over 10 billion yuan in revenue in 2024, indicating a shift towards targeting younger consumers [12] Group 4 - The retail landscape is changing, with many clothing brands closing underperforming stores and focusing on e-commerce as a growth channel [19][20] - Anta's e-commerce revenue accounted for 34.8% of total revenue in the first half of 2025, reflecting the effectiveness of its digital transformation strategy [19] - The rise of white-label brands is creating additional competition, as consumers increasingly seek value for money [14]