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 ...

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 ...

（文/孙梅欣 编辑/张广凯） "一年逛两次海澜之家"，让这家国内头部男装品牌卖出超200亿。就在11月21日，海澜之家在港交所递 交了招股书。在A股市场上市25年之后，这家企业迈出了进行"A+H"股资本布局的步伐。 招股书显示，期内（2022年—2024年）海澜之家营收分别为179.05亿元、207.54亿元和201.62亿元；年 内利润分别为20.62亿元、29.18亿元和21.89亿元；公司净利率分别为11%、13.56%和10.45%。 另一个不可小觑的业务部分，来自于企业服装定制业务。虽然不少零售服装品牌也提供定制服装业务， 但从规模而言和占比而言，少有比海澜之家更抢眼的企业， 招股书显示，企业服装定制业务在期内三年的营收金额，分别达到22.47亿元，22.8亿元和22.24亿元， 占比分别达到12.6%、11%和11.1%。到今年中期的营收达到13.43亿元，同比增幅23.7%，在营收中的占 比提升至11.9%，是海澜之家自有品牌中增速最快的业务。 值得注意的是，企业服装定制业务的毛利率一度高于核心品牌"海澜之家"，其中2022年和2023年的毛利 率分别高达47.9%和46.1%。不过从2024年 ...

Core Insights - The company reported a revenue of 15.599 billion yuan for Q3 2025, marking a year-on-year growth of 2.23%, and a net profit of 1.816 billion yuan, up 3.86% year-on-year [1] - The main brand, HLA, has maintained the top market share in China's men's clothing sector for 11 consecutive years, holding a 5% market share [1] Group Operations - HLA operates a multi-brand ecosystem covering men's, women's, children's, professional, and sports apparel, creating a "wardrobe for the whole family" [2] - The company focuses on male consumers aged 20-45, emphasizing brand focus and global outreach [2] - As of the reporting period, the total number of stores reached 7,241, with 2,220 direct-operated stores, accounting for 30.66% [2] Multi-Brand Collaboration - The corporate group achieved significant growth in various segments, with the professional clothing sector generating 1.882 billion yuan, a 28.75% increase [3] - The women's brand OVV and children's brand YeeHoO are enhancing their market presence through targeted marketing and product innovation [3] - The company has partnered with JD.com to create a new retail model, leveraging both parties' strengths for rapid store openings and standardized operations [3] Omnichannel Integration - HLA is capitalizing on the integration of online and offline channels, providing a multi-touchpoint shopping experience [4] - The company has established a presence in all 31 provinces of China and is expanding into Southeast Asia [4] - Online business revenue reached 3.093 billion yuan during the reporting period [4] Product Development - The company is investing in technology and design to enhance competitiveness, with R&D expenses reaching 157 million yuan in Q3 [5] - HLA is implementing digital transformation across product development, retail management, and supply chain management [5] - The company is collaborating with research institutions to innovate in fabric materials and smart manufacturing [6]

Core Viewpoint - HLA Home has cumulatively distributed over 21 billion yuan in dividends since its A-share listing, but its financial statements reveal increasing cracks, including stagnant revenue growth and declining net profits, raising concerns about its upcoming Hong Kong listing [1][4][52]. Group 1: Financial Performance - HLA Home's revenue has alternated between slight increases and declines over the years, with a 1.73% increase in the first half of 2025, but a 3.1% decrease in net profit [1][11][12]. - The company's main brand revenue has been declining, and overseas revenue accounts for less than 2% of total revenue [1][2]. - The company has faced significant inventory issues, with inventory reaching 10.255 billion yuan in the first half of 2025, accounting for 57.83% of net assets and a turnover period of 323 days [2][24]. Group 2: Cash Flow and Debt - HLA Home's cash flow has been under pressure, with a 42.91% drop in monetary funds in 2024 and a 55.7% decrease in operating cash flow [2][28]. - The company has over 10 billion yuan in short-term debt, and its accounts payable exceed its cash reserves, indicating a tight cash flow situation [2][29]. - Despite these challenges, HLA Home has maintained high dividend payouts, distributing 6.516 billion yuan in cash dividends over the last three years, which raises concerns about the sustainability of this strategy amid declining profits [30][31]. Group 3: Business Model and Market Position - HLA Home's unique business model, which relies on a "light asset" and "quasi-financial" approach, has been instrumental in its rapid growth but is now facing challenges as market conditions change [39][41]. - The company has shifted its strategy under new leadership to focus on brand modernization and expanding its product range, including women's and children's clothing [14][47]. - However, the core brand's revenue continues to decline, with a 7.22% drop in 2024, and the company is increasingly reliant on its group purchasing and other brands for revenue growth [16][50]. Group 4: Market Challenges - HLA Home's inventory issues are exacerbated by a high percentage of unsold goods, with over 46.9 billion yuan of inventory aged over one year, leading to potential write-downs [27][21]. - The company's sales expenses have increased significantly, while R&D spending remains low, indicating a potential imbalance in investment priorities [48][50]. - The upcoming Hong Kong listing aims to enhance capital and international presence, but fundamental issues such as product competitiveness and supply chain stability remain unresolved [53][52].

Core Viewpoint - Hailan Home is planning to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange, following its A-share market debut in 2014, with a current market value exceeding 30 billion yuan [2] Company Background - Hailan Home was founded by Zhou Jianping in 2002, inspired by the Japanese clothing industry, particularly Uniqlo, and has grown rapidly using a light asset model [4][5] - The company operates a franchise model where it acts as a bridge between suppliers and stores, allowing for a low-risk inventory system for franchisees [4][5] Growth and Challenges - Hailan Home's advertising campaign in 2006 significantly boosted its brand recognition, leading to rapid expansion, with over 3,000 stores by the end of 2013 and a peak market value of nearly 45 billion yuan [5] - However, the company is now facing a decline in sales, with a projected revenue of 20.96 billion yuan in 2024, a decrease of 2.65% year-on-year, and a net profit drop of 26.88% [9][10] Market Position and Strategy - The brand is perceived as outdated, with younger consumers labeling it as "old men's clothing," which has contributed to its sales decline [9][11] - Hailan Home has attempted to diversify its product offerings and marketing strategies to attract younger consumers, including launching women's clothing and streetwear brands [10][11] Succession and Future Outlook - The next generation, Zhou Licheng and Zhou Yanzhi, have taken over leadership roles, reflecting a broader trend of second-generation leaders stepping into management positions in Chinese family businesses [12][13] - The company is exploring international markets, with overseas revenue reaching 206 million yuan in the first half of 2025, a 27.42% increase year-on-year [11]

Core Viewpoint - Hailan Home (600398.SH) plans to issue H-shares and list on the Hong Kong Stock Exchange, marking a significant step in its internationalization strategy as a leading player in the domestic menswear industry [1][4]. Company Overview - Founded in the late 1970s by Zhou Jianping, Hailan Home started as a photography studio and later transitioned into the textile industry, successfully turning around a struggling woolen mill in 1988 [4]. - The company shifted its focus to fine wool production in 1991, avoiding the oversupply crisis in coarse wool, and achieved sales exceeding 1 billion yuan by 1994 [4]. - Hailan Home's sales reached 10 billion yuan by 1997, positioning it among the top five in the textile industry [4]. Brand Development - In December 2000, the company successfully listed on the Shanghai Stock Exchange, later rebranding as Hailan Group in 2001 and launching its own brand, Hailan Home, in 2002 [5]. - Zhou Licheng, the founder's son, took over leadership roles in the company after gaining experience in private equity, becoming the president in 2017 and chairman in 2020 [7]. - The company has developed a multi-brand strategy, including women's brand OVV and children's brand Ying's, although new brand revenue accounts for less than 30% of total income [7]. Financial Performance - From 2021 to 2024, the company's revenue fluctuated between 18.56 billion yuan and 21.53 billion yuan, with net profits ranging from 2.16 billion yuan to 2.95 billion yuan [8]. - The gross profit margin improved from 41.79% to 46.07%, but remains lower than competitors like Youngor and Seven Wolves [8]. - As of the first half of 2025, the company's inventory balance reached 10.26 billion yuan, an increase of 702 million yuan year-on-year, indicating ongoing inventory pressure [7][8]. Market Challenges - The company faces challenges in improving inventory structure, enhancing profitability of new businesses, and boosting investor confidence amid increasing industry competition [8].

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].

Core Insights - The company reported a revenue of 11.566 billion yuan for the first half of 2025, representing a year-on-year growth of 1.73% [1] - The net profit attributable to shareholders after deducting non-recurring items was 1.566 billion yuan, with a year-on-year increase of 3.83% [1] - The new strategic direction for 2025 focuses on "focusing on brands, embracing the global market, and enhancing quality of life" [1] Revenue Breakdown - The main brand, Haieranzhijia, has shown a steady increase in gross margin due to network expansion over the past three years [1] - The Haieranzhijia group purchase custom series and other brands maintain a gross margin of over 40% [1] - Overall, the improvement in gross margin is driven by channel structure optimization and product mix adjustments [1] Brand Performance - The corporate clothing segment, Haieranzhijia group purchase, achieved a revenue of 1.343 billion yuan, growing by 23.70% year-on-year [2] - The women's brand OVV contributed significant growth through high-end fabric series [2] - The children's brand YeeHoO enhanced its high-end positioning, leading to increased member repurchase rates [2] - The sportswear segment opened over 400 stores in lower-tier cities, focusing on cost-effective products [2] - The collaboration with JD.com to create the "JD Outlet" model has integrated online and offline resources, with 23 new stores opened in the first half of the year [2] - Other brands collectively generated a revenue of 1.500 billion yuan, marking a year-on-year growth of 65.57% [2]

Core Viewpoint - The company is preparing for its upcoming shareholder meeting, outlining the procedures and rules to ensure order and efficiency during the meeting [1][2][3]. Meeting Procedures - The shareholder meeting will have a secretariat responsible for organizing the meeting and handling related matters [1]. - Attendees must respect the rights of shareholders and maintain order during the meeting [1]. - Shareholders have the right to speak and vote, but must register in advance if they wish to speak [1]. - Non-shareholders are not allowed to speak without permission from the meeting host [2]. Voting Methods - Voting will be conducted through both on-site and online methods [3]. - On-site voting requires shareholders to collect ballots upon registration [3]. - The meeting will appoint three monitors to oversee the voting process [3]. Agenda Items - The agenda includes the review of the 2024 annual report, board and supervisory committee reports, financial statements, profit distribution proposals, and various resolutions regarding the company's governance [3][4][5]. Financial Performance - The company reported a revenue of approximately 20.96 billion yuan for 2024, a decrease of 2.65% compared to 2023 [4]. - The net profit attributable to shareholders decreased by 26.88% to approximately 2.16 billion yuan [4]. - The net cash flow from operating activities dropped by 55.70% to approximately 2.32 billion yuan [4]. Business Strategy - The company aims to enhance its brand influence and market presence through various initiatives, including expanding its product offerings and optimizing store layouts [12][24]. - The company is focusing on digital transformation and innovation in product development to meet diverse consumer needs [22][25].