2023年冬天，曾舜晞宣布成为海澜之家品牌代言人。今年4月，作为"二代接班人"、海澜之家董事长周立宸和曾这位内娱新生代演员突现西安一家商场， 迅速聚拢的人群将两位年龄差8岁，分别来自商界、娱乐圈的男人围了个水泄不通。 在现场，周立宸望着曾舜晞笑眯眯，曾则手持一张"爱他就送他海澜之家"的海报。 海澜之家自2006年首次聘请印小天担任代言人以来，搭配这位初代代言人魔性舞蹈，打响了"男人的衣柜"这一概念。后面陆续与杜淳、林更新、陈晓、周 杰伦、武磊（签约的首位体育明星）、许魏洲、侯明昊、张颂文、潘展乐等合作。 近两年，对于服装品牌，行业基本没有花团锦簇。海澜之家作为国内男装龙头持续增长乏力，即是其中一个典型案例。 今年上半年，该公司营收略有增长，利润总额、归母净利润同比减少。去年已经出现业绩下滑迹象，全年营收及归母净利润同比减少。如今服装市场不济 的情势下，海澜之家需要下更大的功夫应对挑战。 频换代言人，增长仍乏力 将自家明星代言人大幅高清照插在财报中，是海澜之家一贯的风格。2025年半年报中，曾舜晞的照片十分醒目。 在请男明星助力品牌方面痛下血本，一定程度上改变了外界吐槽海澜之家服装设计"土"的负面印象，但海澜之 ...

Core Viewpoint - In 2024, HLA's revenue and net profit declined due to a slower-than-expected recovery in the consumer market, with a significant drop in net profit by 26.88% year-on-year. However, the first quarter of 2025 showed unexpected growth, with a net profit of 935 million yuan, up 5.46% year-on-year [1][2]. Financial Performance - In 2024, HLA achieved a revenue of 20.957 billion yuan, a decrease of 2.65% year-on-year, and a net profit attributable to shareholders of 2.159 billion yuan, down 26.88% [2]. - The main revenue contributors, pants and T-shirts, saw significant declines in revenue and gross margin, with pants revenue at 3.766 billion yuan (down 12.14%) and T-shirts at 2.918 billion yuan (down 8.20%) [2]. - Inventory levels increased notably, with pants and T-shirts inventory rising by 22.30% and 19.03%, respectively, and shoe inventory surging by 143.28%. Total inventory at the end of 2024 reached 11.987 billion yuan, up 28.38% [2]. Store Operations - In 2024, HLA experienced a significant number of store closures, with 431 franchise stores closed compared to 78 new openings, while direct stores saw 341 new openings and 125 closures. By the end of 2024, there were 1,468 direct stores and 4,365 franchise stores [2]. - Direct stores contributed significantly to gross profit, with a gross margin of 62.85%, compared to 40.95% for franchise and other stores [2]. Sales Channels - HLA's offline revenue declined from 17.496 billion yuan in 2023 to 15.743 billion yuan in 2024, with offline sales accounting for 78.08% of total revenue, down from 84.30% [3]. - Conversely, online sales grew significantly, reaching 4.419 billion yuan in 2024, an increase of over 30%, and accounting for 21.92% of total revenue [3]. - In the first quarter of 2025, online sales reached 1.014 billion yuan, up approximately 20%, contributing to a total revenue of 6.187 billion yuan, a slight increase of 0.16% year-on-year [3].