海澜之家集团股份有限公司 2024 年度财务报表审计报告 天衡审字(2025) 01194 号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn） 进行查局 授告 计 报 告 宙 天衡审字(2025)01194 号 海澜之家集团股份有限公司全体股东: 一、审计意见 我们审计了海澜之家集团股份有限公司(以下简称 "海澜股份公司")财务报表,包括 2024年 12 月 31 日的合并及母公司资产负债表,2024年度的合并及母公司利润表、合并及母公司现金流量表、合 并及母公司股东权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反映了海澜股份公 司 2024年 12 月 31 日的合并及母公司财务状况以及 2024 年度的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对财务报表审 计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册会计师职业道德守则,我们独立 于海澜股份公司,并履行了职业道德方面的其他责任。我们相信 ...

关于海澜之家集团股份有限公司 2024 年度非经营性资金占用 及其他关联资金往来情况的专项说明 天衡专字(2025)00605 号 否用具有执业许 您可使用手机"扫一扫"或进入"注册会计师行业统一监律 非经营性资金占用 及其他关联资金往来情况的专项说明 天衡专字(2025)00605 号 海澜之家集团股份有限公司全体股东: 我们接受委托,审计了海澜之家集团股份有限公司(以下简称"贵公司")2024 年度财务报表, 并出具了天衡审字(2025)01194号审计报告。在此基础上,我们审计了后附的贵公司管理层编制的 2024 年度《非经营性资金占用及其他关联资金往来情况汇总表》(以下简称汇总表)。 我们将上述汇总表与贵公司的有关会计资料进行了核对,在所有重要方面未发现存在重大不一致的 情形。除了在财务报表审计过程中对贵公司关联交易所执行的相关审计程序及上述核对程序外,我们并 未对汇总表执行额外的审计或其他程序。为了更好地理解贵公司 2024 年度非经营性资金占用及其他关 联资金往来情况,汇总表应当与已审财务报表一并阅读。 本专项说明仅供贵公司向证券交易所报送贵公司年度报告使用,未经本事务所书面同意,不得用于 其他用 ...

2、 附表 关于海澜之家集团股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 1、 专项审计报告 委托单位：海澜之家集团股份有限公司 审计单位：天衡会计师事务所（特殊普通合伙） 联系电话：0510-86121071 非经营性资金占用 及其他关联资金往来情况的专项说明 天衡专字(2025)00605 号 海澜之家集团股份有限公司全体股东: 我们接受委托,审计了海澜之家集团股份有限公司(以下简称"贵公司")2024 年度财务报表, 并出具了天衡审字(2025)01194号审计报告。在此基础上,我们审计了后附的贵公司管理层编制的 2024 年度《非经营性资金占用及其他关联资金往来情况汇总表》(以下简称汇总表)。 根据中国证券监督管理委员会发布的《上市公司监管指引第 8号 -- 上市公司资金往来、对外担保 的监管要求》及上海证券交易所发布的《上海证券交易所上市公司自律监管指南第 2 号 -- 业务办理》 的规定,贵公司管理层编制了后附的 2024年度非经营性资金占用及其他关联资金往来情况汇总表（以 下简称"汇总表")。如实编制和对外披露上述汇总表,并确保其真实性、合法性及完整性是贵公 ...

海澜之家集团股份有限公司 内部控制审计报告 天衡专字(2025)00607 号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.eov.cn】 - 内部控制审计报告 天衡专字(2025)00607 号 海澜之家集团股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了海澜之家集团 股份有限公司(以下简称"贵公司")2024年12月31日的财务报告内部控制的有效性。 一、贵公司对内部控制的责任 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见,并对注意到 的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况的变化可能导致内 部控制变得不恰当,或对控制政策和程序遵循的程度降低,根据内部控制审计结果推测未来内部控制的 有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为,贵公司于 2024年 12 月 31 日按照《企业内部控制基本规范》和相关规定在所有重大方 面保持了有效的财务报告内部控制。 ...

4月25日，国民品牌海澜之家与国际马术联合会官方服装供应商合作签约仪式在北京举行。 仪式现场 仪式上，海澜集团创始人周建平、海澜飞马水城总经理沈厚锋先与国际马术联合会主席、夏奥国际单项协会联合会主席、国际奥委会委员Ingmar De Vos和 国际马术联合会秘书长Sabrina Ibá？ez一同签署了"国际马联和海澜之家官方服装供应商合作协议"。国际马联副主席、国际马联第八区主席黄启芳，国际马 联第八区副主席、柬埔寨王国公主HRH Princess Nanda-Devi NORODO，国际马联顾问Ralph Straus，国际马联高级项目经理樊桦，中国马术协会秘书长钟国 伟，中国马术协会商务部部长陈九庆，海澜飞马体育公园总监刘煜等，共同出席了该签约仪式。 仪式现场 一直以来，马术运动都是备受国人瞩目的高端体育项目之一。国际马术联合会主席、夏奥国际单项协会联合会主席、国际奥委会委员Ingmar De Vos表示， 海澜一直致力于马术运动的推广和顶尖马术运动员的培养，周建平独特的马术精神和马术情怀，为马术运动在中国的普及推广和世界马术的发展做出了杰出 贡献，同时也为中国马术运动走向世界做出巨大努力。此次选择与海澜 ...

Group 1 - The core index of the textile and apparel sector, the CSI All Share Textile and Apparel Index, opened at 2462.43 points and has shown a 0.94% increase over the past month, but a decline of 0.52% over the past three months and year-to-date [1][2] - The CSI All Share Textile and Apparel Index is composed of various industry classifications, including 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, with a base date of December 31, 2004, set at 1000.0 points [2] - The top ten weighted stocks in the CSI All Share Textile and Apparel Index include Hailan Home (9.49%), Youngor (9.24%), Weigao Medical (5.04%), and others, indicating a concentration in a few key companies [2] Group 2 - The market share of the CSI All Share Textile and Apparel Index is divided between the Shenzhen Stock Exchange (57.61%) and the Shanghai Stock Exchange (42.39%) [2] - The composition of the index by industry shows that clothing accounts for 57.58%, textiles for 23.70%, footwear and accessories for 11.71%, and home textiles for 7.01% [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, ensuring that the weight factors are updated accordingly [3]

Summary of Conference Call on Hailan Home and JD Outlet Industry Overview - The outlet industry is experiencing growth due to unique advantages in the context of consumer downgrade. [3] - Traditional retail formats have been significantly impacted by public health events, while discount formats have maintained a relatively fast compound growth rate. [3] Key Points on JD Outlet Model - **Higher Profit Margins**: Traditional outlet players like Bailian have a gross margin of 75%, significantly higher than supermarkets (18%), department stores (23%), and shopping centers (below 50%). This indicates a growing demand for outlets amidst a backdrop of consumer downgrade and market segmentation. [3] - **Innovative Business Model**: JD Outlet operates as a retail operator, differing from traditional commercial real estate models. Hailan Home manages the entire operational process, allowing brands to enter the discount market without incurring rental and personnel costs. [3][4] - **Location Strategy**: JD Outlet locations are situated in city center malls, averaging 3,000 to 9,000 square meters, which enhances foot traffic and mall profitability, contrasting with traditional outlets located in suburban areas. [3][4] - **Mutual Benefits for Brands and Malls**: Brands can effectively address inventory issues and reduce operational costs, while malls attract more customers and optimize space utilization, leading to a win-win situation. [3][5] Hailan Home's Expansion Strategy - Hailan Home is actively opening new JD Outlet stores, showing confidence in the new business model and market potential. The company plans to continue this expansion to address supply-demand mismatches in lower-tier cities. [3][6] - The JD Outlet model is expected to achieve significant revenue, with projections of 27 billion to 35 billion yuan in sales and substantial net profits. [3][16] Future Market Potential - The domestic outlet market is anticipated to grow, with JD Outlet aiming to enter 200 brands by the end of 2025, targeting a market size of 100 billion yuan. [3][13] - The business model is expected to yield a compound annual growth rate of 20% to 30%, with potential market capitalization exceeding 600 billion yuan when combined with Hailan Home's existing apparel business. [3][19] Competitive Advantages of JD Outlet - JD Outlet's merchandise typically consists of overstock items that are at least 1.5 to 2 years old, allowing for a different pricing strategy compared to traditional brand stores that sell current season items. [7] - The average customer transaction value at JD Outlet is between 700 to 1,000 yuan, with a high purchase frequency. [8] - The operational model allows for rapid setup, with stores opening in less than a month, utilizing existing mall space without the need for separate facilities. [8] Brand Partnerships and Market Penetration - Brands are attracted to partner with JD Outlet due to the ability to manage high inventory levels without incurring additional costs, maintaining control over their products while achieving effective inventory turnover. [11] - Malls benefit from increased foot traffic and the ability to attract high-end brands that may have been difficult to recruit otherwise. [12] Conclusion - Hailan Home's strategy in the JD Outlet space positions it well for future growth, leveraging its operational expertise and market insights to capitalize on the expanding outlet market in China. The company's proactive expansion and innovative business model are expected to drive significant profitability and market share in the coming years. [6][19]

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [4][7]. Core Views - The focus on opening new stores is prioritized over immediate profitability, indicating a strategic emphasis on market positioning rather than short-term financial returns [3]. - The entry into cities like Hefei and Zhengzhou is expected to enhance customer traffic and business opportunities, reflecting confidence in the company's retail model [3]. - The recruitment of store supervisors suggests a potential increase in operational involvement from the company, which may strengthen its management capabilities [3]. Financial Projections - The projected earnings per share (EPS) for 2024, 2025, and 2026 are expected to be 0.46 yuan, 0.55 yuan, and 0.62 yuan respectively, with corresponding price-to-earnings (PE) ratios of 19x, 16x, and 14x [4]. - Revenue forecasts for 2024, 2025, and 2026 are estimated at 21,635.19 million yuan, 23,041.47 million yuan, and 25,023.04 million yuan, reflecting growth rates of 0.50%, 6.50%, and 8.60% respectively [6]. - The net profit attributable to the parent company is projected to be 2,209.85 million yuan in 2024, 2,663.01 million yuan in 2025, and 2,961.71 million yuan in 2026, with growth rates of -25.14%, 20.51%, and 11.22% respectively [6]. Market Positioning - The company is strategically positioned to capitalize on the growing demand for outlet and discount retail formats, particularly in mid-tier cities [3]. - The operational capabilities are expected to improve as more stores mature, enhancing the company's ability to replicate successful models across new locations [3].

Summary of Conference Call for 海澜之家 Company Overview - The conference call discusses the strategies and performance of 海澜之家, focusing on its expansion plans and the 京东奥莱 business model. Key Points Industry and Company Strategy - 海澜之家 is focusing its new store location strategy on urban center residential areas, ensuring stable foot traffic by situating stores in malls with well-known dining and cinema options, as evidenced by locations like 合肥百大新悦城 and 郑州朗悦公园茂 [2][4] - The company plans to open approximately 10 stores in major cities like 北京 and 上海, 4-5 stores in provincial capitals, and an average of 1.5 stores in prefecture-level cities to expand market coverage [2][5][6] 京东奥莱 Business Model - 京东奥莱 is projected to reach over 900 stores, contributing approximately 27 billion in revenue and 2.7 billion in net profit, with online business expected to expand to a three-digit number of brands [2][7] - The business operates in a large store format (3,000-9,000 square meters) and focuses on high-quality discounted inventory, differentiating itself from traditional outlets [3][13] Store Performance - New stores, including the 无锡总店, have exceeded sales expectations, with the 无锡总店 achieving over 20 million in sales during peak seasons [2][8] - 京东奥莱's e-commerce performance is strong, averaging over 2 million monthly in off-peak seasons, with an annual minimum of 40 million expected [2][9] Profitability and Cost Management - 京东奥莱's operating profit margin is around 20%, with stable performance across existing and new stores, and long-term low rental costs due to extended lease agreements [2][10][11] Market Impact and Competitive Advantage - 京东奥莱 has a significant draw on surrounding commercial entities, enhancing foot traffic during promotional periods [2][12] - Compared to competitors like 唯品会, 京东奥莱 has superior location advantages and higher quality inventory, which contributes to its competitive edge [2][14] Future Growth Potential - The business model has shown successful initial validation, with a focus on replication speed and capability to assess future growth potential [2][15] - Concerns about supply issues due to rapid expansion are mitigated by increasing brand partnerships and sufficient inventory levels from major brands [2][18] Confidence in Business Outlook - There is strong confidence in the growth trajectory of both the core business and 京东奥莱, with expectations for continued store expansion and improved marketing goals [2][19]

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Viewpoints - The company has transformed from a national brand into a clothing lifestyle retail group, with a diverse portfolio including menswear, womenswear, children's clothing, and home goods. The company is expanding its sports brand management business and has partnered with Adidas [1][11]. - The collaboration with JD.com to launch the outlet business aims to provide consumers with high-quality, low-priced branded products through an online and offline integrated approach [2][11]. - The company's main brand maintains a strong market position, with significant revenue contributions from its growth brands, which are expected to become a key profit source [1][30]. Summary by Sections Company Overview - The company, established in 1997, has evolved into a retail group with multiple brands, focusing on providing fashionable and quality clothing for men aged 20-45. The main brand has consistently contributed over 74% of total revenue [11][22]. - The company has seen steady revenue growth, with a compound annual growth rate (CAGR) of 4% from 2015 to 2023, despite temporary setbacks due to external factors [15][19]. Financial Data and Forecast - The company’s revenue for 2023 is projected at 21,527.55 million, with a growth rate of 15.98%. The net profit for 2023 is expected to be 2,951.96 million, reflecting a significant increase of 36.96% from the previous year [4]. - Earnings per share (EPS) for 2024-2026 are forecasted to be 0.46, 0.55, and 0.62 respectively, with corresponding price-to-earnings (PE) ratios of 17x, 14x, and 13x [3][4]. Strategic Initiatives - The partnership with JD.com for the outlet business is designed to penetrate lower-tier markets, leveraging the company's extensive channel network to enhance market share [2][41]. - The company has invested in the sports brand management business through its subsidiary, Spobz, which has shown promising revenue growth and profitability [38][39]. Market Position and Competitive Advantage - The company’s main brand is recognized as a leading player in the menswear sector, with a focus on operational efficiency and product innovation [22][24]. - The growth brands have shown significant revenue increases, with a CAGR of 37.4% from 2017 to 2023, indicating a successful multi-brand strategy [30][32].