海瀾之家：業務穩健向上

公司發佈2025三季報

公司25Q3營收40億，同增4%，歸母凈利3億，同增4%，扣非后歸母凈利2.5億，同增4%。

公司25Q1-3營收156億，同增2%，歸母凈利19億，同減2%，扣非后歸母凈利18億，同增4%。

門店運營提效，拓展海外市場

國內市場方面，公司繼續以“精佈局、高品質、強體驗”為指引，存量門店以運營質效為核心指標，推進動態調整優化，購物中心等直營門店重點覆蓋核心商圈和重點增長區域，進一步增強品牌市場競爭力。 截至6月底，公司期末門店總數達7,209家，其中直營門店2,099家，占公司門店總數的比例為29.12%。

海外市場方面，公司積極推動品牌“出海”，在深耕東南亞的同時，積極調研新市場、探索新渠道，擴大海外市場版圖。 針對海外市場，公司制定因地制宜的產品設計策略，優化出海產品群組，為海外消費者提供更好的購物體驗; 拓展符合品牌定位的核心商圈，採用簡約輕快且更具國際質感的門店設計風格，通過與不同領域的達人進行合作，提升品牌在海外市場的影響力和國際競爭力。 截至6月底，海外市場門店數為111家，海外地區實現主營業務收入2.06億元，較上年同期增長27.42%。

科技創新驅動產業升級

公司持續加碼研發投入，在數位化運營、面料服飾創新開發等方面不斷積聚產業競爭優勢。 公司持續深化數智化轉型，依託產品研發管理、零售運營管理和供應鏈管理三大數據管理平台，實現從產品研發到終端零售的全數位化管理，不斷提升公司供應鏈運營效率。

依託海瀾雲服實驗室，持續推進服飾材料創新研發、面料檢測服務、服飾文化研究、智慧製造軟體開發，推動公司向“科技、時尚、綠色”轉型提升。 公司加強與行業科研機構和高等學府合作，共建研發中心和科研平台，致力於從新型面料研發、服飾文化建設兩個板塊推動中國服裝產業創新發展和產業升級。

HLA is adding traction in Southeast Asia, while it explores more markets to broaden its global footprint. Not stinting on investments into technological R&D is part of a key strategy to produce innovations that drive product and operational upgrades. We maintain our BUY call on the stock.

The gist: BUY

• 25Q3E and 25M9: stable revenue and profit trends

• Strategic store operation efficiency upgrades and foreign market expansion

• Technological innovations continue to drive operational upgrades

25Q3E and 25M9: stable revenue and profit trends

HLA published unaudited 25Q3E financial results on 30 Oct:

• Q3E: Revenue arrived at RMB4.0bn in the third quarter, up 4% yoy; with net profit up 4% yoy to RMB282m and ex-nonrecurring net profit up 4% yoy to RMB250m.

• 25Q1–3E: Revenue amounted to RMB15.6bn over the first 9 months, up 2% yoy; with net profit down 2% yoy to RMB1.9bn and ex-nonrecurring net profit up 4% yoy to RMB1.8bn.

Strategic store operation efficiency upgrades and foreign market expansion

Chinese market:

• Strategy: The core principles that drive HLA’s domestic market operations are a strategic buildout, high quality, and a rich customer experience. Operational efficiency standards at current stores provide key metrics for the company to make dynamic optimizations.

• Directly-run stores: HLA directly operates nearly 30% of its stores and these are concentrated in prime growth locations like malls and business districts to maximize the brand’s competitiveness. As of end-June, it has 2,099 directly-run stores out of a total of 7,209 in the Chinese market.

International market:

• Global drive: HLA is pushing to expand its brand presence globally. While adding traction in Southeast Asia, the company continues to explore new markets and new channels to broaden its international footprint.

• Product strategy: Through localized product design strategies that retune its product portfolios, HLA gives foreign consumers a better shopping experience.

• Store strategy: Market expansion plans focus on key business districts that align with HLA’s brand positioning, with the stores designed to express a minimalist, light and sophisticated aesthetic. Its brand profile expands through collaborations with influencers from various fields, which also increase its competitiveness in international markets.

• Store footprint: HLA’s network of 111 stores in its foreign markets collectively generated core revenue of RMB206m in 25H1, a 27.42% increase yoy.

Technological innovations continue to drive operational upgrades

Full digitalized control: By continually increasing investments into R&D, HLA has raised its competitive advantage in digitalized operations, and the development of innovative fabrics and apparel. Its digital restructure continues to unfold, covering three major data management systems: product R&D management, retail operations management, and supply chain management. This shapes its full digitalized control—from product development to retail sales—enhancing supply chain operational efficiency.

HLA Yunfu Lab: The lab carries out innovative R&D on apparel materials, fabric testing services, apparel culture research, and smart manufacturing software development. It has enabled the company’s restructure and upgrade to a technology, fashion, and green business. HLA has firmed ties with industry research institutions and universities, jointly building R&D centers and research platforms with them. It is committed to driving innovation development and the upgrading of China’s apparel industry in two key directions: new fabric R&D and the shaping of its apparel culture.

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