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China's largest men's apparel retailer by store count, known for the Heilan Home brand of business-casual clothing.
China's largest men's apparel retailer by store count, known for the Heilan Home brand of business-casual clothing.
Sells its own-brand clothing through a large network of stores, with the company handling design, sourcing and logistics, so same-store sales and inventory control matter most. Heilan Home grew out of a wool-textile business and moved into business-casual menswear.
In one line: China's Men's Wearhouse, franchise-heavy model.
Moat: narrow (brand, scale, distribution). Largest nationwide franchise store network and brand recognition in value menswear.
Headquarters: Nantong, Jiangsu, China · Founded: 1979 · Employees: 29,375
Size HLA (600398.SS) is a China Consumer Discretionary company (Apparel/Footwear) with a market value of $4.47B, the 574th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥6.20 on 6 Nov 2026.
Performance Over six months the shares fell 6.2%, against +4.4% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 7.0% over the last twelve months (peer median +6.5%); the operating margin is 11.0% (peer median 10.0%).
Valuation It trades at 14.3× forward earnings against a peer median of 15.4× (9th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -13% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 14.2 points above its cost of capital (5.0% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥22.7B | CN¥21.5B | CN¥20.8B | CN¥21.4B | CN¥18.5B |
| Revenue growth | — | +3% | -3% | +16% | — |
| Gross profit | CN¥11.4B | CN¥9.32B | CN¥8.90B | CN¥9.10B | CN¥7.56B |
| EBITDA | n/a | CN¥4.37B | CN¥4.11B | CN¥5.05B | CN¥4.22B |
| Net income | CN¥2.03B | CN¥2.17B | CN¥2.16B | CN¥2.95B | CN¥2.16B |
| Free cash flow | CN¥3.77B | CN¥4.08B | CN¥1.84B | CN¥4.60B | CN¥2.75B |
| Capital expenditure | CN¥475M | CN¥430M | CN¥488M | CN¥630M | CN¥391M |
| Total debt | CN¥3.33B | CN¥3.03B | CN¥2.85B | CN¥3.16B | CN¥6.10B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| HLA 600398.SS | $4.47B | -6% | +7% | 11% | 14.3× | -13.1% |
| Zhejiang Semir Garment 002563.SZ | $2.42B | -1% | +4% | 7% | 14.8× | -8.1% |
| Jiangsu Hongdou Industrial 600400.SS | $1.06B | +11% | +22% | -9% | 102.3× | 13.7% |
| Youngor Fashion 600177.SS | $5.69B | +10% | -5% | -3% | 12.8× | 23.3% |
| Fujian Septwolves Industry 002029.SZ | $873M | -20% | +1% | -3% | 20.2× | 4.5% |
| Fast Retailing 9983.T | $155B | +6% | +17% | 18% | 41.2× | 23.8% |
| Shanghai Metersbonwe Fashion & Accessories 002269.SZ | $482M | -25% | -16% | -54% | n/a | 17.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 600398.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.0% | +10.4% | 8th lowest of 21 |
| 6-month return | -6.2% | +4.4% | 3rd lowest of 21 |
| Distance from 52-week high | -9.2% | -13.0% | 6th highest of 21 |
| Revenue growth (TTM) | +7.0% | +6.5% | 10th highest of 21 |
| Operating margin | 11.0% | 10.0% | 10th highest of 21 |
| Forward P/E | 14.3× | 15.4× | 9th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -13.1% | 6.5% | least demanding of 20 |
| Growth delivered (Del g) | +3.8% | +13.1% | 3rd lowest of 20 |
| Hurdle (Req g minus delivered) | -16.9 pp | -2.1 pp | 5th least demanding of 20 |
| ROIC minus cost of capital | +14.2 pp | +3.3 pp | 5th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| HLA 600398.SS | China | $4.47B | -6% | +7% | 11% | 14.3× | -13.1% | +3.8% |
| Puma PUM.DE | Germany | $4.42B | +4% | -19% | -6% | n/a | n/a | n/a |
| Page Industries PAGEIND.NS | India | $4.22B | -4% | +8% | 19% | 46.8× | 27.7% | +13.1% |
| Kontoor Brands KTB | United States | $4.21B | +5% | +16% | 13% | 13.2× | 1.1% | +8.5% |
| K.P.R. Mill KPRMILL.NS | India | $4.21B | +19% | +6% | 18% | 34.8× | 29.9% | +13.3% |
| PVH PVH | United States | $4.15B | +1% | +2% | 8% | 8.1× | 2.5% | +4.6% |
| Fosun International 0656.HK | Hong Kong | $4.82B | +11% | -1% | 3% | 12.9× | 10.6% | +4.1% |
| Abc-mart 2670.T | Japan | $5.03B | +20% | +4% | 17% | 16.2× | -10.0% | +11.4% |
| Li Ning 2331.HK | Hong Kong | $5.10B | -21% | +7% | 13% | 14.4× | -5.4% | +14.6% |
| Burberry BRBY.L | United Kingdom | $5.38B | -4% | -2% | 7% | 28.8× | 19.1% | +0.6% |
| Columbia Sportswear COLM | United States | $3.61B | +12% | 0% | 8% | 16.2× | 4.6% | +6.3% |
| Youngor Fashion 600177.SS | China | $5.69B | +10% | -5% | -3% | 12.8× | 23.3% | +0.1% |
| Ermenegildo Zegna ZGN | United States | $5.96B | +7% | +11% | 9% | 31.1× | 20.3% | +11.3% |
| FIGS FIGS | United States | $3.29B | +37% | +25% | 10% | 54.0× | 25.5% | +19.1% |
| Gildan Activewear GIL.TO | Canada | $6.48B | -40% | +40% | 15% | 6.8× | 6.5% | +13.7% |
| Brunello Cucinelli BC.MI | Italy | $6.61B | +4% | +10% | 18% | 37.8× | 20.6% | +20.9% |
| Birkenstock BIRK | United States | $6.64B | -5% | +20% | 24% | 13.9× | 7.4% | +19.9% |
| Bosideng International 3998.HK | Hong Kong | $6.64B | +3% | +8% | 18% | 10.3× | -10.8% | +14.2% |
| Crystal International 2232.HK | Hong Kong | $2.92B | +23% | +4% | 10% | 11.4× | -5.3% | +6.0% |
| Hugo Boss BOSS.DE | Germany | $2.90B | +8% | -5% | 8% | 15.4× | -6.6% | +17.0% |
| Steven Madden SHOO | United States | $2.89B | -3% | +18% | 9% | 17.5× | 5.9% | +16.1% |