Yangtze River Securities: Hailan Home's performance exceeded expectations, maintaining a "buy" rating.

Chang Jiang Securities research report pointed out that the performance of Heilan Home in 2024A&2025Q1 exceeded expectations. In addition, the dividend for 2024 is 1.97 billion, with a dividend ratio of 91% maintaining a high level. Outlook: the gradual realization of multi-curved growth, with high-quality targets in dividends. It is expected that the drag from the offline weak retail of the main brand will gradually dissipate in the future, the new business JD Outlet has high cost efficiency, high profit certainty, and a wide store opening space. In addition, the gradual realization of multi-curved growth in e-commerce/overseas/Sports Plus is expected to bring a strong increase in performance. Furthermore, the company has sustainable and relatively superior dividend capability, with the dividend ratio expected to remain at around 90% in recent years. With a 90% dividend ratio assumption, the dividend yield is expected to reach ~5.9% in 2025, maintaining a "buy" rating.