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經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍-行業數據

經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍
公司首次覆蓋報告 為測算 Hazzys 中長期開店空間，核心邏輯在于其一二線門店基數低仍可加密、且三四線及以下可以拓展具有消費力的城市。由于 Hazzys、比音勒芬、Tommy Hilfiger三個品牌的核心價格帶較為相近，我們認為哈吉斯可以對標比音勒芬及 Tommy 品牌開店，比音勒芬及 Tommy 在某些城市已有門店可以證明某城市也具有對 Hazzys 的
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經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第1頁
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經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第2頁
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經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第3頁
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經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第4頁
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經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第5頁
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經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第6頁
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經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第7頁
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第8頁
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經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第9頁
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經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第10頁
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經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第11頁
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經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第12頁
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經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第13頁
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經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第14頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第15頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第16頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第17頁
fOW5tOS7vXzooYzkuJrop4TmqKF8WU9ZfAp8LXwtfC18CnwyMDA4fDMwMDB8LXwKfDIwMTB8MzUwMHwtfAp8MjAxMnw0MDAwfC18CnwyMDE0fDQ1MDB8LXwKfDIwMTZ8NTAwMHwtfAp8MjAxOHw1NTAwfC18CnwyMDIwfDYwMDB8LXwKfDIwMjJ8NzAwMHwtfAp8MjAyNEV8NjUwMHwtfAp8MjAyNkV8NzAwMHwtfAoK6LWE5paZ5p2l5rqQ77yaRXVyb21vbml0b3LjgIHlvIDmupDor4HliLjnoJTnqbbmiYA=
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第18頁
fCDlubTku70gfCDov5Dliqjml7blsJrmnI3ppbDop4TmqKHvvIjnmb7kuIflhYPvvIkgfAp8LS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tfAp8IDIwMjIgfCA1MDAwMCAgICAgICAgICAgICAgICAgICAgfAp8IDIwMjdFfCAxMTAxMDAgICAgICAgICAgICAgICAgICAgfAoK6LWE5paZ5p2l5rqQ77yaRXVyb21vbml0b3LjgIHlvIDmupDor4HliLjnoJTnqbbmiYA=
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第19頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第20頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第21頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第22頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第23頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第24頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第25頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第26頁
fCDmiqXllpzpuJ/lk4HniYzmoKHkvIHlkIjkvZzlubbmiJjnlaXlkIjkvZzlm5vlpKfpnaLmlpnkvpvlupTllYYgfAp8LS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tfAp8IOWbvueJh+WGheWuuSAgICAgICAgICAgICAgICAgICAgIHwKfCDotYTmlpnmnaXmupDvvJrmiqXllpzpuJ/lrpjmlrnlhazkvJflj7cgfA==
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第27頁
55Sx5LqO5Zu+54mH5YaF5a655pyJ6ZmQ77yM5peg5rOV5o+Q5Y+W5Yiw6Laz5aSf55qE5L+h5oGv5p2l55Sf5oiQ5LiA5Liq5a6M5pW055qE6KGo5qC844CC5Zug5q2k77yM5oiR5peg5rOV55u05o6l5o+Q5L6b5LiA5Liq5YyF5ZCr5pWw5o2u55qE6KGo5qC844CC5L2G5piv77yM5oiR5Y+v5Lul5biu5Yqp5L2g6K6+6K6h5LiA5Liq6KGo5qC855qE5qGG5p6277yM5Lul5L6/5L2g5Y+v5Lul5Zyo5YW25Lit5aGr5YaZ5pWw5o2u44CCICAK5LiL6Z2i5piv5LiA5Liq5Y+v6IO955qE6KGo5qC85qGG5p6277yaCnwg54m55b6BIHwg5o+P6L+wIHwKfC0tLS0tLXwtLS0tLS18Cnwg54mI5Z6L6LCD5pW0IHwg6IKp6YOo5pS+5p2+77yM6KKW5Y+j5LiL56e777yM5pu06YCC5ZCI5LyR6ZeyIHwKfCDmlLbohbDorr7orqEgfCDmlLbohbDmi4nogqnkuIvmkYbvvIzmiZPpgKDkvJHpl7Loh6rnhLbpo47moLwgfAp8IOavlOS+i+abtOW5tOi9uyB8IOeqhOmihuiuvuiuoe+8jOiCqemVv+WPiuiHgO+8jOabtOaYvuW5tOi9uyB8Cnwg6KKW5Z6L5pu05pe25bCaIHwg6YeH55So5bCW6KeS6KKW5Z6L6K6+6K6h77yM5rS75Yqo5pu06IiS6YCCIHwKCuivt+agueaNruWunumZheaVsOaNruWhq+WGmeS4iui/sOihqOagvOOAguWmguaenOS9oOacieWFt+S9k+eahOaVsOaNru+8jOivt+aPkOS+m+e7meaIke+8jOaIkeWPr+S7peW4ruWKqeS9oOeUn+aIkOS4gOS4quWMheWQq+aVsOaNrueahOihqOagvOOAgiAgCui1hOaWmeadpea6kO+8muaKpeWWnOm4n+WumOaWueWFrOS8l+WPtw==
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第28頁
fCDlk4HniYwgICB8IOS8oOe7n+ilv+ijhSB8IOi9u+ato+ijheWPiui/kOWKqOilv+ijhSAgfAp8LS0tLS0tLS18LS0tLS0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tfAp8IOmbheaIiOWwlCAgfCAxNDEwICAgICB8IDExMzIgICAgICAgICAgIHwKfCDkuZ3niafnjosgIHwgMTQwNyAgICAgfCAxMzMzICAgICAgICAgICB8Cnwg5Yip6YOOICAgIHwgODAwICAgICAgfCA1MjcgICAgICAgICAgICB8Cnwg5oql5Zac6bifICB8IDE5OTYgICAgIHwgMTIzOCAgICAgICAgICAgfAoKCui1hOaWmeadpea6kO+8muWQhOWTgeeJjOWkqeeMq+aXl+iIsOW6l++8jOW8gOa6kOivgeWIuOeglOeptuaJgO+8jOazqO+8muWwhuWFt+Wkh+W8uQ==
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第29頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第30頁
fCDlm740MyB8IOS7peKAnOabtOmAguWQiOS4reWbveS6uuS9k+Wei+KAneS4uuebruagh+aPkOS+m+WumuWItuS4muWKoSB8CnwgOi0tOiB8IDotLSB8CnwgU0FJTlQgQU5HRUxPIHwg5pu06YCC5ZCI5Lit5Zu95Lq65L2T5Z6LIHwKCui1hOaWmeadpea6kO+8muaKpeWWnOm4n+WumOe9kQ==
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第31頁
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第32頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第33頁
fCDlubTku70gfCDllYblnLogfCDotK3niankuK3lv4MgfCDooZfovrnlupcgfAp8LS0tLS0tfC0tLS0tLXwtLS0tLS0tLS0tfC0tLS0tLS0tfAp8IDIwMTggfCAzOTQgIHwgNDM3ICAgICAgfCA0ODUgICAgfAp8IDIwMTkgfCA0MzUgIHwgNDg1ICAgICAgfCA0ODIgICAgfAp8IDIwMjAgfCA0ODUgIHwgNDgyICAgICAgfCAgICAgICAgfAp8IDIwMjEgfCA0ODIgIHwgICAgICAgICAgfCAgICAgICAgfAp8IDIwMjJIMXwgICAgICB8ICAgICAgICAgIHwgICAgICAgIHwKCui1hOaWmeadpea6kO+8muWFrOWPuOWFrOWRiuOAgeW8gOa6kOivgeWIuOeglOeptuaJgA==
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第34頁
5qC55o2u5Zu+54mH5Lit55qE5L+h5oGv77yM5Lul5LiL5piv5pWw5o2u55qE6KGo5qC877yaCgp8IOWunumZheaOp+WItuS6uiB8IOaMgeiCoeavlOS+iyB8CnwtLS0tLS0tLS0tLS18LS0tLS0tLS0tLXwKfCDlkLTlv5fms70gICAgIHwgNzMuNTAlICAgfAp8IOWQtOWpt+WptyAgICAgfCAyNi41MCUgICB8Cnwg5LiK5rW36YeR5aaZ5oqV6LWE5pyJ6ZmQ5YWs5Y+4IHwgMTAuMzUlICAgfAp8IOaKpeWWnOm4n+aOp+iCoeiCoeS7veaciemZkOWFrOWPuCB8IDAuMjAlICAgIHwKCui1hOaWmeadpea6kO+8muWFrOWPuOWFrOWRiuOAgeW8gOa6kOivgeWIuOeglOeptuaJgO+8jOazqO+8muaIquiHszIwMjHlubTlubTmiqU=
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第35頁
fCDlubTku70gfCDllYblnLogfCDotK3niankuK3lv4MgfCDooZfovrnlupcgfAp8LS0tLS0tfC0tLS0tLXwtLS0tLS0tLS0tfC0tLS0tLS0tfAp8IDIwMTggfCA0MiUgIHwgMjUlICAgICAgfCAzMyUgICAgfAp8IDIwMTkgfCA0MSUgIHwgMjYlICAgICAgfCAzMyUgICAgfAp8IDIwMjAgfCA0MCUgIHwgMjclICAgICAgfCAzMyUgICAgfAp8IDIwMjEgfCAzNiUgIHwgMjklICAgICAgfCAzNSUgICAgfAp8IDIwMjJIMSB8IDM1JSAgfCAyOSUgICAgICB8IDM2JSAgICB8CgrotYTmlpnmnaXmupDvvJrlhazlj7jlhazlkYrjgIHlvIDmupDor4HliLjnoJTnqbbmiYA=
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第36頁
fCDlubTku70gfCDmiqXllpzpuJ/nm7TokKXpl6jlupfljaDmr5QgfCDmiqXllpzpuJ/liqDnm5/pl6jlupfljaDmr5QgfAp8LS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tLS0tLXwKfCAyMDE5IHwgMzElICAgICAgICAgICAgICAgICAgfCA2OSUgICAgICAgICAgICAgICAgICB8CnwgMjAyMCB8IDMwJSAgICAgICAgICAgICAgICAgIHwgNzAlICAgICAgICAgICAgICAgICAgfAp8IDIwMjEgfCAyOSUgICAgICAgICAgICAgICAgICB8IDcxJSAgICAgICAgICAgICAgICAgIHwKCui1hOaWmeadpea6kO+8muWFrOWPuOWFrOWRiuOAgeW8gOa6kOivgeWIuOeglOeptuaJgA==
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第37頁
fCDlubTku70gfCDmiqXllpzpuJ/nm7TokKXljZXlupfpnaLnp68gfCDmiqXllpzpuJ/liqDnm5/ljZXlupfpnaLnp68gfAp8LS0tLS0tfC0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLXwKfCAyMDE5IHwgMTMxLjYgICAgICAgICAgfCAyMzkuOSAgICAgICAgICB8CnwgMjAyMCB8IDEzMy4wICAgICAgICAgIHwgMjM3LjcgICAgICAgICAgfAp8IDIwMjEgfCAxMzYuNyAgICAgICAgICB8IDIzNi4zICAgICAgICAgIHwKCui1hOaWmeadpea6kO+8muWFrOWPuOWFrOWRiuOAgeW8gOa6kOivgeWIuOeglOeptuaJgA==
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第38頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第39頁
fCDlubTku70gfCDllYblnLogfCDotK3niankuK3lv4MgfCDooZfovrnlupcgfAp8LS0tLS0tfC0tLS0tLXwtLS0tLS0tLS0tfC0tLS0tLS0tfAp8IDIwMjJIMSB8IDEzMCAgfCAxMzAgICAgICB8IDEzMCAgICB8CnwgMjAyMSAgIHwgMTI4ICB8IDEyOCAgICAgIHwgMTI4ICAgIHwKfCAyMDIwICAgfCAxMjQgIHwgMTI0ICAgICAgfCAxMjQgICAgfAp8IDIwMTkgICB8IDEyMiAgfCAxMjIgICAgICB8IDEyMiAgICB8CnwgMjAxOCAgIHwgODcgICB8IDg3ICAgICAgIHwgODcgICAgIHwKCui1hOaWmeadpea6kO+8muWFrOWPuOWFrOWRiuOAgeW8gOa6kOivgeWIuOeglOeptuaJgA==
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第40頁
fCDlubTku70gfCDmjqjnrpfmiqXllpzpuJ/lubTlnarmlYjvvIjlhYMv5bm0L23Csu+8iSB8IFlPWSB8CnwtLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tfAp8IDIwMTggfCAxMzUzNyAgICAgICAgICAgICAgICAgICAgICAgfCAgICAgIHwKfCAyMDE5IHwgMTI3MTggICAgICAgICAgICAgICAgICAgICAgIHwgICAgICB8CnwgMjAyMCB8IDEyNjcwICAgICAgICAgICAgICAgICAgICAgICB8ICAgICAgfAp8IDIwMjEgfCAxNTY5NiAgICAgICAgICAgICAgICAgICAgICAgfCAgICAgIHwKCui1hOaWmeadpea6kO+8muWFrOWPuOWFrOWRiuOAgeW8gOa6kOivgeWIuOeglOeptuaJgA==
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第41頁
fCDlubTku70gfCDmjqjnrpfmiqXllpzpuJ/lubTlupfmlYjvvIjlhYMv5bm0L+mXtO+8iSB8IFlPWSB8CnwtLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tfAp8IDIwMTggfCAzMDEuMjAgICAgICAgICAgICAgICAgICAgICAgfCAgICAgIHwKfCAyMDE5IHwgMjcxLjQxICAgICAgICAgICAgICAgICAgICAgIHwgICAgICB8CnwgMjAyMCB8IDI1OS4wMiAgICAgICAgICAgICAgICAgICAgICB8ICAgICAgfAp8IDIwMjEgfCAzMjkuNDYgICAgICAgICAgICAgICAgICAgICAgfCAgICAgIHwKCui1hOaWmeadpea6kO+8muWFrOWPuOWFrOWRiuOAgeW8gOa6kOivgeWIuOeglOeptuaJgA==
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第42頁
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第43頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第44頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第45頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第46頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第47頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第48頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第49頁
fCDlm742NjogMjAyMuW5tDnmnIggSEFaWllTIOaOqOWHuummluS4qiBJUCDlvaLosaEgfAp8LS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tfAp8IOW9ouixoeeJueW+gSB8IOaPj+i/sCB8Cnwg5pyN6KOF6aKc6ImyIHwg6buE6Imy5LiK6KGj77yM6buR6Imy6KOk5a2Q77yM55m96Imy6Z6L5a2QIHwKfCDphY3ppbAgfCDok53oibLluL3lrZDvvIzok53oibLmiqTnm67plZwgfAp8IOmei+WtkOe7huiKgiB8IOiTneiJsumei+W6le+8jOeZveiJsumei+mdoiB8CgrotYTmlpnmnaXmupDvvJrlk4jlkInmlq/lrpjmlrnlvq7kv6HlhazkvJflj7c=
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第50頁
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第51頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第52頁
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第53頁
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第54頁
fCDlubTku70gfCDlk4jlkInmlq/nm7TokKXpl6jlupfljaDmr5QgfCDlk4jlkInmlq/liqDnm5/pl6jlupfljaDmr5QgfAp8LS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tLS0tLXwKfCAyMDE5IHwgNzQlICAgICAgICAgICAgICAgICAgfCAyNiUgICAgICAgICAgICAgICAgICB8CnwgMjAyMCB8IDczJSAgICAgICAgICAgICAgICAgIHwgMjclICAgICAgICAgICAgICAgICAgfAp8IDIwMjEgfCA3NSUgICAgICAgICAgICAgICAgICB8IDI1JSAgICAgICAgICAgICAgICAgIHwKCui1hOaWmeadpea6kO+8muWFrOWPuOWFrOWRiuOAgeW8gOa6kOivgeWIuOeglOeptuaJgA==
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第55頁
fCDlubTku70gfCDlk4jlkInmlq/nm7TokKXljZXlupfpnaLnp68gfCDlk4jlkInmlq/liqDnm5/ljZXlupfpnaLnp68gfAp8LS0tLS0tfC0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLXwKfCAyMDE5IHwgMTE0LjggICAgICAgICAgfCAxMTIuOSAgICAgICAgICB8CnwgMjAyMCB8IDExNy43ICAgICAgICAgIHwgMTE0LjMgICAgICAgICAgfAp8IDIwMjEgfCAxMjIuNiAgICAgICAgICB8IDExNy4wICAgICAgICAgIHwKCgrotYTmlpnmnaXmupDvvJrlhazlj7jlhazlkYrjgIHlvIDmupDor4HliLjnoJTnqbbmiYA=
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第56頁
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第57頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第58頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第59頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第60頁
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第61頁
fCDnnIHku70gICB8IFRvbW156Zeo5bqX5a+G5bqmIHwKfC0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tLS18Cnwg5rWZ5rGfICAgfCAyMOWutuS7peS4iiAgICAgICB8Cnwg5Zub5bedICAgfCAxMS0yMOWutiAgICAgICAgfAp8IOmZleilvyAgIHwgNS0xMOWutiAgICAgICAgIHwKfCDlsbHkuJwgICB8IDMtNOWutiAgICAgICAgICB8Cnwg5bm/5LicICAgfCAxLTTlrrYgICAgICAgICAgfAoK6LWE5paZ5p2l5rqQ77yaVG9tbXkgSGlsZmlnZXLlk4HniYzlrpjnvZHjgIHnmb7luqblnLDlm77jgIHlvIDmupDor4HliLjnoJTnqbbmiYA=
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第62頁
fCDnnIHku70gICB8IOW6l+mTuuWvhuW6piB8CnwtLS0tLS0tLXwtLS0tLS0tLS0tfAp8IOW5v+S4nCAgIHwgMzDlrrbku6XkuIogIHwKfCDlm5vlt50gICB8IDIwLTMw5a62ICB8Cnwg5rGf6IuPICAgfCAxNS0yMOWutiAgfAp8IOi+veWugSAgIHwgMTAtMTXlrrYgIHwKfCDmlrDnloYgICB8IDUtMTDlrrYgICB8CgrotYTmlpnmnaXmupDvvJrmr5Tpn7Pli5Loiqzlk4HniYzlrpjnvZHjgIHnmb7luqblnLDlm77jgIHlvIDmupDor4HliLjnoJTnqbbmiYA=
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第63頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第64頁
fCDlubTku70gfCDmjqjnrpflk4jlkInmlq/lubTlnarmlYjvvIjlhYMv5bm0L23Csu+8iSB8IFlPWSB8CnwtLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tfAp8IDIwMTkgfCAyMjkyNyAgICAgICAgICAgICAgICAgICAgICAgfCAgICAgIHwKfCAyMDIwIHwgMjU5MDUgICAgICAgICAgICAgICAgICAgICAgIHwgMTMuMCV8CnwgMjAyMSB8IDI4ODQ5ICAgICAgICAgICAgICAgICAgICAgICB8IDExLjQlfAoK6LWE5paZ5p2l5rqQ77ya5YWs5Y+45YWs5ZGK44CB5byA5rqQ6K+B5Yi456CU56m25omA
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第65頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第66頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第67頁
fCDlubTku70gfCDlrp3puJ/mlLblhaXvvIjnmb7kuIflhYPvvIkgfCBZT1kgfAp8LS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLXwtLS0tLS18CnwgMjAxOCB8IDUwMCAgICAgICAgICAgICAgfCAtICAgIHwKfCAyMDE5IHwgNjAwICAgICAgICAgICAgICB8IC0yMCUgfAp8IDIwMjAgfCA4MDAgICAgICAgICAgICAgIHwgNTAlICB8CnwgMjAyMSB8IDgzNyAgICAgICAgICAgICAgfCAtICAgIHwKCui1hOaWmeadpea6kO+8muWFrOWPuOWFrOWRiuOAgeW8gOa6kOivgeWIuOeglOeptuaJgA==
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第68頁
fCDlubTku70gfCDnm7TokKXljaDmr5QgfCDliqDnm5/ljaDmr5QgfAp8LS0tLS0tfC0tLS0tLS0tfC0tLS0tLS0tfAp8IDIwMTggfCA1MiUgICAgfCA0OCUgICAgfAp8IDIwMTkgfCA0NyUgICAgfCA1MyUgICAgfAp8IDIwMjAgfCA0NiUgICAgfCA1NCUgICAgfAp8IDIwMjEgfCA0NSUgICAgfCA1NSUgICAgfAoK6LWE5paZ5p2l5rqQ77yaV2luZOOAgeW8gOa6kOivgeWIuOeglOeptuaJgA==
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第69頁
fCDluo/lj7cgfCDkvIHkuJrlkI3np7AgfCDooYzkuJogfAp8LS0tLS0tfC0tLS0tLS0tLXwtLS0tLS18CnwgMSAgICB8IOS8geS4mkEgICB8IOenkeaKgCAgfAp8IDIgICAgfCDkvIHkuJpCICAgfCDliLbpgKAgIHwKfCAzICAgIHwg5LyB5LiaQyAgIHwg6YeR6J6NICB8CnwgLi4uICB8IC4uLiAgICAgfCAuLi4gIHwKfCBuICAgIHwg5LyB5LiaTiAgIHwg5pyN5YqhICB8CgoK6LWE5paZ5p2l5rqQ77ya5a6d6bif5a6Y572R
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第70頁
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第71頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第72頁
fCDlubTku70gfCDnm7TokKXljaDmr5QgfCDliqDnm5/ljaDmr5QgfCDlm6LotK3ljaDmr5QgfCDnlLXllYbljaDmr5QgfAp8LS0tLS0tfC0tLS0tLS0tfC0tLS0tLS0tfC0tLS0tLS0tfC0tLS0tLS0tfAp8IDIwMTggfCA0NCUgICAgfCAyNCUgICAgfCAxOSUgICAgfCAxMCUgICAgfAp8IDIwMTkgfCA0MyUgICAgfCAyMSUgICAgfCAxOSUgICAgfCAxMyUgICAgfAp8IDIwMjAgfCA0MiUgICAgfCAxNiUgICAgfCAyMiUgICAgfCAxNiUgICAgfAp8IDIwMjEgfCA0MSUgICAgfCAxOSUgICAgfCAyMCUgICAgfCAxNiUgICAgfAoK6LWE5paZ5p2l5rqQ77yaV2luZOOAgeW8gOa6kOivgeWIuOeglOeptuaJgA==
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第73頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第74頁
5Lul5LiL5piv5qC55o2u5oKo5o+Q5L6b55qE5Zu+54mH5YaF5a6555Sf5oiQ55qE6KGo5qC877yM5bm25Zyo5LiL5pa55bGV56S65LqG6LWE5paZ5p2l5rqQ77yaCgpgYGAKfCDmnLrmnoQgICAgICAgICAgIHwg5rWL566X5bm05Lu9IHwg5pS25YWlL+i0ouWvjOagh+WHhiAgICAgICAgICAgICAgICAgICAgICAgICAgIHwg5Lit5Zu95Lit5Lqn6Zi257qn6KeE5qihICAgICAgICAgICAgICAgICAgICAgICAgICAgfAp8LS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tfAp8IOeRnuWjq+S/oei0t+eglOeptuaJgCB8IDIwMTcgICAgIHwg5Lul5YWo55CD6LSi5a+M5qCH5YeGJDHkuId+JDEw5LiHKOe6psKlN+S4h37CpTY25LiHKSAgIHwgMy45IOS6v+S6uu+8iOe6piAyOCXmgLvkurrlj6PvvInvvIzpooTorqEgMjAyMiDlubQgNSDkur/kurogfAp8IOWbveWutue7n+iuoeWxgCAgICAgIHwgMjAxNyAgICAgfCDkurrlnYflubTlj6/mlK/phY3mlLblhaXvvIzkuK3nrYnmlLblhaXnu4TvvJoyMDIyNCDlhYPvvJvkuK3nrYnlgY/kuIrmlLblhaXnu4TvvJozMTk5MCDlhYPvvJvpq5jmlLblhaXnu4TvvJo1OTI1OSDlhYMgfCDnuqYgNS41IOS6v+S6uiAgICAgICAgICAgICAgICAgICAgICAgICAgICAgICB8Cnwg5LiW55WM6ZO26KGMICAgICAgICB8IDIwMTcgICAgIHwg5a625bqt5bm05pS25YWlJDEuNDbkuId+JDE0LjbkuIcowqUxMOS4h37CpTk25LiHKSAgIHwgMyDkur/kurrvvIjnuqYgMjIl5oC75Lq65Y+j77yJ77yMNzUwMCDkuIfmiLflrrbluq3vvIg05Lq6L+aIt++8iSB8Cnwg6IOh5ram56CU56m26ZmiICAgICB8IDIwMTggICAgIHwg5LiA57q/5Z+O5biC5a625bqt5bm05pS25YWlIDMwIOS4h+S7peS4iuOAgeaWsOS4gOe6v+WPiuWFtuS7luWfjuW4guWutuW6reW5tOaUtuWFpeWcqCAyMCDkuIfku6XkuIrnmoTln47plYflsYXmsJEgfCDkuK3kuqfpmLbnuqfnmoTlrrbluq3mlbDph4/ovr4gMzMyMS40IOS4h+aItyAgICAgICAgICAgfAp8IOm6puiCr+mUoeWFqOeQg+eglOeptuaJgCB8IDIwMjIgICAgfCDkuK3lm73lrrbluq3lubTlj6/mlK/phY3mlLblhaUgPiDCpTbkuIcvJDIuMTjkuIcgICAgICB8IDIwMjEg5bm0IDEuMzgg5Lq/5oi377yI57qmIDM5JeaAu+WutuW6re+8ie+8jOmihOiuoSAyMDI1IOW5tOaOpei/kSAyLjEg5Lq/5oi3IHwKYGBgCgrotYTmlpnmnaXmupDvvJrog6Hmtqbnmb7lr4zjgIHlvIDmupDor4HliLjnoJTnqbbmiYDvvIzms6jvvJrog6HmtqbnoJTnqbbpmaLnmoTkuK3kuqfpmLbnuqfmlLblhaXpl6jmp5vmnIDpq5jlm6DmraTmtYvnrpflvpflh7rnmoTlrrbluq3mlbDph4/mnIDkvY7vvIznkZ7lo6vkv6HotLfnoJTnqbbmiYAv6bqm6IKv6ZSh5YWo55CD56CU56m25omAL+WbveWutue7n+iuoeWxgC/kuJbnlYzpk7booYzjgII=
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第75頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第76頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第77頁
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
經測算，哈吉斯中長期門店數為829家，對應增長空間仍有一倍_第78頁
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
所屬報告： 報喜鳥-公司首次覆蓋報告：中高端男裝領軍者多品牌運營打開成長空間-230410（51頁）.pdf
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