Chinese apparel industry's performance under pressure in H1 of 2025

Recently, Chinese listed apparel companies released their "half-year reports". Amidst the sluggish recovery of Chinese domestic and foreign consumer demand, the profitability of apparel enterprises has generally come under pressure. Most enterprises still have not shaken off the chill and remain trapped in the shadow of low performance or negative growth. This article selects 12 major listed apparel enterprises as samples to gain insights into trends.

The total revenue of the 12 apparel enterprises in the first half of the year reached 36.293 billion yuan, a year-on-year decrease of 3.54%. In terms of revenue growth rate, only 2 enterprises, namely HLA and Semir, achieved year-on-year growth, while the other 10 saw year-on-year declines. Metersbonwe and Busen recorded the largest drops.

The total net profit of the 12 apparel enterprises in the first half of the year was 4.478 billion yuan, a year-on-year decrease of 12.96%. Their total non-recurring net profit stood at about 3.934 billion yuan, a year-on-year decline of 15.66%. Among them, Busen and Hodo suffered losses in non-recurring net profit, while the other 10 enterprises achieved profits. However, only HLA and Ellassay saw year-on-year growth, and the other 10 experienced year-on-year declines.

To sum up, under the impact of the volatile macro environment and weak demand in Chinese domestic and foreign markets, the economic operation of China's apparel industry was not ideal in the first half of the year. Affected by insufficient effective demand and weak market expectations, the industry's performance came under significant pressure. Among the 12 apparel enterprises, only HLA and Semir achieved year-on-year revenue growth, while the other 10 saw year-on-year declines, with Hodo, Metersbonwe and Busen recording the largest drops. The total net profit and non-recurring net profit of the 12 enterprises both fell by double digits year-on-year. Specifically, only HLA and Ellassay achieved year-on-year growth in non-recurring net profit, while the other 10 experienced year-on-year declines, with nearly half of the enterprises seeing a decline of more than 50%, and Busen and Hodo suffering losses. In the first half of the year, the average inventory turnover days and average liability ratio of the enterprises continued to rise. Against the backdrop of rational consumption, the entire industry still faces significant adjustment pressure.