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Financial performance of Chinese apparel companies reveal slow recovery

Financial performance of Chinese apparel companies reveal slow recovery


This report analyzes the financial performance of 12 listed Chinese apparel companies in 2023 and the first quarter of 2024. Some of the companies in the list are: HLA, Youngor, Semir, Meters/bonwe, Peacebird, Septwolves, Hodo, Lancy Share, Ellassay, JOEONE, Busen, and GRN.

Market situation

The apparel companies are showing signs of recovery with an increase in total revenue and net profit compared to previous years. However, the growth rate is weaker compared to 2021, indicating a slow recovery. There is significant differentiation among brands. Some companies like HLA and Semir are experiencing strong growth, while others like Meters/bonwe and GRN are struggling. The significant difference in profit margins between companies suggests fierce competition in the market. While gross profit margins remain high, net profit margins have decreased significantly, indicating rising costs and intense competition. The decrease in net profit margin compared to gross profit margin indicates a need for companies to adapt to changing consumer demands and business models. To cope up, companies need to adapt to changing consumer demands and personalize their offerings to stay competitive.

Table: Key financial metrics for 2023 and Q1 2024


Year 2023

Q1 2024


Total Revenue

81.474 bn yuan (4.59% YoY growth)

20.733 bn yuan (4.17% YoY growth)


Net Profit

8.891 bn yuan (14% YoY growth)

2.996 bn yuan (6.13% YoY growth)


Non-recurring Net Profit

7.475 bn yuan (6.2% YoY growth)

2.876 bn yuan (10.25% YoY growth)


Inventory Turnover Days (Average)

255.4 days (7.4% decrease YoY)

238.53 days (11.27% decrease YoY)


Asset-Liability Ratio (Average)

45.48% (3.3% decrease YoY)

43.9% (2.46% decrease YoY)


Overall, the Chinese apparel market seems to be in a stage of weak recovery. While companies are regaining profitability, adapting to a changing market landscape remains a key challenge.



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