Overview
During the reporting period, the company continued to strengthen the competitiveness of core categories such as trendy leisurewear, aiming to provide consumers of all ages who love a youthful lifestyle with quality, wearable, fashionable, and multi-scenario dressing experiences. During this period, the company actively digested historical inventory, optimized product styles, and improved channel structures. Although the company's revenue scale experienced a certain degree of decline, the age structure of the company's ending inventory significantly improved, laying a foundation for the company's long-term development.
Main Business Analysis
- Revenue and Costs
(1) Composition of Operating Revenue
Unit 2025 2024 Year-on-Year Change Proportion of Operating Revenue Total Operating Revenue ¥450,243,053.63 ¥680,718,761.43 -33.86% 100% Wholesale and Retail ¥416,300,994.81 ¥539,995,255.77 -22.91% 92.46% Other Industries ¥33,942,058.82 ¥140,723,505.66 -75.88% 7.54% Men's Clothing ¥247,562,231.33 ¥314,666,610.69 -21.33% 54.98% Women's Clothing ¥133,680,469.65 ¥159,670,518.59 -16.28% 29.69% Other Products ¥35,058,293.83 ¥65,658,126.49 -46.60% 7.79% Other Businesses ¥33,942,058.82 ¥140,723,505.66 -75.88% 7.54% Mainland China ¥450,243,053.63 ¥680,718,761.43 -33.86% 100.00% Wholesale ¥219,004,578.97 ¥261,469,023.01 -16.24% 48.64% Retail ¥197,296,415.84 ¥278,526,232.76 -29.16% 43.82% Other Businesses ¥33,942,058.82 ¥140,723,505.66 -75.88% 7.54%
(2) Industries, Products, Regions, and Sales Models Contributing Over 10% of Revenue or Profit
| Unit | Operating Revenue | Operating Costs | Gross Margin | Year-on-Year Change in Revenue | Year-on-Year Change in Costs | Year-on-Year Change in Gross Margin |
|---|---|---|---|---|---|---|
| Wholesale and Retail | ¥416,300,994.81 | ¥278,324,398.46 | 33.14% | -22.91% | -28.25% | 4.98% |
| Other Industries | ¥33,942,058.82 | ¥4,561,826.11 | 86.56% | -75.88% | -95.74% | 62.59% |
| Men's Clothing | ¥247,562,231.33 | ¥156,577,766.72 | 36.75% | -21.33% | -27.32% | 5.21% |
| Women's Clothing | ¥133,680,469.65 | ¥94,388,604.16 | 29.39% | -16.28% | -26.48% | 9.80% |
| Other Products | ¥35,058,293.83 | ¥27,358,027.59 | 21.96% | -46.60% | -37.96% | -10.87% |
| Other Industries | ¥33,942,058.82 | ¥4,561,826.11 | 86.56% | -75.88% | -95.74% | 62.59% |
| Mainland China | ¥450,243,053.63 | ¥282,886,224.57 | 37.17% | -33.86% | -42.84% | 9.87% |
| Wholesale | ¥219,004,578.97 | ¥140,346,060.60 | 35.92% | -16.24% | -22.62% | 5.29% |
| Retail | ¥197,296,415.84 | ¥137,978,337.86 | 30.07% | -29.16% | -33.19% | 4.22% |
| Other Businesses | ¥33,942,058.82 | ¥4,561,826.11 | 86.56% | -75.88% | -95.74% | 62.59% |
(3) Distribution of Physical Stores
| Store Type | Number of Stores | Store Area | New Stores Opened During Reporting Period | Stores Closed at End of Reporting Period | Reason for Closure |
|---|---|---|---|---|---|
| Directly Operated | 52 | 29,195 | 5 | 7 | Company continues to optimize channel structure, closing less profitable stores |
| Franchise | 723 | 130,066 | 207 | 37 | Some franchisees closed unprofitable stores |