Chinese multi-brand apparel group Baoxiniao Holding Co., Ltd. (002154.SZ) has released its 2025 annual report. During the reporting period, the company recorded operating revenue of RMB 5.169 billion (USD 713 million), representing a year-on-year increase of 0.31%, and marking the third consecutive year that revenue exceeded RMB 5 billion (USD 690 million). Net profit attributable to shareholders of the listed company reached RMB 342 million (USD 47 million), down 30.95% year-on-year; net profit after deducting non-recurring items was RMB 276 million (USD 38 million), a year-on-year decrease of 36.76%.
The company stated that the decline in profit was mainly due to “a marginal increase in operating revenue, relatively rigid day-to-day operating expenses, and continued increases in strategic investments related to strategic positioning, brand building, and operational development.” In terms of cash flow, net cash flow generated from operating activities was RMB 636 million (USD 88 million), down 9.36% year-on-year.
The most significant strategic move during the reporting period was the company’s completion of the acquisition of intellectual property rights for the international outdoor heritage brand Woolrich (excluding Europe). The company noted that this move “further enriches the company’s multi-brand ecosystem and represents an important step toward internationalisation.”
In 2025, Baoxiniao Group established a strategic framework of “dual-engine growth, four core brands leading, and global expansion,” building two major brand matrices: professional brands and lifestyle brands. It has identified four key strategic brands: Baoxiniao (SAINT ANGELO), Woolrich, HAZZYS, and LAFUMA.
The Group has now formed a brand portfolio covering businesswear, casualwear, outdoor apparel, and professional uniforms.
By brand:
- Baoxiniao (SAINT ANGELO): RMB 1.348 billion (USD 186 million), down 5.65% year-on-year
- HAZZYS: RMB 1.923 billion (USD 265 million), up 7.99% year-on-year
- LAFUMA: RMB 414 million (USD 57 million), up 23.72% year-on-year
- BONO: RMB 889 million (USD 123 million), down 11.82% year-on-year
- CAMICISSIMA and TOMBOLINI: RMB 151 million (USD 21 million), down 8.37% year-on-year
Overall, core growth was driven by HAZZYS and LAFUMA, while traditional business menswear and professional uniform segments faced pressure.
Key highlights in brand operations include:
Amid continued pressure in the traditional business menswear market, the Baoxiniao brand reinforced its positioning as a “suit expert,” promoting wedding and formalwear scenarios while expanding its reach among younger consumers. It opened 61 new offline stores during the year and optimised underperforming locations. In online channels, it ranked first in men’s suit sets on Tmall during both the 618 and Double 11 shopping festivals for two consecutive years.
HAZZYS maintained its growth momentum, implementing a product strategy centred on three key scenarios: commuting, casual, and sports. This drove a 7.99% increase in revenue, alongside strong rankings on Tmall and JD.com.
LAFUMA continued its high-growth trajectory, with revenue rising 23.72% year-on-year, maintaining growth above 20% for three consecutive years.
By channel:
As of the end of 2025, the company operated 1,782 offline stores nationwide, including 819 directly operated stores and 963 franchise stores. During the year, it opened 192 stores and closed 225, resulting in a net decrease, reflecting ongoing channel optimisation and structural adjustments.
By brand:
- Baoxiniao: 791 stores (net decrease)
- HAZZYS: 486 stores (net increase)
- LAFUMA: 110 stores (continued expansion)
- CAMICISSIMA: 143 stores (undergoing contraction and adjustment)
Online channels became a key growth driver. In 2025, the company’s online sales revenue reached RMB 965 million (USD 133 million), up 18.04% year-on-year, making it one of the fastest-growing channels. Meanwhile, revenue from directly operated stores increased by 4.84% year-on-year, while franchise and group purchasing channels declined by 5.03% and 14.39%, respectively.
The company also disclosed its results for the first quarter of 2026 in the annual report. During the period, it achieved operating revenue of RMB 1.44 billion (USD 199 million), up 10.46% year-on-year. Net profit attributable to shareholders of the listed company reached RMB 237 million (USD 33 million), a significant increase of 39.03% year-on-year. Net cash flow from operating activities was RMB 186 million (USD 26 million), up 134.03% year-on-year, indicating simultaneous improvement in profitability and cash flow.
丨Source: Official financial report
丨Image Credit: Baoxiniao official website
丨Editor: Luxeplace
