2025First quarter of the year, Faced with the complex and ever-changing international environment, External situation with lingering pains in domestic structural adjustment, China's clothing industry strives to overcome insufficient demand, Intensifying competition, Difficulties and challenges such as rising tariffs, The industry's economic operation has basically achieved a stable start, produce, for the domestic market, Main indicators such as investment maintain restorative growth, But exports have slightly decreased, Serious pressure on corporate profitability. Looking ahead to the whole year, The situation facing China's clothing industry is becoming increasingly complex and severe, Industry enterprises need to have firm confidence, Stable character first, Actively respond to weak domestic and international market demand, Rising trade environment risks, Multiple challenges such as intensified geopolitical conflicts, Continuously deepen transformation and upgrading, Accelerate the cultivation of new quality productivity, Solidly promote the construction of a modern industrial system, Fully promote the stable operation of the industry economy.

　　Economic performance of the clothing industry

　　01 Overall stable clothing production

　　First quarter, The orderly and benign operation of China's clothing industry chain and supply chain, Overall stable production, Enterprises above designated size maintain steady growth in industrial added value and clothing production, The growth rate has increased compared to the previous period. According to data from the National Bureau of Statistics, 1-3the moon, The industrial added value of enterprises above designated size in the clothing industry increased year-on-year1. 9%, Acceleration ratio1-2Monthly acceleration0. 4Percentage point; The clothing production of enterprises above designated size increased year-on-year1. 77%, Acceleration ratio1-2Monthly increase3. 27Percentage point. From the perspective of segmented categories, The production of woven clothing increased year-on-year3. 90%, The production of down clothing increased year-on-year10. 36%, The production of suits and shirts has decreased year-on-year9. 17%and0. 83%; Knitted clothing production increases year-on-year0. 83%.

　　02 Domestic sales achieve moderate growth

　　First quarter, The domestic macroeconomy is steadily improving, Supported by factors such as the effective promotion of consumption policies and the Spring Festival holiday effect, China's domestic clothing market achieves moderate growth. According to data from the National Bureau of Statistics, 1-3the moon, Accumulated retail sales of clothing products by units above the quota in China2835. 1RMB100mn, Year-on-year growth2. 7%, Acceleration ratio2024Accelerate throughout the year2. 6Percentage point. of which, 3The retail sales of clothing products by units above the monthly quota increased year-on-year3. 0%, Acceleration ratio1-2Monthly acceleration0. 4Percentage point. the same period, Online clothing sales show slight fluctuations, The online retail sales of clothing products have decreased year-on-year0. 1%, Decrease ratio1-2Narrowing of the month0. 5Percentage point.

　03 Clothing exports have slightly decreased

　　First quarter, Due to weak international market demand, The impact of variable tariff policies and other factors, The scale of China's clothing exports has slightly decreased, Monthly exports show significant fluctuations. According to Chinese customs data, 1-3the moon, China has completed the export of clothing and clothing accessories cumulatively330. 1USD100mn, Year-on-year decrease1. 9%, compare2024Annual decline throughout the year2. 1Percentage point. of which, 1-2the moon, Clothing exports216. 6USD100mn, Year-on-year decrease6. 9%; 3the moon, To avoid higher tariffs in enterprises, concentrate "Grab the export" Driven by factors such as the lower base of the same period last year, etc, YoY growth in clothing exports9. 3%. From the perspective of quantity price relationship, Clothing exports continue to show a trend of rising volume and falling price, The export quantity is78. 6Billion pieces, Year-on-year growth9. 9%, Average export unit price3. 5dollar/piece, Year-on-year decrease11. 0%. From the perspective of export categories, Export amount of knitted clothing142. 1USD100mn, Year-on-year decrease2. 9%, Year on year increase in export quantity9. 5%, The export unit price has decreased year-on-year11. 3%; Export amount of woven clothing129. 9USD100mn, Year-on-year decrease1. 4%, Year on year increase in export quantity10. 9%, The export unit price has decreased year-on-year11. 1%.

From the perspective of segmented categories, China's attitude towards the United States, The growth rate of Japanese cotton clothing exports has increased. According to Chinese customs data, 1-3the moon, China's cotton clothing exports111. 6USD100mn, Year-on-year decrease6. 9%; of which, China exports cotton clothing to the United States22. 7USD100mn, Year-on-year growth16. 8%, compare2024Accelerate throughout the year1. 7Percentage point; Export of cotton clothing to Japan8. 5USD100mn, Year-on-year growth4. 3%, compare2024Annual increase throughout the year8. 1Percentage point; Export of cotton clothing to the European Union14. 9USD100mn, Year-on-year decrease0. 6%, compare2024Annual decline throughout the year6. 6Percentage point. Casual clothes with high added value, Shirts and other commuting items, Social clothing and sweater exports maintain growth, The export value of casual suits and shirts increased year-on-year respectively11. 9%and2. 1%, The export value of sweaters increased year-on-year6. 1%. in addition, Down Jackets, TThe export value of shirts and tops decreased year-on-year respectively14. 6%, 13. 0%and9. 9%.

　　From the perspective of major markets, China's attitude towards the United States, EU clothing exports maintain growth, The growth rate of clothing exports to Japan has turned from negative to positive, Regarding ASEAN, The export decline of emerging markets such as countries and regions along the the Belt and Road has deepened. According to Chinese customs data, 1-3the moon, The amount of clothing exports from China to the United States74. 3USD100mn, Year-on-year growth9. 2%, Acceleration ratio2024Accelerate throughout the year0. 5Percentage point; The amount of clothing exports from China to the European Union49. 9USD100mn, Year-on-year growth1. 9%, Acceleration ratio2024Annual slowdown throughout the year2. 8Percentage point; The amount of clothing exports from China to Japan29. 2USD100mn, Year-on-year growth2. 1%, Acceleration ratio2024Annual increase throughout the year9. 9Percentage point; The amount of clothing exports from our country to the UK10. 3USD100mn, Year-on-year growth7. 6%, Acceleration ratio2024Accelerate throughout the year0. 2Percentage point; The amount of clothing exports from China to South Korea15. 1USD100mn, Year-on-year growth6. 8%, Acceleration ratio2024Annual increase throughout the year9. 3Percentage point. the same period, Due to limited market space, Tightening of transit trade policies, Combined with last year's high base factor, China's relations with ASEAN, The export decline of countries and regions along the the Belt and Road has deepened, But the export performance to Latin America is relatively impressive. of which, China's clothing export amount to ASEAN29. 7USD100mn, Year-on-year decrease21. 9%, Decrease ratio2024Deepening throughout the year20. 8Percentage point; Clothing export amount to countries and regions along the the Belt and Road86. 3USD100mn, Year-on-year decrease15. 1%, Decrease ratio2024Deepening throughout the year11. 8Percentage point. in addition, China's clothing exports to Latin America increase year-on-year13. 8%.

　　From the perspective of exporting provinces, The eastern region is still the main concentration of China's clothing exports, There are significant differences in export performance among provinces in the central and western regions, Only in Guangxi, Jiangxi's clothing exports maintain rapid growth. According to Chinese customs data, 2025year1-3the moon, The export amount of clothing in the eastern region262. 6USD100mn, Year-on-year decrease1. 5%, As a percentage of the total national clothing exports79. 4%. Among the top five provinces for clothing exports, Zhejiang, Jiangsu and Shandong's clothing exports increased year-on-year respectively7. 8%, 3. 2%and8. 0%; Guangdong and Fujian's clothing exports have decreased year-on-year respectively12. 7%and25. 4%. the same period, The export value of clothing in the central and western regions of China68. 0USD100mn, Year-on-year decrease3. 6%. Among them, clothing exports from Guangxi and Jiangxi increased year-on-year respectively76. 0%and15. 8%; Xinjiang, Sichuan and Hubei's clothing exports have decreased year-on-year respectively17. 8%, 38. 4%and6. 2%.

　　04 Investment continues to grow rapidly

　　First quarter, In the country "double" "Two new ones" Under the effective support of policy strengthening and expansion, Clothing companies are intensifying their efforts to upscale in response to market changes, Intelligent transformation and upgrading, Industry fixed assets investment continued2024The rapid growth trend since the beginning of the year. According to data from the National Bureau of Statistics, 1-3the moon, The actual completed investment in the clothing industry increased year-on-year22. 9%, Acceleration ratio2024Accelerate throughout the year4. 9Percentage point.

　　05 Serious pressure on corporate profitability

　　First quarter, Due to intensified market competition, The impact of multiple factors such as rising comprehensive costs and falling export prices, Although the clothing industry has seen an increase in revenue, But profits are under severe pressure, Slowdown in operational efficiency. According to data from the National Bureau of Statistics, 1-3the moon, China's clothing industry is above a certain scale (Annual main business income2000Ten thousand yuan and above) enterprise13656family, Realize operating revenue2806. 78RMB100mn, Year-on-year growth3. 30%, compare2024Accelerate throughout the year0. 54Percentage point; Total profit84. 80RMB100mn, Year-on-year decrease10. 07%, compare2024Annual decline throughout the year11. 61Percentage point; The profit margin of operating income is3. 02%, Year-on-year decrease0. 45Percentage point, below2024Throughout the year1. 89Percentage point.

　　Expansion of industry losses, The operational efficiency has decreased. 1-3the moon, Enterprises above a certain scale in the clothing industry suffer losses34. 00%, compare2024Expansion during the same period of the year0. 47Percentage point; Year on year increase in operating costs4. 03%, Exceeding the growth rate of operating revenue0. 73Percentage point; The turnover rate of finished products and accounts receivable are respectively10. 04order/Year and6. 08order/year, Year on year decline respectively3. 85%and5. 29%; The total asset turnover rate is1. 10order/year, Year-on-year growth0. 01%.

　   Development characteristics of the clothing industry in the first quarter

　　01 Actively implementing market diversification strategy and strengthening risk management

　　Regarding US policies such as imposing tariffs on China, Clothing export enterprises actively optimize their global supply chain layout, Exploring new trade models, Proactively respond to trade frictions and lawsuits, Fully utilize various policy tools and other multidimensional approaches for strategic adjustment and response. On the one hand, we focus on developing emerging markets, Strengthen communication with upstream supply chains and downstream customers, Sharing the impact of tariffs together, To reduce the impact on business operations. at the same time, By optimizing contract terms, Strengthening risk management and other methods, Reduce trade risks, Protect one's own interests. For example, in international trade contracts, To cope with the risk of rising costs caused by changes in tariff policies, Enterprises clearly agree on the party responsible for bearing tariffs, Agreed price adjustment mechanism, Optimize the compensation mechanism for contract breach, Add response clauses for tariff policy changes, Avoiding cost disputes and settlement risks caused by tariff adjustments.

　　02 Grasp the current consumption hotspots and enrich consumption formats

　　Against the backdrop of orderly recovery of consumption, Clothing companies are paying more attention to the market's demand for improving consumer quality and upgrading, According to age, culture, Principle of subdivision such as circles, Extract and summarize the characteristics of modern lifestyle, Around Green, nature, Comfortable and other lifestyle concepts, Seize the opportunity to cater to outdoor lifestyle "Light travel" , "Niche sports" and "New Chinese style clothing" Waiting for consumption hotspots, Satisfy the public's expectations "emotional value" give "Circle identification" The dual layer demand, Enrich consumer formats, Improve consumer quality. at the same time, Enterprises fully tap into brand value, Implement differentiated development strategy, Strengthen emotional resonance with consumers in brand communication, Deepen interaction with consumers through new social platforms, Cultivate customer loyalty, Building a unique brand story and culture.

　　03 Digitization transformation promotes industrial transformation and upgrading

　　Faced with the current complex external situation, Clothing companies are intelligentizing, Digital transformation as an important lever for transformation and upgrading, Increase investment in intelligent manufacturing and digital factories, Building an automated production line, Through the Internet of Things and big data analysis, Enhance the level of intelligence in the production process, Cost savings. Simultaneously accelerate technology and product iteration upgrades, Enhance customization, Personalized service level, Meet the growing diversified needs of consumers. in addition, Enterprises build through the integration of two industries and digital system transformation, From technological innovation, Product innovation, design innovation, Management Innovation, Efforts are being made in various aspects such as service innovation to improve the adaptability of brands and products to the market, Further accelerate the use of digital technology and artificial intelligence in creative design, product development , produce, manage, Applications in Marketing and Service, Continuously enhance the collaborative innovation capability of industries, Optimize industrial ecology.

　　2025Outlook on the Development Trends of the Clothing Industry in the Year

　　First quarter, The economic operation of China's clothing industry has started steadily. Looking ahead to the whole year, The external situation facing the clothing industry is becoming increasingly complex and severe, Weak demand in domestic and international markets, Rising trade environment risks, Under the influence of multiple factors such as intensified geopolitical conflicts, There is significant pressure for the industry to maintain stable operation.

　　From the perspective of the domestic market, 3the moon16sun, Jointly issued by the General Office of the Communist Party of China Central Committee and the General Office of the State Council "Special Action Plan to Boost Consumption" , We will further improve the institutional mechanisms for promoting consumption, Open up new spaces in the consumer market. Driven by a series of policies to boost consumption, Market vitality continues to recover, Diversified consumption scenarios accelerate innovation, Ice and Snow Economy, silver economy, The demand for clothing consumption in China-Chic clothing and other fields is accelerating, The overall situation of clothing consumption in China will gradually improve. From the perspective of the international market, 5the moon12sun, Jointly issued by China and the United States "Joint Statement of the China US Geneva Economic and Trade Talks" , The United States has reduced tariffs on China to30%, In the short term, it will help stabilize the scale of China's clothing export orders to the United States. But at the same time, we also need to see, The main export markets for clothing in our country have weak demand, The trade friction between China and the United States is still in the game stage, Trade protectionism is heating up, Factors such as intensified geopolitical risks have led to increased uncertainty in China's clothing exports, Causing adverse effects on the production and operation activities of enterprises.

　　With the joint efforts of the national stock policy and incremental policy, Chinese clothing industry enterprises will concentrate on deepening transformation and upgrading, Strive to prevent and resolve various risks and challenges, Supported by a strong industrial chain advantage and a gradually stabilizing domestic sales market, Accelerate the cultivation of new quality productivity, Solidly promote the construction of a modern industrial system, Fully promote the stable operation of the industry economy.