In the past month, listed textile and garment enterprises have successively released their semi-annual reports for 2025 or performance forecasts. Among the released semi-annual reports, “tariff war” has become a frequently used term. Many textile and garment enterprises have stated that their performance has been severely affected by the “tariff war”.
Based on net profit, the performance of listed textile enterprises in the first half of 2025 is classified into three categories: profit decline, loss, and rebound growth. Let’s see how much the tariff war has affected them and who has made a comeback.

Declining profits: Multiple pressures squeeze profit margins
Fuchun Dyeing and Weaving: It is expected that the net profit attributable to the parent company in the first half of 2025 will be between 11 million yuan and 16 million yuan, a year-on-year decline of 80.85% to 86.83%; the non-recurring net profit is expected to be between 12 million yuan and 17 million yuan, a year-on-year decline of 74.08% to 81.71%. Due to the impact of the tariff war, the price of bulk commodities such as cotton has fluctuated more intensely. The exports of downstream customers have been greatly affected, and the domestic market has recovered slowly. The company’s sales growth has not met expectations, and the fixed costs cannot be diluted, resulting in a significant decline in the company’s operating profits during the reporting period.
Weixing Co., Ltd.: In the first half of the year, the company’s total operating revenue was 2.338 billion yuan, an increase of 1.80% year-on-year; the net profit attributable to the parent company was 369 million yuan, a decrease of 11.19% year-on-year; the net profit after deducting non-recurring gains and losses was 362 million yuan, a decrease of 9.71% year-on-year. The decline in net profit was mainly due to the impact of the domestic and international macro environment. The volatility of the clothing accessories industry has significantly increased. Under the triple pressure of sluggish terminal demand, continuous weakness in foreign trade, and accelerated industrial relocation, industry competition has become increasingly fierce.
Caidie Industrial: It achieved operating revenue of 380 million yuan, an increase of 2.74% compared to 370 million yuan in the same period last year. The net profit attributable to shareholders of the listed company was 45 million yuan, a decrease of 24.66% compared to 60 million yuan in the same period last year. The significant decline was mainly due to two reasons: first, market competition led to a reduction in the gross profit of seamless clothing and entrusted dyeing and finishing services; second, the increase in financial expenses affected the net profit.
In the first half of 2025, Zhongwang Fabric achieved a total operating revenue of 239 million yuan, a year-on-year decrease of 4.16%; the net profit attributable to the parent company was 33.4553 million yuan, a year-on-year decrease of 28.57%; the net profit after deducting non-recurring gains and losses was 23.9822 million yuan, a year-on-year decrease of 46.91%.
Yingfeng Co., Ltd. expects to report a net loss of approximately 23 million yuan to 17 million yuan for the first half of 2025, with a net loss of approximately 22 million yuan to 16 million yuan after excluding non-recurring gains and losses. The main reasons for the expected loss in this period are the impact of the tariff issue on the textile and apparel industry chain, which has led to a decrease in the company’s sales orders and a year-on-year decline in sales revenue. At the same time, the gradual commissioning of the company’s third business division has resulted in insufficient capacity utilization and a significant increase in fixed costs, failing to achieve a synchronous growth in revenue. These two factors have jointly led to the company’s loss in this period.
In the first half of 2025, the company achieved a total operating revenue of 2.391 billion yuan, a year-on-year decrease of 3.58%; the net profit attributable to the parent company was 197 million yuan, a year-on-year decrease of 42.66%; the net profit excluding non-recurring gains and losses was 162 million yuan, a year-on-year decrease of 46.61%.
Seven Wolves: During the reporting period, it achieved operating revenue of 1.375 billion yuan, a year-on-year decrease of 5.93%; the net profit attributable to shareholders of the listed company was 160 million yuan, a year-on-year decrease of 13.93%; the net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 29.1063 million yuan, a year-on-year decrease of 61.35%.
Semir: Semir Clothing achieved operating revenue of 6.149 billion yuan, an increase of 3.26% year-on-year, and a net profit of 325 million yuan, a decline of 41.17% year-on-year.
Pathfinder: It is expected to achieve a net profit of 16 million yuan to 22 million yuan in the first half of 2025, a year-on-year decrease of 74.27% to 81.29%; the net profit after deducting non-recurring gains and losses is expected to be 12 million yuan to 16 million yuan, a year-on-year decrease of 80.32% to 85.24%.

 
Loss: Sinking into losses under internal and external shocks
Huafang Co., Ltd. expects to achieve a net profit attributable to the parent company’s owners of -40 million yuan to -34 million yuan in the first half of 2025. Compared with the same period of the previous year, it will suffer a loss. The main reason for the change in performance is that in the first half of 2025, affected by the US tariff policy, especially after entering the second quarter, the company’s foreign trade sales orders were greatly affected, and the product price decline was significant. Coupled with the intensification of domestic market competition, the company’s business faced significant operational challenges during the reporting period, resulting in a loss. At the same time, due to the fluctuation of the RMB exchange rate, it caused a considerable exchange loss during the reporting period.
Jihua Group: The company’s total operating revenue was 3.208 billion yuan, a decrease of 1.996 billion yuan compared to the same period last year, representing a year-on-year decline of 38.36%. The net profit attributable to the parent company was -79.0318 million yuan, a decrease of 60.2035 million yuan compared to the same period last year. The main reasons for the decline in revenue and profit were the reduction in product orders from key customers, which led to a significant drop in operating revenue. At the same time, due to the reduction in orders, the underutilization of production capacity and high fixed costs also led to a decrease in gross profit, which affected the profit.
Huasheng Co., Ltd. expects a net loss attributable to shareholders of between 12 million yuan and 16 million yuan in the first half of 2025, compared with a loss of 25.6219 million yuan in the same period last year; the non-GAAP net loss is expected to be between 33.5 million yuan and 40 million yuan, compared with a loss of 14.8455 million yuan in the same period last year.
Hongdou Co., Ltd. expects a net loss attributable to shareholders of 95 million yuan to 135 million yuan in the first half of 2025, compared with a profit of 44.2222 million yuan in the same period last year. The non-GAAP net loss is expected to be 100 million yuan to 140 million yuan, compared with a profit of 22.2831 million yuan in the same period last year.
Red Dragonfly: It is expected that the net profit attributable to the parent company’s owners for the first half of 2025 will be between -18 million yuan and -27 million yuan; the company expects that the net profit attributable to the parent company’s owners, after deducting non-recurring gains and losses, for the first half of 2025 will be between -34 million yuan and -51 million yuan.

 
Who is experiencing a comeback growth?
Luo Lei Home Textile: The company achieved operating revenue of 2.181 billion yuan, representing a year-on-year growth of 3.60%; the net profit attributable to shareholders of the listed company was 185 million yuan, up 16.97% year-on-year; the net profit excluding non-recurring gains and losses was 154 million yuan, up 9.77% year-on-year. During the reporting period, the company continuously optimized its store structure, intensified the opening of direct-operated stores, closed some franchise stores with poor operating capabilities, and upgraded and renovated inefficient stores. At the same time, it advanced the expansion of shopping center and outlet channels, created a direct-operated shopping center model store, accumulated management experience, and provided a reference for the expansion of the franchise market. The company also continuously optimized its online channels, increased the proportion of online revenue and gross profit margin.
Furong Co., Ltd. achieved operating revenue of 2.587 billion yuan in the first half of the year; realized net profit attributable to shareholders of 246 million yuan, up 10.92% year-on-year; and achieved net profit after deducting non-recurring gains and losses of 250 million yuan, up 15.71% year-on-year. In the first half of the year, in the face of the complex global trade environment, the company responded promptly. On the one hand, it focused on improving service quality; on the other hand, it paid close attention to small and medium-sized customers with growth potential, optimized the customer structure, balanced the global layout, and carried out first-time cooperation with multiple new customers.
In the first half of 2025, Hangmin Co., Ltd. achieved a total operating revenue of 5.442 billion yuan, a year-on-year decrease of 2.78%; the net profit attributable to the parent company was 315 million yuan, a year-on-year increase of 5.51%; the net profit excluding non-recurring gains and losses was 307 million yuan, a year-on-year increase of 5.07%. Despite the impact of the Sino-US trade war and intensified industry competition, the company’s main dyeing and printing business remained basically stable overall, although there were some fluctuations in individual enterprises.
Crystal International: For the six months ended June 30, 2025, the company’s revenue increased by 12.4% to $1.229 billion compared to the same period last year ($1.094 billion for the six months ended June 30, 2024). The gross profit for the six months ended June 30, 2025, rose by 13.7% to $243 million ($213 million for the six months ended June 30, 2024), and the gross margin increased from 19.5% in the same period last year to 19.7%. During the first half of 2025, all divisions of the group achieved balanced growth, benefiting from the successful expansion of penetration among major brand customers. The group effectively seized the opportunities brought by brand customers’ diversification of product categories. The group’s largest brand customer and several major sportswear brand customers demonstrated outstanding sales growth momentum, jointly serving as the group’s strong growth engines. Through strategic capacity expansion and production efficiency optimization, the group simultaneously achieved revenue growth and margin improvement, effectively mitigating the adverse impact of high US tariffs.
Sanfo Outdoor: It is expected that the attributable net profit will range from 13.5 million yuan to 20 million yuan, and the net profit after deducting non-recurring gains and losses will range from 12 million yuan to 18 million yuan.
Rotai Textile: It is expected to achieve a net profit of 330 million to 370 million yuan, with a year-on-year growth of 94.62% to 118.21% in net profit. The non-recurring net profit is expected to decline by 14.69% to 5.21% compared with the same period of the previous year.
JiMu Wang: It is expected that the net profit attributable to shareholders of the listed company for the first half of 2025 will be between 150 million yuan and 180 million yuan, representing a growth of 200% to 260% compared with 50.0149 million yuan in the same period of the previous year. However, the non-recurring net profit is expected to decline by 14% to 26% year-on-year.
Lianfa Co., Ltd. expects its net profit attributable to shareholders of the listed company to be between 165 million yuan and 185 million yuan in the first half of 2025, representing a year-on-year increase of 235.09% to 275.71%. The main reasons are as follows: 1) The non-recurring gains from the company’s trading financial assets are approximately 60 million yuan, an increase of about 138 million yuan compared to the same period last year, contributing to a net profit increase of 110 million yuan; 2) The decline in coal prices has led to an increase in the gross profit margin of the company’s orders.
Huamao Co., Ltd.: In the first half of 2025, the net profit attributable to shareholders of the listed company is expected to be between 80 million yuan and 100 million yuan, representing a year-on-year increase of 293.36% to 391.70%. The net profit attributable to shareholders of the listed company, after deducting non-recurring gains and losses, is expected to be between 15 million yuan and 30 million yuan, a year-on-year decrease of 51.58% to 75.79%. During the reporting period, the profit level of the textile business declined, leading to a decrease in the main business profit.
Tianhong International: In the first half of 2025, the company’s net profit is expected to increase by approximately 60% compared to the same period last year, which was 280 million yuan. This growth is mainly attributed to the recovery of orders in both domestic and international markets, as well as the improvement in sales volume and capacity utilization. Additionally, the gross profit margin of the products has also improved.
Bailong Dongfang: It is expected that the net profit attributable to shareholders of the listed company for the period from January to June 2025 will range from 350 million yuan to 410 million yuan, representing a year-on-year increase of 50.21% to 75.97%, or an increase of 117 million yuan to 177 million yuan compared with the same period of the previous year.
Shanshan Co., Ltd. expects to achieve a net profit attributable to shareholders of the listed company of 160 million yuan to 240 million yuan in the first half of 2025. Compared with the same period of the previous year, it will increase by 142 million yuan to 222 million yuan, representing a year-on-year increase of 810.41% to 1,265.61%. It is expected that the net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses in the first half of 2025 will be 130 million yuan to 195 million yuan. Compared with the same period of the previous year, it will increase by 106 million yuan to 171 million yuan, representing a year-on-year increase of 443.79% to 715.68%. It is expected that the combined net profit of the company’s anode material and polarizer film business will be 350 million yuan to 450 million yuan.

 
Among the textile enterprises that have achieved growth despite the tariff war, some have benefited from increased investment income, some from cross-industry earnings, some from low-cost overseas expansion, and another group has achieved success by focusing on their core business, enhancing revenue and reducing costs through technological innovation, management optimization, and channel expansion. Typical examples include Baolong Dongfang, Fudong Co., Ltd., Rolai Home Textiles, and Crystal Group.
For the textile industry, the impact of the tariff war may continue, but the logic of the market has never changed: only by focusing on core business and strengthening competitive barriers, whether it is to deeply explore the opportunities of domestic consumption upgrade, or to lay out a global production capacity network, or to increase investment in technology research and development to create high value-added products, can one stand firm in the uncertain trade environment. In the future, as industry consolidation continues to advance, enterprises with clear strategic directions and sustainable profitability will have more opportunities to seize the initiative in the new round of development.