Xin Lang Zheng Quan·2025-05-09 08:28Core Insights - The apparel industry continues to exhibit high gross margins and low net margins, with over half of the selected 25 listed companies achieving gross margins above 50% and many exceeding 65%, while net margins are generally below 15% [1][6] Group 1: Gross Margin Analysis - Among the selected companies, the top three in terms of gross margin for 2024 are: - Bi Yi Le Fen at 77.01% - Di Su Shi Shang at 74.84% - Jin Hong Group at 68.63% [1] - Only two companies, Mu Gao Di and Mei Bang Fu Shi, reported gross margins below 40%, with figures of 28.48% and 27.44% respectively [1] Group 2: Net Margin Analysis - A significant number of companies have net margins below 7%, with 14 out of 25 companies falling into this category [2] - The net margins for specific companies are as follows: - Jin Hong Group at 6.97% - Mu Gao Di at 6.42% - Jiu Mu Wang at 5.48% - Ai Mu Shares at 5.27% - Lang Zi Shares at 5.19% - Tu Lu Zhe at 4.70% - Du Shi Li Ren at 3.83% - Tai Ping Niao at 3.77% - Xin He Shares at -4.79% - An Zheng Shi Shang at -6.50% - Ge Li Si at -8.42% - San Fu Outdoor at -10.65% - An Nai Er at -18.13% - Mei Bang Fu Shi at -28.70% [4][6] Group 3: Trends and Observations - In 2024, nine companies experienced simultaneous declines in both gross and net margins, including Mei Bang Fu Shi, An Zheng Shi Shang, Xin He Shares, An Nai Er, Bi Yi Le Fen, Ai Mu Shares, Zhong Guo Li Lang, Ge Li Si, and Sen Ma Fu Shi [2][6] - The disparity between gross and net margins is attributed to high selling expense ratios in the textile and apparel industry, which significantly erodes profits [6]