Dyeing and printing cloth production increased in the first quarter of 2024

According to the National Bureau of Statistics, from January to March 2024, the output of dyed and printed fabrics by large-scale enterprises in the dyeing and printing industry reached 12.142 billion meters, a year-on-year increase of 3.96%, with the growth rate accelerating by 4.23 and 2.66 percentage points compared to the same period last year and the whole year of 2023, respectively. In the first quarter of this year, with the implementation of a series of policies supporting the development of the real economy taking effect, China's national economy generally continued the upward trend since 2023, and industrial production remained stable and improved. In the first quarter, China's GDP grew by 5.3% year-on-year, ranking among the top major economies in the world; in March, China's Manufacturing Purchasing Managers' Index (PMI) rose back to the prosperity range at 50.8%. The terminal consumption of textile and apparel products continued to warm up, driving the growth of the dyeing and printing industry. In the first quarter, the per capita expenditure on clothing by residents nationwide increased by 12.4% year-on-year, and the retail sales of clothing, shoes, hats, and textiles by above-scale units nationwide increased by 2.5% year-on-year.
 
According to the National Bureau of Statistics, from January to March 2024, the three expenses ratio of large-scale dyeing and printing enterprises was 7.64%, a year-on-year decrease of 0.31 percentage points. Among them, financial expenses decreased by 22.45% year-on-year, ending the growth trend since 2023, and the financial situation of dyeing and printing enterprises gradually improved; the finished product turnover rate was 13.10 times/year, an increase of 2.65% year-on-year; the accounts receivable turnover rate was 7.90 times/year, an increase of 6.94% year-on-year; and the total asset turnover rate was 0.88 times/year, an increase of 6.92% year-on-year. The main operating efficiency indicators have all improved compared with the same period last year, and the quality of enterprise operations has gradually improved.
 
In terms of benefits, according to the National Bureau of Statistics, in the first quarter, the operating income of large-scale dyeing and printing enterprises was 68.076 billion yuan, a year-on-year increase of 11.36%; the total profit reached 2.06 billion yuan, a significant year-on-year increase of 111.53%; the cost-to-profit ratio was 3.19%, an increase of 1.53 percentage points year-on-year; and the sales profit margin was 3.03%, an increase of 1.44 percentage points year-on-year. Among the 1,777 large-scale dyeing and printing enterprises, 769 enterprises suffered losses, with a loss rate of 43.28%, a year-on-year narrowing of 2.16 percentage points; the total losses of loss-making enterprises were 1.291 billion yuan, a year-on-year decrease of 14.57%. With the gradual recovery of market demand and faster growth in enterprise production, the industry's profitability has significantly improved. Total profits have doubled compared to the low base of the same period last year, the sales profit margin is the highest in the same period since 2020, and the total losses of loss-making enterprises have significantly decreased. However, it should also be noted that the current loss rate in the dyeing and printing industry remains high, 9.58 percentage points higher than the textile industry as a whole. There is an imbalance in the profitability of dyeing and printing enterprises with different products, scales, and business models, and some small and medium-sized processing enterprises are still in a state of loss.

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US wholesalers saw a decrease in clothing and apparel fabric inventories in March 2024.

Leaders from Xiamen C&D Group visited Tongzhou for investigation and guidance

Leaders from Xiamen C&D Group visited Tongzhou for investigation and guidance

On March 3, Wang Yongqing, Vice President of Xiamen CNOOC Group, visited Tongzhou Group for investigation and guidance. Wei Gangmin, Chairman of our company; Huang Hongyu, President; Li Tao, Vice President; and Zhang Zhiyan, Director of the General Office, met with and participated in a symposium.

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Leaders from Xiamen C&D Group visited Tongzhou for investigation and guidance
Tongzhou Cotton Market Brief, Week 1 of March 2025

Tongzhou Cotton Market Brief, Week 1 of March 2025

1) This week's National People's Congress and the Chinese People's Political Consultative Conference (NPC & CPPCC) in China boosted market expectations for steady growth. In February, the Purchasing Managers' Index (PMI) for manufacturing stood at 50.2%, up 1.1 percentage points from the previous month, indicating a significant improvement in the manufacturing sector.

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Tongzhou Cotton Market Brief, Week 1 of March 2025
In 2024, China's exports of dyed and printed fabrics to Vietnam and Bangladesh increased significantly.

In 2024, China's exports of dyed and printed fabrics to Vietnam and Bangladesh increased significantly.

In 2024, China's dyeing industry saw rapid export growth to ASEAN and RCEP member countries, exceeding the overall export growth rate. However, this growth was accompanied by a decline in prices. From January to December, China's exports of eight major dyeing products to ASEAN totaled 7.908 billion meters, a year-on-year increase of 12.14%, 4.61 percentage points higher than the overall export growth rate, accounting for 23.58% of total exports. The average export price was US\$1.19 per meter, a year-on-year decrease of 2.75%, 0.64 percentage points lower than the overall decline. Exports to RCEP member countries totaled 8.431 billion meters, a year-on-year increase of 11.35%, 3.82 percentage points higher than the overall export growth rate. The average export price was US\$1.17 per meter, a year-on-year decrease of 2.79%, 0.60 percentage points lower than the overall decline.

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In 2024, China's exports of dyed and printed fabrics to Vietnam and Bangladesh increased significantly.
President Huang Hongyu was invited to attend the 2025 Zhangjiagang Cotton Industry Development Conference

President Huang Hongyu was invited to attend the 2025 Zhangjiagang Cotton Industry Development Conference

On February 28, Mr. Huang Hongyu, President of our company, was invited to attend the 2025 Zhangjiagang Cotton Industry Development Conference and, as a guest speaker at the "Xiangshan Roundtable," shared his views on the cotton market and trading opportunities.

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President Huang Hongyu was invited to attend the 2025 Zhangjiagang Cotton Industry Development Conference

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