Economic Observer reporter Zheng Yuxin, intern Fan Xingqi

In late August, several shoe and clothing listed companies successively disclosed their 2026 semi annual reports. A noteworthy phenomenon is that the profit growth engine of some enterprises no longer comes from the traditional clothing and footwear main business, but relies on cross-border business to drive.

The performance growth of companies such as Pathfinder, Nippon Fashion (now renamed as "Puyuan Materials"), Hassen Group, and Shanshan Group is almost entirely due to new cross-border business layouts. The chip business of Pathfinder, the lithium battery binder business of Puyuan Materials, the precision metal structural components and automation equipment business of Hassen Corporation, and the negative electrode materials and polarizer business of Shanshan Corporation have become the main sources of profit growth for these companies.

Zhang Qing, founder of Key Way and an expert in the sports industry, told reporters that the traditional clothing industry has entered a highly competitive stage, and the abilities of enterprises in design, material application, brand marketing, channel operation, and supply chain management are all facing tests. Some shoe and clothing listed companies are seeking new growth directions, which are influenced by both industry cycles and their own resources and strategic choices.

Pull up the second curve report

On August 21st, the semi annual report for 2026 released by Pathfinder showed that its actual operating revenue was 929 million yuan, a year-on-year increase of 42.34%; The net profit attributable to shareholders of the listed company was 51.2531 million yuan, a year-on-year increase of 155.06%.

Outdoor business remains the largest source of revenue for Pathfinder, with operating income of 571 million yuan; The operating revenue of the chip business was 359 million yuan. But the outdoor business incurred a loss of 14.2672 million yuan, while the chip business made a profit of 82.577 million yuan.

At the beginning of 2026, Shanghai Tongtu and Shenzhen Betterley were included in the consolidated financial statements, expanding the impact of the chip business on Pathfinder's revenue and profits. Pathfinder is still well-known to the public as an outdoor brand, but this semi annual report shows that the chip business has become an important source of profit for the company.

The changes in daily broadcast fashion are more intuitive. In March 2026, the company completed its business registration change, with its name changed from "Nippon Fashion Group Co., Ltd." to "Shanghai Puyuan Chemical Materials Group Co., Ltd." and its securities abbreviation changed from "Nippon Fashion" to "Puyuan Materials".

Prior to the renaming, Nippon Fashion had completed the transfer of 71% equity of Sichuan Yindile on December 31, 2025, forming a business structure of "lithium battery binder+clothing". Yindile will be included in the consolidated financial statements from January 1, 2026. The first half year report after the renaming shows that Puyuan Materials achieved a revenue of 772 million yuan, a year-on-year increase of 104.25%; The net profit attributable to the parent company was 59.163 million yuan, a year-on-year increase of 54.52%. Among them, the revenue of lithium battery binder business is 426 million yuan, which has exceeded the 346 million yuan of clothing business and has become the main source of profit.

The situation of shoe and clothing enterprises extending into the manufacturing industry also occurs in Hassen and Shanshan shares.

Hassen Group expects to achieve a net profit attributable to shareholders of RMB 18 million to RMB 23 million in the first half of 2026, compared to a loss of RMB 1.7104 million in the same period last year. The reason for the turnaround is the year-on-year increase in operating income from precision metal structural components and automation equipment business, the year-on-year decrease in credit impairment losses, and the improvement in the period expense ratio.

Compared to Hassen, Shanshan Group's business transformation is more profound. This company, which started with the clothing business, currently lists negative electrode materials and polarizing films as its two core businesses.

How to get along with the main business and the "second curve" with different cross-border paths

Although new businesses have had an impact on reports, the paths taken by several companies entering new industries and the relationships between new and old businesses are not the same.

The chip layout of Pathfinder is mainly carried out through continuous mergers and acquisitions. In September 2021, the board of directors of Pathfinder approved the proposal to acquire 60% equity of Beijing Xinneng with its own funds. Since then, it has successively acquired G2 Touch, Jiangsu Dingmao, Shenzhen Betterley, and Shanghai Tongtu, expanding its chip business from display drivers to touch, fingerprint recognition, packaging, and image processing fields.

According to the relevant person in charge of Pathfinder, the company's choice of chips as the second growth curve is based on its own resource endowment and industry trends, and is a long-term judgment. Mergers and acquisitions are carried out according to the rhythm of "first entering, then strengthening, and then extending". The selection of targets mainly considers technological barriers, domestic substitution space, commercialization capabilities, and synergy between teams and customers.

In Pathfinder's vision, outdoor and chip are not completely independent businesses. The person in charge stated that the chip business is currently positioned as the first growth curve, while the outdoor business is the foundation of the company's brand and also the application scenario terminal of chip technology. Pathfinder is promoting the application of self-developed chips in smart clothing, smart wearables, and other products, and attempting to introduce technologies such as chips, Beidou navigation, and exoskeleton devices into outdoor scenes.

Zhang Qing believes that there is a possibility of mutual empowerment between the two businesses of Pathfinder. Technology can empower outdoor products, and outdoor products can also provide application scenarios for chips. For example, positioning, wearable devices, and exoskeleton products can be used in scenarios such as scientific research, exploration, and fieldwork; Outdoor products can also become a way to showcase chip technology to consumers.

However, this collaboration is still in the exploratory stage. According to the semi annual report of Pathfinder, the current chip products are mainly used in markets such as consumer electronics, automotive electronics, and smart wearables. The specific contribution of outdoor business to chip revenue has not been separately disclosed.

Unlike Pathfinder's attempt to find application synergy between chips and outdoor products, the new and old businesses of Puyuan Materials and Hassen Group are closer to parallel development.

Zhang Qing believes that the commonality among these enterprises is that new businesses are usually handled by professional teams with relevant industry experience, and the management of listed companies mainly carries out strategic positioning, path selection, and resource allocation. Whether a new business can grow steadily ultimately depends on the operation, technological accumulation, and market development of a professional team, rather than just completing an acquisition.

Some companies have also returned to their main business

However, not all footwear and apparel companies are continuing to expand their cross-border scope. Yagor, once known for its "clothing+real estate+investment" model, has begun to refocus its resources on the fashion industry in recent years.

On December 25, 2023, the listed company completed its industrial and commercial changes, renaming from "Yagor Group Co., Ltd." to "Yagor Fashion Co., Ltd." to convey its strategic direction of focusing on its main fashion business. On January 8, 2025, Yagor acquired 100% equity of the parent company of French high-end children's clothing brand Bonpoint and included it in the consolidated financial statements. In 2025, Yagor also sold some financial assets such as CITIC Group, CITIC Bank, Boqian New Materials, and Shangmei Group.

On August 28th, according to the semi annual report released by Yagor, the overall revenue for the first half of 2026 was 5.149 billion yuan, a slight increase of 0.73% year-on-year, and the net profit attributable to the parent company reached 2.123 billion yuan, a year-on-year increase of 23.79%. The profit growth mainly came from the contribution of investment business.

In terms of its main clothing business, Yagor Fashion achieved a revenue of 3.795 billion yuan, a year-on-year increase of 3%. Among them, the main brand YOUNGOR achieved a revenue of 2.399 billion yuan, a slight decrease of 3.83% year-on-year; Other brands, such as Helly Hansen and UNICEF, have a total revenue of 850 million yuan, a year-on-year increase of 5.91%, and their sales share has risen to 26.15%, becoming the company's new growth engine.

In addition, Yagor is actively adjusting its channel layout, opening 47 new direct stores during the reporting period and closing and adjusting 62 stores with poor locations.

(Author Zheng Yuxin)