As a leading enterprise in the entire domestic silk industry chain, Jiaxin Silk has a unique development history and business layout.
Basically, Zhejiang Jiaxin Silk Co., Ltd. was restructured and established in 1999 and listed on the Shenzhen Stock Exchange in 2010. It is headquartered in Jiaxing, Zhejiang. The actual controller/chairman is Zhou Guojian, with a registered capital of 560 million yuan and more than 6,000 employees.
Its stock code is 002404.SZ. It is the only listed company in China that has a complete green silk industry chain from cocoons – reeling – weaving – printing and dyeing – garments – brands – supply chain transactions. It is an industry benchmark and cocoon silk price vane.
Its predecessor is the old Jiaxing Silk Industry Company, with more than 40 years of silk foreign trade accumulation.
In 1999, the entire group was restructured into a joint-stock company. From 2001 to 2003, it acquired and reorganized several silk factories and built a 600-acre Jiaxing Silk Industrial Park. It was listed on the Shenzhen Stock Exchange in 2010. In 2019, it began to deploy overseas production bases in Cambodia and Myanmar to build global production capacity. In recent years, it has focused on domestic sales of time-honored brands, cocoon silk industry Internet, bionic new materials, and precision hardware diversified businesses.
As a whole, the company implements trade as the leader, industry as the foundation, brand as the increment, and platform as the empowerment. It has six major business sectors: silk industry and trade manufacturing, private brands, Jincanwang supply chain platform, precision hardware, real estate, and education (Jiaxing No. 1 Middle School Experimental School). It has a global layout of “Jiaxing Headquarters + Mainland Base + Southeast Asia Overseas Industrial Park + Global Overseas Market” and has more than 30 holding/wholly-owned enterprises.
In terms of the complete business landscape, silk is the core business, accounting for more than 70% of total revenue.
Foreign trade ODM/OEM clothing is the largest revenue. The products include mid-to-high-end silk women’s clothing and blended fashions, covering a variety of materials. Customers include Armani and Michael
Kors and other first-tier European and American fashion brands have production capacity distributed in Jiaxing, mainland China and Cambodia/Myanmar. The total production capacity of ready-made garments is about 17 million pieces. They adopt a design-oriented foreign trade model, a R&D team of 100 people, 3D digitalization and AI design to shorten the development cycle by 40%. In 2025, overseas revenue will be 2.689 billion yuan, accounting for 56.65% of the total revenue. Exports continue to increase, with orders in the first quarter of 2026 + 23% year-on-year.
The silk raw material industry chain covers the entire chain. The upstream Guangxi Silkworm Industrial Park stabilizes the supply of cocoon raw materials, and the midstream has its own weaving, printing and dyeing factories to control the quality of fabrics. Its products include white factory silk. In 2025, silk revenue will be 1.134 billion yuan, growing steadily.
The self-owned brand Jinsanta is an increase in domestic sales of a time-honored Chinese brand. It was founded in 1926 and specializes in silk pajamas. The channels include online head platforms and offline stores. In 2025, brand revenue and net profit will both increase. Guochao and museum co-branding continue to break through the circle.
Jincan.com is a digital supply chain platform for the cocoon and silk industry. It provides functions such as online cocoon and silk transactions, controls national cocoon and silk circulation data, provides financing and other supporting facilities for upstream and downstream small and medium-sized silk enterprises, and increases platform service fee income.
The second growth curve is the precision hardware business, an independent mature sector that hedges against cyclical fluctuations in silk.
Including traditional clothing hardware and high-end furniture hardware, subsidiary Tianxin Hardware is IKEA’s global core supplier, and has also extended to auto parts and other tracks. In recent years, it has focused on high value-added businesses. Hardware revenue will decline slightly in 2025, but profits are stable, providing cash flow support for the group.
The supporting diversified businesses include real estate, education, new energy supporting and cutting-edge new materials. For example, Super Silk Technology’s bionic spider silk is the exclusive technology reserve of domestic listed companies and can be used in high-end textile and other fields in the future.
The 2025 core financial data shows that the revenue of listed companies is 4.753 billion yuan, +4.07% year-on-year, with positive growth for three consecutive years; the net profit attributable to the parent company is 180 million yuan, +4.07% year-on-year
11.8%; after deducting non-net profit, the growth rate is 17.34%, and the main business profit has improved; in the revenue structure, clothing, silk, and hardware each have a proportion; the market structure, overseas revenue accounts for 56.65%, exports are the main force of growth, and domestic sales rely on the high growth rate of Jinsanta; the total assets of the company are 3.342 billion yuan, operating cash flow is 452 million yuan, and the cash flow is stable.
Jiaxin Silk has obvious core competition barriers, unique advantages in the entire industry chain, global production capacity to spread risks, deep barriers to foreign trade customers, dual moats of time-honored brands + industrial platforms, and multiple technology research and development reserves.
But there are also core risk points, such as foreign trade and geopolitical risks, raw material price fluctuations, exchange rate fluctuations, and industry ceiling restrictions.
Future development strategies include improving the quality of foreign trade, branding domestic sales, digital upgrade of Jincan.com, implementation of new materials, hardware business optimization and green manufacturing.
In short, Jiaxin Silk is the absolute leader in silk in the entire domestic industrial chain. It has unique advantages and development prospects, but it also faces some challenges.
