Toread Reports a 24.91% Q3 2025 Revenue Drop to 300 Million Yuan
· outdoor-gear
Toread’s Q3 2025 revenue fell 24.91% year over year to 300 million yuan, with net profit of about 12.94 million yuan, according to a 2025-11-13 Xinhua report. The same period brought a third revision to Toread’s 2025 private placement plan, framing a domestic contraction against an otherwise expanding Chinese outdoor market.
The numbers and what is behind them
The 24.91% revenue drop is one of the sharper single-quarter declines Toread has reported since its 2007 Shenzhen IPO, and it comes in a Chinese outdoor market where newer labels have been taking share in trail running, ultralight camping, and outdoor apparel. Toread has historically anchored the category in hiking and outdoor apparel, with its retail stores in major Chinese cities.
The third revision to the 2025 private placement plan signals that management is still working through how to fund expansion while domestic demand softens. Toread’s ePTFE-membrane apparel and footwear line, which has been a focus of recent product launches, has not been enough on its own to offset the broader slowdown.
Why it matters
Toread is one of the longest-standing names in Chinese outdoor retail, and its Q3 2025 numbers are a real-time read on domestic demand. For international readers, the report matters less for the stock price than for the signal: the same market that lifted Kailas, Naturehike, and Bosideng is now asking harder questions of the brand that defined outdoor retail in China for two decades.