The expansion of physical stores and the increased number of membership customers have helped boost net profits for Cosmo Lady, one of China's largest intimate wear enterprises, in 2023, according to the company's annual financial report.

The company's revenue reached 2.76 billion yuan ($381.76 million) last year, with a net profit attributable to the parent company of 42.48 million yuan, a year-on-year increase of 29 percent, according to the report.

The report indicated that the company opened 800 new offline stores in 2023, a year-on-year increase of more than 70 percent, adding its total to over 4,300.

Also, the company, based in Dongguan, Guangdong province, had 1.9 million new membership customers registered in its physical stores last year, according to the report.

The company, also listed in Hong Kong, said early in March that it had planned to establish 1,100 physical stores in 2024, of which most will be franchised, aiming to strengthen its leading position in the offline lingerie market.

The company, which launched a new series of intimate wear products with cutting-edge technologies in Dongguan in March, announced it had teamed with the Chinese synchronized swimming team to promote its brand image and business.

qiuquanlin@chinadaily.com.cn