BTNC : BOUTIQUE NEWCITY PUBLIC COMPANY LIMITED
YE/2025 (Jan - Dec 2025)
Business Overview

The Company designs, manufactures, and distributes ready-to-wear clothing under patent brand names such as GUY LAROCHE, C&D, LOF.FI.CIEL, JOUSSE, GSP, UNIFORM SPECIALIZER, STEPHANIE, MIMI, AMAZE

Financial Statement
2025 2024 2023 2022
Income Statement (MB)
Revenues 305.30 323.25 289.47 303.78
Expenses 262.22 313.50 258.18 271.42
Net Profit (Loss) 35.33 8.29 27.55 20.95
Balance Sheet (MB)
Assets 553.45 539.89 542.32 530.27
Liabilities 43.50 52.58 52.97 68.63
Shareholders' Equity 509.95 487.31 489.36 461.64
Cash Flow (MB)
Operating -13.01 26.97 28.88 38.11
Investing 14.37 -13.55 7.95 38.64
Financing -20.26 -6.67 -27.40 -93.38
Financial Ratio
EPS (Baht) 2.94 0.69 2.30 1.75
GP Margin (%) 63.23 47.68 52.58 55.03
NP Margin (%) 11.57 2.57 9.52 6.90
D/E Ratio (x) 0.09 0.11 0.11 0.15
ROE (%) 7.08 1.70 5.79 4.65
ROA (%) 7.88 1.80 5.83 5.36
Business Plan

Plan and Strategy Year 2025

B2C

  • New Product & New Generation
  • Medical & Nurse Professional Clothes

B2B

  • Boutique Uniform
  • Boutique Tech System: Retail Management System

Connect More Supply Chain and Sustainable Process

Sustainable Development Plan

The Company remains committed to its sustainable operational plan, the Circular Economy, under the name AMAZE Green Society, based on the concept that "Sustainability is the beginning of all happiness: Happiness within Sustainable fashion."

This is achieved by operating with a Zero Waste process from upstream, by seeking partners with sustainable operational policies. When entering the production, cutting, and sewing processes, remaining raw materials are upcycled and recycled to eliminate waste, and then delivered to customers (downstream) as durable, high-quality, and easy-to-maintain products.

Business Highlight

In 2025, the Company will continue to focus on maximizing profits from its core business operations, developing and expanding new product lines and sales channels, and creating added value from existing resources to generate additional income. This approach aims to ensure sustainable operations.

Performance and Analysis
Business Performance Summary

2025 vs. 2024, the Company reported total revenue of THB 305.30 million, down 5.7%. Total cost of sales and expenses decreased by 16.4% to THB 262.22 million, resulting in a gross profit of THB 127.73 million (55.2% margin). Net profit rose significantly to THB 35.33 million (2024: THB 8.29 million), an increase of 325.9%. However, the Company recorded other comprehensive loss of THB 10.29 million from fair value adjustments of investments, leading to a total comprehensive loss of THB 25.04 million (2024: THB 2.04 million).

Revenue from sales and services declined by 21.73%, driven by a drop in corporate sales of THB 57.85 million, partially offset by growth in online retail sales of THB 52.85 million. Improved cost management reduced the cost of sales ratio and strengthened gross margins. The Company also recognized a gain of THB 50.12 million from the sale of investment property.

Operating expenses were well controlled, with administrative expenses decreasing by 10.57%, while distribution costs increased by 7.35% in line with the expansion of online channels.

Financial Position: Total assets increased by THB 13.56 million, mainly from current assets due to land sales and dividend receipts reinvested in funds, while non-current assets declined. Liabilities decreased to THB 43.50 million following loan repayments. Shareholders’ equity rose to THB 509.95 million (from THB 487.31 million), supported by net profit, partially offset by dividend payments, legal reserve appropriations, and a decrease in the fair value reserve.

Key Milestones
The company develops and expands new products in the Gift and Food categories. Collaborates with partners to develop comprehensive corporate employee uniforms and provide sustainable services through a Zero Waste process. Collaborates with partners in sourcing and producing products from recycled fabrics. Upcycles leftover materials from clothing production into other products such as fabric bags, scented sachets, and fabric flowers. The company focuses on developing digital online sales as it is a recognized channel that quickly reaches consumers, accommodating changing consumer behavior.
Risk Management Policy

The Company continues to prioritize planning and continuously monitoring operational performance in all departments, including:

  • Sales and Service Department: Conducts continuous assessments of investment situations, sales, and profit/loss across all channels on a point-by-point basis, and continuously monitors results to mitigate the risk of losses.
  • Merchandising Department: Planning, calculating demand, and managing inventory turnover by utilizing technology to assist employees for accuracy and to meet customer demand promptly; organizing product placement for faster delivery; and conducting inventory counts at points of sale and warehouses to reduce the risk of inventory loss and fraud.
Recent Awards and Recognitions
Revenue Structure
Sale of Goods and Services 75.72% Others 24.28%
Stock Information
SET / CONSUMP / FASHION
Closing price BTNC SET index 19.00 13.00 7.00 1424.00 1270.67 1117.33 964.00 2-1-25 31-3-25 3-7-25 1-10-25 30-12-25
as of 26/12/25 BTNC FASHION SET
P/E (X) - 15.38 15.44
P/BV (X) 0.32 0.76 1.19
Dividend yield (%) 1.54 4.36 3.71
26/12/25 30/12/24 28/12/23
Market Cap (MB) 156.00 190.80 267.60
Price (B/Share) 13.00 15.90 22.30
P/E (X) - 26.52 5.58
P/BV (X) 0.32 0.38 0.54
CG Report:
-
Company Rating:
Major Shareholders
as of 27/10/2025
นาง ศิรินา ปวโรฬารวิทยา (22.29%)
นาย ปณิธาน ปวโรฬารวิทยา (18.64%)
นาง ประวรา เอครพานิช (14.97%)
SAHA PATHANA INTER-HOLDING PUBLIC COMPANY LIMITED (8.53%)
บริษัท ไอ.ซี.ซี. อินเตอร์เนชั่นแนล จำกัด (มหาชน) (5.98%)
Others (29.59%)
Company Information and Contact
http://www.btnc.co.th
0-2391-3311 , 0-2391-3320
1112/53-75 PRAKHANONG CENTER, SUKHUMVIT ROAD, KHLONG TOEI Bangkok 10110
Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp?txtSymbol=BTNC
Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel.
Published on 22/04/2026