Hengyuanxiang's wool industry was founded in 1927. It is a time-honored Chinese enterprise and is also a large hand-knitted wool manufacturer in China. The company currently has multiple velvet production lines, with four brands: "Hengyuanxiang", "Xiaonan", "Beibei" and "Laizende".

Hengyuanxiang Group's products cover major categories such as velvet, knitting, clothing, home textiles, children's clothing, etc. As of December 2019, Hengyuanxiang has more than 100 factories, about 170 offline dealers, more than 1,000 retail outlets, and more than 6,500 online stores.