A subpopulation of Yanshan cashmere goats with crimped fibre has emerged in a closed population in recent years, but little is known about differences in cashmere production performance, skin characteristics, and fibre-style-related genes between goats with different cashmere fibre styles. Therefore, the aim of this study was to investigate fibre characteristics, cashmere yield, hair follicle traits, and fibre-style-related genes in cashmere goats with the two cashmere fleece styles—non-crimped and crimped. Based on the cashmere fibre type, 80 six-month-old female Yanshan cashmere goats were used in this study: 40 goats with non-crimped fleece (NCF) and 40 with crimped fleece (CF). The growth performance and cashmere production of the goats were recorded. Skin samples were collected to determine hair follicle traits and gene sequencing. The results indicated that there were no differences in initial live weight, final live weight, average daily feed intake, and average daily gain between the two groups of goats (P > 0.05). The total yield of cashmere and the stretched length of fibre of the CF goats were higher (P < 0.01 and P < 0.05, respectively) and fibre diameter was lower (P < 0.05) than that of the NCF goats. There were no between-group differences in the density and activity of primary and secondary hair follicles, secondary-to-primary fibre ratio, depth of primary follicles, or epidermal thickness. However, the depth of secondary follicles and dermal thickness were higher (P < 0.05) in NCF goats than in CF goats. There were mutations in the KRT5, KAP8, KRT8, KRT74, KRT34, KRT1, KRT71, KRT6A, KAP6, KRT81, and KRT83 genes, four of which caused amino acid changes. The allele and genotype frequencies of base mutations in the KRT5, KAP8, KRT34, KRT1, KRT6A, KRT81, and KRT83 genes were different in the NCF and CF goats (P < 0.05). The distribution and content of the secondary structure elements and tertiary structures of proteins differed between the wide-type and mutated KRT1 and KRT6A proteins. KRT1, KRT6A, KRT71, and TGFα mRNA expression levels were significantly higher in CF goats than in NCF goats (P < 0.05). It is concluded that cashmere goats that have fleece with crimped fibres produce a greater yield of fleece with finer diameter fibres than those with conventional straight cashmere fibres. These differences in fibre properties may be associated with mutations in the genes coding for KRT1 and KRT6A.