Moiselle International Holdings Limited 慕詩國際集團有限公司 Dear non-registered shareholder(s), Pursuant to Rule 2.07 of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expansion of paperless listing regime and electronic dissemination of corporate communications that came into effect on 31 December 2023, the Company is writing to inform you that the Company has adopted electronic dissemination of corporate communications (the "Corporate Commun ...

N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear registered shareholder(s), Moiselle International Holdings Limited 慕詩國際集團有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） (Stock Code 股份代號: 130) 各位登記股東： 慕詩國際集團有限公司（「公司」） –2024-2025 年年報、通函、股東週年大會通告及委任表格（「本次公司通訊」）及環境、社會及管治報告（「ESG 報告」）的刊發通知 本次公司通訊文件備有中、英文版本，並已上載於香港聯合交易所有限公司（「聯交所」）網站（www.hkexnews.hk）及公司網站 （https://ir.moiselle.com.hk），歡迎瀏覽。 閣下若因任何理由以致在收取或接收載於上述網站的本次公司通訊文件出現困難， 閣下可將要 求（註明 閣下的姓名、地址及要求）以電郵方式發送至 moiselleinternational.ec ...

(於開曼群島註冊成立之有限公司) 股份代號 : 130 2025 環境、社會及管治報告 目 錄 | 主 報 | 席 | 告 | | | 2 | | --- | --- | --- | --- | --- | --- | | 關 | 於 | 本報告 | | | 4 | | 本集團主要環境 | | | | 及社會範疇 | 8 | | 持份者 | | 參 | 與 | | 10 | 目 錄 一般披露 及關鍵績效指標 16 A. 環境 17 | 層面 | A1: | 排放物 | 17 | | --- | --- | --- | --- | | 層面 | A2: | 資源使用 | 22 | | 層面 | A3: | 環境及天然資源 | 25 | | 層面 | A4: | 氣候變化 | 26 | B. 社會 29 | 僱傭及勞工常規 | | | | | --- | --- | --- | --- | | 層面 | B1: | 僱傭 | 29 | | 層面 | B2: | 健康與安全 | 31 | | 層面 | B3: | 發展及培訓 | 32 | | 層面 | B4: | 勞工準則 | 34 | 營運慣例 | 層面B5: ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不會就因本通告之全部或 任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 MOISELLE INTERNATIONAL HOLDINGS LIMITED 慕詩國際集團有限公 司 （於開曼群島註冊成立之有限公司） （股份代號：130） 股東週年大會通告 茲通告慕詩國際集團有限公司（「本公司」）謹訂於二零二五年九月二十九日（星期一） 下午三時正假座香港金鐘金鐘道88號太古廣場二座三十五樓多功能室35B及35C室 舉行股東週年大會，以考慮並酌情通過下列決議案（不論有否修訂）： 1. 省覽、考慮及採納截至二零二五年三月三十一日止年度之本公司董事會報告 書、經審核綜合財務報表及獨立核數師報告書。 2. 重選本公司退任獨立非執行董事（「董事」）朱俊傑先生為獨立非執行董事，彼 為本公司服務超過二十一年。 3. 重選退任獨立非執行董事黃淑英女士為獨立非執行董事，彼為本公司服務超 過二十年。 4. 重選退任獨立非執行董事吳麗文博士為獨立非執行董事。 5. 授權本公司董事會釐定董事之酬金。 6 ...

此乃要件 請即處理 閣下如對本通函任何內容或應採取之行動有任何疑問，應諮詢 閣下之持牌證券交易商、銀 行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下之慕詩國際集團有限公司股份全部售出或轉讓，應立即將本通函連同隨附之 代表委任表格送交買主或承讓人，或經手買賣或轉讓之銀行、持牌證券交易商或其他代理商， 以便轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本通函全部或任何部分內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 MOISELLE INTERNATIONAL HOLDINGS LIMITED 慕詩國際集團有限公 司 （於開曼群島註冊成立之有限公司） （股份代號：130） 發行及回購股份之一般授權、 重選董事 及 股東週年大會通告 謹訂於二零二五年九月二十九日（星期一）下午三時正假座香港金鐘金鐘道88號太古廣場二座 三十五樓多功能室35B及35C室舉行股東週年大會之通告載於本通函第12至15頁。股東於股東 週年大會適用之代表委任表格將連同本通函及將寄發予股東之本公司二零二五年度年報奉附。 ...

MOISELLE INTERNATIONAL HOLDINGS LIMITED ANNUAL REPORT 2025 二 零 二 五 年 度 年 報 目 錄 CONTENTS 2 公司資料 Corporate Information 4 主席報告 Chairman's Statement 12 管理層討論及分析 Management Discussion and Analysis 20 董事及高級管理人員簡介 Directors and Senior Management Profiles 25 企業管治報告 Corporate Governance Report 38 董事會報告書 Directors' Report 51 獨立核數師報告書 Independent Auditor's Report 62 綜合損益及其他全面收益表 Consolidated Statement of Profit or Loss and Other Comprehensive Income 64 綜合財務狀況表 Consolidated Statement of Financial Position 66 綜合權益變動表 Co ...

Company Overview - Moiselle International Group Limited is primarily engaged in the design, manufacturing, retailing, and wholesaling of fashion apparel and accessories, established in 1997 as an international high-end fashion brand known for its unique designs and high-quality craftsmanship [2]. Financial Performance - As of March 31, 2025, Moiselle International reported total revenue of 94.79 million HKD, a year-on-year decrease of 25.19% [1]. - The company recorded a net profit attributable to shareholders of -52.18 million HKD, reflecting a year-on-year decline of 17.56% [1]. - The gross profit margin stood at 80.11%, with a debt-to-asset ratio of 37.7% [1]. Stock Performance - As of July 17, the stock price of Moiselle International was 0.14 HKD per share, marking a 12.0% increase with a trading volume of 136,000 shares and a turnover of 18,400 HKD, showing a price fluctuation of 7.2% [1]. - Over the past month, the stock has experienced a cumulative decline of 7.41%, while year-to-date, it has seen a cumulative increase of 3.31%, underperforming the Hang Seng Index, which has risen by 22.22% [1]. Industry Valuation - The average price-to-earnings (P/E) ratio for the textile and apparel industry (TTM) is -16.56 times, with a median of 3.57 times [1]. - Moiselle International's P/E ratio is -0.64 times, ranking 114th in the industry [1]. - Comparatively, other companies in the industry have P/E ratios such as FAST RETAIL-DRS at 0.33 times, Zhejiang Yong'an at 1.34 times, and others ranging from 3.48 to 3.66 times [1].

[Financial Statements](index=1&type=section&id=financial_statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=income_statement) The Group's revenue decreased by 25.2% year-on-year, leading to an expanded operating loss of HK$45.81 million and a loss for the year of HK$56.55 million Key Data from Consolidated Statement of Profit or Loss (HK$’000) | Metric | 2025 | 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 102,722 | 137,311 | -25.2% | | Gross Profit | 82,292 | 110,484 | -25.5% | | Operating Loss | (45,811) | (29,286) | +56.4% | | Loss for the Year | (56,553) | (48,110) | +17.6% | | Loss Attributable to Owners of the Company | (56,546) | (48,100) | +17.6% | | Basic Loss Per Share (HK$) | (0.20) | (0.17) | +17.6% | [Consolidated Statement of Financial Position](index=3&type=section&id=balance_sheet) At period-end, total assets decreased to HK$460 million, net current liabilities expanded to HK$66.93 million, and net assets declined 20.4% to HK$317 million Key Data from Consolidated Statement of Financial Position (HK$’000) | Metric | 2025 | 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 460,285 | 517,662 | -11.1% | | Current Assets | 49,329 | 79,476 | -37.9% | | Current Liabilities | 116,260 | 103,932 | +11.9% | | **Net Current Liabilities** | **(66,931)** | **(24,456)** | **+173.7%** | | Net Assets | 317,472 | 398,935 | -20.4% | | Total Equity | 317,472 | 398,935 | -20.4% | [Notes to the Financial Statements](index=4&type=section&id=notes_to_financial_statements) [Basis of Preparation and Going Concern](index=4&type=section&id=basis_of_preparation) Despite HK$66.93 million in net current liabilities, the Board believes the Group can continue as a going concern, supported by subsequent financing from the controlling shareholder and new bank facilities - As of March 31, 2025, the Group's current liabilities exceeded current assets by approximately **HK$66,931,000**, posing a challenge to its going concern ability[6](index=6&type=chunk) - To address liquidity issues, the Group subsequently secured a **HK$20 million** long-term loan commitment from its controlling shareholder (of which **HK$3.5 million** has been drawn) and approximately **HK$6.45 million** in new bank facilities[6](index=6&type=chunk) - Based on these financing arrangements and cash flow forecasts, the Board believes the Group can continue as a going concern, and the financial statements are prepared on this basis[7](index=7&type=chunk) [Revenue and Segment Information](index=7&type=section&id=revenue_and_segment) The Group's total revenue from fashion apparel sales declined significantly in both Hong Kong (27.3%) and overseas (21.9%), with Hong Kong remaining the primary revenue source at 59% Segment Revenue (HK$’000) | Geographical Segment | 2025 Revenue | 2024 Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Hong Kong | 61,005 | 83,913 | -27.3% | | Outside Hong Kong | 41,717 | 53,398 | -21.9% | | **Total** | **102,722** | **137,311** | **-25.2%** | - Hong Kong operations include sales of own and imported brands in Hong Kong; overseas operations include manufacturing in Mainland China and sales in Mainland China, Macau, and Taiwan[16](index=16&type=chunk) [Other Income and Gains/Losses](index=7&type=section&id=other_income_gains_losses) Other income decreased by 46% year-on-year due to reduced rental income and no government subsidies, while other gains and losses shifted from a HK$4.49 million loss to a HK$2.03 million gain Other Income Details (HK$’000) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Investment Property Rental Income | 2,009 | 3,821 | | Bank Deposit Interest Income | 252 | 735 | | Government Subsidies | – | 424 | | **Total** | **3,314** | **6,142** | - Other gains and losses recorded a net gain of **HK$2,026,000**, compared to a net loss of **HK$4,491,000** last year, primarily due to gains on early lease terminations and exchange gains[17](index=17&type=chunk) [Loss Per Share and Dividends](index=8&type=section&id=loss_per_share_and_dividends) Basic loss per share increased to HK$0.20 due to expanded loss attributable to owners, with no dividends declared or proposed in the current or prior year - The loss for the year used to calculate basic loss per share was **HK$56,546,000**, with a weighted average number of ordinary shares of **287,930,000**[18](index=18&type=chunk) - No dividends were paid or proposed to shareholders for the current or prior year[19](index=19&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=management_discussion_and_analysis) [Market Overview](index=10&type=section&id=market_overview) The apparel retail market faces severe challenges from economic downturns and weak consumer confidence, with significant retail sales declines in Hong Kong and slowed growth in Mainland China, driving industry shifts towards e-commerce and social media - Hong Kong's apparel retail sales decreased by approximately **10.6%** in 2024, a stark contrast to the approximately **43.5%** growth in 2023[22](index=22&type=chunk) - Mainland China's apparel retail sales growth rate sharply decelerated from **12.9%** in 2023 to **0.3%** in 2024[23](index=23&type=chunk) - Underlying industry trends include the rise of younger consumers, an aging population, and the widespread adoption of information technology (internet, e-commerce, social media)[23](index=23&type=chunk) [Operating Review](index=11&type=section&id=operating_review) Facing macroeconomic challenges, the Group's revenue declined across all regions, leading to strategies like store network optimization, enhanced promotions, and e-commerce development, with 31 retail stores at period-end - As of March 31, 2025, the Group operated **31** retail stores and counters, a slight decrease from **32** in the prior year, indicating ongoing rationalization of its retail network[24](index=24&type=chunk) [Hong Kong Business](index=11&type=section&id=hk_business) Hong Kong business revenue decreased by 27% year-on-year due to economic downturns, prompting increased short-term promotions, active online business development, and a streamlined store presence - Hong Kong business revenue decreased by **27%** to **HK$61,005,000** for the current year[25](index=25&type=chunk) - Strategies include: participating in more short-term promotional activities, developing e-commerce, leveraging social media (e.g., Xiaohongshu) for promotion, and maintaining a small yet refined store network[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) [Mainland China Business](index=12&type=section&id=mainland_china_business) Mainland China business revenue fell by 20% due to economic downturns and high rents, leading to store optimization, brand promotion through fashion shows and artist sponsorships, and e-commerce collaborations - Mainland China business revenue decreased by **20%** to **HK$25,012,000**[29](index=29&type=chunk) - The Group continues to develop e-commerce through collaborations with Yunhuan Mall, Vipshop, Tmall, and JD.com[30](index=30&type=chunk) [Macau and Taiwan Business](index=13&type=section&id=macau_and_taiwan_business) Macau business revenue decreased by 15% due to reduced tourist purchasing power, while Taiwan business revenue significantly fell by 35% due to store closures and reduced marketing - Macau business turnover decreased by **15%** to **HK$9,689,000**[31](index=31&type=chunk) - Taiwan business revenue decreased by **35%** to approximately **HK$7,016,000**[32](index=32&type=chunk) [Financial Review](index=13&type=section&id=financial_review) The Group's turnover decreased by 25% to HK$103 million, leading to an expanded operating loss of HK$45.81 million and a loss attributable to shareholders of HK$56.55 million, with liquidity pressure intensifying and the debt-to-equity ratio rising to 31.1% Financial Performance Summary | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Turnover | HK$102,722,000 | HK$137,311,000 | | Gross Margin | 80.1% | 80.5% | | Operating Loss | HK$45,811,000 | HK$29,286,000 | | Loss Attributable to Equity Holders | HK$56,546,000 | HK$48,100,000 | | Debt-to-Equity Ratio | 31.1% | 23.5% | - The Group adopted a prudent financial policy, holding approximately **HK$5 million** in cash and bank balances at period-end (compared to **HK$24 million** last year), and secured total bank facilities of approximately **HK$86 million**[35](index=35&type=chunk) [Outlook](index=15&type=section&id=outlook) The Group anticipates a challenging market, planning cautious business development by strengthening its customer base, increasing social media marketing, enhancing offline store experience, and improving garment processing automation for efficiency and competitiveness - Future strategic priorities include: increasing social media marketing efforts, sponsoring artist endorsements, and unifying retail store displays and decorations[38](index=38&type=chunk) - The Group plans to enhance the automation level of garment processing to further improve operational efficiency[39](index=39&type=chunk) [Other Disclosures](index=15&type=section&id=other_disclosures) [Employees](index=15&type=section&id=employees) As of March 31, 2025, the Group's total number of employees was 271, a decrease of approximately 10% from 302 last year - As of March 31, 2025, the Group employed **271** staff, primarily in Hong Kong and Mainland China, a decrease from **302** in 2024[40](index=40&type=chunk) [Corporate Governance](index=16&type=section&id=corporate_governance) The company complied with most Corporate Governance Code provisions, with the only deviation being the combined roles of Chairman and CEO held by Mr. Chan Yam Kai, which the Board believes ensures consistent leadership and operational efficiency - The company deviated from Corporate Governance Code provision C.2.1, which states that the roles of Chairman and Chief Executive Officer should be separate; currently, Mr. Chan Yam Kai holds both positions[43](index=43&type=chunk) - The Audit Committee has reviewed the consolidated financial statements for the current year[44](index=44&type=chunk)

Company Overview - Moiselle International Group Limited is primarily engaged in the design, manufacturing, retail, and wholesale of fashion apparel and accessories, established in 1997 as an international high-end fashion brand known for its unique designs and high-quality craftsmanship [2]. Financial Performance - As of September 30, 2024, Moiselle International reported total revenue of 45.6044 million HKD, a year-on-year decrease of 21.74% [1]. - The company recorded a net profit attributable to shareholders of -21.2868 million HKD, reflecting a year-on-year decline of 54.45% [1]. - The gross profit margin stood at 82.21%, while the debt-to-asset ratio was 33.74% [1]. Stock Performance - On June 6, the stock price closed at 0.172 HKD per share, marking a 37.6% increase with a trading volume of 960,000 shares and a turnover of 158,900 HKD, with a price fluctuation of 36.0% [1]. - Over the past month, the stock has experienced a cumulative decline of 7.41%, while year-to-date, it has seen a cumulative increase of 3.31%, underperforming the Hang Seng Index by 19.18% [1]. Industry Valuation - The average price-to-earnings (P/E) ratio for the textile and apparel industry (TTM) is -5.37, with a median of -0.17 [1]. - Moiselle International's P/E ratio is -0.64, ranking 114th in the industry, compared to other companies such as Fast Retail-DRS at 0.38, Zhejiang Yong'an at 1.34, Urban Beauty at 3.52, Chih Li Industrial Group at 3.58, and Daren International at 3.65 [1].

Company Overview - Moiselle International Group Limited is primarily engaged in the design, manufacturing, retailing, and wholesaling of fashion apparel and accessories, established in 1997 as an international high-end fashion brand known for its unique designs and high-quality craftsmanship [2]. Financial Performance - As of September 30, 2024, Moiselle International reported total revenue of 45.6044 million HKD, a year-on-year decrease of 21.74% [1]. - The company recorded a net profit attributable to shareholders of -21.2868 million HKD, reflecting a year-on-year decline of 54.45% [1]. - The gross profit margin stood at 82.21%, with a debt-to-asset ratio of 33.74% [1]. Stock Performance - On May 14, the stock price of Moiselle International closed at 0.156 HKD per share, marking an increase of 18.18% with a trading volume of 222,000 shares and a turnover of 33,800 HKD [1]. - Over the past month, the stock has experienced a cumulative decline of 12%, while year-to-date, it has seen a cumulative increase of 9.09%, underperforming the Hang Seng Index by 15.2% [1]. Industry Valuation - The average price-to-earnings (P/E) ratio for the textile and apparel industry is -7.67 times, with a median of -0.29 times [1]. - Moiselle International's P/E ratio is -0.67 times, ranking 114th in the industry [1]. - Comparatively, other companies in the industry have P/E ratios such as FAST RETAIL-DRS at 0.37 times, Zhejiang Yong'an at 1.34 times, Urban Beauty at 3.8 times, Shanshan Brand at 3.84 times, and Qihua Industrial Group at 3.96 times [1].