Group 1: Market Overview - The A-share market has shown strong performance, with the Hong Kong stock market also improving, as evidenced by the Hang Seng Index breaking the 25,000-point mark multiple times, indicating the potential start of a comprehensive bull market [1] - Institutions are optimistic about technology and consumer sectors in the Hong Kong market, noting that these assets are more closely related to current trends in AI applications and new consumption, and have better fundamentals compared to A-shares [1] Group 2: Company Focus - Moshang Group - Moshang Group has demonstrated strong operational resilience, with a significant profit increase, achieving a revenue of 969 million yuan and a net profit growth of 30.9% to 8.872 million yuan in the first half of the year, maintaining profitability since 2022 [4][5] - The company's gross margin remains high at 53.4%, with its main brand GXG generating 897 million yuan in revenue and a gross margin of 54.2%, while its other brand Mode Commuter achieved 191 million yuan in revenue with a gross margin of 58.4% [5] - Moshang Group has effectively managed its offline self-operated channel revenue, which totaled 449 million yuan, and has focused on channel transformation by closing inefficient stores and enhancing single-store performance [6] Group 3: Strategic Potential - Moshang Group's strategic direction is centered on meeting the needs of young consumers, with GXG being recognized as a brand that understands young people's preferences, particularly through its "commuting menswear" strategy [7][8] - The changing consumption patterns among young males, especially the Z generation, present a long-term market opportunity, with predictions indicating that 73% of this demographic will enter the workforce in the next decade [9] - GXG's innovative product offerings, such as the Zero Pressure series, cater to the evolving demands of young professionals, blending functionality with aesthetics [10] Group 4: Innovation and Digital Transformation - Moshang Group is exploring AI applications and private domain marketing to enhance operational innovation and long-term development quality, with AI sampling significantly reducing development time and costs [12] - The company has established a comprehensive digital transformation strategy, integrating data insights with intelligent design to improve product strategy flexibility and competitiveness [13] - A recent exclusive strategic partnership with Dreamxiang Technology aims to address inventory issues while enhancing user engagement and achieving sales growth [13] Group 5: Future Outlook - Moshang Group's strong profitability, clear strategic direction, and alignment with new consumption trends position it well for future growth, with the potential to capitalize on the emerging consumer demands [14] - The company is expected to benefit from the ongoing new consumption wave, which will help unlock its previously established momentum and accelerate its performance recovery [14]

Core Viewpoint - The company reported a net profit of RMB 8.9 million for the period ending June 30, 2025, representing a 30.9% increase compared to RMB 6.8 million in the same period of 2024 [1] Financial Performance - The self-operated store sales remained stable at approximately RMB 448.7 million [1] - Administrative expenses and financial costs as a percentage of revenue decreased to 8.6% and 1.7%, respectively [1]

Group 1 - The core viewpoint of the article is that Moshang Group Holdings (01817) reported a revenue of 969 million, a year-on-year decrease of 10.97%, while the profit attributable to the parent company increased by 30.09% to 8.872 million [1] - The earnings per share for the period were 0.97 cents [1] - The company implemented cost reduction and efficiency enhancement measures, leading to a decrease in the proportion of administrative expenses and financial costs to revenue, which fell to 8.6% and 1.7% respectively, compared to 10.3% and 2.7% in the same period of 2024 [1]

Group 1 - The company announced the resignation of Mr. Ding Dade and Ms. Wu Xiuwai as co-secretaries, effective from August 21, 2025 [1] - The board is pleased to announce the appointment of Ms. Chen Xiqin as the company secretary, effective from August 21, 2025 [1]

Group 1 - The company announced the resignation of Mr. Ding Dade and Ms. Wu Xiuwai as co-secretaries, effective from August 21, 2025 [1] - Ms. Chen Xiqin has been appointed as the company secretary, effective from August 21, 2025 [1]

Core Viewpoint - The company reported a revenue of 969 million, representing a year-on-year decrease of 10.97%, while the profit attributable to the parent company increased by 30.09% to 8.872 million, with earnings per share at 0.97 cents [1] Financial Performance - Revenue for the six months ending June 30, 2025, was 969 million, down 10.97% compared to the previous year [1] - Profit attributable to the parent company was 8.872 million, an increase of 30.09% year-on-year [1] - Earnings per share stood at 0.97 cents [1] Cost Management - The company implemented cost reduction and efficiency enhancement measures, leading to improved expense control [1] - Administrative expenses as a percentage of revenue decreased to 8.6%, down from 10.3% in the same period of 2024 [1] - Financial costs as a percentage of revenue fell to 1.7%, compared to 2.7% in the previous year [1]

Group 1 - The company announced the resignation of Mr. Ding Dade and Ms. Wu Xiuwai as co-secretaries, effective from August 21, 2025 [1] - Ms. Chen Xiqin has been appointed as the company secretary, effective from August 21, 2025 [1]

Core Viewpoint - The company reported stable sales and significant profit growth for the six months ending June 30, 2025, indicating effective cost control measures and operational efficiency improvements [1] Financial Performance - Sales from self-operated stores remained relatively stable at RMB 448.7 million, compared to RMB 456.5 million in the same period of 2024 [1] - Net profit for the period was approximately RMB 8.9 million, representing a 30.9% increase from RMB 6.8 million in 2024, which translates to an increase of RMB 2.1 million [1] Cost Control Measures - The company implemented cost reduction and efficiency enhancement measures, leading to a decrease in the proportion of administrative expenses and financial costs relative to revenue, which fell to 8.6% and 1.7% respectively, down from 10.3% and 2.7% in 2024 [1]

（股份代號：1817） 變更公司秘書 慕尚集團控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董 事」）會（「董事會」）宣佈，丁大德先生（「丁先生」）及伍秀薇女士（「伍女士」）已分 別辭任本公司聯席公司秘書，自2025年8月21日起生效。 丁先生將繼續擔任本集團首席財務官兼財務副總裁。丁先生及伍女士均已確認彼 等與董事會並無意見分歧，亦無有關彼等辭任之事宜須提請本公司股東及香港聯 合交易所有限公司垂注。 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公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Mulsanne Group Holding Limited 慕尚集團控股有限公司 （於開曼群島註冊成立的有限公司） 董事會謹藉此機會感謝丁先生及伍女士對本公司作出的寶貴貢獻，並熱烈歡迎陳 女士履新。 承董事會命 慕尚集團控股有限公司 主席 鄧順林 香港，2025年8月21日 於本公告日期，董事會由執行董事余勇先生；非執行董事鄧順林先生、陳葉良先 生、楊晨先生、田旻先生及孫偉業先生；以及 ...

Financial Performance - For the six months ended June 30, 2025, the self-operated store sales remained relatively stable at RMB 448.7 million, compared to RMB 456.5 million in the same period of 2024[4] - The net profit for the six months ended June 30, 2025, was approximately RMB 8.9 million, an increase of 30.9% or RMB 2.1 million compared to RMB 6.8 million in the same period of 2024[4] - Total revenue for the six months ended June 30, 2025, was RMB 969.1 million, down from RMB 1,088.4 million in the same period of 2024[5] - Gross profit for the six months ended June 30, 2025, was RMB 517.7 million, compared to RMB 583.3 million in the same period of 2024[5] - The total comprehensive income for the period was RMB 9.96 million, compared to RMB 4.21 million in the same period of 2024[6] - The group reported a profit attributable to equity holders of the parent of RMB 8,872,000 for the six months ended June 30, 2025, compared to RMB 6,820,000 in 2024, an increase of 30.1%[30] - The pre-tax profit for the period was RMB 13.2 million, an increase of RMB 5.6 million compared to RMB 7.6 million in the same period of 2024[60] Revenue Breakdown - Total revenue for the six months ended June 30, 2025, was RMB 969,076 thousand, a decrease of 10.9% compared to RMB 1,088,424 thousand for the same period in 2024[19] - Online channel sales decreased to RMB 357,978 thousand from RMB 434,004 thousand, reflecting a decline of 17.5% year-over-year[19] - Offline channel sales from self-operated stores were RMB 448,650 thousand, slightly down from RMB 456,549 thousand, a decrease of 1.9%[19] - The main brand GXG's sales revenue decreased by 8.3% or RMB 81.2 million to RMB 897.5 million compared to the same period in 2024[43] - The sales revenue from gxg jeans decreased by 38.2% or RMB 30.2 million, primarily due to strategic brand adjustments and the closure of underperforming stores[43] - The sales revenue from gxg.kids decreased by 73.0% or RMB 5.4 million, mainly due to the strategic decision to terminate the gxg.kids business[43] Cost and Expenses - Administrative expenses and financial costs as a percentage of revenue decreased to 8.6% and 1.7%, respectively, from 10.3% and 2.7% in the same period of 2024[4] - The cost of goods sold for the six months ended June 30, 2025, was RMB 437,938,000, down 16.4% from RMB 524,162,000 in 2024[22] - Total selling and distribution expenses decreased by 8.0% or RMB 35.9 million to RMB 415.3 million, primarily due to reduced advertising expenses[54] - Administrative expenses decreased by 25.6% or RMB 28.7 million to RMB 83.3 million, mainly due to a reduction in service fees and employee-related expenses[55] - Financial costs decreased significantly to RMB 16,054,000 in 2025 from RMB 29,803,000 in 2024, representing a reduction of 46.1%[23] Assets and Liabilities - The total assets less current liabilities as of June 30, 2025, were RMB 865.6 million, slightly up from RMB 864.6 million as of December 31, 2024[8] - The company reported a decrease in trade payables and notes payable to RMB 229.0 million from RMB 412.9 million in the previous period[7] - Trade receivables as of June 30, 2025, amounted to RMB 562,907,000, down 20.0% from RMB 704,884,000 as of December 31, 2024[33] - Trade payables decreased to RMB 61,986,000 as of June 30, 2025, from RMB 175,272,000 as of December 31, 2024, a decline of 64.7%[35] - As of June 30, 2025, the group had bank loans of RMB 201.4 million secured by pledged deposits[71] Cash Flow - The cash flow from operating activities for the six months ended June 30, 2025, showed a net outflow of RMB 61.6 million, compared to RMB 60.4 million in the same period of 2024[9] - Net cash flow from investing activities was RMB (54,114) thousand for 2025, compared to RMB (42,373) thousand in 2024, representing an increase in cash outflow of 27.7%[10] - Net cash flow from financing activities was RMB 85,520 thousand in 2025, down from RMB 109,924 thousand in 2024, a decrease of 22.2%[10] - Cash and cash equivalents at the end of June 30, 2025, were RMB 156,285 thousand, down from RMB 196,530 thousand at the end of June 30, 2024, a decrease of 20.5%[10] Strategic Adjustments - The total number of offline stores decreased from 996 as of December 31, 2024, to 946 as of June 30, 2025, due to strategic adjustments[46] - The number of self-operated stores decreased from 410 to 375, reflecting a strategic adjustment in the offline channel structure[47] - The company aims to enhance supply chain management and control logistics costs to achieve cost reduction and efficiency improvement[42] Employee and Governance - The total employee cost for the period was RMB 45.5 million, a decrease from RMB 49.6 million in the same period of 2024, primarily due to a reduction in employee numbers[74] - The group employed 432 people as of June 30, 2025, down from 467 as of December 31, 2024[74] - The group’s income tax expense for the six months ended June 30, 2025, totaled RMB 4,327,000, compared to RMB 784,000 in 2024, indicating a significant increase[26] - The group did not declare an interim dividend for the six months ended June 30, 2025, consistent with the previous year[27] - The audit committee reviewed the group's unaudited interim results for the six months ended June 30, 2025, ensuring compliance with applicable accounting principles[79] - The company has adopted the Corporate Governance Code and complied with all applicable provisions during the period[76] Risks and Events - The group faced foreign exchange risk primarily due to debt denominated in US dollars, with most transactions settled in RMB[70] - No major events occurred after June 30, 2025, up to the announcement date[73] - There were no significant contingent liabilities as of June 30, 2025, consistent with December 31, 2024[72]