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]

Group 1 - DingTalk released a post titled "Overtime, created something to help everyone go home earlier" amid discussions about the CEO's late-night office inspections [2] - GXG's membership grew from 20 million to over 30 million by September 2024, indicating strong consumer interest in the brand [2] - GXG's revenue increased by 6.2% to 980 million yuan in the first half of 2024, reflecting positive performance in the men's commuting apparel segment [3] Group 2 - GXG partnered with DreamXiang Technology for exclusive private channel cooperation, achieving sales exceeding 10 million yuan shortly after launching on the platform [3] - The brand's new positioning focuses on suitable clothing for young professionals, with a slogan emphasizing the right fit for work [4] - The men's apparel market is experiencing a divide, with traditional brands like Taiping Bird and Meibang declining, while companies like Jiumuwang report significant profit increases [4][5] Group 3 - Jiumuwang's profit surge is attributed to investment gains rather than sales, with expected fair value changes of 20 to 25 million yuan compared to a loss of 111.3 million yuan in the previous year [5] - Seven Wolves also reported a decline in net profit by 13.93% in the first half of 2025, highlighting challenges in the apparel sector [5] - The trend of companies relying on investment strategies to boost performance is becoming more common in the apparel industry [5]

Core Viewpoint - The company expects a net profit between RMB 8.5 million and RMB 9.5 million for the six months ending June 30, 2025, representing an increase of approximately 25% to 40% compared to the same period in 2024 [1][3] Group 1 - The increase in net profit is attributed to cost reduction and efficiency improvement measures that strengthened expenditure control, resulting in a lower proportion of administrative and financial expenses relative to revenue compared to 2024 [3] - The interim results are not yet finalized, and the data provided is based on preliminary assessments of the unaudited consolidated management accounts and other information currently available to the company [3] - The interim results announcement is expected to be published in August 2025 in accordance with listing rules [3] Group 2 - The company operates as an investment holding company, with its subsidiaries primarily engaged in the design, marketing, and sale of clothing products [3]

Group 1 - The core viewpoint of the article is that Moshang Group Holdings (01817.HK) anticipates a significant increase in net profit for the six months ending June 30, 2025, projecting a profit between RMB 8.5 million and RMB 9.5 million, which represents an increase of approximately 25% to 40% compared to the same period in 2024 [1] - The increase in net profit is attributed to cost reduction and efficiency enhancement measures implemented by the company, leading to a decrease in the proportion of administrative and financial expenses relative to revenue compared to the same period in 2024 [1]

Group 1 - The company expects to achieve a net profit of approximately RMB 8.5 million to RMB 9.5 million in the first half of 2025, representing a year-on-year increase of about 25% to 40% [1] - The increase in net profit is attributed to cost reduction and efficiency enhancement measures, which improved expenditure control [1] - The proportion of administrative and financial expenses to revenue has decreased compared to the same period in 2024 [1]

智通财经APP讯，慕尚集团控股(01817)公布，该集团预期于2025年上半年取得纯利约人民币850万元至 950万元，同比增加约25%至40%。 纯利增加乃由于集团于相关期间透过降本增效措施加强开支控制， 令行政及财务开支占收入的比例较2024年同期有所下降。 ...

本公司董事會（「董事會」）謹此通知本公司股東（「股東」）及潛在投資者，根據本 集團截至2025年6月30日止六個月（「相關期間」）的未經審核綜合管理賬目的初步 評估及本集團現時所掌握的其他資料，預期相關期間的純利將介乎人民幣8.5百萬 元至人民幣9.5百萬元，將會較2024年同期的純利增加約25%至40%。 純利增加乃由於（其中包括）本集團於相關期間透過降本增效措施加強開支控制， 令行政及財務開支佔收入的比例較2024年同期有所下降。 由於本集團於相關期間的中期業績尚未最終確定，本公告所載數據及資料僅為對 本集團於相關期間的未經審核綜合管理賬目的初步評估及本集團現時所掌握的其 他資料，該等數據及資料尚未經本公司核數師審核或審閱，並或會予以調整。股 東及潛在投資者應參閱本公司於相關期間的中期業績公告，該公告預期將於2025 年8月根據上市規則項下的規定刊發。 1 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份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Mulsanne Group Holdin ...

8月12日，截至港股收盘，恒生指数上涨0.25%，报24969.68点。慕尚集团控股（01817.HK）收报0.39港 元/股，上涨14.71%，成交量17.7万股，成交额6.14万港元，振幅13.24%。 最近一个月来，慕尚集团控股累计涨幅6.25%，今年来累计跌幅22.73%，跑输恒生指数24.16%的涨幅。 财务数据显示，截至2024年12月31日，慕尚集团控股实现营业总收入22.7亿元，同比减少2.55%；归母 净利润3095.4万元，同比减少21.77%；毛利率52.82%，资产负债率71.83%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，专业零售行业市盈率（TTM）平均值为-4.26倍，行业中值-0.2倍。慕尚集团控股市盈率 9.66倍，行业排名第12位；其他陈唱国际（00693.HK）为6.13倍、傲基股份（02519.HK）为6.16倍、包 浩斯国际（00483.HK）为6.93倍、周生生（00116.HK）为7.23倍、宝胜国际（03813.HK）为7.37倍。 资料显示，慕尚集团控股有限公司是中国领先的由新零售模式驱动的休闲时尚服饰多品牌运营公司,慕 尚:以"爱为 ...