Financial Performance - The company expects a net profit attributable to shareholders of the parent company for 2025 to be between -22 million and -33 million yuan, indicating a loss [3]. - The expected net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between -32 million and -43 million yuan [4]. - In the same period last year, the total profit was 105.69 million yuan, with a net profit attributable to shareholders of 83.76 million yuan [5]. Sales and Revenue - The company reported a decrease in sales revenue compared to the same period last year due to market environment impacts [7]. - The sales structure adjustment led to a reduced proportion of sales to enterprise clients, while increasing sales expenses due to efforts to expand the consumer market and cross-border business [7]. Inventory and Asset Management - The company increased its inventory impairment provision as part of a strategy to accelerate new product iterations and improve asset turnover [7]. Government Subsidies - Government subsidies recognized in the current period decreased compared to the same period last year, impacting non-recurring gains and losses [7]. Employee Incentives - The company terminated its 2023 employee stock ownership plan and 2024 stock option incentive plan early, leading to accelerated recognition of related share-based payment expenses [7]. Forecast and Risks - The performance forecast data is based on preliminary calculations by the company's finance department and has not been audited by a registered accountant [8]. - Investors are advised to pay attention to investment risks as the forecast data is subject to change pending the audited annual report [9].

Group 1 - The company, Mukao Di, forecasts a net loss attributable to shareholders of the parent company between -22 million to -33 million yuan for the year 2025, indicating a decline in performance [1] - The primary reason for the performance change is regular gains and losses, with sales falling short of expectations due to market conditions, leading to a decrease in operating revenue compared to the same period last year [1] - The sales structure has shifted, with a reduced proportion of sales to enterprise clients, while the company is actively expanding into the end-consumer market and cross-border business, resulting in increased sales expenses [1] Group 2 - To accelerate new product iterations and improve asset turnover, the company has adjusted its inventory reduction strategy, leading to an increase in the provision for inventory impairment [1] - Non-recurring gains and losses include a decrease in government subsidies recognized in the current period compared to the same period last year [1] - The company has prematurely terminated its 2023 employee stock ownership plan and 2024 stock option incentive plan, resulting in accelerated recognition of related share-based payment expenses impacting current performance [1]

Group 1 - The company Mugaodi (603908.SH) is expected to report a net loss attributable to shareholders of the parent company ranging from -22 million to -33 million yuan for the fiscal year 2025 [1] - The projected net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is estimated to be between -32 million and -43 million yuan for the fiscal year 2025 [1]

Core Viewpoint - Mugaodi (603908.SH) is expected to report a net loss attributable to shareholders of the parent company ranging from -22 million to -33 million yuan for the fiscal year 2025, indicating a downturn in financial performance [1] Financial Performance - The company anticipates a net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, to be between -32 million and -43 million yuan for the fiscal year 2025 [1]

Core Viewpoint - The company expects a significant net loss for the fiscal year 2025, with projected losses ranging from 22 million to 33 million yuan, compared to a net profit of 83.76 million yuan in the previous year [1] Financial Performance - The anticipated net profit attributable to the parent company is projected to be between -22 million and -33 million yuan for 2025 [1] - The expected non-recurring net profit is estimated to be between -32 million and -43 million yuan [1] - The previous year's net profit was reported at 83.76 million yuan [1] Factors Influencing Performance - The expected losses are attributed to an unfavorable market environment leading to lower-than-expected sales [1] - An adjustment in sales structure has resulted in increased sales expenses [1] - The company's inventory destocking strategy has led to a higher provision for inventory impairment [1] - There has been a reduction in government subsidies [1] - The acceleration of share-based payment expenses has also contributed to the anticipated losses [1]

Group 1 - The core viewpoint of the news is that Muguo Di has experienced a decline in both revenue and net profit, indicating potential challenges in its financial performance [2][3] - As of January 16, Muguo Di's financing balance reached 74.03 million yuan, which is 3.26% of its market capitalization, indicating a high level of financing activity [1] - The company reported a significant decrease in revenue of 24.21% year-on-year for the period from January to September 2025, with total revenue of 819 million yuan [2] Group 2 - Muguo Di's net profit for the same period decreased by 60.35% year-on-year, amounting to 36.65 million yuan [2] - The company has distributed a total of 491 million yuan in dividends since its A-share listing, with 220 million yuan distributed in the last three years [3] - As of September 30, 2025, the number of shareholders decreased by 4.30% to 12,300, while the average number of circulating shares per person increased by 4.49% to 7,602 shares [2]

Group 1 - The core viewpoint of the news is that Mukaodi has experienced a decline in revenue and net profit, indicating potential challenges in its financial performance [2] - As of January 6, Mukaodi's stock price increased by 0.38%, with a trading volume of 33.09 million yuan and a net financing purchase of 2.74 million yuan [1] - The financing balance of Mukaodi reached 69.36 million yuan, accounting for 3.14% of its market capitalization, which is above the 80th percentile of the past year [1] Group 2 - For the period from January to September 2025, Mukaodi reported a revenue of 819 million yuan, a year-on-year decrease of 24.21%, and a net profit of 36.65 million yuan, down 60.35% year-on-year [2] - The number of shareholders for Mukaodi decreased by 4.30% to 12,300, while the average circulating shares per person increased by 4.49% to 7,602 shares [2] - Mukaodi has distributed a total of 491 million yuan in dividends since its A-share listing, with 220 million yuan distributed over the past three years [2]

Core Viewpoint - The company has completed the registration capital change and received a new business license, reflecting its updated corporate structure and governance [1][2]. Group 1: Business License and Corporate Changes - The company held a board meeting on August 28, 2025, and a shareholder meeting on September 15, 2025, to approve changes in registered capital and the cancellation of the supervisory board [1]. - The new business license indicates a registered capital of 93,126,988 RMB and confirms the company's operational scope, which includes outdoor products, textiles, and related goods [1]. - The company’s updated business license was issued by the Zhejiang Provincial Market Supervision Administration [1]. Group 2: Guarantees for Subsidiaries - In December 2025, the company provided a maximum guarantee of 100 million RMB for its subsidiary, Zhejiang Mugao Di, to secure a loan from China Merchants Bank [4]. - The total amount of guarantees provided by the company to Zhejiang Mugao Di reached 770 million RMB, with an available guarantee limit of 287 million RMB and an actual guarantee balance of 119.35 million RMB [4]. - The board approved a total guarantee limit of up to 2 billion RMB for subsidiaries, which includes specific amounts for Zhejiang Mugao Di and another subsidiary, Chuzhou Tianye [4][5]. Group 3: Guarantee Details and Rationale - The guarantee is structured as a joint liability guarantee, with a guarantee period extending three years beyond the maturity of each loan [10]. - The necessity of the guarantee is justified by the stable operations and good credit of the subsidiary, ensuring that the risks are manageable and do not harm the interests of the company and its shareholders [10]. - As of December 2025, the total external guarantees amounted to 1.504 billion RMB, representing 265.14% of the company's latest audited net assets, with no overdue guarantees reported [10].

牧高笛户外用品股份有限公司 章 程 （2025 年 9 月修订） | | | | 第一章 | 总 则 4 | | --- | --- | | 第二章 | 经营宗旨和范围 5 | | 第三章 | 股 份 5 | | 第一节 | 股份发行 5 | | 第二节 | 股份增减和回购 7 | | 第三节 | 股份转让 8 | | 第四章 | 股东和股东会 9 | | 第一节 | 股东的一般规定 9 | | 第二节 | 控股股东和实际控制人 12 | | 第三节 | 股东会的一般规定 13 | | 第四节 | 股东会的召集 15 | | 第五节 | 股东会的提案和通知 17 | | 第六节 | 股东会的召开 18 | | 第七节 | 股东会的表决和决议 21 | | 第五章 | 董事和董事会 25 | | 第一节 | 董事的一般规定 25 | | 第二节 | 董 事 会 28 | | 第三节 | 独立董事 33 | | 第四节 | 董事会专门委员会 35 | | 第六章 | 高级管理人员 37 | | 第七章 | 财务会计制度、利润分配和审计 40 | | 第一节 | 财务会计制度 40 | | 第二节 | 内部审计 4 ...

证券代码：603908 证券简称：牧高笛 公告编号：2026-001 名 称：牧高笛户外用品股份有限公司 类 型：其他股份有限公司(上市) 住 所：衢州市世纪大道 895 号 1 幢 法 定 代 表 人：陆暾华 牧高笛户外用品股份有限公司 关于完成工商变更登记并换发营业执照的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 牧高笛户外用品股份有限公司（以下简称"公司"）于2025年8月28日召开 第七届董事会第四次会议，2025年9月15日召开2025年第一次临时股东大会，均 审议通过了《关于变更注册资本、取消监事会并修订<公司章程>的议案》，具体 修订内容详见公司于2025年8月30日披露于上海证券交易所网站及指定媒体的 《关于变更注册资本、取消监事会并修订<公司章程>及制定、修订部分公司治理 制度的公告》（公告编号：2025-033）。 近日, 公司完成了注册资本变更登记和章程备案登记等手续，并领取了浙江 省市场监督管理局换发的《营业执照》，变更后的营业执照具体信息如下： 统一社会信用代码：91330800795551 ...