Group 1 - The core point of the article is that Mugaodi (603908.SH) reported a decline in revenue and a net loss for the third quarter of 2025 [1] Group 2 - The company's operating revenue for the third quarter was 213 million yuan, representing a year-on-year decrease of 13.20% [1] - The net profit attributable to shareholders of the listed company was -10.56 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -11.83 million yuan [1]

现将有关情况公告如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 证券代码：603908 证券简称：牧高笛 公告编号：2025-041 牧高笛户外用品股份有限公司 关于募投项目结项并将节余募集资金永久补充流动资金的公告 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。 重要内容提示： 经中国证券监督管理委员会证监许可[2017] 232 号《关于核准牧高笛户外用 品股份有限公司首次公开发行股票的批复》核准，本公司向社会公开发行人民币 普通股（A 股）股票 1,669 万股，发行价格 16.37 元/股，募集资金总额为 273,215,300.00 元，扣除各项发行费用 45,070,000.00 元（不含税），实际募集资 金净额为人民币 228,145,300.00 元。上述募集资金于 2017 年 3 月 1 日全部到位， 已经立信会计师事务所（特殊普通合伙）审验，并出具信会师报字[2017]第 ZF10060 号《验资报告》。公司对募集资金采取了专户存储制度。 本次结项的募集资金投资项目名称：牧高笛户外用品 ...

证券代码：603908 证券简称：牧高笛 公告编号：2025-043 牧高笛户外用品股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 19 日 （星期三） 至 11 月 25 日 （星 期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 ir@mobigarden.com.cn 进行提问。公司将在说明会 上对投资者普遍关注的问题进行回答。 牧高笛户外用品股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全 面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划 于 2025 年 11 月 26 日 （星期三） 10:00-11:00 举行 2025 年第三季 度业绩说明会，就投资者关心的问题进行交流。 一 ...

单位：元；币种：人民币 牧高笛户外用品股份有限公司 牧高笛户外用品股份有限公司（以下简称"公司"）根据上海证券交易所 《上市公司行业信息披露指引第十二号-服装》的相关规定，现将公司2025年1- 9月主要经营数据（未经审计）公告如下： 一、报告期内实体门店变动情况 | 门店类型 | 2024年末数量 | 报告期末数量 | | 报告期内新开 | | 报告期内关闭 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | （家） | （家） | | （家） | | （家） | | | 直营 | 9 | | 9 | | 2 | | 2 | | 加盟 | 218 | | 214 | | 19 | | 23 | | 小计 | 227 | | 223 | | 21 | | 25 | 关于2025年前三季度经营数据的公告 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。 （一）报告期内直营店和加盟店的盈利情况 证券代码：603908 证券简称：牧高笛 公告编号：2025-042 二、报 ...

重要内容提示： 证券代码：603908 证券简称：牧高笛 公告编号：2025-040 牧高笛户外用品股份有限公司 第七届董事会第五次会议决议公告 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。 本议案已经公司第七届董事会审计委员会第五次会议审议通过，并同意将此 项议案提交公司董事会审议。 具体 内容 详见 公司 2025 年 10 月 31 日披 露于 上海 证券交 易所 网站 （www.sse.com.cn）及指定媒体的《2025 年第三季度报告》。 一、董事会会议召开情况 牧高笛户外用品股份有限公司（以下简称"公司"）第七届董事会第五次会 议于2025年10月29日在浙江牧高笛户外用品有限公司会议室以现场结合通讯表 决方式召开，本次会议的通知已于2025年10月23日通过专人、通讯的方式传达全 体董事，会议应出席董事9人，实际出席董事9人，公司高级管理人员列席了本次 会议，会议由董事长陆暾华先生主持。会议的召集、召开和表决程序符合《公司 法》、《公司章程》和《董事会议事规则》的有关规定。经与会董事认真审议， 通过了以下议案 ...

Financial Performance - The company's revenue for the third quarter was ¥213,233,479.77, representing a decrease of 13.20% compared to the same period last year[4]. - The total profit for the quarter was -¥10,861,985.77, a decline of 161.03% year-over-year[4]. - The net profit attributable to shareholders was -¥10,563,918.61, down 179.54% from the previous year[4]. - The net profit after deducting non-recurring gains and losses was -¥11,835,487.55, a decrease of 83.02% compared to the same period last year[4]. - The basic earnings per share for the quarter was -¥0.11, reflecting a decline of 178.57% year-over-year[5]. - The diluted earnings per share also stood at -¥0.11, with a similar decrease of 178.57% compared to the previous year[5]. - The weighted average return on equity decreased by 4.28 percentage points to -1.95% for the quarter[5]. - Total operating revenue for the first three quarters of 2025 was CNY 818,732,514.45, a decrease of 24.2% compared to CNY 1,080,303,106.61 in the same period of 2024[20]. - Net profit for the first three quarters of 2025 was CNY 36,646,160.93, a decline of 60.4% from CNY 92,425,137.44 in 2024[21]. - Operating profit for the first three quarters of 2025 was CNY 46,748,860.46, down 60.3% from CNY 117,829,208.45 in 2024[20]. - Cash flow from operating activities for the first three quarters of 2025 was CNY 127,820,356.82, a decrease of 22% compared to CNY 163,726,444.27 in 2024[23]. Assets and Liabilities - Total assets at the end of the quarter were ¥1,120,751,486.54, a decrease of 1.36% from the end of the previous year[5]. - The equity attributable to shareholders decreased by 5.02% to ¥536,960,187.10 compared to the end of the previous year[5]. - Total current assets as of September 30, 2025, amount to ¥921,898,263.43, slightly up from ¥917,058,298.28 at the end of 2024[15]. - Total non-current assets as of September 30, 2025, are ¥198,853,223.11, down from ¥219,176,684.10[16]. - Total liabilities as of the end of the reporting period were CNY 583,791,299.44, an increase from CNY 570,871,676.16 in the previous year[17]. - Total liabilities include accounts payable of ¥165,422,822.04, down from ¥262,787,049.20[16]. - Short-term borrowings increased to ¥242,306,193.15 from ¥106,016,520.00[16]. Shareholder Information - Total number of common stock shareholders at the end of the reporting period is 12,281[12]. - The largest shareholder, Ningbo Damu Investment Co., Ltd., holds 50.44% of shares, totaling 47,092,574 shares[12]. Cash Flow and Investments - Cash and cash equivalents increased to ¥290,016,560.87 from ¥106,975,544.13 year-over-year[15]. - Accounts receivable decreased to ¥108,711,965.18 from ¥121,043,708.05[15]. - Inventory decreased significantly to ¥470,637,802.45 from ¥615,983,547.86[15]. - Net cash flow from investment activities was -$11,129,654.34, a significant decrease compared to $64,901,393.90 in the previous period[24]. - Cash inflow from financing activities totaled $547,645,347.92, up from $445,108,208.39 year-over-year[24]. - Net cash flow from financing activities improved to $63,544,611.19, compared to a negative $214,982,039.00 in the prior period[24]. - The ending balance of cash and cash equivalents increased to $271,094,206.80, up from $148,322,702.48[24]. - Cash outflow for investing activities was $16,282,258.17, slightly down from $16,291,575.13[24]. - Cash paid for the acquisition of fixed assets and intangible assets was $9,680,073.59, compared to $15,740,775.13 previously[24]. - Cash paid for debt repayment was $391,747,420.00, down from $562,238,666.63[24]. - Cash paid for dividends and interest was $63,112,260.75, compared to $84,418,949.86 in the previous period[24]. Market and Operational Factors - The company cited market environment impacts and product iteration pace as reasons for the decline in sales and profits[9]. - The company reported a decrease in sales expenses to CNY 92,912,112.26 from CNY 87,150,135.32 in the previous year, reflecting a 6.4% increase[20]. - The company’s financial expenses increased to CNY 977,343.76 from a negative CNY 251,284.89 in the previous year, indicating a shift in financial management[20]. - Other comprehensive income after tax was CNY -3,248,704.21, compared to CNY -4,880,941.25 in the previous year, showing an improvement[21]. Accounting Standards - The company will not apply new accounting standards starting from 2025[25].

Core Viewpoint - The stock price of Muguo Di has shown a decline recently, with a year-to-date increase of 13.71% but a notable drop in the last 60 days by 9.43% [2] Financial Performance - For the first half of 2025, Muguo Di reported a revenue of 605 million yuan, representing a year-on-year decrease of 27.45%. The net profit attributable to shareholders was 47.21 million yuan, down 40.35% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 491 million yuan, with 220 million yuan distributed over the last three years [3] Stock Market Activity - As of October 29, Muguo Di's stock price was 24.39 yuan per share, with a market capitalization of 2.277 billion yuan. The trading volume was 7.5658 million yuan, with a turnover rate of 0.33% [1] - The net inflow of main funds was 186,100 yuan, with large orders accounting for 8.15% of purchases and 5.69% of sales [1] Shareholder Structure - As of June 30, 2025, the number of shareholders was 12,800, a decrease of 10.29% from the previous period. The average circulating shares per person increased by 11.47% to 7,275 shares [2] - New institutional shareholders include Huaxia Xingyang One-Year Holding Mixed Fund and Nuoan Multi-Strategy Mixed Fund, holding 404,100 shares and 401,800 shares respectively [3] Business Overview - Muguo Di, established in October 2006 and listed in March 2017, operates in the outdoor products sector, focusing on its own brand operations and OEM/ODM for camping tents. The revenue composition includes tents and equipment (89.46%), clothing and shoes (7.23%), and accessories (3.20%) [2] - The company is categorized under the textile and apparel industry, with concepts including outdoor camping, cross-border e-commerce, small-cap stocks, sports industry, and e-commerce [2]

Core Insights - The outdoor apparel industry in China has evolved through three distinct phases: the nascent stage, rapid development stage, and transformation and upgrading stage, driven by the increasing popularity of outdoor activities such as skiing, hiking, and climbing [1][4]. Industry Overview - The market size of China's professional outdoor apparel industry is projected to grow from 71.2 billion yuan in 2020 to 131.9 billion yuan in 2024, with expectations to exceed 160 billion yuan by 2025 [1][4]. - Professional outdoor apparel is categorized into sportswear, functional apparel, and fashion apparel, with functional apparel further divided into high-performance outdoor apparel and other functional apparel [2]. Industry Development Status - The demand for outdoor apparel continues to rise, leading to an expanding industry scale [4]. - The industry is supported by a comprehensive supply chain, including raw materials (such as polyester and nylon), production and brand operation, and various sales channels including both offline and online platforms [5]. Competitive Landscape - The Chinese outdoor apparel market features a competitive landscape comprising international brands, leading domestic brands, and emerging brands, with significant growth in domestic brands due to technological innovations [5][6]. - Major companies in the market include Beijing Sanfu Outdoor Products Co., Ltd., Guangzhou Kailas Sports Technology Co., Ltd., and Toread Holdings Group Co., Ltd., among others [5][6]. Key Companies - Beijing Sanfu Outdoor Products Co., Ltd. focuses on outdoor product development and retail, reporting a revenue of 455 million yuan in 2024, accounting for 56.81% of total revenue [6]. - Toread Holdings Group Co., Ltd. achieved sales of 5.5479 million outdoor apparel items in 2024, generating a revenue of 1.059 billion yuan [7]. - MobiGarden, known for its high-performance outdoor gear, produced 734,700 outdoor apparel items in 2024, with sales of 669,100 items [8]. Industry Development Trends - The outdoor apparel market is experiencing rapid growth driven by young consumer power and significant market potential, with a shift towards high-quality development characterized by fashionable and intelligent products [8].

Core Viewpoint - The company, Mugaodi, announced that it has not provided guarantees for its controlling shareholders, actual controllers, or their affiliates, and there are no overdue external guarantees [2] Summary by Categories Company Announcement - Mugaodi released a statement on October 9, confirming that it has not provided any guarantees to its controlling shareholders and actual controllers, nor to their related parties [2] - The company also stated that there are no overdue external guarantees [2]

证券代码：603908 证券简称：牧高笛 公告编号：2025-039 牧高笛户外用品股份有限公司 关于为控股子公司提供担保的进展公告 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。 重要内容提示： 担 保 对 象一 被担保人名称 浙江牧高笛户外用品有限公司（以 下简称"浙江牧高笛"） 本次担保金额 6,000.00 万元 实际为其提供的担保余额 14,173.55 万元 是否在前期预计额度内 是 □否 □不适用：_________ 本次担保是否有反担保 □是 否 □不适用：_________ 担 保 对 象二 被担保人名称 衢州天野户外用品有限公司（以下 简称"衢州天野"） 本次担保金额 11,000.00 万元 实际为其提供的担保余额 8,242.71 万元 是否在前期预计额度内 是 □否 □不适用：_________ 本次担保是否有反担保 □是 否 □不适用：_________ 担保对象及基本情况 累计担保情况 | 截至本公告日上市公司及其控股 | 155,400.00 | | --- | --- | | 对外担保逾期的累 ...