Core Viewpoint - The report indicates a significant institutional ownership in Mukaodi (603908.SH), with a total of 57.96 million shares held by six institutional investors, representing 62.08% of the total share capital, although this marks a decrease of 1.66 percentage points from the previous quarter [1] Institutional Investors - Six institutional investors disclosed their holdings in Mukaodi, collectively owning 57.96 million shares, which is 62.08% of the total share capital [1] - The institutional investors include notable entities such as Ningbo Damu Investment Co., Ltd., Zhejiang Jiatuo Investment Management Co., Ltd., and China Construction Bank Co., Ltd. [1] - The total institutional holding percentage decreased by 1.66 percentage points compared to the previous quarter [1] Public Funds - One public fund, Nuoan Multi-Strategy Mixed A, increased its holdings during this period, with an increase percentage of 0.16% [1] - A total of 36 public funds did not disclose their holdings in this quarter, including funds like Huaxia Xingyang One-Year Holding Mixed and Jianxin Flexible Allocation Mixed A [1]

Group 1 - The company Mugaodi (SH 603908) announced on October 31 that its seventh fifth board meeting was held on October 29, 2025, in Zhejiang, where it reviewed the proposal to conclude fundraising projects and permanently supplement working capital with surplus funds [1] - For the year 2024, Mugaodi's revenue composition is as follows: outdoor products account for 99.89%, while other businesses account for 0.11% [1]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the third quarter of 2025, indicating potential challenges in its financial performance [1] Financial Performance - 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]

Core Insights - Mugaodi, established in October 2006 and listed on the Shanghai Stock Exchange in March 2017, is a leading domestic outdoor camping equipment company with strong brand influence and product R&D capabilities [1] Business Performance - In Q3 2025, Mugaodi reported revenue of 819 million yuan, ranking 7th among 11 companies in the industry, with the industry leader, Kairun, generating 3.719 billion yuan [2] - The main business composition includes tents and equipment at 1.167 billion yuan (89.46%), clothing and shoes at 94.27 million yuan (7.23%), and accessories at 4.179 million yuan (3.20%) [2] - The net profit for the same period was 36.646 million yuan, placing it 5th in the industry, with Kairun leading at 326 million yuan [2] Financial Ratios - As of Q3 2025, Mugaodi's debt-to-asset ratio was 52.09%, higher than the previous year's 48.87% and above the industry average of 46.89% [3] - The gross profit margin was 30.24%, an increase from 28.59% year-on-year, but still below the industry average of 32.77% [3] Executive Compensation - Chairman and General Manager Lu Tuanhua's compensation increased from 2.5517 million yuan in 2023 to 5.6193 million yuan in 2024, a rise of 3.0676 million yuan [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.30% to 12,300, while the average number of circulating A-shares held per shareholder increased by 4.49% to 7,602.48 [5] - The top ten circulating shareholders include Noan Multi-Strategy Mixed A, which increased its holdings by 149,700 shares [5] Future Outlook - Guotai Junan Securities projects Mugaodi's EPS for 2025-2027 to be 1.20, 1.37, and 1.55 yuan, respectively, with a target price of 28.8 yuan based on a 24x PE ratio [5] - Huachuang Securities anticipates net profits of 93 million, 106 million, and 124 million yuan for the same period, with a target price of 27.1 yuan per share [5]

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].