私有化失败后业绩“告急”，金利来上半年盈转亏、营业额降两成

Core Viewpoint - The longstanding menswear company, Goldlion Group, has reported a significant financial downturn, transitioning from profit to loss following the failure of its privatization plan earlier this year [2][6]. Financial Performance - For the first half of 2025, Goldlion Group achieved a revenue of HKD 487 million, a year-on-year decline of 19%, with a loss attributable to shareholders of HKD 3.96 million compared to a profit of HKD 58.23 million in the same period last year [2][6]. - The overall apparel revenue in the domestic market was HKD 318 million, reflecting a year-on-year decrease of approximately 24% [3]. - The wholesale business, a core sales model, saw a drastic revenue drop of 50%, reducing its share of domestic apparel sales to about 20% [3]. - The group recorded a fair value loss of HKD 22.95 million on investment properties, worsening from the previous year's loss [5]. Business Segments - Goldlion's apparel business includes formal wear and high-end casual menswear, with a total of 754 clothing stores as of June 30, 2025, of which 146 are directly operated by the group [4]. - The group has diversified interests, including real estate investments valued at approximately HKD 2.658 billion [5]. - The e-commerce segment experienced a year-on-year sales decline of about 14% [3]. Market Context - The Chinese menswear market is valued at approximately RMB 600 billion, characterized by intense competition and shifting consumer preferences towards high-cost performance products [7]. - The company has adopted a relatively conservative approach to market challenges, focusing on product quality optimization and retail network integration [7]. Strategic Challenges - The failed privatization plan means Goldlion must continue to navigate the pressures of the public market, facing intensified competition and declining sales [6]. - The company has seen a continuous decline in revenue and profits over the past few years, with a significant reduction in the number of retail points [6].