Core Viewpoint - The company reported a decline in e-commerce revenue for the first half of 2025, indicating challenges in high-margin platforms while experiencing growth in cross-border e-commerce [1] E-commerce Performance - E-commerce revenue for the first half of 2025 reached 471 million yuan, representing a year-on-year decrease of 14.07% [1] - The gross margin for e-commerce was 51.22%, down by 1.63 percentage points year-on-year [1] Cross-border E-commerce - Cross-border e-commerce revenue saw a significant year-on-year increase of 91.88% in the first half of 2025 [1] Revenue Structure Changes - The decline in e-commerce gross margin is attributed to changes in revenue structure, with a decrease in revenue from high-margin platforms like Tmall, while platforms such as Douyin, Amazon, and Walmart experienced rapid revenue growth [1]
慕思股份(001323.SZ)：跨境电商上半年营收同比增长91.88%