5月30日，截至港股收盘，恒生指数下跌1.2%，报23289.77点。慕尚集团控股（01817.HK）收报0.39港 元/股，上涨25.81%，成交量72.55万股，成交额22.83万港元，振幅32.26%。 最近一个月来，慕尚集团控股累计跌幅20.51%，今年来累计跌幅29.55%，跑输恒生指数17.51%的涨 幅。 财务数据显示，截至2024年12月31日，慕尚集团控股实现营业总收入22.7亿元，同比减少2.55%；归母 净利润3095.4万元，同比减少21.77%；毛利率52.82%，资产负债率71.83%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，专业零售行业市盈率（TTM）平均值为5.27倍，行业中值-0.27倍。慕尚集团控股市盈率 8.81倍，行业排名第13位；其他宝光实业（00084.HK）为0.19倍、陈唱国际（00693.HK）为4.7倍、 ASIA COMM HOLD（00104.HK）为5.44倍、宝胜国际（03813.HK）为5.45倍、周生生（00116.HK）为 6.67倍。 资料显示，慕尚集团控股有限公司是中国领先的由新零售模式驱动的休闲时尚服饰多品牌运 ...

年度報告 2024 Mulsanne Group Holding Limited 慕尚集團控股有限公司 目 2 公司介紹 3 公司資料 4 主席報告書 6 管理層討論與分析 15 董事及高級管理層履歷詳情 20 董事會報告 35 企業管治報告 47 獨立核數師報告 53 綜合損益及其他全面收益表 55 綜合財務狀況表 57 綜合權益變動表 59 綜合現金流量表 61 財務報表附註 144 五年財務概要 公司介紹 年報 2024 Mulsanne Group Holding Limited 慕尚集團控股有限公司 ( 於開曼群島註冊成立的有限公司 ) 股份代號 : 1817 錄 Annual Report 公司資料 董事會 執行董事 余勇先生 （首席執行官） 慕 尚 集 團 控 股 有 限 公 司（「本公司」、「慕尚」或「我 們」，連同附屬公司為「本集團」）是總部設於中國的 領先時尚男裝公司，同時覆蓋中性時裝領域。憑藉我 們對時裝行業的經驗及執行能力，我們優化品牌，把 握未來市場機遇。我們的創始人於2007年首次推出旗 艦品牌GXG，而我們於2010年推出gxg jeans，迎合不 同的男裝風格。於2020年，我 ...

同时，近期南向资金和外资回流持续带动港股流动性改善，伴随AI技术快速迭代推动"AI牛"，稳消费政 策优先级显著提升，让市场对消费板块的预期不断升温……多重因素揭示着新的投资机遇。 望向AI与消费两大主线交叠之处，"AI+"概念不断向消费端延伸，在"泛AI化"浪潮中捕捉结构性机遇也 失为一种可行的投资策略。毕竟技术突破仅是起点，价值的释放在于 AI 技术与产业的深度融合、跨行 业赋能带来的效率提升，以及商业模式的迭代升级。 "通勤男装"GXG品牌背后的母公司慕尚集团，正是这样一个值得留意的样本。 一、财务数据背后的稳与进 2024年全国消费需求持续疲弱，服装、鞋类及纺织品社零数据全年增幅仅为0.3%，慕尚集团通过战略 聚焦实现了核心业务的稳健增长，验证基本面持续改善。 财报显示，2024年慕尚集团实现收入22.70亿元，虽同比微降但仍保持盈利状态，毛利率在高基数上继 续提升，达到52.8%。其中，GXG实现收入20.79亿元，同比增长3.0%，毛利11.14亿元，同比增长 2.1%，毛利率为53.6%，依然高于整体水平。 随着财报季到来，再次打开检验上市公司经营成色的窗口期。 | | | 截至12月31日止年度 ...

Financial Performance - For the year ended December 31, 2024, the gross profit margin increased to 52.8% from 52.0% for the year ended December 31, 2023, due to optimized product mix and improved operational efficiency[4] - The main brand GXG achieved sales revenue of RMB 615 million, a year-on-year increase of 3.0% compared to RMB 2,017 million for the year ended December 31, 2023[4] - The net profit for the year ended December 31, 2024, was RMB 30.925 million, down from RMB 37.245 million for the year ended December 31, 2023, representing a decrease of 17.5%[5] - The total revenue for the year ended December 31, 2024, was RMB 2,269.76 million, compared to RMB 2,329.049 million for the previous year, reflecting a decline of 2.5%[5] - The company reported a basic and diluted earnings per share of RMB 3.39 for the year ended December 31, 2024, down from RMB 4.34 for the previous year[5] - The total comprehensive income for the year ended December 31, 2024, was RMB 24.514 million, compared to RMB 23.094 million for the previous year, indicating an increase of 6.1%[6] - Total revenue for the year ended December 31, 2024, was RMB 2,269,760,000, a decrease of 2.55% from RMB 2,329,049,000 in 2023[16] - The gross profit for the apparel segment was RMB 1,198,950,000, compared to RMB 1,212,183,000 in the previous year, reflecting a slight decline[14] - The group's pre-tax profit for 2024 was RMB 49,078 thousand, down from RMB 51,809 thousand in 2023, a decrease of 5.3%[27] - Basic earnings per share for 2024 were RMB 30,954 thousand, compared to RMB 39,567 thousand in 2023, indicating a decline of 21.8%[30] - Profit before tax was RMB 49.1 million, a decrease of 5.2% from RMB 51.8 million in 2023, mainly attributed to a reduction in gross profit[57] - Net profit for the period was RMB 30.9 million, down 16.9% from RMB 37.2 million in 2023[59] Assets and Liabilities - The company’s non-current assets totaled RMB 892.793 million as of December 31, 2024, down from RMB 1,224.634 million in the previous year[7] - The total liabilities decreased from RMB 1,775.864 million in 2023 to RMB 1,745.959 million in 2024, a reduction of 1.7%[8] - The company’s total equity increased to RMB 735.486 million as of December 31, 2024, compared to RMB 711.572 million in the previous year, reflecting a growth of 3.3%[8] - Trade receivables decreased to RMB 653,854 thousand in 2024 from RMB 726,788 thousand in 2023, a reduction of 10%[30] - Total bank loans and other borrowings due within one year amounted to RMB 903.5 million, up from RMB 887.5 million in 2023, representing an increase of 1.2%[35] - Total bank and other borrowings decreased to RMB 903.5 million from RMB 1,329.8 million in 2023, resulting in a debt-to-asset ratio of 34.6% compared to 44.1% in 2023[62][63] Revenue Sources - Revenue from offline channels was RMB 1,441,185,000, while online channels generated RMB 819,633,000 for 2024[14] - The revenue from external customers in mainland China decreased to RMB 2,269,760,000 in 2024 from RMB 2,329,049,000 in 2023, indicating a decline of 2.55%[16] - Self-operated store sales decreased by 1.6% or RMB 14.9 million to RMB 912.5 million, primarily due to macroeconomic factors[41] - Partner store sales decreased by 41.3% or RMB 55.4 million to RMB 78.7 million, mainly due to the termination of the gxg.kids business and a reduction in the number of partner stores[41] - Online channel sales decreased by 1.8% or RMB 14.7 million to RMB 819.6 million, attributed to product structure adjustments and a focus on maintaining brand pricing strategies[41] Expenses - The company’s total sales and distribution expenses were RMB 934,095,000 for 2024, compared to RMB 920,769,000 in 2023[14] - The company’s administrative expenses were RMB 210,457,000 in 2024, slightly up from RMB 207,434,000 in 2023[14] - Selling and distribution expenses increased by 1.4% or RMB 13.3 million to RMB 934.1 million, with the percentage of total revenue rising from 39.5% in 2023 to 41.2% in 2024[51] - Administrative expenses increased by 1.5% or RMB 3.1 million to RMB 210.5 million, primarily due to increased R&D spending and one-time costs related to warehouse relocation[52] - Total employee costs were RMB 84.9 million, down from RMB 100.0 million in 2023, representing 3.7% of total revenue compared to 4.3% in 2023[71] Strategic Initiatives - The company plans to enhance product development by introducing a professional design team to capture market trends and improve product quality[4] - The company plans to enhance product design and brand promotion to improve brand awareness and influence[37] - The company aims to strengthen supply chain management to ensure quality control from design to production[37] Cash Flow and Investments - Operating cash inflow was RMB 171.7 million, a decrease of RMB 126.1 million from RMB 297.8 million in 2023, with inventory turnover days improving by 7 days[60] - Capital expenditures increased by 54.8% to RMB 132.8 million from RMB 85.8 million in 2023, mainly due to increased construction and renovation costs of the headquarters[61] - No significant investments or acquisitions were made during the period, and the company continues to seek new business development opportunities[66] Dividend and Shareholder Information - The company did not recommend any final dividend for the year, consistent with 2023[28] - The company did not recommend any final dividend for the year ending December 31, 2024[72] - The annual report for the year ending December 31, 2024, will be sent to shareholders and published on the stock exchange and the company's website[79] Audit and Compliance - The audit committee, consisting of three independent non-executive directors, oversees the company's financial reporting and internal control systems[77] - The financial information for the year ending December 31, 2024, has been reviewed by the audit committee and complies with applicable accounting principles and regulations[78]

GXG INTERIM REPORT 2024 中期報告 KEEP GAP \ GRANT DIFFERENCE Mulsanne Group Holding Limited 慕尚集團控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） Stock Code: 1817 股份代號 : 1817 | --- | --- | --- | --- | --- | --- | --- | |-------|-------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | 2024 | | | | | | | | INTERIM REPORT 中期報告 | | | | | | | | | | | | | | Contents 目錄 2 Corporate Introduction 公司介紹 3 Corporate Information 公司資料 5 Managemen ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Mulsanne Group Holding Limited 慕尚集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1817） 截至2024年6月30日止六個月之中期業績公告 | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 財務摘要 | | • | 截至 2024 年 6 月 30 日止六個月的總收入為人民幣 1, ...

Better Me … 公司介紹 Grand Cayman, KY1-1111 Cayman Islands 主席報告書 業務概覽及展望 改革組織架構及業務模式，深化線上及線下銷 售渠道融合，提高營運效率，促使本集團更快 地對市場作出反應；及 管理層討論與分析 於本期間，本集團的主品牌GXG的銷售收入較2022年增加9.2%或人民幣 169.6百萬元。有關增加乃主要由於客戶的線下消費復甦，加上線下零售渠 道的營運效率提高及成功實行本集團的品牌推銷舉措。 於本期間，gxg.kids的銷售收入較2022年減少55.3%或人民幣110.3百萬元。有關減少乃主要由於gxg.kids的業務規模 因戰略調整，以著重發展本集團主品牌GXG而有所縮減。 於本期間，合夥店的銷售收入較2022年減少11.0%或人民幣16.5百萬元至人民幣134.1百萬元，主要由於本期間品牌 戰略調整，出售更多折扣較高的小品牌舊庫存。 管理層討論與分析 | --- | --- | --- | --- | --- | |--------|----------------------|-----------------|--------------- ...

Financial Performance - The pre-tax profit for the period was RMB 51.8 million, an increase of 139.8% or RMB 30.2 million compared to RMB 21.6 million in 2022, primarily due to increased gross profit[9] - The net profit for the period was RMB 37.2 million, representing a 295.7% increase or RMB 27.8 million from RMB 9.4 million in 2022[12] - Total revenue for the year ended December 31, 2023, was RMB 2,329.0 million, a slight increase of 0.1% or RMB 2.7 million compared to RMB 2,326.3 million for the year ended December 31, 2022[54] - The total gross profit for the period was RMB 1,212.2 million, an increase of 6.5% or RMB 74.3 million compared to RMB 1,137.9 million in 2022, with a gross margin rising to 52.0% from 48.9%[38] - The company's profit before tax for 2023 was RMB 51,809,000, an increase of 139.8% compared to RMB 21,630,000 in 2022[81] Revenue Breakdown - Revenue from offline sales channel was RMB 1,485.8 million, online sales channel was RMB 834.3 million, and other sales amounted to RMB 9.0 million, totaling RMB 2,329.0 million[68] - The main brand GXG saw a revenue increase of 9.2% or RMB 169.6 million compared to 2022, driven by a recovery in offline consumer spending[120] - Revenue from gxg.kids decreased by 55.3% or RMB 110.3 million due to strategic adjustments focusing on the main brand GXG[121] - Online channel sales revenue decreased by 19.5% or RMB 201.9 million to RMB 834.3 million, primarily due to negative impacts on the overall e-commerce industry and a reduction in the scale of small brand operations[124] - Sales revenue from partner stores decreased by 11.0% or RMB 16.5 million to RMB 134.1 million, mainly due to brand strategy adjustments and the sale of higher discount older inventory[123] Cost Management - The total cost of goods sold decreased to RMB 1,142,806,000 in 2023 from RMB 1,206,962,000 in 2022, reflecting a reduction of approximately 5.3%[6] - Selling and distribution expenses increased by 4.2% or RMB 37.3 million to RMB 920.8 million, accounting for 39.5% of total revenue, up from 38.0% in 2022[28] - Employee benefits expenses, excluding directors and key management personnel, totaled RMB 101,849,000 in 2023, down from RMB 131,902,000 in 2022, a reduction of about 22.8%[6] - The company reduced its total employee costs to RMB 100.0 million in 2023, down from RMB 132.6 million in 2022, representing 4.3% of total revenue[171] Asset and Liability Management - The debt-to-asset ratio improved to 44.1% as of December 31, 2023, down from 50.3% in 2022, mainly due to reduced pledged borrowings[17] - Non-current liabilities decreased from RMB 716.2 million in 2022 to RMB 526.8 million in 2023, with interest-bearing bank and other borrowings reducing from RMB 588.2 million to RMB 442.4 million[61] - The company's total liabilities decreased to RMB 1,329,811,000 in 2023 from RMB 1,772,240,000 in 2022, a reduction of approximately 25.0%[86] - Total assets less current liabilities amounted to RMB 1,238.4 million as of December 31, 2023, down from RMB 1,404.7 million as of December 31, 2022[61] Store Operations - The number of offline stores decreased from 1,122 as of December 31, 2022, to 1,022 as of December 31, 2023, due to the closure of underperforming stores[7] - The total number of stores decreased from 1,122 at the end of 2022 to 1,022 by December 31, 2023, as part of a strategy to improve store efficiency[36] - The sales revenue of gxg jeans decreased by 17.1% or RMB 37.4 million, mainly due to a reduction in the number of stores to enhance efficiency[141] Strategic Initiatives - The company did not engage in any significant investments or acquisitions during the period and continues to seek new business development opportunities[19] - The company aims to enhance operational efficiency by reforming its organizational structure and business model, integrating online and offline sales channels[139] - The group aims to enhance gross margins by strengthening omnichannel management and leveraging new retail technologies[116] Governance and Compliance - The company aims to continue reviewing and monitoring its corporate governance practices to ensure compliance with the corporate governance code[155] - The audit committee has been established and consists of three independent non-executive directors, with Mr. Gu Jiong as the chairman, responsible for reviewing the company's financial information and overseeing the financial reporting system, risk management, and internal control systems[175] Miscellaneous - The company did not have any single customer contributing 10% or more to total revenue during the year[70] - The company will not declare any final dividend for the year ending December 31, 2023[155] - The company has not proposed any final dividend for the year, consistent with 2022[81] - The annual report for the fiscal year ending December 31, 2023, will be sent to shareholders in a timely manner and will be published on the stock exchange and the company's website[176]

Revenue and Profit Performance - Revenue for the first half of 2023 reached RMB 1,085,343 thousand, a 3.5% increase compared to RMB 1,048,628 thousand in the same period of 2022[1] - Net profit attributable to owners of the parent company surged to RMB 29,899 thousand, a significant increase from RMB 5,754 thousand in the first half of 2022[1] - The company reported a net profit of RMB 29,899 thousand for the six months ended June 30, 2023, compared to a net profit of RMB 5,754 thousand for the same period in 2022[18][19] - Pre-tax profit increased by RMB 13.8 million to RMB 30.6 million, driven by higher gross profit[53] - Net profit for the period increased by RMB 23.5 million to RMB 27.7 million[55] - The company's pre-tax profit for the six months ended June 30, 2023, was RMB 30,569 thousand[135] - Basic earnings per share for the six months ended June 30, 2023, were calculated based on a profit attributable to ordinary shareholders of RMB 29,899 thousand and 912,500,000 ordinary shares issued[163] Gross Profit and Margin - Gross profit increased by 7.7% to RMB 577,711 thousand, with gross margin rising from 51.2% to 53.2%[11] - GXG brand's gross profit increased by 16.0% to RMB 520,955 thousand, with gross margin improving by 2.6 percentage points to 56.5%[14] - Mode Commuter's gross profit surged by 61.3% to RMB 9,963 thousand, with gross margin increasing by 12.8 percentage points to 53.8%[15] - gxg.kids' gross profit decreased by 83.9% to RMB 6,132 thousand, with gross margin dropping by 32.1 percentage points to 10.9%[15] - The gross profit from self-operated stores increased by RMB 73.9 million or 29.4% year-over-year to RMB 325,478 thousand, with a gross margin increase of 4.2 percentage points to 73.4%[26] - The gross profit from online channels decreased to RMB 156,670 thousand with a gross margin of 36.7%, compared to RMB 194,950 thousand and a gross margin of 41.0% in the same period of 2022[26] - The total gross profit for the six months ended June 30, 2023, was RMB 577,711 thousand, with a gross margin of 53.2%, compared to RMB 536,486 thousand and a gross margin of 51.2% in the same period of 2022[26] - Partnership stores' gross profit decreased by RMB 10.6 million or 30.8% YoY, with gross margin dropping 11.2 percentage points to 29.8% due to subsidies and product supply adjustments[27] - Distributor stores' gross profit increased by RMB 16.7 million or 30.8% YoY, with gross margin rising 8.5 percentage points to 53.9% due to reduced product costs[27] - Online channel gross profit decreased by RMB 38.3 million or 19.6% YoY to RMB 156.7 million, with gross margin dropping 4.3 percentage points to 36.7% due to increased sales of discounted seasonal products[27] Store Performance and Optimization - The number of offline stores decreased from 1,122 at the end of 2022 to 1,047 as of June 30, 2023, due to store network optimization[10] - Partner stores experienced a 15.1% decrease in number, dropping from 184 to 158 stores[98] - The total number of stores decreased from 1,122 to 1,047, with self-operated stores making up 35.5% of the total[98] - The total number of offline stores decreased from 1,122 at the end of 2022 to 1,047 as of June 30, 2023, as the company adjusted brand positioning and marketing strategies to improve store efficiency[119] - The company's self-operated stores saw a 22.0% increase in sales, reaching RMB 443.6 million, compared to the same period in 2022[106] - The company's offline channel sales increased, with self-operated stores contributing 40.8% of total revenue[106] - Partnership store sales decreased by 4.8% or RMB 4.0 million to RMB 79.9 million compared to the same period in 2022, mainly due to subsidies provided to partners[107] Online Channel Performance - The company's online channel sales accounted for 39.3% of total revenue, amounting to RMB 426.8 million[106] - Online channel sales decreased by 10.2% or RMB 48.5 million to RMB 426.8 million compared to the same period in 2022, primarily due to the reduction of non-core brand business scale in online channels[107] - The company's income from online channel sales of clothing products for the six months ended June 30, 2023, was RMB 426,767 thousand, compared to RMB 475,318 thousand for the same period in 2022[149] Financial Position and Cash Flow - Total assets decreased to RMB 1,476,636 thousand as of June 30, 2023, compared to RMB 1,404,673 thousand at the end of 2022[6] - Total liabilities decreased to RMB 785,334 thousand as of June 30, 2023, from RMB 716,195 thousand at the end of 2022[8] - The company's cash and cash equivalents stood at RMB 220,912 thousand as of June 30, 2023, compared to RMB 252,194 thousand at the end of 2022[6] - The company's total equity as of June 30, 2023, was RMB 691,302 thousand, compared to RMB 712,953 thousand as of June 30, 2022[18][19] - The company's cash and cash equivalents decreased by RMB 31,582 thousand to RMB 220,912 thousand as of June 30, 2023, from RMB 252,194 thousand at the beginning of the period[24] - The company's operating cash flow for the six months ended June 30, 2023, was a net outflow of RMB 33,282 thousand, compared to a net outflow of RMB 347,176 thousand in the same period of 2022[22] - The company's net cash used in investing activities was RMB 58,209 thousand for the six months ended June 30, 2023, compared to RMB 95,482 thousand in the same period of 2022[24] - The company's net cash from financing activities was RMB 59,909 thousand for the six months ended June 30, 2023, compared to RMB 298,278 thousand in the same period of 2022[24] - Net operating cash outflow was RMB 33.3 million, a decrease of RMB 313.9 million from the same period in 2022, mainly due to reduced inventory[57] - Cash and cash equivalents decreased by 21.0% or RMB 290.7 million to RMB 1,095.1 million[59] - Asset-liability ratio increased to 53.0% from 50.3%, mainly due to seasonal borrowing for prepayment of winter goods[60] Expenses and Costs - Sales and distribution expenses increased by 5.1% or RMB 21.5 million YoY to RMB 439.3 million, primarily due to increased advertising costs[35] - Administrative expenses increased by 4.8% or RMB 4.9 million YoY to RMB 106.4 million, mainly due to higher professional service costs[37] - Financial assets impairment loss net amount was RMB 4.9 million, compared to a reversal of RMB 12.6 million in the same period of 2022, mainly due to increased trade receivables from some customers and higher expected credit loss rates[50] - Other expenses increased by 45.2% or RMB 1.9 million to RMB 6.1 million, primarily due to higher decoration costs from closed stores[51] - Financial costs increased by 5.3% or RMB 1.6 million to RMB 31.7 million, mainly due to higher bank loan interest[52] - Income tax expenses decreased by RMB 9.7 million to RMB 2.9 million[54] - The company's total financial costs for the six months ended June 30, 2023, were RMB 31,675 thousand, including bank and other borrowing interest of RMB 31,783 thousand and lease liability interest of RMB 3,216 thousand[153] - The company's total tax expense for the six months ended June 30, 2023, was RMB 2,904 thousand, compared to RMB 12,636 thousand for the same period in 2022[156] Strategic Initiatives and Future Plans - The company plans to use the remaining RMB 19.8 million of IPO proceeds within the next 18 months for strategic purposes[47] - The company aims to enhance its leading position in the fashion industry through innovative marketing, retail technology, and optimized store management[38] - The company's integrated omni-channel business model leverages both online and offline advantages to enhance inventory and supply chain management[90] - The company's restricted stock unit plan aims to incentivize and retain skilled personnel for future development and expansion[86] - The company's restricted stock unit plan has a remaining term of approximately 5 years and 10 months as of June 30, 2023[96] Corporate Governance and Compliance - The company has applied the principles of the Corporate Governance Code and complied with all applicable code provisions to maintain high standards of corporate governance[110] - The Audit Committee reviewed the unaudited interim results for the six months ended June 30, 2023, and confirmed compliance with applicable accounting principles, standards, and regulations[113] - The company has adopted the Model Code for Securities Transactions by Directors and confirmed that all directors have complied with the code's provisions during the period[111] - The company did not purchase, sell, or redeem any of its listed securities during the period[112] - The company has applied the amendments to IAS 1, which require the disclosure of material accounting policy information, effective from January 1, 2023, and expects it to impact the annual financial statements[131] Shareholding and Ownership - The company has 950,000,000 issued ordinary shares as of June 30, 2023[78] - Great World Glory Pte. Ltd. holds a 38.27% beneficial ownership stake with 363,579,785 shares[80] - L Capital Asia 2 Pte. Ltd. and related entities collectively hold a 38.27% controlled interest with 363,579,785 shares[80] - Crescent Glory Singapore Pte. Ltd. holds a 14.15% beneficial ownership stake with 134,474,715 shares[80] - GXG Trading Limited holds a 22.50% beneficial ownership stake with 213,750,000 shares[80] - Yu Yong holds 2,000,000 restricted stock units, equivalent to shares held in trust[77] - Madison International Limited controls 22.50% of the company's shares through GXG Trading Limited[80] Asset and Liability Details - Inventory decreased to RMB 556,644 thousand as of June 30, 2023, compared to RMB 683,493 thousand at the end of 2022, with finished goods accounting for the majority at RMB 546,749 thousand[173] - Trade receivables decreased to RMB 703,057 thousand as of June 30, 2023, from RMB 755,334 thousand at the end of 2022, with a significant portion (56.7%) aged over 2 years[169] - Trade payables and notes payable decreased to RMB 279,100 thousand as of June 30, 2023, from RMB 439,366 thousand at the end of 2022, with a significant portion (30.2%) aged over 2 years[184] - Property, plant, and equipment increased to RMB 337,183 thousand as of June 30, 2023, from RMB 311,239 thousand at the end of 2022, with additions of RMB 58,476 thousand during the period[165] - Intangible assets decreased to RMB 35,782 thousand as of June 30, 2023, from RMB 38,591 thousand at the end of 2022, with amortization of RMB 2,669 thousand during the period[172] - Other receivables and prepayments decreased to RMB 340,679 thousand as of June 30, 2023, from RMB 389,733 thousand at the end of 2022, with a significant portion (79.7%) related to other receivables[176] - The company's credit terms with customers (excluding retail customers) generally range from one to three months, with some extending up to one year[174] - The company has no collateral or credit enhancements for its trade receivables, which are non-interest bearing[174] - The company's trade payables are non-interest bearing and generally settled within 120 days[191] - Total interest-bearing bank and other borrowings decreased to RMB 1,602,137 thousand as of June 30, 2023, compared to RMB 1,772,240 thousand as of December 31, 2022[195] - Bank loans of USD 29,600,000 are secured by fixed deposits amounting to RMB 231,216,000 as of June 30, 2023, down from RMB 236,832,000 as of December 31, 2022[195] - Discounted letters of credit decreased to RMB 87,981,000 as of June 30, 2023, from RMB 100,000,000 as of December 31, 2022, secured by fixed deposits of RMB 28,895,000[196] - Other payables decreased to RMB 185,052 thousand as of June 30, 2023, from RMB 203,789 thousand as of December 31, 2022[198] - Short-term secured bank loans with a five-year loan base rate amounted to RMB 25,805 thousand as of June 30, 2023, up from RMB 22,450 thousand as of December 31, 2022[200] - Secured bank loans with a three-month LIBOR plus 1.14% rate amounted to RMB 21,655 thousand as of June 30, 2023[200] - Secured bank loans with a rate of -3.40% decreased to RMB 193,086 thousand as of June 30, 2023, from RMB 387,194 thousand as of December 31, 2022[200] - Discounted bills receivable secured decreased to RMB 127,980 thousand as of June 30, 2023, from RMB 215,980 thousand as of December 31, 2022[200] - Unsecured bank loans decreased to RMB 160,000 thousand as of June 30, 2023, from RMB 262,841 thousand as of December 31, 2022[200] - Non-current secured bank loans with a three-month LIBOR plus 1.14% rate amounted to RMB 181,801 thousand as of June 30, 2023, down from RMB 185,573 thousand as of December 31, 2022[200] Other Income and Gains - Other income and gains increased by 93.0% or RMB 19.9 million YoY to RMB 41.3 million, driven by higher investment income from fixed deposits and foreign exchange gains[28] - The company's other income and gains for the six months ended June 30, 2023, totaled RMB 41,266 thousand, including foreign exchange gains, government grants, and bank interest income[147] Sales Revenue by Brand - GXG Jeans sales revenue decreased by 13.2% or RMB 13.2 million YoY due to store optimization efforts[43] - The company's main brand GXG sales revenue increased by 10.6% or RMB 88.1 million compared to the same period in 2022, driven by the recovery of offline consumer spending and improved operational efficiency in offline retail channels[115] - gxg.kids sales revenue decreased by 36.4% or RMB 32.2 million due to the company's reduction in business scale[104] - Mode Commuter sales revenue increased by 22.5% or RMB 3.4 million, driven by improved management and optimized product offerings[104] Dividend and Financial Statements - The company did not recommend the payment of any interim dividend for the period[108] - The company did not declare any interim dividend for the six months ended June 30, 2023[157] - The company's income from external customers for the six months ended June 30, 2023, was RMB 1,085,343 thousand, with RMB 1,084,959 thousand from goods transferred at a point in time and RMB 384 thousand from services transferred at a point in time[147] - Total revenue for the six months ended June 30, 2023, was RMB 1,085,343 thousand, with offline channels contributing RMB 655,126 thousand and online channels contributing RMB 426,767 thousand[135] Non-Current Assets and Liabilities - Non-current assets in Mainland China decreased from RMB 565,877 thousand as of December 31, 2022, to RMB 522,893 thousand as of June 30, 2023[145] - Capital expenditures decreased by 38.4% or RMB 36.8 million to RMB 59.0 million, primarily due to lower decoration costs for the headquarters office[58]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Mulsanne Group Holding Limited 慕尚集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1817） 截至2023年6月30日止六個月之中期業績公告 財務摘要 • 截至2023年6月30日止六個月的總收入為人民幣1,085.3百萬元，較2022年 同期的人民幣1,048.6百萬元增加3.5%或人民幣36.7百萬元。 • 截至2023年6月30日止六個月的淨溢利為人民幣27.7百萬元，較2022年同 期人民幣4.2百萬元增加人民幣23.5百萬元。 • 由於(i)客戶的線下消費復甦，加上線下零售渠道的營運效率提高，(ii)成功 實行本集團的品牌推銷舉措，及(iii)零售折扣率及產品成本得到良好控制， 本集團截至2023年6月30日止六個月實現收入及淨溢利較2022年同期雙增 長。 慕尚集團控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司 ...