Mulsanne Group reported interim net profit of RMB 21.81 million for the six months ended 30 June 2026, a 144.9% increase from RMB 8.87 million in the prior-year period. Basic earnings per share rose to RMB 2.39 cents from RMB 0.97 cents.

Revenue slipped 2.1% year on year to RMB 948.69 million, reflecting softer online sales. Despite the top-line decline, gross profit climbed 3.7% to RMB 537.00 million, driven by lower discounting, product-mix optimisation and stronger performance in directly operated stores. Gross margin widened 3.2 percentage points to 56.6%.

Channel performance • Offline revenue was stable at RMB 608.19 million. Self-owned stores grew 6.9% to RMB 479.53 million, while distributor stores fell 24.2% to RMB 96.66 million. • Online revenue fell 5.6% to RMB 337.85 million after tighter promotional policies enhanced profitability; online gross margin improved 0.9 percentage point to 36.2%.

Brand performance • Flagship brand “GXG” contributed 93.2% of sales, down 1.4% year on year to RMB 884.75 million; gross margin expanded 3.1 points to 57.3%. • “gxg jeans” revenue declined 18.9% to RMB 39.60 million; gross margin eased to 39.0%. • “Mode Commuter” revenue increased 22.5% to RMB 23.45 million; gross margin improved to 61.4%.

Store network The total number of brick-and-mortar outlets fell to 854 from 926 at end-2025 after strategic closure of underperforming stores. Self-owned, partnership and distributor stores stood at 370, 68 and 416 respectively.

Expense and profit profile Selling and distribution expenses were broadly flat at RMB 416.69 million, while administrative expenses rose 9.2% to RMB 90.97 million due to higher HQ depreciation. Finance costs dropped 60.2% to RMB 6.38 million following reduced borrowings and expense control. Pre-tax profit doubled to RMB 26.71 million.

Cash flow and balance sheet Operating activities generated RMB 85.65 million in net cash, a reversal from a RMB 61.61 million outflow a year earlier, aided by tighter receivables collection and optimised procurement settlements. Capital expenditure decreased 43.7% to RMB 30.70 million.

At 30 June 2026, cash and cash equivalents stood at RMB 110.48 million and pledged deposits at RMB 129.71 million, together up 17.9% from year-end 2025. Interest-bearing borrowings remained stable at RMB 411.53 million, all short-term; the gearing ratio was 21.8%. Net assets were RMB 790.46 million.

Outlook and strategy Management signalled confidence in China’s fashion market and plans to: 1) sharpen product design and brand marketing, 2) expand new brands and grow their sales mix, 3) continue product-mix and channel optimisation to lift margins, and 4) deploy AI tools to enhance operational efficiency.

No interim dividend was declared. The company reported no material post-period events or contingent liabilities. As of 30 June 2026, headcount stood at 386 employees.