1. China Stocks

  2. •

    Retail trade

  3. •

    Apparel/Footwear retail
Mulsanne Group Holding Limited

Mulsanne Group Holding Limited

HHKEX:1817
0.54
HKD
-0.08
(-13.60%)
281.52MMarket Cap
Mulsanne Group Holding Limited
HKEX:1817
(Hong Kong Exchange)

Recent

price

0.54

P/E

ratio

- -

div

yld

- -

ROIC.AI

2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
CNY
3.18
3.7
3.99
4.28
3.14
2.95
2.55
2.55
2.49
2.25
- -
Revenue per Share
0.29
0.4
0.4
0.24
-0.33
-0.1
0.01
0.04
0.03
0.03
- -
Basic EPS, GAAP
-0.01
0.3
0.07
-0.1
0.12
0.01
0.13
0.23
0.04
0.26
- -
Free Cash Flow per Basic Share
- -
0.81
- -
- -
- -
- -
- -
- -
- -
- -
- -
Dividend per Share
0.75
-0.24
0.1
1.09
0.86
0.77
0.74
0.77
0.8
0.83
0.83
Book Value per Share
0.74
-0.25
0.09
1.08
0.83
0.73
0.7
0.71
0.75
0.79
0.79
Tangible Book Value per Share
950
950
950
869
913
913
913
913
913
913
931
Basic Weighted Avg Shares
3,018
3,510
3,787
3,721
2,861
2,695
2,326
2,329
2,270
2,056
- -
Sales/Revenue/Turnover
19.65
17.38
15.39
12.38
1.2
7.42
2.97
4.21
3.13
3.4
- -
Operating Margin (%)
56
94
116
262
231
185
208
180
189
192
- -
Depreciation Expense
275
381
380
210
-301
-90
12
40
31
32
- -
Net Income, GAAP
30.29
28.19
26.23
35.52
- -
- -
56.77
28.11
36.99
24.37
- -
Effective Tax Rate (%)
9.11
10.87
10.04
5.63
-10.53
-3.33
0.53
1.7
1.36
1.54
- -
Profit Margin (%)
698
802
998
1,598
1,136
185
84
14
-28
-27
-27
Working Capital
- -
1,321
1,205
1,108
884
216
677
490
110
63
63
LT Debt
1,007
-230
98
1,036
815
740
688
712
735
769
769
Total Equity
- -
30.9
25.83
12.35
- -
- -
1.37
3.25
3.2
4.41
- -
Return on Invested Capital (%)
- -
29.42
31.31
13.4
- -
- -
1.82
3.76
3.22
3.21
- -
Return on Capital (%)
- -
- -
- -
36.83
-32.53
-11.59
1.75
5.67
4.28
4.2
- -
Return on Common Equity (%)

Capital Structure

CNY

•

in mil. unless spec.
Dec'24
Jun'25
Dec'25
ST Debt
1,006
1,031
512
LT Borrowings
- -
- -
- -
LT Finance Leases
110
110
63
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
923
923
923
Market Capitalization
381
346
253

Working Capital

CNY

•

in mil. unless spec.
Dec'24
Jun'25
Dec'25
Total Current Assets
1,718
1,474
1,091
Cash, Cash Equivalents & STI
187
523
183
Accounts Receivable, Net
252
161
237
Inventories
590
492
462
Total Current Liabilities
1,746
1,470
1,117
Payables & Accruals
- -
- -
- -
ST Debt
1,006
1,031
512
Deferred Revenue
- -
- -
- -

Growth Rates

CNY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
-0.97%
4.58%
Free Cash Flow
- -
364.18%
499.34%
Net Income, GAAP
- -
2.93%
2.16%
Sales/Revenue/Turnover
- -
-6.27%
-9.42%
Total Cash Common Dividend
- -
- -
- -

Semi-annual Revenue

CNY

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
2,329
2024
- -
- -
2,270
2025
- -
- -
2,056

Semi-annual Earnings Per Share

CNY

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
0.04
2024
- -
- -
0.03
2025
- -
- -
0.03

Semi-annual Dividends Per Share

CNY

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
- -
2024
- -
- -
- -
2025
- -
- -
- -
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Business
Mulsanne Group Holding Limited (1817.HK) is an investment holding company principally engaged in the design, marketing, and sale of men's apparel products in Mainland China and Macau. The company offers a range of menswear under its core brands including GXG, gxg jeans, gxg.kids, Mode Commuter, and Yatlas; products encompass casual wear, jeans, sportswear, and children's apparel, distributed through offline channels comprising self-owned stores, partnership stores, and distributor networks, as well as online platforms such as Tmall.com, Taobao, Vipshop, TikTok, and WeChat Mini Programs; it also sells ancillary items like store decorations and packaging materials to partners and distributors, and provides consultation and equity investment services. Founded in 2007 and headquartered at No. 111 Shanshan Road, Wangchun Industrial Park, Ningbo, Zhejiang Province, People's Republic of China, the company operates primarily in the apparel retail industry, targeting male consumers across unisex and kids segments through an omni-channel model. In recent developments, the company has executed strategic brand adjustments, including terminating the gxg.kids business, closing underperforming stores, and reducing its total offline store count from 996 as of December 31, 2024, to 946 as of June 30, 2025, alongside declines in partnership and distributor store numbers to enhance operational efficiency. These shifts contributed to a 11.0% revenue decrease to RMB969.1 million for the six months ended June 30, 2025, driven by reduced online sales and brand-specific contractions, particularly in gxg jeans (down 38.2%) and online channels (down 17.5%), though self-owned GXG stores remained stable at RMB448.7 million. The company strengthened cost controls, lowering administrative expenses to 8.6% of revenue and finance costs to 1.7%, resulting in a 30.9% net profit increase to RMB8.9 million; no major acquisitions, funding rounds, or partnerships were reported in the last 1-2 years, with focus on supply chain optimization, product quality upgrades, and omni-channel integration.