慕尚集团控股年报 2025

1 2 4 7 22 37 49 57 61 2007GXG2010gxg jeans2020MODECOMMUTER (8)(FCGHKFCG)(8)(ACGHKACG)(9) (1)(2)(3)(4) (8)(9) (5)(6) Cricket SquareHutchins DrivePO Box 2681Grand Cayman, KY1-1111Cayman Islands (5)(6) 628 (5)(6)(1)(4) 131 (5)(6)(7) (1)2025630(2)2026326(3)2026326(4)2025630(5)2026320(6)2026320(7)2025630(8)2025821(9)2025821 Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DrivePO Box 2681Grand Cayman, KY1-1111Cayman Islands 183171712-1716 1817 www.gxggroup.cn 2025 2025123120.563,162.42.3%51.0%2.773.0%GXG19.2793.7% 2025GXG4G X G58GXG1810ANDERSSON BELLSEAN SUEN11 WILD ANIMALS129 99692611.8%19.9%51.3% NEW PARK 3.201.4990.3541.1334.6%21.1% 2026 2025 202512312,056.020242,269.89.4%213.8gxg jeansgxg.kids GXG20247.3%151.7(i)(ii)(iii) gxg jeans202435.1%46.8 gxg.kids202458.1%7.9gxg.kids Mode Commuter202416.2%6.7 (i)3.7%34.2878.3(ii)27.4%21.657.1(iii)10.4%46.6403.4(iv)13.5%110.5709.1 202499620251231926 1,048.420241,199.012.6%150.651.0%202452.8% GXG2024114.110.2%GXG20241.751.9% gxg jeans202430.550.5%gxg jeans202410.734.6% 2024gxg.kids1.894.7%gxg.kids12.41.7%gxg.kids Mode Commuter20244.821.5%Mode Commuter20243.350.7% 20240.2%1.0202470.3%2.773.0% 20243.014.1%202427.0%5.132.1% 202411.96.1%202443.4%2.045.4% 2024134.539.6%202412.529.0% 22.9202444.448.4%21.5 2024934.111.8%109.8824.3202441.2%40.1% 2024210.519.9%41.9168.620249.3%20258.2% 0.220249.9 20246.462.5%4.010.4 202453.251.3%27.325.9 41.8202449.114.9%7.3 10.2202418.244.0%8.0 31.6202430.92.3%0.7 320.2260.679.32024171.7148.5 87.42024132.834.2%45.42025(i)(ii) 20251231411.320241231903.520252024123120251231411.320241231903.524 20251231203.82024591.965.6%388.120251231182.699.4%0.4%0.1%0.1%2025123121.3 2025123121.1%2024123134.6% 2019515 2025123115.0 2025123120241231 20251231 202512314042024123146790.2202484.94.4%20243.7% 4820188242001120024200252007260387720073 2014720125 702023320232L Catterton Asia20224Secoo Holding LimitedSECO202182246202251961 19791981 372026320192L Catterton AsiaL Catterton Management LimitedLCMLL Catterton Asia AdvisorsLCAALCMLL Capital Asia 2 Pte. Ltd.L Catterton Asia2016720192 2010620166 4020221016Ares Asia Private EquityAres AsiaAres AsiaCrescent Fund Management Pte. Ltd.CrescentPointCrescent Point 20086 35202312L Catterton AsiaLCMLLCAAL Capital Asia 2 Pte. Ltd.LCAAL Catterton AsiaLunar Capital 20137 38202562015320117201282012920131120131220152 20116 53201942025309532013920246CMCCMC201012013860063720044200912UTStarcom Holdings Corp.UTStarcom. Inc.UTSI2009121995720044 2018920231201732023768809920221120253244020201220255Vesync Co., Ltd.2148202557 16721318 19957 632023120081220123601789 200312 52202632619989201272023119993 202432025112025106 2025302163(i)202182025901870(ii)202222022602330(iii)20131020153AI0062820149201582016920219GEM0826020158201692021320222 (i)202512(ii)202112(iii)20224(iv)202310(v)20233(vi)202310(vii)20246(viii)20262(ix)202410 (i)20252202510(ii)20192202210A(iii)2014420203(iv)2013620195(v)20121020189(vi)2004920153 19951119966199911200411 13.51B(1) 5020109201482002720106201092016820169 19967 4820209202392320077200062002122003520068603877200792011620169 38GXGGXG201072012420148 20106 20251231 201511202019527 1 46715 46715 ••••• 1 2025123110.8%202410.3%4.5%20245.0% 2025123119.7%202425.8%4.3%20246.5% 202512315% 2025123155143 20251231 20251231 144 2025123124 2025123113 2025123126 28 20251231387.42024333.8 20251231 0.220240.2 2025630202632620263262025630 20263202026320 83(3) 84 3.13 1621 20251231404 89 20251231XVXV78352C3 (1)L (2)Madison International LimitedGXG Trading LimitedGXG Trading Limited(3)2,000,00020201229(4)20251231950,000,000 20251231XVXV78352 20251231336XV23 (1)L (2)L Capital Asia 2 Pte. Ltd.Great World Glory Pte. Ltd.L Capital Asia 2 Sing LPL Capital Asia 2 LPL Capital Asia2 Pte. Ltd.L Capital Asia 2 Sing GP Pte. Ltd.L Capital Asia 2 GPL Capital Asia 2 Sing LPL Capital Asia 2 LPL Catterton Asia AdvisorsL Capital Asia 2 Sing GP Pte. Ltd.L Capital Asia 2 GPL Catterton AsiaHoldings LimitedL Catterton Asia AdvisorsL Catterton Management LimitedL Catterton Asia Holdings LimitedCatterton Holdings, LLCL Catterton Management LimitedL Catterton, L.P.Catterton Holdings,LLCL Catterton GP, LLCL Catterton, L.P.J. Michael ChuScott A. DahnkeLCatterton GP, LLCJ. Michael ChuScott A. Dahnke(3)Crescent Capital Investments Ltd.Crescent Glory Singapore Pte. Ltd.Crescent GP Ltd.Crescent CapitalInvestments Ltd.David McKee HandCrescent GP Ltd.DavidMcKee Hand(4)Madison International LimitedGXG Trading LimitedGXG Trading Limited(5)20251231950,000,000 20251231336XV23 2019426 2019527 (i)(ii) 121%17 The Core TrustCompany Limited D.2025112025123127,000,0002.84%202512311010,500,0001.1% 27 20201229 2025630201959(i)(ii) 13.2013.2113.22 202511202562914A.07(2) 14A 1. 202527,0002025112025831 3,521,016 162025 20241220 2. 20234320251231 20251231100.02025123122.2 202343 14A.55 (a)(b)(c) 14A.563000740 31(