On August 23, Mulsanne Group Holdings (01817.HK) announced its interim performance. In the first half of 2024, the total revenue of the group was RMB 1.088 billion, a YoY increase of 0.3%; the gross profit was RMB 0.583 billion, a YoY increase of 1.0%, and the gross margin slightly increased to 53.6%.
Due to (i) the successful implementation of the group's brand promotion initiatives, (ii) enhanced product research and development to provide consumers with a better product experience, and (iii) sales revenue growth of the group's main brand GXG by RMB 56.8 million or 6.2%, the group achieved double growth in revenue and gross profit for the six months ended June 30, 2024 compared to the same period in 2023.
Due to the successful implementation of the group's brand promotion initiatives and the increase in average sales of stores, self-operated store sales for the period increased by 2.9% or RMB 12.9 million to RMB 0.4565 billion compared to the same period in 2023, and distribution store sales for the period increased by 11.2% or RMB 14.7 million to RMB 0.1464 billion compared to the same period in 2023.