Shanshan Brand Management delivered a QQ1 2025 performance characterized by a notable year-on-year and sequential revenue decline, alongside a largely stable gross margin and a modest improvement in operating profitability on a per-quarter basis. Revenue reached 212,606,521 CNY in Q1 2025, down 10.6% year-over-year and 19.9% quarter-over-quarter, while gross profit was 89,533,679 CNY, yielding a gross margin of 42.11%. EBITDA stood at 12,949,137 CNY with an operating income of 8,094,291 CNY and net income of 6,034,158 CNY, translating to net margin of 2.84% and earnings per share of 0.0452 CNY. The quarter benefited from robust gross margin despite top-line weakness, with SG&A outlays (selling and marketing 73,798,472 CNY plus G&A 9,359,595 CNY) representing a meaningful portion of revenue and driving some of the near-term softness in operating leverage. Management’s commentary around brand strength, omni-channel investments, and cost discipline underpins the 1Q25 profit trajectory, though there remains elevated sensitivity to consumer demand in China's apparel market. Looking ahead, the company faces a cautious near-term backdrop but retains a path to margin resilience through mix optimization, channel optimization, and disciplined cost control. Investors should monitor revenue trends, SG&A as a percentage of sales, and any incremental improvements in online/offline channel profitability as catalysts for a potential re-acceleration.