Core Insights - The event "I am a Shareholder - Visiting Youngor" was organized by Huatai Securities and Youngor on January 9, 2026, to enhance investors' understanding of the company's investment value and promote shareholder awareness and value investment concepts [1][9] - Nearly 30 investors participated in the event, which included a visit to Youngor's smart factory and discussions on the company's business development and financial performance [1][5] Company Overview - Youngor Fashion Co., Ltd. was listed on the Shanghai Stock Exchange on November 19, 1998, and aims to build an international brand while establishing itself as a leading player in the high-end apparel industry [8][15] - The company's brand value is reported at 40.589 billion yuan, with its main brand "Youngor" maintaining a dominant position in the domestic men's clothing sector [15] Factory Visit and Technology - Investors toured Youngor's smart factory, where they learned about the company's development history, industry layout, sales dynamics, core products, and technologies [3][11] - The factory features an automated hanging conveyor system that enhances production efficiency and product quality, along with a visualization electronic screen that updates production progress in real-time [3][11] Investor Engagement and Financial Insights - After the factory visit, a face-to-face discussion was held where Youngor's board secretary and securities representative shared business development updates and financial data for the first three quarters of 2025 [5][13] - Huatai Securities' consumer industry researcher provided insights into the overall development of the textile and apparel industry, analyzing market factors and opportunities for 2026 [5][13] Future Initiatives - Huatai Securities will continue to conduct the "I am a Shareholder - Visiting Listed Companies in Shanghai" series to help investors understand companies and industries better, promoting rational, long-term, and value investment concepts [8][15]

Group 1 - The company approved a share repurchase plan on August 28, 2025, intending to use between RMB 500 million and RMB 960 million for repurchasing its A-shares at a maximum price of RMB 8 per share, with a duration of up to 12 months [2] - The maximum repurchase price was adjusted to RMB 7.92 per share after the first quarter dividend distribution on September 12, 2025 [2] - Following the semi-annual dividend distribution on December 4, 2025, the maximum repurchase price was further adjusted to RMB 7.84 per share [3] Group 2 - The company initiated its first share repurchase on September 17, 2025, and completed the repurchase on January 9, 2026, acquiring a total of 119,999,969 shares, which represents 2.60% of the total share capital [4] - The repurchase was conducted at a maximum price of RMB 7.81 per share, a minimum price of RMB 7.28 per share, and an average price of RMB 7.49 per share, with a total expenditure of approximately RMB 898.21 million [4] - The funds used for the repurchase were sourced from the company's own funds and a bank-specific repurchase loan, and the repurchase will not significantly impact the company's operations, finances, or future development [4] Group 3 - The company disclosed that there were no stock trading activities by its actual controllers, major shareholders, directors, or senior management from the announcement of the repurchase plan until the day before this announcement [5] - The repurchased shares will be stored in a dedicated repurchase account and are intended for employee stock ownership plans or equity incentives, with no rights to profit distribution or voting [6] - If the repurchased shares are not fully utilized within three years, the unutilized shares will be canceled, and the company will fulfill its disclosure obligations accordingly [6]

Group 1 - The company, 雅戈尔, announced the completion of a share buyback on January 9, 2026, having repurchased approximately 120 million shares, which represents 2.6% of the total share capital [1] - The highest price for the repurchased shares was 7.81 yuan per share, while the lowest price was 7.28 yuan per share, with an average repurchase price of 7.49 yuan per share [1] - The total amount of funds used for the buyback was approximately 899 million yuan [1]

Group 1 - The company, Youngor (600177.SH), completed a share buyback on January 9, 2026, repurchasing 120 million shares, which represents 2.60% of the total share capital [1] - The highest buyback price was 7.81 CNY per share, while the lowest was 7.28 CNY per share, with an average buyback price of 7.49 CNY per share [1] - The total amount of funds used for the buyback was 898,205,084.25 CNY, excluding transaction fees [1]

证券代码：600177 证券简称：雅戈尔 公告编号：2026-002 雅戈尔时尚股份有限公司 关于股份回购实施结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/8/30 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 2025 8 8 | 28 | 日~2026 | 年 | 月 | 日 27 | | 预计回购金额 | 50,000万元~96,000万元 | | | | | | | 回购价格上限 | 7.84元/股 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 实际回购股数 | 11,999.9969万股 | | | | | | | 实际回购股数占总股本比例 | 2.60% | | | | | | | 实际回购 ...

雅戈尔时尚公告称，公司于2025年8月28日审议通过股份回购方案，拟用5-9.6亿元自有及自筹资金回购 股份，用于员工持股计划或股权激励，回购价不超8元/股，期限12个月。期间因权益分派两次调整回购 价上限至7.84元/股。2026年1月9日完成回购，实际回购11,999.9969万股，占总股本2.60%，回购价7.28- 7.81元/股，使用资金89,820.51万元。回购股份存于专用账户，若3年内未用完将依法注销。 ...

Core Viewpoint - The article discusses the performance of the Chinese stock market in 2025, highlighting a "slow bull" trend with significant gains in A-shares and Hong Kong stocks, particularly noting the impressive performance of the ChiNext index with nearly 50% growth [2]. Group 1: Market Performance - By December 31, 2025, the average increase in A-shares was 38.15%, with 572 stocks doubling in value. In comparison, the "924 market" from 2024 saw an average increase of 87.84%, with 1586 stocks doubling [2]. - The number of "broken net" stocks decreased from 836 in the previous "924 market" to 303, representing only 5.54% of all A-shares, indicating a market recovery [3]. Group 2: Broken Net Stocks - The article categorizes broken net stocks into five groups: broken net + performance stocks, broken net + repurchase stocks, broken net stocks + state-owned holdings, broken net + high dividend stocks, and broken net + low price stocks [4]. - Among the 303 broken net stocks, only 15 were identified as performance stocks with significant revenue growth and profit increases of over 50% [4]. Group 3: Repurchase Stocks - Of the 303 broken net stocks, 72 companies engaged in stock repurchases, with 29 companies repurchasing over 100 million yuan. This indicates management's belief that their stock prices are undervalued [6][7]. - The top three companies by repurchase amount in 2025 were Jiuan Medical (925 million yuan), China State Construction (887 million yuan), and Youngor (693 million yuan) [7]. Group 4: High Dividend Stocks - There are 22 broken net stocks with a dividend yield of over 5%, enhancing their investment appeal due to potential capital appreciation and stable dividend income [9]. - Among these, Jizhong Energy had a net asset ratio of 0.99 and a dividend yield of 11.15%, despite a significant drop in revenue and profit [9]. Group 5: State-Owned Holdings - The "national team" held 95 broken net stocks in the third quarter, with significant investments in Agricultural Bank of China, Bank of China, and Industrial and Commercial Bank of China, indicating a focus on stabilizing these sectors [11][12]. - The national team increased its holdings in 17 broken net stocks, with six being newly added in the third quarter [11]. Group 6: Low Price Stocks - There are 34 broken net stocks priced below 3 yuan, with only 7 showing positive revenue and profit growth, indicating that many may not have strong underlying asset values [14].

Core Insights - The retail industry experienced a significant wave of mergers and acquisitions in 2025, indicating a major capital reshuffle within the sector [1][27] - Major companies are either divesting non-core assets to focus on their main businesses or acquiring new brands to expand their portfolios [1][27] - Private equity firms are playing a crucial role in driving brand transformation and expansion in the retail sector [1][27] Group 1: Major Mergers and Acquisitions - Alibaba divested its stake in Suning and Intime Retail, marking a strategic shift to optimize resource allocation [3][26] - Mars, Incorporated completed the acquisition of Kellanova for approximately $35.9 billion, creating a global snack empire [5][7] - KKR acquired an 85% stake in Vista International, which is linked to the domestic beverage brand Da Yao, enhancing its control over the Chinese soda market [9][10] Group 2: Strategic Adjustments and Performance - After KKR's acquisition, Gao Xin Retail reported a revenue of 71.55 billion yuan, with a net profit of 386 million yuan, marking a turnaround from previous losses [4] - The acquisition of Kellanova by Mars is one of the largest in the packaged food sector in the last decade, highlighting the trend of consolidation among food giants [7][8] - CPE Yuanfeng's acquisition of Burger King China aims to accelerate local expansion with a commitment to invest $350 million [16][17] Group 3: Industry Trends and Future Outlook - The retail sector is shifting from scale expansion to lean operations, focusing on supply chain and brand value [2][27] - The relationship between brands and capital is evolving from mere financial support to active operational involvement, indicating a search for sustainable growth [27] - The ongoing mergers and acquisitions signal a re-evaluation of the value of physical retail, with supply chain and product strength becoming central to competition [27]

Core Viewpoint - The company emphasizes the role of its business club in major cities for brand exposure and service experience, with plans to enhance its ecosystem and connect with younger demographics [1] Group 1 - The business club is located in core cities across the country [1] - It primarily serves functions such as image display, brand exposure, and service experience [1] - The company is currently collaborating with local industry associations and chambers of commerce [1] Group 2 - Future plans include continuous expansion of the platform's ecosystem [1] - There is a focus on strengthening connections with younger customer groups [1]

Core Viewpoint - The company has completed the delivery of its last major residential project, Minghu Yiqiuyuan, with a 100% pre-sale ratio and a pre-sale amount of 3.9 billion [1] Group 1: Company Performance - The company’s real estate inventory (excluding cooperative projects) has a book value of approximately 6.6 billion [1] - Of this inventory, the pre-sold amount that has been received is about 4.4 billion [1] - The company is monitoring market dynamics closely and will conduct impairment tests based on the realizable value of its inventory [1] Group 2: Market Risks - There is a potential risk that some unsold projects may not sell as quickly as expected [1]