Core Viewpoint - The company, Youngor (雅戈尔), is undergoing strategic adjustments in its real estate and investment sectors while focusing on enhancing its brand presence and operational efficiency. Group 1: Real Estate Business - The company plans to recognize revenue based on the delivery schedule of its properties, with a significant project, Ningbo Minghu Yiqiuyuan, having a pre-sale amount of 3.916 billion yuan as of the end of 2024 [2] - As of the end of 2024, the real estate inventory stands at 7.947 billion yuan, with a substantial portion already pre-sold, resulting in pre-received housing payments of 5.08 billion yuan [3] Group 2: Investment Strategy - The company aims to accelerate the exit from financial investment projects, enhance cash flow management, and continuously optimize its investment structure [4] Group 3: Brand Development - The company is focusing on adjusting its product categories to increase the share of outdoor leisure and women's clothing, while also enhancing its channel structure by deepening connections with high-end shopping centers and outlet stores [5] - The company reported growth in various channel types excluding the impact of the BONPOINT brand, specifically in business clubs, shopping centers, outlets, and e-commerce [6] Group 4: Financial Performance - In the first quarter of 2025, the company reported a main revenue of 2.795 billion yuan, a year-on-year decrease of 15.6%, and a net profit attributable to shareholders of 803 million yuan, down 13.33% year-on-year [8] - The company maintains a debt ratio of 42.89%, with investment income of 757 million yuan and financial expenses of 150 million yuan, while the gross profit margin is at 50.94% [8] Group 5: Dividend Policy - The company plans to continue its quarterly dividend policy for the year 2025, with three interim dividends scheduled for September and December 2025, and March 2026 [7]

雅戈尔时尚股份有限公司 2024 年年度股东大会 会议资料 二〇二五年五月十六日 2024 年年度股东大会会议文件·致股东 李如成董事长致股东信 尊敬的股东： 大家好! 2024 年是雅戈尔进入深度调整的年份，我们退出了运营 三十多年的地产行业，全力投入时尚产业的发展，不断加强 对雅戈尔品牌的投入与提升，同时对引进的品牌进行消化与 拓展。尽管目前还没有产生效益，但我坚信，有志者事竟成。 2024 年是雅戈尔创业 45 周年，45 年来雅戈尔经历了风 风雨雨，发展中遇到有顺境也有挫折，但雅戈尔人坚持创业 初心不变，我们不断调整和完善产业结构，用数字化提升传 统产业，做好企业全方位的传承工作，有条不紊地向前推进。 可以说，雅戈尔的发展战略更加清晰，雅戈尔的步子更加稳 健扎实。 2025 年是雅戈尔承前启后的一年，我们将编制新的五 年规划，继续坚持朝着时尚产业目标稳步前进，尽管当前大 环境对时尚经济带来挑战，但我们坚信，只要努力，一往无 前，我们定会克服当前的困难，走向成长的通道。 我们始终感谢广大股东的信任与包容，我们始终秉持为 社会提供优质服务、为企业增加发展后劲、为股东争取更大 回报、为员工谋取幸福尊严的理念 ...

Financial Performance - In 2024, the company achieved operating revenue of CNY 14,188,216,938.96, a year-on-year increase of 3.19%[25]. - The net profit attributable to shareholders decreased by 19.41% to CNY 2,767,465,580.96 due to industry restructuring and weak consumer demand[25]. - The net assets attributable to shareholders at the end of 2024 were CNY 41,199,968,953.69, reflecting a growth of 5.06% compared to the previous year[25]. - The company's asset-liability ratio improved to 41.95%, a decrease of 9.02 percentage points from the beginning of the year[35]. - The basic earnings per share for 2024 were CNY 0.60, down 20.00% from CNY 0.75 in 2023[26]. - The cash flow from operating activities saw a significant decline of 76.37%, primarily due to a lack of new real estate projects and reduced cash receipts from sales[26]. - The weighted average return on equity decreased to 6.83%, down 2.08 percentage points from the previous year[26]. - The company reported a total asset value of CNY 71,389,352,770.85, a decrease of 11.33% compared to the previous year[25]. - Non-recurring gains and losses for 2024 totaled CNY 64,330,852.21, significantly lower than CNY 248,731,314.58 in 2023[31]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.20 per share, totaling RMB 924,688,380.40, which represents 83.53% of the net profit attributable to shareholders for the year[8]. - Youngor will implement three interim dividend distributions in 2025 based on the first three quarters' profits and performance[9]. - The cumulative cash dividend over the last three accounting years amounts to 6,935,187,853.00 RMB, with a cash dividend ratio of 185.51% relative to the average net profit during that period[155]. - The proposed cash dividend for the entire year of 2024 is 2.00 RMB per 10 shares, amounting to 924,688,380.40 RMB, which represents 83.53% of the net profit for that year[150]. Business Strategy and Focus - In 2024, Youngor Fashion Co., Ltd. exited the real estate industry, focusing entirely on the fashion sector, with a commitment to enhancing brand value and expanding introduced brands[3]. - Youngor aims to develop a new five-year plan in 2025, continuing its steady progress towards the fashion industry despite current economic challenges[3]. - Youngor is committed to digital transformation to enhance traditional industries and ensure comprehensive business continuity[3]. - The company emphasizes its dedication to providing quality services, enhancing development potential, and maximizing shareholder returns[3]. - Youngor's strategic focus is on overcoming current difficulties and pursuing growth opportunities in the fashion market[3]. - The company continues to focus on innovation and supply chain advantages to maintain its leading position in the business men's clothing industry[46]. - The company is focusing on upgrading its channel strategy and exploring new business models to adapt to changing consumer environments[57]. - The company is committed to expanding its market share through a multi-brand layout and innovative sales models[113]. Operational Highlights - The fashion segment reported operating revenue of CNY 679,905.20 million, with a net profit of CNY 43,115.26 million, both showing declines of 6.94% and 43.90% respectively[36]. - The main brand YOUNGOR achieved an annual revenue of 5,186.70 million yuan, accounting for 90.46% of the total revenue, focusing on business and outdoor leisure products[37]. - The subsidiary brands generated a total revenue of 547.08 million yuan, representing a year-on-year growth of 29.91%[37]. - The joint brand HELLY HANSEN experienced a sales growth rate of 116% due to the high demand in outdoor and sports segments[37]. - The number of self-operated stores increased to 1,777, with an additional 46 stores opened during the reporting period, and the total retail area expanded by 48,800 square meters[38]. Corporate Governance - The company has established independent procurement, production, and sales systems, ensuring no reliance on the controlling shareholder[124]. - The company has independent financial management, with a separate accounting system and independent bank accounts, ensuring no interference from the controlling shareholder[125]. - The company has a complete and independent organizational structure, with clear responsibilities for the board of directors and supervisory board[125]. - The company has not experienced any insider information leaks during the reporting period[124]. - The company has no significant differences in governance compared to regulations set by the China Securities Regulatory Commission[124]. Environmental and Social Responsibility - The company invested 2.89 million yuan in environmental protection during the reporting period[161]. - The company has a wastewater treatment facility with a daily capacity of 1,000 tons, achieving compliance with the relevant pollution discharge standards[163]. - The company reduced carbon emissions by 151 tons through various measures, including upgrading equipment and improving energy efficiency[168]. - Total donations and public welfare project investments amounted to 45.19 million yuan, benefiting 200,000 people[169]. Employee and Talent Management - The company emphasizes the importance of talent cultivation and retention to support business expansion and performance[113]. - A multi-tiered training system is in place to enhance employee capabilities, including specialized courses for middle and senior management[145]. - The company has established a "Young Cadre Reserve Program" to accelerate the growth of high-potential employees through rotation and project practice[146]. - The total number of employees in the parent company is 287, while the main subsidiaries employ 18,004, resulting in a total of 18,291 employees[143]. Audit and Compliance - The company has established a comprehensive internal control system that meets regulatory requirements, ensuring effective management and protection of shareholder interests[157]. - The internal control audit report issued by the accounting firm was a standard unqualified opinion[159]. - The company has made continuous improvements to its internal control system, ensuring compliance with laws and regulations[158]. - The company appointed Lixin Certified Public Accountants (Special General Partnership) as its domestic auditing firm, with a total audit fee of RMB 2.1 million for the reporting period, including RMB 1.8 million for financial audit and RMB 0.3 million for internal control audit[173].

内容概况：中国作为全球重要的纺织品生产和出口国，领带及领结的进出口金额情况反映了国内外市场 的需求和行业竞争力。近年来，随着国内纺织业的转型升级和国际贸易环境的变化，领带及领结的进出 口金额也呈现出一定的波动。2024年，领带进口金额为1313.38万美元，出口金额为18973.95万美元。进 口领带及领结中相当一部分是国际知名品牌。这些品牌凭借其高端的设计、优质的材料和精湛的制作工 艺，定位高端消费市场，价格较高，从而拉高了进口金额。中国领带及领结产业具有明显的成本优势。 国内领带生产企业在原材料采购、劳动力成本等方面相对国外企业较低。 相关上市企业：雅戈尔（600177）、海澜之家（600398）、报喜鸟（002154） 相关企业：金利来（中国）有限公司、浙江巴贝领带有限公司、麦地郎集团有限公司、雅士林集团有限 公司、浙江加佳领带服装有限公司、好运来集团有限公司、罗蒙集团股份有限公司 相关报告：智研咨询发布的《中国领带行业市场现状分析及发展潜力研判报告》 三、中国领带行业发展历程 中国领带行业的发展历程历经三个阶段。起步阶段始于20世纪70年代末至80年代初，伴随改革开放，纺 织业迎来发展契机，领带生产在 ...

Core Viewpoint - YOUNGOR's net profit decreased by 19.41% in 2024, with a significant decline in the fashion segment, prompting the company to shift focus from real estate to fashion business development [1][4]. Financial Performance - In 2024, YOUNGOR achieved a total revenue of 141.88 billion yuan, a year-on-year increase of 3.19%, while the net profit attributable to shareholders was 27.67 billion yuan, down 19.41% [1]. - The fashion segment generated a revenue of 67.99 billion yuan, with a net profit of 4.31 billion yuan, reflecting declines of 6.94% and 43.90% respectively [1][2]. Fashion Segment Insights - The main brand YOUNGOR accounted for 90.46% of the fashion segment's revenue, totaling 51.87 billion yuan [2]. - The fashion industry faces challenges such as consumer fatigue and rising costs, impacting profitability [2]. - There is a growing demand for diversified business attire, with a shift towards casual and high-quality options [2]. Outdoor and Sportswear Growth - YOUNGOR's joint venture with HELLY HANSEN saw a sales growth of 116%, benefiting from the high demand in the outdoor and sportswear market [3]. - Other sub-brands within the fashion segment reported a combined revenue of 5.47 billion yuan, up 29.91% [3]. Real Estate Business Decline - The real estate segment is experiencing a downturn, with pre-sale revenue dropping by 69.03% to 30.3 billion yuan [4]. - The company plans to focus on reducing investments, clearing inventory, and controlling risks in the real estate sector [4]. Strategic Shift to Fashion - YOUNGOR is increasing investments in the fashion industry, aiming to strengthen its core business and explore brand acquisition opportunities [4]. - The company has entered the luxury children's wear market through the acquisition of the French brand BONPOINT, marking a significant step in its international strategy [5]. Retail and Channel Development - YOUNGOR has expanded its retail presence, with 1,777 self-operated stores and a total retail area of 500,900 square meters [5]. - The company is enhancing its customer experience by upgrading fashion experience centers into business clubs [5]. Synergy with Silver Tai - The acquisition of Silver Tai is seen as a strategic move to complement YOUNGOR's fashion business and enhance its market presence [6]. - The partnership is expected to leverage both companies' strengths in channels and marketing, facilitating further growth in the fashion sector [6].

转自：推广 锣鼓喧天，十里红妆；一城喜事，以城为家。5月，一场轰动宁波的"罗城喜事"即将来袭！ 4月30日上午，"雅戈尔·2025'宰相嫁女 罗城大喜'520致爱婚典"活动新闻发布会在海曙举行。此次活动 将在5月18日全天开展，围绕"宰相嫁女 罗城大喜"这一核心主题，串联天一阁·月湖景区、中山路、天一 广场等一众宁波城市地标，展现出阁仪式、十里红妆巡游、国风集体婚礼、良缘喜宴、婚庆品牌展示以 及品牌互动游等婚庆嫁娶相关内容。 最值得注意也是最令人期待的，莫过于贯穿整场活动的传统国风文化元素。 活动地点方面，位于天一阁·月湖景区的花果园庙戏台将成为新娘出阁仪式的主要阵地，跨越时空联动 曾居住在此的宋代丞相史浩，寓意"宰相嫁女"的历史重现与文化传承； 服饰礼仪方面，新人不仅将换上传统婚礼服饰，同时还将展现新娘换装、梳头礼、系红绳、上头簪、添 妆，新郎迎亲、敬茶、盖盖头、交付苹果等内容的颇具宋代风韵的出阁仪式； 表现形式方面，十里红妆巡游将以城市"母亲湖"月湖为起点，沿现代宁波城市中轴线中山路，行进至核 心商圈天一广场，其间不仅有锣鼓队开阵、沿街吹奏、拦轿门等，由新人、媒婆、管家、轿夫等组成 的"十里红妆迎亲队"也 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first quarter of 2025, indicating challenges in its operational performance compared to the previous year [5][6]. Financial Performance - The company achieved operating revenue of 279,490.16 million yuan, a year-on-year decrease of 15.06% [5]. - The net profit attributable to shareholders was 80,341.50 million yuan, down 13.33% year-on-year [5]. - The fashion segment generated revenue of 199,806.35 million yuan, reflecting an increase of 8.27% year-on-year, with the brand clothing business contributing 181,687.05 million yuan, up 13.17% [6]. - The net profit from the fashion segment was 18,808.67 million yuan, which decreased by 32.70% due to rising costs and expenses [6]. - The real estate segment had no new projects launched, with pre-sales of 27,639.17 million yuan, down 80.10% year-on-year, and revenue recognition of 78,922.20 million yuan, down 46.01% [8]. - The net profit from the real estate segment was 3,794.73 million yuan, a decline of 70.92% [8]. - Investment business net profit was 57,738.10 million yuan, showing a growth of 11.68% [9]. Strategic Initiatives - The company continued to implement its "large store strategy," opening 23 new self-operated stores and closing 18, resulting in a total of 1,876 self-operated stores with a total area of 50.97 million square meters [7].

Financial Performance - The company's operating revenue for Q1 2025 was ¥2,794,901,583.35, a decrease of 15.60% compared to ¥3,311,464,552.55 in the same period last year[4] - Net profit attributable to shareholders was ¥803,415,019.27, down 13.33% from ¥926,972,854.76 year-on-year[4] - Basic and diluted earnings per share were both ¥0.17, reflecting a decline of 15.00% compared to ¥0.20 in the previous year[4] - In Q1 2025, YOUNGOR reported revenue of 2,794.90 million RMB, a year-on-year decrease of 15.06%, and net profit attributable to shareholders of 803.42 million RMB, down 13.33%[12] - Net profit for Q1 2025 was CNY 791,073,959.43, a decline of 15.5% from CNY 936,011,857.54 in Q1 2024[22] - The company reported a comprehensive income of CNY 699,859,193.69 for Q1 2025, down 31.4% from CNY 1,019,001,992.12 in Q1 2024[22] Cash Flow - The net cash flow from operating activities improved to ¥153,817,163.97, a significant recovery from a negative cash flow of ¥275,527,399.04 in the same period last year[4] - In Q1 2025, the net cash flow from operating activities was $153.82 million, a significant improvement from a net outflow of $275.53 million in Q1 2024[25] - Total cash inflow from operating activities in Q1 2025 was $2.65 billion, slightly down from $2.67 billion in Q1 2024[25] - Cash outflow from operating activities decreased to $2.50 billion in Q1 2025 from $2.95 billion in Q1 2024[25] - Cash flow from investing activities showed a net outflow of $357.44 million in Q1 2025, compared to a net inflow of $732.01 million in Q1 2024[26] - Cash inflow from financing activities increased to $7.41 billion in Q1 2025, up from $6.63 billion in Q1 2024[26] - The net cash flow from financing activities was $1.57 billion in Q1 2025, compared to $1.23 billion in Q1 2024[26] - The ending cash and cash equivalents balance for Q1 2025 was $9.12 billion, down from $14.41 billion in Q1 2024[26] - Cash received from the recovery of investments was $923.44 million in Q1 2025, compared to $1.09 billion in Q1 2024[25] - The company paid $607.84 million in dividends and interest in Q1 2025, significantly higher than $188.23 million in Q1 2024[26] - The cash inflow from other investment activities was $174.98 million in Q1 2025, down from $194.51 million in Q1 2024[26] Assets and Liabilities - Total assets increased by 2.20% to ¥72,960,996,074.58 from ¥71,389,352,770.85 at the end of the previous year[5] - Total liabilities increased to CNY 31,294,679,819.71 in Q1 2025 from CNY 29,949,978,825.43 in Q1 2024, reflecting a growth of 4.2%[18] - Total equity increased to CNY 41,666,316,254.87 in Q1 2025 from CNY 41,439,373,945.42 in Q1 2024, showing a growth of 0.5%[18] - The company’s long-term borrowings increased to CNY 6,321,780,203.36 in Q1 2025 from CNY 4,695,921,333.39 in Q1 2024, representing a growth of 34.5%[18] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 84,572[9] - The largest shareholder, Ningbo Youngor Holding Co., Ltd., held 38.05% of the shares, totaling 1,759,426,773 shares[9] Segment Performance - The fashion segment achieved revenue of 1,998.06 million RMB, a year-on-year increase of 8.27%, with the main apparel business generating 1,816.87 million RMB, up 13.17%[12] - The joint venture brand HELLY HANSEN saw revenue growth of 111% during the reporting period[12] - The overall gross margin for the main apparel business was 72.24%, reflecting a decrease of 1.88 percentage points year-on-year[13] - The real estate segment had no new projects launched, with pre-sales of 276.39 million RMB, down 80.10% year-on-year, and revenue recognition of 789.22 million RMB, down 46.01%[14] Store Operations - The number of self-operated stores increased by 23 to a total of 1,876, with a total operating area of 509,700 square meters[13] - The company closed 18 self-operated stores during the reporting period[13] Investment Performance - The investment business generated a net profit of 577.38 million RMB, a year-on-year increase of 11.68%[14] - Investment income for Q1 2025 was CNY 756,581,443.52, up 10.0% from CNY 687,550,878.46 in Q1 2024[21] - Research and development expenses for Q1 2025 were CNY 20,769,712.59, slightly up from CNY 19,672,229.90 in Q1 2024[21]

【行业热点】 云南：支持昆明市"平急两用"公共基础设施优先建设旅居民宿酒店等 近日，云南省人民政府办公厅印发《关于进一步培育新增长点打造旅游消费升级版的若干措施》的通 知。其中，明确建设"旅居云南"消费集聚区。支持昆明市"平急两用"公共基础设施优先建设旅居民宿酒 店等。发展一批"旅居云南"消费集聚区、特色步行街，推动"彩云市集"进入旅居村（社区）。引导经营 主体利用闲置房屋推出小户型、强配套、嵌入公共文化空间的旅居房。鼓励企业在旅游淡季打包运营酒 店民宿的空置房，发展旅居业。在全省酒店电视设置"旅居云南"开机页面，让游客感受云南诗意山水、 烟火乡愁。 北京最大奥莱计划今年开业 长白山：2024年实现净利润1.44亿元 同比增长4.48% 4月24日，长白山发布2024年年度报告。报告期内，公司营业收入7.43亿元，较上年同期6.20亿元增幅 19.81%；实现净利润1.44亿元，较上年同期1.38亿元增幅4.48%。截止报告期末，公司资产总额14.47亿 元，较期初12.32亿元增幅17.43%。 4月25日，据"北京发布"消息，"湾里"商业娱乐综合体项目，包括北京最大的奥特莱斯购物中心，将在 下月全面竣工， ...

Core Viewpoint - YOUNGOR is undergoing a painful transformation, with a decline in net profit for the fourth consecutive year despite a slight increase in revenue [1][3]. Financial Performance - In 2024, YOUNGOR reported revenue of 14.188 billion yuan, a year-on-year increase of 3.19%, while net profit attributable to shareholders was 2.767 billion yuan, a decline of 19.41% [1]. - The company has experienced a continuous decline in net profit from 2021 to 2023, with decreases of 29.15%, 1.05%, and 32.31% respectively [1]. Business Segments - The real estate sector remains a significant contributor to YOUNGOR's revenue, despite the company's announcement to exit this business. In 2024, real estate revenue accounted for a substantial portion of the company's income, with a reported 7.471 billion yuan, a year-on-year increase of 16.20% [12]. - The fashion segment, which was expected to drive growth, faced challenges with revenue and profit declines. In 2024, the fashion segment generated revenue of 6.799 billion yuan, down 6.94%, and net profit of 431 million yuan, down 43.90% [4][5]. Market Conditions - The overall retail market is under pressure, with a consumer confidence index at a low level and a significant drop in retail growth rates. The retail sales growth for clothing, shoes, and textiles was only 0.3% in 2024, a decrease of 12.60 percentage points from 2023 [4]. - The decline in the business apparel market is attributed to changing consumer preferences towards casual and outdoor wear, impacting YOUNGOR's traditional business model [7]. Strategic Adjustments - YOUNGOR plans to focus on product upgrades and iterations, aiming to reposition itself as a brand that caters to business professionals in various settings [7][8]. - The company is investing in channel development, with plans to open large "Business Pavilions" in key cities to enhance customer experience [7][8]. Investment and Real Estate Strategy - YOUNGOR is gradually exiting its real estate business, with no new projects launched in 2024 and a focus on clearing existing inventory [10][12]. - The investment segment remains crucial for maintaining stable net profits, with YOUNGOR recovering 1.796 billion yuan from financial investments in 2024 [12][15]. Future Outlook - The company is expected to continue its transformation and may consider external acquisitions to expand its business footprint, especially in the fashion sector [15].