Youngor(600177)2025-05-09 09:15Financial 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].