Youngor(SH:600177) Chang Jiang Shang Bao·2025-06-25 23:45Core Viewpoint - YOUNGOR is refocusing on its core apparel business by divesting financial assets, with a total transaction amount of approximately 4.175 billion yuan over the past 12 months, representing 10.13% of its audited net assets as of the end of 2024 [2][5]. Group 1: Divestment Strategy - Since 2020, YOUNGOR has sold financial assets totaling over 10 billion yuan, indicating a strategic shift away from real estate and investment sectors [3][10]. - The company has actively reduced its holdings in financial assets, including significant sales of Ningbo Bank shares, generating 6.378 billion yuan in cash [9]. - YOUNGOR plans to continue reducing its financial asset holdings, with a current investment cost of 12.081 billion yuan in stocks of six companies, including CITIC shares and CITIC Bank [11][12]. Group 2: Focus on Apparel Business - YOUNGOR is implementing a dual strategy of "stock and increment" in its apparel business, enhancing its main brand YOUNGOR while expanding into leisure categories and revamping wedding series [13]. - The company has made significant acquisitions to strengthen its position in the fashion industry, including the purchase of a 40% stake in the American streetwear brand Undefeated and investments in other international brands [14][15]. - Despite these efforts, YOUNGOR's financial performance has faced challenges, with a continuous decline in net profit over the past four years, and a significant drop in non-recurring net profit in 2023 and 2024 [15][16]. Group 3: Future Outlook - YOUNGOR's chairman, Li Rucheng, emphasizes a commitment to investing in the fashion industry and enhancing the YOUNGOR brand, despite current challenges in generating immediate returns [17].