JOEONE(SH:601566) Sou Hu Cai Jing·2025-07-05 03:16Core Insights - The article highlights the contrasting investment strategies of two companies in the men's apparel sector: Youngor, which has successfully generated significant returns from cross-industry investments, and Jiumuwang, which has faced substantial losses from its investment ventures and is now refocusing on its core business [2][5][15]. Company Performance - Youngor has achieved an investment return of approximately 41 billion yuan, with a market value of around 337 billion yuan as of now [5]. - Jiumuwang's total assets are projected to be 5.7 billion yuan by the end of 2024, with an investment book value of 2.27 billion yuan, accounting for 40% of its total assets [2]. - Jiumuwang has reported continuous investment losses over the past three years, with net losses of 169 million yuan in 2022, 116 million yuan in 2023, and an expected loss of 59 million yuan in 2024 [2]. Investment Strategy - Jiumuwang began its "industry + investment" strategy in 2014, aiming to boost its main apparel business through investments in related industries and explore new growth avenues through cross-industry investments [3][10]. - In contrast, Youngor has been recognized as a model for cross-industry investment in the traditional apparel retail sector, having entered real estate in 1992 and later ventured into financial investments [5][3]. Investment Losses - Jiumuwang's investment portfolio includes a wide range of assets, such as equity investments, stocks, bonds, and private equity funds, with a total investment cost of 1.86 billion yuan in primary equity across 28 projects since 2014 [10][12]. - The company has seen a stark contrast in its investment outcomes, with 10 exited projects yielding a profit of 490 million yuan against a cost of 610 million yuan, while 18 remaining projects have only returned 150 million yuan against a cost of 1.25 billion yuan, leading to significant unrealized losses [12][14]. Market Position - Jiumuwang, known as the "men's pants expert," has struggled to attract younger consumers despite acquisitions of brands like ZIOZIA and FUN, which have contributed less than 8% to its revenue as of 2024 [14][15]. - The company has decided to refocus on its core business, aiming to become a leading multi-brand fashion business group, although its ability to achieve this remains uncertain [15].