雅戈尔2025上半年营收同比降10.5%，时尚板块营收增长但净利润下滑

Core Insights - The company reported a total revenue of 5.111 billion yuan for the first half of 2025, representing a year-on-year decline of 10.50% [1] - The net profit attributable to shareholders was 1.715 billion yuan, down 8.04% year-on-year [1] - The net cash flow from operating activities was 594 million yuan, reflecting a significant decrease of 19.94% year-on-year, continuing a downward trend over the last three semi-annual reports [1] Segment Performance - The real estate segment did not launch any new projects, leading to declines in pre-sales, revenue recognition, and related net profit year-on-year [1] - The investment business remained stable, with a net profit of 1.39 billion yuan, showing a slight increase of 1.6% year-on-year [1] - The fashion segment generated revenue of 3.684 billion yuan, an increase of 7.82% year-on-year due to the consolidation of the BONPOINT brand, but net profit decreased by 39.28% due to rising costs [1]