近日，雅戈尔公告披露在一年内出售相关金融资产，累计成交金额达42亿元。 截至2025年6月23日，雅戈尔出售中信股份、中信银行、博迁新材、上美股份等金融资产，连续12个月 内累计成交金额为41.75亿元，达到2024年末经审计净资产的10.13%。 雅戈尔表示，这些金融资产被指定为"以公允价值计量且其变动计入其他综合收益的金融资产"，其价值 波动和处置不影响当期损益，仅分红收入可计入当期投资收益从而影响当期损益。 事实上，近年来雅戈尔反复强调"回归主业"，这或许也是公司此次抛售金融资产的原因之一。 早在2019年，雅戈尔曾发布公告称，未来将进一步聚焦服装主业的发展，除战略性投资和继续履行投资 承诺外，将不再开展非主业领域的财务性股权投资，并择机处置既有财务性股权投资项目。 在清退地产业务之后，雅戈尔创始人李如成正在逐步甩卖金融资产。 2023年底，雅戈尔正式宣布重回老本行，公司业务聚焦时尚领域，并将公司名称由雅戈尔集团变更为雅 戈尔时尚。 不过，雅戈尔的回归之路并不顺畅，公司的归母净利润连续四年下滑。但如今看来，李如成"回归"的决 心似乎毫无动摇。 收缩投资版图 李如成曾将投资和地产、服装定为雅戈尔的三驾马车 ...

【导读】长城华西银行四成股权被挂牌转让，旨在股东本地化 见习记者 储是 又有地方性银行股权被转让！ 北京产权交易所官网显示，长城华西银行40.92%的股权被挂牌转让，系二股东中国长城资产 管理股份有限公司（以下简称长城资产）及一致行动人一同转让。 二股东长城资产退出十余年持股 一致行动人一同转让 近日，中国基金报记者从北京产权交易所网站获悉，长城华西银行股份有限公司94259万股 股份（占总股本的40.92%）挂牌转让，转让底价为43.32亿元。此次股权转让方为长城资产 及其一致行动人德阳市国有资产经营有限公司。 数据显示，截至2024年末，长城华西银行由德阳市国有资产经营有限公司持股20.96%，中 国长城资产管理股份有限公司持股19.96%。两名股东合计持股40.92%。 该行股东还包括德阳发展控股、丰谷酒业、南欣房地产、宏达集团、成都港恒、浙江蓝天实 业、深圳金地珠宝等，持股比例均不超过5%。 公告显示，相关股权转让计划已获得长城资产股东大会审议通过，并取得财政部批准。同 时，此次转让将导致标的企业实际控制权发生转移，其他股东已放弃优先受让权。 长城华西银行成立于1998年，前身为德阳银行；2014年底 ...

Core 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].

昔日"股神"雅戈尔（600177.SH）加速抛售多年来的持仓。 截至6月23日的过去一年累计成交金额41.75亿元，达到2024年末未经审计净资产的10.13%。 上述持股被计入"其他综合收益金融资产"，即仅将分红收入可计入当期投资收益，股价波动和处置均不 影响当期损益， 大举出售股票，可被视为公司对回归主业战略的贯彻。 雅戈尔董事长李如成在2024年股东大会上表示："退出房地产，逐步减少财务性投资是大环境下的顺势 而为，对经营业绩影响很大，但对企业是顺应经济形势不得不做的事。" 公司出售的资产中涉及中信股份、中信银行等为其来长期稳定分红的核心标的。 对尚未完成业务转型的雅戈尔而言，抛售该类资产或对长期收益产生负面影响。 投资板块2024年为雅戈尔带来收益超22亿元，贡献接近八成。 同期时尚服装业务净利润仅4.3亿元，同比降幅44%。 公司近年来持续推进并购策略，在服装品牌、线下零售等领域频繁落子。 2024年，公司与法国高端手工皮鞋品牌CORTHAY合作，在北京SKP、武汉SKP、南京德基等高端够中 心开设3家独立店。 以15.3亿元收购"童装届的爱马仕"、法国高端儿童时尚品牌Bonpoint。 同时大笔资 ...

Core Viewpoint - The company, Youngor, is strategically divesting financial assets to refocus on its core apparel business, which has faced declining performance in recent years [1][2]. Group 1: Financial Asset Sales - Youngor has sold financial assets including shares in CITIC Securities and CITIC Bank, totaling 4.175 billion yuan, which represents 10.13% of its audited net assets as of the end of 2024 [1]. - The company has a history of profitable divestitures, with significant gains from selling shares in CITIC Securities and other financial entities between 2007 and 2021, contributing to a substantial portion of its net profit [1]. Group 2: Return to Apparel Business - In late 2023, Youngor officially announced its return to the apparel sector, changing its name from Youngor Group to Youngor Fashion, and focusing on the fashion industry [2]. - The company has made several acquisitions to expand its fashion segment, including a 40% stake in the American brand UNDEFEATED and a full acquisition of Intime Retail for 7.4 billion yuan [2]. Group 3: Performance Challenges - Youngor's apparel business has struggled, with a reported revenue of 27.67 billion yuan in 2024, down over 4 billion yuan compared to 2020, marking four consecutive years of decline [2]. - In Q1 2025, the company reported a revenue of 2.79 billion yuan, a 15.6% decrease year-on-year, and a net profit of 803 million yuan, down 13.3% [3]. - The fashion segment showed slight growth in Q1 2025, with revenue increasing by 8.27% to 1.998 billion yuan, but net profit decreased by 32.7% [3].

Core Viewpoint - Yanghe Group has been selling its financial assets, realizing a total of 4.175 billion yuan in cash this year, indicating a strategic shift away from its historically significant investment business towards focusing on its core apparel operations [2][3]. Financial Performance - As of the end of 2024, Yanghe Group held 1 billion shares of CITIC Limited with a fair value of 8.528 billion yuan and 4.6424 million shares of Shangmei [3]. - Investment income has been a crucial part of Yanghe's performance, contributing to 80% of its net profit in 2024, which amounted to 2.767 billion yuan, a decline from previous years [3][5]. - Since 2007, Yanghe's cumulative investment income has exceeded 52.125 billion yuan, earning it the nickname "the Buffett of the apparel industry" [4]. Strategic Shift - Yanghe Group has decided to reduce its reliance on investment income and refocus on its core apparel business, as stated in a 2019 announcement [8]. - The company aims to maximize its value by avoiding low valuations associated with diversified operations [8]. Market Challenges - Despite the strategic shift, Yanghe's apparel business has faced challenges, with revenue increasing from 12.421 billion yuan in 2019 to 14.188 billion yuan in 2024, while net profit has decreased from 3.972 billion yuan to 2.767 billion yuan over the same period [11]. - The company has experienced a decline in net profit for four consecutive years, with a significant drop of over 4 billion yuan from its peak in 2020 [11]. Future Plans - Yanghe is expanding its product offerings to include sports, outdoor, casual, women's, children's, and trendy brands, alongside acquisitions to diversify its portfolio [13][15]. - Recent acquisitions include the purchase of 100% equity in Intime Department Store for 7.4 billion yuan and stakes in various international fashion brands [15]. Stock Performance - Following the announcement of its asset sales, Yanghe's stock price rose by 2.34%, closing at 7.42 yuan per share on June 25 [15].

导 语： 中央汇金接手AMC非主业资产，整合证券、基金、期货三线资源，打通不良资产处置与 资本市场退出机制。 2025 年 6 月 6 日， 3 大 AMC （资产管理公司）的 8 家公司，实控人变更为中央汇金（中 央汇金投资有限责任公司）。此事直接影响有二：一是对 AMC 手术开始；二是中央汇金通过 券商整合在通往"世界级投行"之路上再进一步。 手术：剥离 8 家归于中央汇金实控的公司为： 以下文章来源于资产洞见 ，作者韩涧明 资产洞见 . 洞若观火读经济，见微知著论资产 作 者 | 韩涧明 来源 | 资产洞见 | | 表：本次划转的8家金融机构及原归属关系 | | | --- | --- | --- | | 机构名称 | 类型 | 原归属AMC | | 长城国瑞证券 | 证券公司 | 长城资产 | | 东兴证券 | 证券公司 | 东方资产 | | 信达证券 | 证券公司 | 中国信达 | | 东兴基金 | 基金公司 | 东方资产（东兴证券子公司） | | 信达澳亚基金 | 基金公司 | 中国信达(信达证券子公司) | | 长城期货 | 期货公司 | 长城资产 | | 东兴期货 | 期货公司 | 东方资产（ ...

2019年，雅戈尔董事长李如成，在办公室里摆了三块展板。 李如成办公室里的展板[1]，2019年 能让LVMH成为雅戈尔的榜样，并不容易。此时的雅戈尔早已不是一家纯粹的服装企业，在2007年，李如成就将"服装、地产、投资"定为雅戈尔三驾马车 ——显然，后两驾马车远远比服装赚钱。 李如成知青出身，1990年创立雅戈尔，92年便做起投资。他是中国最早涉足地产和中国最有投资天赋的服装老板。从1999到2020年，雅戈尔在投资上赚钱 超过400亿，占企业总利润的7成以上[2]。 当年的裁缝学徒变身地产大佬，成为服装界的"股王巴菲特"，连带着雅戈尔被称为中国的"伯克希尔·哈撒韦"——这家企业早已不再是简单的实业公司， 李如成曾公开回击外界对其"不务正业"的点评[3]： "赚钱就是我的主业。" 跟在雅戈尔后面的，是一众转型的服装企业们——红豆、杉杉、七匹狼、九牧王、贵人鸟......它们都对传统的服装产业意兴阑珊，调转船头离开"贫瘠"的 根据地，驶向一片片看似铺满蜜糖和膏腴的新大陆。 服装品牌，是改开后最早完成原始积累的一批企业，但当它们拿着靠廉价劳动力赚来的大笔钞票，试图在风口、政策和资本之间游移套利时，多数企业猛 然 ...

长江商报消息 ●长江商报记者 沈右荣 74岁的李如成是雅戈尔的实际控制人，他坚定看好雅戈尔的发展前景。至少近10年，雅戈尔的控股股东 及其一致行动人频频出手增持。 分红率连续五年上升 雅戈尔积极持续回报股东。 年报披露，2024年末期，雅戈尔拟实施每股派发现金红利0.20元（含税），以2024年底总股本约46.23亿 股股份为基数计算，共派发现金红利约9.25亿元（含税）。 这是雅戈尔2024年第四次派发现金红利。根据此前披露，根据雅戈尔2023年年度股东大会授权，公司已 分别于2024年9月13日、2024年12月4日、2025年3月3日完成2024年第一季度、半年度、第三季度现金红 利分派，均为每股派发现金红利0.1元（含税），合计派发现金红利约13.87亿元（含税）。 综上所述，2024年，雅戈尔一年四个季度派发现金红利，合计派发红利23.12亿元（含税），分红率约 为83.53%。 一年四季现金分红，雅戈尔（600177.SH）是A股市场上为数不多分红较为积极的公司之一。 据披露，2024年末期，雅戈尔拟实施每10股派2元（含税），将合计派发现金红利9.25亿元。 2024年全年，雅戈尔全年将派发现金 ...