l l [1] y -- i I E l 脑 e 国 t 连锁反应正在多个领域蔓延。美国零售业前七个月累计裁员八万多人，同比激增百分之二百四十九，众多零售商将关店裁员归咎于关税压力、通胀及消费需 求疲软。汽车制造商七月宣布裁员四千九百多人，创下去年十一月以来新高，同样直指关税冲击。非营利组织则因联邦预算削减陷入困境，年内裁员一万七 千八百多人，同比增幅高达百分之四百一十三。 美国就业市场正经历一场静默海啸。美国人力资源机构Challenger, Gray & Christmas最新报告显示，七月份全美企业宣布裁员人数大幅升至六万两千多人， 较去年同期大增百分之一百四十，创下十年来同期第二高位，仅次于二零二零年疫情高峰期。这一数字比六月的四万七千多人增加百分之二十九，标志着美 国夏季就业市场传统平静期被彻底打破。 科技行业成为裁员重灾区。短短一个月内，人工智能直接导致超一万个岗位消失，而今年以来关税因素已冲击近六千个就业岗位。英特尔宣布将全球员工削 减百分之十五，微软启动年内第二轮大裁员，波及九千名员工。令人深思的是，微软CEO纳德拉在内部信中坦言，这些裁员发生在企业"历史上最成功的时 刻"，并呼吁留下的员工" ...

Core Viewpoint - Yongor is strategically divesting financial assets, with significant sales amounting to 4.175 billion yuan, representing 10.13% of the audited net assets as of the end of 2024 [1] Financial Performance - In 2024, Yongor reported total revenue of 14.188 billion yuan, a year-on-year increase of 3.19%, while net profit decreased by 19.41% to 2.767 billion yuan [1] - The company has experienced a decline in net profit for four consecutive years since 2021, with a 15.13% decrease in net profit excluding non-recurring items [1] - Cash recovery from financial investments reached 1.796 billion yuan in 2024, with investment business net profit at 2.209 billion yuan, accounting for approximately 97.7% of total net profit [2] Investment Portfolio - As of the end of 2024, Yongor's financial assets measured at fair value totaled 11.388 billion yuan, with stock investments amounting to 8.829 billion yuan [2] - The company holds shares in various listed companies, including CITIC Limited, CITIC Bank, and others, with cumulative fair value changes for these stocks showing significant losses [2] Business Segments - The fashion segment generated revenue of 6.799 billion yuan in 2024, with a net profit of 431 million yuan, reflecting declines of 6.94% and 43.90%, respectively [3] - The main brand, YOUNGOR, accounted for 90.46% of the fashion segment's revenue, totaling 5.187 billion yuan [3] - In the real estate sector, Yongor reported a pre-sale revenue of 3.331 billion yuan, a decline of 69.03%, while recognized revenue increased by 16.20% to 7.471 billion yuan [3] Recent Trends - In Q1 2025, Yongor's revenue was 2.795 billion yuan, down 15.6% year-on-year, with net profit and net profit excluding non-recurring items decreasing by 13.33% and 12.88%, respectively [3]

Core Viewpoint - The high volatility of gold prices has led to a decline in consumer demand for gold jewelry, with many consumers adopting a wait-and-see attitude regarding purchases [1][2][3] Industry Overview - Gold jewelry consumption in China has been weak, with a reported 5.96% year-on-year decline in gold consumption, and a significant 26.85% drop in gold jewelry consumption in Q1 [1][5] - Major gold jewelry companies such as China Gold, Lao Feng Xiang, and Zhou Da Sheng have reported substantial declines in both revenue and net profit, indicating a challenging market environment [1][5][7] Company Performance - China Gold's net profit decreased by 62.96%, while Lao Feng Xiang and Zhou Da Sheng also experienced declines exceeding 20% in net profit [1][5] - In contrast, Cai Bai Co. has seen growth in revenue and net profit, attributed to an increased focus on gold bar sales, which are more resilient in the current market [2][11] Market Dynamics - The gold price has fluctuated significantly, with a peak of 1082 yuan per gram in late April, followed by a drop to 998 yuan per gram by May 5, reflecting the volatility that affects consumer purchasing behavior [3][4] - The trend of "cold jewelry, hot investment" has emerged, with consumers increasingly favoring investment products like gold bars over traditional jewelry [13][14] Retail Strategies - Many traditional brands are closing underperforming stores to optimize their retail networks, with Zhou Da Fu and Lao Feng Xiang among those reducing their store counts significantly [18][14] - Companies are encouraged to enhance in-store experiences and diversify product offerings to meet changing consumer preferences, including the rise of "she economy" and personalized products [18][19]