21世纪经济报道记者朱艺艺杭州报道 并表法国高端童装品牌BONPOINT（小樱桃）之后，雅戈尔（600177.SH）将讲述怎样的"时尚产业"新 故事？ 近日，雅戈尔披露2025年中报，由于受地产业务退出期规模效益下降、时尚板块转型调整不及预期的影 响，公司2025年上半年实现营收51.11亿元，同比下降10.50%，归母净利润17.15亿元，同比下降 8.04%。 需要指出的是，就在2025年上半年，以男装起家的雅戈尔正式进军童装领域，豪掷15亿元收购法国奢侈 童装品牌BONPOINT，该品牌与MAYOR、HANP（汉麻世家）、美国潮牌UNDEFEATED等多品牌合计 贡献营收8.32亿元，销售占比提高至25.24%。 就在前一年的2024年，MAYOR、HANP、UNDEFEATED等在内的多个子品牌合计完成营收5.47亿元， 占比不足10%。 不过，公司时尚板块对利润的支持空间仍待提升：2025年上半年，时尚板块贡献归母净利润2.38亿元， 对公司整体归母净利润（17.15亿元）的支持仅在14%左右；相比之下，同一时期，投资板块贡献归母 净利润13.90亿元，仍然撑起公司利润的半壁江山。 此外，已完成交割 ...

Investment Rating - The report initiates coverage with a "Strong Buy" rating for the company [1][7]. Core Views - The company is focusing on its core apparel business while exiting the real estate sector, which may lead to short-term revenue pressure. However, as consumer demand recovers, the benefits of its multi-brand strategy and upgraded channel structure are expected to materialize [1][6][7]. Summary by Sections Company Overview - Founded in 1979, the company has transitioned from a three-pillar model (apparel, real estate, and investment) to a focus on its core apparel business. The apparel segment has maintained a leading market share in men's shirts and suits for over 20 years. The company officially exited the real estate business in 2024 to optimize its investment structure [6][13]. Financial Performance - In 2024, the company reported total revenue of 141.88 billion CNY, with a net profit of 27.67 billion CNY. The apparel and real estate segments contributed 48% and 53% to total revenue, respectively. The net profit breakdown was 16% from apparel, 6% from real estate, and 80% from investments [6][16]. Apparel Business Strategy - The apparel segment generated revenue of 57.34 billion CNY in 2024, with a net profit of 4.31 billion CNY. The main brand, YOUNGOR, accounted for over 90% of revenue. The company has expanded its brand portfolio to include high-end outdoor and luxury children's wear, with significant growth in sub-brands [6][43][59]. Investment and Real Estate - The company has reduced its real estate activities, with no new projects since 2023, and aims to accelerate the sale of existing inventory. In 2024, real estate revenue was 74.71 billion CNY, with a net profit of 1.54 billion CNY. The investment segment has maintained net profits between 1.5 billion to 2.5 billion CNY in recent years, focusing on fashion industry investments [6][7][39]. Profit Forecast and Valuation - The company forecasts revenues of 137.74 billion CNY, 101.73 billion CNY, and 98.22 billion CNY for 2025, 2026, and 2027, respectively, with net profits of 30.10 billion CNY, 32.11 billion CNY, and 34.57 billion CNY. The current market capitalization corresponds to a PE ratio of 11.4X for 2025 and 10.6X for 2026 [7][8].