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 - 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].

本报记者 钟楚涵 孙吉正 上海报道 近日，雅戈尔时尚股份有限公司（以下简称"雅戈尔"，600177.SH）披露业绩，2024年归属于上市公司 股东的净利润同比减少19.41%。其中，2024年时尚板块完成营业收入67.99亿元，实现归属于上市公司 股东的净利润4.31亿元，分别同比下降6.94%、43.90%。 与此同时，由于地产行业大环境发生改变，在地产业务下滑的背景下，雅戈尔正在加大对于时尚业务的 投入。 李维华则认为："相比商务服装，现在的年轻消费群体、中产群体会更崇尚休闲户外、运动服装。比如 可以看到Lululemon在短短的十来年时间内发展迅速。同时，安踏之类的企业也在户外、运动赛道上进 行收购。而商务服饰价格较贵，并且消费人群有限，属于相对耐用品，一般一套、两套就足够穿数 年。" 光大证券研报指出，国内户外用品行业仍处在朝阳成长期，虽然2012年、2013年以来增速有所放缓，但 仍保持在20%以上水平。目前国内户外行业的发展背景类似于美国60—80年代户外行业快速兴起的时 代，国内"泛户外"的特征也拓展了行业外延。国内运动鞋服行业市场容量在1000亿—1100亿元，行业已 走过快速成长期进入成熟期 ...

记者 | 沈溦 转型中的雅戈尔（600177.SH）继续遭遇着阵痛。 日前，雅戈尔发布2024年年报，过去一年，公司完成营业收入141.88亿元，同比增长3.19%，归属于上 市公司股东的净利润为27.67亿元，同比下降19.41%。 这已是公司连续四年利润下滑，2021至2023年，雅戈尔实现归母净利润分别同比下降29.15%、1.05%、 32.31%。 略显尴尬的是，尽管宣布放弃房地产并逐步退出财务性投资业务，但从2024年业绩组成来看，房地产收 入是公司营收增长的主力军，而投资板块盈利22.10亿元，占比近80%。 而从三驾马车之一到全力投入的时尚板块，却出现了营收业绩双降的局面。 对此，雅戈尔董事长李如成在一年一度的致股东信中也称，2024年是雅戈尔进入深度调整的年份。 服饰板块遭遇"阵痛" 整体来看，雅戈尔在商务服饰领域优势依然，男衬衫连续28年、男西装连续25年获得同类产品市场综合 占有率第一 ，但市场的寒意依然难以抵挡。 统计数据显示，国内消费者信心指数低位运行，零售市场竞争激烈，2024年限额以上单位服装、鞋帽、 针纺织品类零售额全年同比增长0.3%，增速较2023年回落12.60个百分点， ...