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]

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 ...