以下文章来源于消费方法论 ，作者孙梅欣 消费方法论 . 观察者网财经部出品。洞察中国人的消费逻辑。 来源｜消费方法论 作者 | 孙梅欣 男装已经够不好卖了，雅戈尔还被地产业务所拖累。 在近期的三季度业绩投资者交流会上，投资者就地产业务对业绩造成的拖累，对公司管理层连续提出质疑。 雅戈尔三季报显示，公司前三季度营收67.77亿元，同比下滑19.32%；利润总额24.76亿元，同比下滑4.75%；归属上市公司股东净利润23.49亿 元，同比下降6.48%，核心财务数据仍延续了中报的下滑走势。 对于业绩下滑的原因，雅戈尔表示是由于地产业务退出带来的规模效益下降，以及时尚板块转型调整不及预期的影响。 季报显示，今年前三季度的地产业务表现中，雅戈尔靠尾盘销售预售7.5亿元，同比下滑70.58%；结转营收17.32亿元，同比下滑54.41%；归属上 市公司股东净利润1.17亿元，同比下滑39.99%。 不论从三季度报还是中报都可以看出，地产板块是雅戈尔各板块业务中，下滑最为迅猛的部分。但即便如此，这家以男装品牌而在全国知名的企业， 今年前9个月的收入中，地产业务对营收的贡献率仍达到25.56%，撑起了公司四分之一的营收规 ...

Core Viewpoint - YOUNGOR's performance is significantly impacted by its real estate business, which has been declining, leading to overall revenue and profit decreases in recent quarters [1][2][3] Financial Performance - In the first three quarters, YOUNGOR reported revenue of 6.777 billion yuan, a year-on-year decline of 19.32% - Total profit was 2.476 billion yuan, down 4.75%, while net profit attributable to shareholders was 2.349 billion yuan, a decrease of 6.48% [1] - The real estate segment contributed 25.56% to the company's revenue despite a 70.58% drop in pre-sales and a 54.41% decline in revenue recognition [1][2] Real Estate Business - YOUNGOR has been involved in real estate since 1992 and has previously achieved significant land acquisitions, becoming a major revenue source by 2010 [2] - The company plans to gradually exit the real estate sector, having ceased new land acquisitions since last year, but still holds approximately 6.6 billion yuan in real estate inventory, which may face impairment risks [2][3] Fashion Business Transition - YOUNGOR is shifting focus to the fashion industry, with brands including YOUNGOR, MAYOR, HANP, HART MARX, UNDEFEATED, and BONPOINT [3] - The fashion segment's revenue growth is uneven, with the main brand YOUNGOR experiencing a 6.77% decline, while other brands like BONPOINT showed significant growth [3][4] Brand Strategy and Market Position - YOUNGOR's core brand targets traditional markets, which may not appeal to younger consumers, leading to a multi-brand strategy to attract diverse demographics [5] - Despite marketing efforts, the outdoor brand HELLY HANSEN lacks a clear identity in a competitive market, raising concerns about the effectiveness of the multi-brand strategy [5]