YOUNGOR's Brand Clothing Sector Performance Growth, Financial Investment Fade

YOUNGOR (600177, closing price of 7.55 yuan), which was linked with Shanghai Kai Shi investment "split up", was released yesterday (August 28th). The first half of 2012 showed that the net profit of the company increased slightly. clothing The three carriages of real estate and investment have changed quietly in their income structure.

The results showed that the company achieved operating income of 5 billion 427 million yuan, an increase of 0.69% over the same period last year, and a net profit attributable to shareholders of listed companies was 883 million yuan, an increase of 5.41% over the same period last year. In business operations, Brand clothing The plate achieved net profit of 530 million yuan; the real estate sector achieved a net profit of 380 million yuan, and financial investment had already "faded".

　　 Youngor Secretaries Liu Xinyu told reporters yesterday (August 28th) that in the first half of this year, the company's net profit mainly came from the main business, and the brand clothing plate and the real estate sector contributed 60% and 40% of the net profit of the company respectively. The reporter noted that the net profit of the financial investment business has already suffered losses, and in the first half of last year, the plate also brought a net profit of 400 million yuan for it.

What is worth mentioning is that YOUNGOR achieved operating income of 5 billion 390 million yuan in the same period last year, an increase of 0.71% over the same period last year, and a net profit of 837 million yuan attributable to the parent company, representing an increase of 44.14% over the same period last year. Compared with the same period last year, YOUNGOR's operating income and net profit growth rate decreased by 0.02% and 38.7% respectively in the first half of this year.

　　 Garment plate hold up half the sky

According to the financial report, in the first half of this year, the company's apparel business realized 2 billion 340 million yuan of revenue. Due to the completion of the 25% acquisition of the 14 shareholding companies and the net profit realized by the brand clothing sector, the profit and loss of minority shareholders were no longer eliminated, representing an increase of 30.21% over the same period last year and a net profit of 526 million 282 thousand and 900 yuan.

It can be seen from the earnings report that YOUNGOR began to pay attention to the brand clothing plate. YOUNGOR said that with the connotation of "connotative growth" as the thrust of brand promotion, we should increase investment and expand channel construction. brand The R & D capability will continue to promote the industrial restructuring of "shifting the market focus to the brand clothing industry with higher added value".

Specific measures include: continue to accelerate the development of marketing channels, promote the renovation plan of stores, advance the research and development of functional products, attach importance to the implementation of high-end product planning, strictly control and balance the inventory level, and deepen the introduction and training of professionals. For example, the total number of shops in YOUNGOR is 2525, with a net increase of 109 from the beginning of this year. The main shopping centres and stores are mainly new ones, and some franchised stores have been closed to further enhance the terminal control.

Shenyin Wanguo research reported that, in the first half of the year, the company's multi brand operation was effective, and its sub brands Hart Marx and GY developed rapidly. It is estimated that this year's GY brand is expected to achieve a revenue scale of about 130 million yuan. The Hart Marx brand is expected to achieve sales income of around 100 million yuan, and the growth target of two small brands is over 50%. However, the current base is still small, and its contribution to the clothing business of the company is limited.

From YOUNGOR's earnings report, we can see that the domestic retail market has dropped rapidly from the rapid growth in the first half of last year. According to the statistics from the China National Business Information Center on hundreds of major retail enterprises nationwide, the retail sales of clothing commodities increased by 9.82% in 1~6 months, the difference between the growth rate of the retail sales and the growth rate of the same period last year was 12 percentage points, and the cumulative increase of retail sales was only 0.99%.

Earnings report also showed that YOUNGOR's domestic sales revenue in the first half of this year was 2 billion 210 million yuan, up 15% over the same period last year, but OEM export business income was 130 million, down 87% from the same period last year.

Real estate business "outbreak"

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In the first half of this year, the company's real estate business sector appeared a high-profile "outbreak".

According to the financial report, YOUNGOR achieved 2 billion 561 million yuan in revenue during the reporting period, an increase of 46.51% over the same period last year, and a net profit of 380 million yuan, an increase of 1110.01% over the same period last year.

The increase in gross margin of the delivery project has added a lot to its performance. In the first half of the year, the five phase of YOUNGOR's Long Island garden and the future city were successively delivered, confirming the income of 2 billion 560 million yuan, up 46% over the same period last year. The gross profit margin increased by 13.6% to 48.6% compared with the same period last year. Meanwhile, in the first half of the year, the sale of the company's properties was good, and the deposit was 4 billion 130 million yuan, an increase of 23% over the same period last year.

In the same period of 2011, the disclosure of financial reports showed that, during the reporting period, only a single project of Suzhou Sun City was delivered by the company during the reporting period. The operating income was 1 billion 747 million 779 thousand and 900 yuan, an increase of 3.03% over the same period last year, and only a net profit of 31 million 367 thousand and 800 yuan was achieved.

YOUNGOR said that the company continued to accelerate the pace of development and increase the research and development of marketable products, especially small and medium-sized ones. As of June 30, 2012, there were 13 projects under construction and 2 million 163 thousand and 900 square meters of floor space. Reporters noted that in the context of the deepening of the property market regulation and industry differentiation, the first half of this year, YOUNGOR did not take the initiative to take the land.

According to YOUNGOR's earnings report, in real estate business, net profit in 2009 ~2011 was 1 billion 191 million, 679 million and 572 million respectively, and net profit contribution decreased year by year.

Financial investment from surplus to deficit

In the first half of this year, as YOUNGOR's three carriages, clothing, real estate and investment have quietly changed in their income structure, and the change is more obvious is the financial investment sector.

According to the results of the financial report, the non principal sector of the financial investment sector, which has brought huge returns, has seen a sharp reversal. The financial report revealed that in the first half of this year, the total investment income realized by the financial investment sector was 349 million yuan, down 62.30% from the same period last year, and the loss of the entire sector was 1 million 722 thousand and 900 yuan because of the 15.62% reduction in financial expenses and management fees.

The semi annual report of 2011 showed that YOUNGOR realized a net profit of 837 million yuan attributable to its parent company, of which 404 million yuan was realized in the apparel sector, and 31 million 367 thousand and 800 yuan in real estate sector. The financial investment sector was 400 million yuan more than the clothing sector. Compared with the first half of 2012, the company's net profit was 883 million yuan, the brand clothing sector was 526 million yuan, and the real estate sector achieved net profit of 380 million yuan, so that the financial sector only had 23 million yuan.

But Liu Xinyu explained to reporters that the loss of the financial investment sector was only a reduction in the profits of the company as a whole. The reason for the decrease was due to the financial cost of bank loans and the cost of personnel management.

In fact, compared with the same period last year, YOUNGOR has begun to shrink its financial investment sector, while the market value of its holdings of financial assets has shrunk.

According to the financial report, in the same period of 2011, YOUNGOR invested 1 billion 390 million yuan to participate in the private placement of Guang Bai pharmaceutical, Hai Zheng, Xing Rong investment, Sheng Yi technology, Jinggong technology, Yun Tian Hua, San Nong development, East zirconium industry and Xinjiang public and ten listed companies, but YOUNGOR only invested 879 million 500 thousand yuan this year, invested 829 million 500 thousand yuan respectively, and invested 10.71% of Shandong Zhengda Ecological Engineering Co., Ltd., and invested 50 million yuan to invest in CITIC sandwich (Shanghai) investment CITIC (limited partnership).

In terms of market value, in the first half of last year, YOUNGOR invested a total of 8 billion 191 million yuan to participate in the issue of non-public offering, and calculated its market value by 12 billion 753 million yuan at the end of the closing price. In the same period this year, the total cost of investment in the sale of financial assets of the company amounted to 6 billion 937 million yuan, and the final market value calculated at the closing price of the stock at the end of the year was 8 billion 427 million yuan.

As for the recent spread of Shanghai Kay stone investment failure directly led to YOUNGOR group and Shanghai Kai Shi split up, Liu Xinyu said this is a shareholder level problem, because the controlling shareholder is a group company, Shenyin Wanguo released research report that the company is in the structural adjustment period, plans to gradually return to the clothing industry.