Finance Association, May 22 (Reporter Chen Kang) -- Youngor (600177.SH), which has returned to its main business, received the most investment attention. At the results meeting held today, the company stated that the investment income mainly comes from investments in CITIC shares (00267.HK) and Bank of Ningbo (002142.SZ). However, the company did not respond positively to investors' questions such as “whether it will increase its investment in banks,” “whether there are plans to acquire fashion brands this year,” and “how to consider the issue of successors,” which can be called “sparing words like money.”

In the first quarter, Youngor's investment business achieved net profit attributable to shareholders of listed companies of 518 million yuan, an increase of 36.63% over the previous year; in 2023, the business achieved net profit attributable to shareholders of listed companies of 2,096 million yuan.

Regarding the Bank of Ningbo's dividend ratio being lower than that of its peers and the subsequent processing of CITIC shares, Youngor Chairman Li Rucheng responded, “Bank of Ningbo is in the development stage, and we have proposed increasing the dividend ratio. Regarding CITIC shares, we are carefully planning our next steps. Financial investments in other non-main businesses will expedite disposal efforts.”

The revenue and net profit of the Youngor real estate sector declined in 2023. Some investors asked at the performance meeting, “Will the company's real estate business completely withdraw in the future or will it be developed when the market is good? If all are withdrawn, will the funds continue to buy high-quality stores?” The response received was “the company will be careful in its research.”

Speaking about his views on the real estate industry, Li Rucheng said, “The real estate industry is undergoing drastic changes. In the long run, China's real estate industry still has some room for development.”

At the end of last year, Youngor officially changed the company name from “Youngor Group Co., Ltd.” to “Youngor Fashion Co., Ltd.”, and it seems that it will “focus on the fashion industry” to the end. In the first quarter of this year, the company's fashion sector revenue fell 7.84% year on year, and net profit fell 20.55% year on year. Regarding the decline in performance, the company stated at the performance meeting that it is investing heavily in newly acquired brands to actively explore the market.

At the same time as the name change, Youngor bought a store on Chunxi Road in Chengdu from Meibang Apparel (002269.SZ). Previously, Meibang had sold the store to Youngor three times, with a total of 1.3 billion yuan in four transactions. Li Rucheng said at the performance conference, “There is no relationship between Youngor and Meibang. The purchase prices of Meibang stores have all been determined by professional evaluation agencies, and the purchase price is fair.”

According to Youngor's strategy of “opening a big store and closing a small store,” the acquired Meibang clothing store will later open Youngor's own specialty stores, mainly large stores. This is also part of the company's optimization and adjustment of the store channel.

In terms of investment, Youngor is gradually leaning towards the clothing and fashion industry, including investing in mergers and acquisitions of street fashion brand Undefeated and Norwegian national treasure outdoor brand Helly Hansen, and making equity investments in the brand Alexander Wang.