On April 28, Youngor Fashion Co., Ltd. (SH:600177, hereinafter referred to as “Youngor”) released its 2025 annual report for the year ended December 31, 2025: revenue reached RMB 11.582 billion (USD 1.60 billion), down 18.37% year-on-year; net profit attributable to shareholders declined 11.57% to RMB 2.447 billion (USD 337 million); net profit attributable to shareholders excluding non-recurring items fell 14.38% to RMB 2.314 billion (USD 319 million); diluted earnings per share decreased 11.17% to RMB 0.53 (USD 0.07).
The simultaneous decline in both revenue and profit for the fiscal year was mainly due to the company’s strategic adjustment and gradual contraction of its real estate business. Revenue from property development fell 46.06% year-on-year to RMB 3.892 billion (USD 537 million).
In the “Letter to Shareholders” section of the annual report, Li Rucheng, Chairman of Youngor Group, stated that “the younger generation will take over the company’s operations following this board transition. After years of development, Youngor’s younger generation has gradually matured, and the company’s culture and systems have been further refined. We believe that changes in personnel will not affect Youngor’s future development. Through inheritance and innovation, Youngor will achieve even better growth.”
A concurrent announcement showed that, following the board re-election, Li Rucheng’s daughter, Li Hanqiong, currently Vice Chairman and President of the company, has been nominated as a non-independent director candidate for the new board. This proposal is subject to approval at the 2025 annual general meeting. Li Rucheng does not appear on the list of candidates for the new board; the annual report indicates that his term will end on May 22 this year.
Youngor currently operates across three major segments: fashion, real estate, and investment. Among them:
The core fashion segment recorded revenue of RMB 7.433 billion (USD 1.03 billion). Driven by the consolidation of the BONPOINT brand and the rapid growth of multiple brands (BONPOINT, UNDEFEATED, MAYOR, HANP, CORTHAY), revenue increased by 9.33% year-on-year. Net profit attributable to shareholders in this segment reached RMB 959.309 million (USD 132 million), down 77.75% year-on-year due to rising costs and expenses.
By brand:
The flagship brand YOUNGOR accelerated its transformation, actively adjusting its product mix and increasing its focus on outdoor and casual collections. Sales of key items such as down jackets and knitwear grew steadily, helping to offset declines in core categories such as shirts and suits. During the reporting period, YOUNGOR recorded revenue of RMB 5.005 billion (USD 689 million), down 4.37% year-on-year.
The company successfully completed the acquisition and integration of the BONPOINT brand, marking the official launch of its global expansion strategy. Going forward, it will further optimize and expand its overseas market presence. During the reporting period, the multi-brand business delivered strong synergies, achieving total revenue of RMB 1.627 billion (USD 224 million), up 226.05% year-on-year, accounting for 24.54% of total revenue.
The Group stated that, with its core brand YOUNGOR at the center and leveraging years of accumulated strengths in channels, supply chain, capital, and retail management, it is implementing a diversified brand development strategy. Through self-creation, partnerships, and acquisitions, it has built a seven-brand portfolio including YOUNGOR, MAYOR, HANP, MAISON CORTHAY, UNDEFEATED, HELLY HANSEN, and BONPOINT, spanning business casual, sports and outdoor, childrenswear, streetwear, and lifestyle segments. This has essentially established a matrix-style fashion group structure to meet the needs of a broader consumer base.
By channel:
The company continued to advance structural adjustments for its core brand while accelerating the expansion of its multi-brand footprint. As of the end of the reporting period, it operated a total of 1,884 directly managed stores, a net increase of 13. Among them, shopping mall and outlet locations increased by 68 on a net basis, while self-operated and department store locations decreased by 55. A total of 140 stores were renovated or adjusted. Total operating area reached 558,600 square meters, a net increase of 49,700 square meters.
During the optimization of its channel network, the company further deepened “headquarters-to-headquarters” strategic cooperation with major commercial partners. Newly opened stores recorded a 21.74% year-on-year increase in average store efficiency, significantly improving operational performance. Adjusted stores saw a 7.10% increase in average store efficiency, while unadjusted stores still require further revitalization.
During the reporting period, more than 95% of sales revenue came from directly operated channels.
Online sales reached RMB 988 million (USD 136 million), while offline sales totaled RMB 5.645 billion (USD 778 million).
On the trading day following the release of the annual report (April 29), the Group’s share price rose 1.21% to RMB 7.54 (USD 1.04) per share, with a latest market capitalization of approximately RMB 36 billion (USD 4.96 billion).
| Source: Official financial report
| Image Credit: Official financial report
| Editor: Luxeplace
