YOUNGOR: The Three Major Areas Of China'S Economy Are Suffering.

< p > YOUNGOR's 2013 earnings report reflects that the three major areas of China's economy are being tested: the disappearance of demographic dividend is eroding the profits of traditional manufacturing industries such as the clothing sector; the large losses caused by land retreat are a reminder of the risks in the real estate sector; and the investment mining stocks have caused more than 400 million impairment of assets to YOUNGOR, which means that coal and other fields are going through a difficult time.

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< p > in the pition period, whether these problems can be properly solved determines how fast and how far the Chinese economy can go.

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< p > < strong > Real Estate: industry risk is gradually exposed < /strong > /p >

< p > YOUNGOR's operating income last year was 15 billion 167 million yuan, an increase of 41.32% over the same period last year, and its net profit attributable to shareholders of listed companies was 1 billion 359 million yuan, down 14.88% compared to the same period last year.

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As shown in the P report and in the context of the two major businesses of textile and clothing and financial investment, YOUNGOR's outstanding real estate support company handed in a good report card.

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< p > YOUNGOR real estate sector achieved operating income of 9 billion 865 million yuan, an increase of 91.27% over the same period last year, and accumulated a total of 14 billion 783 million yuan of pre-sale revenue, an increase of 84.18% over the same period last year. The company's pre paid housing charge also reached 15 billion 760 million yuan.

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Zhang Huadong, a real estate analyst at P billion think tank, told our reporter that the sales of YOUNGOR in 2013 was mainly reflected in sales in 2011 and 2012.

YOUNGOR's revenue in 2013 was nearly 10 billion yuan, indicating that the sustainability of the company's real estate business is still very strong.

Last year, the domestic property market was hot, and this part of the profits had to wait until the 2014 annual report or the 2015 China Daily report.

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< p > in fact, as a result of too radical in the last round of the housing boom, YOUNGOR has become a "hot potato" in many hands, so that the company has been making internal adjustments in recent years: on the one hand, to accelerate sales progress and inventory, on the other hand, substantially reduce the number of companies to take land.

In 2013, when the domestic property market surged forward, YOUNGOR only took five yuan to spend about 2 billion 600 million yuan, which is less than 20% of its pre-sale amount last year.

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< p > "YOUNGOR is obviously making adjustments."

Zhang Huadong believes that the company took place very little last year, but combined with the company's own situation and the current market environment, YOUNGOR obviously made a correct choice.

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< p > Liu Xinyu, YOUNGOR's managing director, also admitted that YOUNGOR had been cautious in the past year and did not take a lot of land. Others were working with other enterprises, and the premium rate was not high.

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< p > YOUNGOR is also selectively withdraw from some high priced land, and the loss of Shenhua plots to YOUNGOR has reached 480 million yuan.

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< p > although going to stock as an important task, but the data show that YOUNGOR's overall inventory is still high, as of the end of 2013, YOUNGOR's inventory still reached 22 billion 645 million yuan, compared with 23 billion 473 million yuan early last year, the decline is not obvious.

According to experience, most of YOUNGOR's inventory comes from real estate business, and textile clothing accounts for only a small part.

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< p > "inventory height is related to the development scale of the company, mainly from the real estate business. The projects under construction are not included in the inventory. The company's pre-sale amount reached 15 billion 760 million yuan last year. We have to ensure the value of future sales, so the inventory is matched with the size of the company."

Liu Xinyu said.

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< p > Xue Jianxiong, director of Shanghai Institute of research and development, believes that YOUNGOR has not completely digested the high price of 2009~2010, but the foundation of the company is still relatively strong. At present, it is still in a period of adjustment. From last year's sales performance, the profit of at least the real estate sector in the next few years is guaranteed.

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< p > < strong > clothing manufacturing: demographic dividend vanishing erosion profit < /strong > /p >

< p > compared with other sectors, the clothing industry of < a href= "http://www.91se91.com/news/index_c.asp" > YOUNGOR < /a > although it seems to be much more stable, it is also a hidden crisis.

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< p > 2013, the entire garment industry is still in a relatively low state.

The first sports brand that has problems with inventory has gone through a severe "inventory clearance battle" or has already taken the lead. The order of Anta brands has increased for three consecutive quarters.

Cheng Weixiong, a senior fashion expert, said that it was men's wear, women's wear and other subdivision categories that followed suit. In 2013, it also became the "trough period" of many men's wear brand performance decline and stock increase.

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Compared with P, the revenue of YOUNGOR brand clothing in 2013 was 4 billion 270 million yuan, a slight increase of 4.57% over the same period last year. It seems that there is no serious harm, but the net profit of this business is only 644 million yuan, a 21.37% drop compared to the same period last year.

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< p > the disappearance of demographic dividend is eroding the profit of < a href= "http://www.91se91.com/news/index_c.asp" > garment manufacturing > /a > field.

YOUNGOR claims that the drop in profits in the garment industry is a combination of factors such as rising labor costs and increased income tax burden.

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< p > "when other old fashion brands are actively pforming, YOUNGOR's brand positioning still stays 10 years ago. What is more serious is that they do not have a very clear sense of pformation, leaving more" feel good about themselves ".

Speaking of the current situation of YOUNGOR clothing, the insiders interviewed told the first financial daily.

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< p > to expand the market beyond the a href= "http://www.91se91.com/news/index_c.asp" > Suit > /a and shirt, YOUNGOR signed a 20 year agency contract with the American menswear brand Hart Max (Hart Schaffner Marx) in 2008. After that, it also pushed out its own men's brand GY, which was located in the young fashion crowd. However, neither the popularity nor the sales of these two brands brought too much profit to YOUNGOR's clothing sector.

YOUNGOR also has the main brand of high-end clothing and casual wear brand MAYOR, and hemp material based "hemp family", but its body is relatively small, at present, YOUNGOR can not achieve the "performance contribution" goal.

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< p > "YOUNGOR stalls are not too small, but they do not work too hard to operate. This has nothing to do with its focus on real estate, investment and other businesses.

The result of doing everything is that the bigger the shop is, the heavier the burden will be.

This person is right.

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< p > 2013, YOUNGOR slowed down the speed of its own outlets, and began to focus on optimizing the channel structure and strengthening the entry and expansion of key shopping malls.

As of the end of the reporting period, the number of shops increased by 216 to 2935.

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< p > "YOUNGOR has noticed this problem, but the adjustment of channel is far from enough. The brand positioning must be put first, and we must make up our minds and devote efforts to carry out pformation and upgrading, otherwise there will be greater danger later."

The person in charge said.

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< p > < strong > Mining: resource industry becomes "/strong" > /p >

Less than P, YOUNGOR's investment business has also changed from a "cash cow" with unlimited scenery to a hot potato.

This reflects the plight of mining industry in the downward cycle of China's economy.

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< p > because the fair value of some investment projects has dropped considerably, YOUNGOR has prepared 427 million yuan for the assets of the Sino Gold gold and Shanxi coal international assets, resulting in a net loss of 489 million yuan in the current period.

By the end of 2013, the market value of YOUNGOR's sale of financial assets was 6 billion 517 million yuan, with a floating profit of about 1 billion 200 million yuan.

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< p > August 2011, Ningbo youth Investment Co., Ltd., a wholly owned subsidiary of YOUNGOR, invested 389 million yuan to subscribe for 15 million 600 thousand shares of CICC non-public offering at a price of 24.97 yuan / share.

In August 2012, CICC implemented a profit distribution scheme with capital surplus to 5 shares per 10 shares of all shareholders.

At this point, the company holds 23 million 400 thousand shares of CICC gold.

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< p > 2013, YOUNGOR reduced some gold shares in gold, as of the end of 2013, the company still holds 15 million shares of CICC gold, the cost price is 16.65 yuan / share.

In view of the fact that the fair value of CICC has declined considerably, YOUNGOR expects this downward trend to be non temporary and decides to prepare for the impairment of assets held in the CICC gold shares.

In accordance with the final market price of 8.55 yuan / share, YOUNGOR has prepared about 121 million yuan for this purpose.

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"P", coincidentally, YOUNGOR also invested in the first international operation of Shanxi coal company. The company also paid a heavy price for it, that is, the provision for impairment of about 306 million yuan. "YOUNGOR"

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After investing heavily in many cyclical industries, YOUNGOR also began to adjust its investment ideas. YOUNGOR said in its annual report that YOUNGOR is gradually pforming from financial investment to industrial investment in the aspect of investment business, P said.

According to the arrangement of installment payment, the company invested 1 billion 200 million yuan and accumulated a total investment of 3 billion yuan to subscribe to the Beijing state alliance energy industry fund, and participated in the three line pipeline project of CNG's west east gas pipeline project, with a contribution of 340 million yuan, and the share contribution of the pferee union business limited company 4%.

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