Research Brief | Youngor Hosts CITIC Securities and 8 Other Institutions; 3.9 Billion Pre-sale Projects in the Real Estate Sector to Be Recognized

On Tuesday, March 3, 2026, Youngor Fashion Co., Ltd. (hereinafter referred to as “Youngor”) held an investor relations event in Ningbo, welcoming nine institutions including CITIC Securities, Cinda AO Asia, Harvest Fund, Taikang Asset Management, Debon Fund, Junhe Capital, Naxuan Investment, Anjie Asset Management, and Point72. The company’s Secretary of the Board, Ms. Feng Jun, Securities Affairs Representative Mr. Cao Yuchao, and Securities Affairs Assistant Ms. Lin Xin participated in the reception, engaging in in-depth discussions with the institutions about the operations of the fashion segment, brand development, real estate, and investment sectors.

Basic Information of the Investor Event

Key Content of the Research

Fashion Segment: Differentiated Multi-Brand Operations

During the exchange, Youngor introduced its fashion segment’s operational structure. The main brands YOUNGOR, MAYOR, HART MARX, HANP, and CORTHAY are managed centrally by the Ningbo headquarters; while brands like UNDEFEATED, HELLY HANSEN, and BONPOINT are overseen by the Shanghai headquarters. Due to differences in positioning, market segments, consumer scenarios, and target audiences among the brands, the company adopts a divisional management model, implementing differentiated operations in planning, design, marketing, and membership services to meet the development needs of each brand.

HELLY HANSEN: Focusing on Marine Heritage to Build Competitive Advantage

Regarding the operational capabilities of the HELLY HANSEN brand, the company stated that the brand team is highly professional and aligns with Youngor’s management philosophy. The core strategies include: 1) Upholding marine heritage to build a differentiated competitive barrier; 2) Balancing product performance, comfort, and fashion design to meet diverse consumer needs; 3) Developing new product lines based on market changes to further expand the customer base.

Real Estate Segment: 3.9 Billion Pre-sale Projects Entering Revenue Recognition Phase

In the real estate sector, Youngor disclosed that its last centralized delivery project, “Minghu Yiqiu Garden,” has achieved 100% pre-sale of residential units, with a pre-sale amount of 3.9 billion yuan. The project began revenue recognition and delivery in November 2025, with related income and profits gradually recognized in Q4 2025 and 2026. Other existing projects will be recognized gradually based on absorption progress. As of the end of Q3 2025, the company’s real estate inventory (excluding cooperative projects) had a book value of about 6.6 billion yuan, with approximately 4.4 billion yuan of pre-sold receivables already recognized.

Investment Segment: Focus on Core Business M&A and Inventory Optimization

Regarding investment planning, Youngor stated that current investment returns mainly come from two sources: 1) net profit from Ningbo Bank, accounted for under the equity method; 2) dividends from financial assets such as CITIC Limited. Going forward, the company will focus on brand acquisitions and collaborations related to its fashion core business, accelerate disposal of existing financial projects to optimize cash flow, and actively explore investments in emerging fields.

During this research, Youngor provided detailed explanations of its various business operations without disclosing any major undisclosed information. The institutions showed particular interest in the company’s multi-brand operation strategy and the progress of real estate project revenue recognition.

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Editor: Xiao Lang Kuai Bao