Youngor announced on the evening of November 8 that the company and Zhuhai Hengqin Dingjian Huaxin Investment Partnership (Limited Partnership) (referred to as “Dingjian Huaxinâ€) signed the “Equity Transfer Agreement†and transferred UnionPay Business Co., Ltd. for 651 million yuan. (referred to as "UnionPay Business") 17.5 million yuan of capital contribution (accounting for 3.30224% of UnionPay business registered capital).
After the completion of this equity transfer, Youngor still holds 7.5 million yuan of capital contribution from UnionPay Business (accounting for 1.45822% of UnionPay business registered capital).
Youngor said that the sale of UnionPay's business equity will help revitalize funds and adjust the investment structure. The difference between the consideration of the transaction and the book value of the company's available-for-sale financial assets will generate an investment income of 378 million yuan, which is included in the current profit and loss.
It was learned that UnionPay Business was established in 2002. It is a national comprehensive payment institution engaged in bank card receipt and professional services with a registered capital of RMB 501 million. The controlling shareholder of the company is UnionPay Business, with a shareholding ratio of 55.54%. In 2015, UnionPay achieved a net profit of 605 million yuan, and achieved a net profit of 610 million yuan in the first three quarters of this year.
Youngor’s secretary-general Liu Xinyu said publicly today that the original investment in UnionPay business was because UnionPay business had a listing possibility, but there is no specific timetable yet, so the cash is to invest in more promising projects, which is what the announcement calls. “Revitalizing funds and adjusting investment structureâ€.
According to the financial report, in terms of investment sector revenue, in the first three quarters of this year, Youngor’s investment business achieved an investment income of 2.919 billion yuan, a year-on-year increase of 40.21%. Among them, the change of Lianchuang electronic accounting method and the sale of Changfeng Thermal Power's equity brought investment income of 1.249 billion yuan, and the disposal of available-for-sale financial assets benefited 462 million yuan, but due to the increase in the income and storage income of the textile city in the same period last year and the current interest expense For other reasons, the net profit of the investment business decreased by 12.95% year-on-year.
Shi Hongmei, an analyst at Orient Securities, said that the continuation of the “transformation of financial investment into industrial investment†is expected to create a good guarantee for the follow-up operation of Youngor’s positive investment in venture capital and the investment in equity investment. It is expected that Youngor’s future investment business will gradually Focus on industries with long-term prospects such as science and technology, new energy, pension, and tourism.
According to the "China Apparel" magazine public report recently, in the first half of this year, due to the external market environment factors, the clothing business continued to decline, but driven by the investment in the real estate market and the purchase of wealth management products, Youngor's performance has increased this year. According to the financial report, in the first three quarters of 2016, the local men’s wear giant Youngor achieved operating income of 10.519 billion yuan, down 14.95% from the same period of the previous year; net profit attributable to shareholders of the parent company was 3.306 billion yuan, an increase of 1.64% over the same period of the previous year.
Specific to the apparel sector, Youngor achieved operating income of 2.955 billion yuan in the first three quarters, down 5.50% from the same period of the previous year;
(1) The branded apparel business achieved operating income of 2.803 billion yuan, a decrease of 5.01% over the same period of the previous year;
(2) The operating income of foundry and other businesses was 153 million yuan, a decrease of 13.53% from the same period of the previous year;
A total net profit of 323 million yuan was realized, which was 42.45% lower than that of the same period of last year due to lower operating income and gross profit margin, increased operating expenses such as lease decoration and depreciation.
GF Han, a researcher at GF Securities, admitted that Youngor’s strategy of “opening a big store†and the O2O upgrade of the sales terminal have begun to show results, and in the next five years, Youngor will invest 10 billion yuan in the apparel sector to strengthen and sell fabrics, crafts, brands. Channel promotion. It is expected that with the channel adjustment, the rebranding of the main brand Youngor and the continued growth of the sub-brands, the decline trend of the men's wear sector will gradually narrow, and the performance is expected to pick up in 2018.
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