After market close on August 28, Youngor Fashion Co., Ltd. (SH:600177, hereinafter referred to as "Youngor") released its 2026 semi-annual report: during the reporting period, the company's total revenue increased by 0.73% year-on-year to RMB 5.149 billion, and net profit attributable to shareholders increased by 23.79% year-on-year to RMB 2.123 billion.
As the core business, the fashion segment's revenue increased by 3% year-on-year to RMB 3.795 billion, of which the main business revenue of the branded apparel business was RMB 3.249 billion, down 1.46% year-on-year, while the gross margin increased by 0.98 percentage points to 71.27%; the fashion segment's net profit attributable to shareholders increased by 3.14% year-on-year to RMB 245 million. The investment business's net profit attributable to shareholders increased by 30.57% year-on-year to RMB 1.815 billion.
——Multi-brand revenue increased by 5.91% year-on-year, rising to 26.15% of branded apparel business revenue
With the main brand YOUNGOR at its core, Youngor has self-created, operated in partnership, and acquired seven major brands: YOUNGOR, MAYOR, HANP (Hemp Family), MAISON CORTHAY, UNDEFEATED, HELLY HANSEN (not consolidated, accounted for under the equity method), and BONPOINT, covering business casual, sports and outdoor, children's wear, fashion, and lifestyle sectors.
During the reporting period, the main brand YOUNGOR's revenue decreased by 3.83% year-on-year to RMB 2.399 billion, while the gross margin increased by 0.51 percentage points to 71.22%. According to the financial report, YOUNGOR is upgrading from traditional business menswear to full-scenario dressing for executive business professionals, building four major series: executive business, wedding series, outdoor casual, and womenswear, creating a product system with dual tracks for men's and women's wear.
In the financial report, Youngor stated that the main brand "focused on product structure, channel optimization, and cost reduction and efficiency improvement to advance transformation and adjustment, and the gross margin has recovered somewhat, but it still faces challenges in breaking through the operational efficiency of core categories and traditional channels." The financial report also cited statistics from the China National Commercial Information Center, stating that Youngor men's shirts have ranked first in comprehensive market share for 29 consecutive years, and men's suits for 26 consecutive years.
Other brands combined revenue increased by 5.91% year-on-year to RMB 850 million, with the gross margin increasing by 2.44 percentage points to 71.42%, and their share of branded apparel business revenue rose to 26.15%. Youngor stated that the multi-brands maintained rapid growth and "based on their respective brand development stages and track competition trends, focused on building a second growth curve."
According to the company's previously disclosed investor relations activity record: in 2025, other brands' combined revenue was RMB 1.63 billion, up 226.1% year-on-year, of which BONPOINT's revenue was RMB 990 million; UNDEFEATED and the non-consolidated HELLY HANSEN both achieved profitability, and HELLY HANSEN's investment income recognized under the equity method was approximately RMB 51.16 million. Youngor is responsible for UNDEFEATED
and HELLY HANSEN's operations in Greater China, while BONPOINT operates globally.
During the reporting period, the company completed a board reshuffle, with Li Hanqiong succeeding as Chairman and President, and Li Rucheng no longer serving as Chairman. In the financial report, Youngor stated that after the reshuffle, the fashion segment comprehensively reviewed and optimized its organizational structure, management functions, and business processes, and improved its performance assessment system based on the equity incentive plan. In May, the company granted 120 million restricted shares to 757 incentive recipients.
——BONPOINT acquisition opens global layout, its operating entities cover 14 countries and regions
In the financial report, Youngor stated that "the successful acquisition of Bonpoint marks the company's official launch of a global layout, and in the future it will further optimize and expand overseas markets." According to the list of subsidiaries disclosed in the financial report, BONPOINT-related operating entities cover 14 countries and regions: France, the United Kingdom, Germany, Spain, Italy, Switzerland, Austria, Belgium, Monaco, the United States, Canada, Japan, and mainland China and Hong Kong, China. As of the end of the reporting period, the company's overseas assets were RMB 4.413 billion, accounting for 6.33% of total assets.
The original book value of goodwill formed by the acquisition of BONPOINT decreased from RMB 665 million at the beginning of the period to RMB 627 million, with the decrease entirely due to foreign currency translation, and no goodwill impairment provision was made during the reporting period.
——Direct-operated channels account for over 95% of revenue, with a net decrease of 15 direct-operated stores in the first half
Youngor has built a nationwide marketing network covering six major offline channels: self-operated specialty stores, shopping centers, department store counters, outlets, group purchases, and franchising, as well as two major online channels: e-commerce and micro-malls, with direct-operated channels accounting for over 95% of revenue. In the financial report, Youngor stated that the company continues to advance its channel upgrade strategy, "exploring new business models adapted to the new consumer environment through the iteration of traditional stores, fashion experience stores, and business clubs." During the reporting period, the company coordinated its channel structure, with the main brand continuing its channel transfer and optimization strategy, and multi-brands continuing to improve their market layout.
Above: On September 5, Youngor's business club at Chongwenmen, Beijing, grandly opened
By channel:
- Department store counters: revenue RMB 829 million, down 4.45% year-on-year, still the channel with the largest revenue scale
- Shopping centers: revenue RMB 659 million, up 13.95% year-on-year, surpassing self-operated outlets
- Self-operated outlets: revenue RMB 646 million, down 10.56% year-on-year
- Outlet stores: revenue RMB 391 million, up 8.85% year-on-year
- E-commerce: revenue RMB 476 million, up 6.81% year-on-year, accounting for 14.6% of branded apparel business revenue
- Group purchases, franchising and wholesale: revenue RMB 147 million and RMB 101 million respectively, down 24.53% and 21.79% year-on-year
As of the end of June 2026, Youngor had a total of 2,134 stores, including 1,869 direct-operated stores and 265 franchised outlets. In the first half, the company opened 47 new direct-operated stores and closed 62 stores due to business district adjustments and traffic shifts, with operating area increasing by 4,700 square meters.
On the first trading day after the financial report was released (August 31), Youngor's stock price rose 2.04% to RMB 8.02 per share, with a total market value of RMB 37.080 billion.
丨Source: Youngor financial report, investor relations activity record, LuxeCO historical reports
丨Image source: Youngor official website
丨Editor: LuxeCO
