The three main industries, such as Youngor Real estate, no longer reflect economic hardship

The revelation of Youngor Annual report: The three major sectors of China's economy are suffering from real estate, clothing, investment three main business scenery no longer Liu Li Lei into the economic field of various industries, which in some way gives the Youngor (600177.SH) China's economic "vane" significance. Its direct participation in the industry includes real estate and apparel production, while the participation of investors in the company is broad coverage, covering the banking, mining and other industries. The 2013-year earnings release from Youngor yesterday reflected the three major sectors of China's economy are being tested: the disappearance of the demographic dividend is eroding profits in traditional manufacturing, such as apparel, while the large losses from the retreat remind the real estate sector that risk is gradually being exposed; investment in mining stocks has created more than 400 million of asset impairment in Youngor, means that coal and other fields are going through tough times. In the transition period, whether these problems can be properly resolved, determines the Chinese economy how fast the carriage can go and how far. Real estate: Industry risk is gradually exposed youngor last year operating income of 15.167 billion yuan, an increase of 41.32%, attributable to the listed company shareholders net profit of 1.359 billion yuan, down 14.88%. As in the case of the report, in the context of the "weakness" of both the textile and apparel and financial investment businesses, Youngor's prominent property business support company handed over a good transcript. Youngor Real Estate sector to achieve operating income of 9.865 billion yuan, a large increase of 91.27%, the cumulative realization of pre-sale income of 14.783 billion yuan, an increase of 84.18%, the company's grasp of the advance of the room also reached 15.76 billion yuan. Zhang Huadong, a real estate analyst at John's think-tank, told our correspondent that the 2013 report by Youngor was mainly in the 2011 and 2012 sales. Youngor was able to carry over nearly 10 billion yuan of revenue in 2013, indicating that the company's real estate business continued to be strong. Last year, the domestic property market was hot, this part of the profits to wait until the 2014 annual report or 2015 years in the report can be reflected. In fact, because in the last round of the property boom was too radical, youngor hands of many high prices to become "hot potato", so that the company has been doing internal adjustment in recent years: on the one hand to speed up sales progress, to inventory, on the other hand, significantly reduce the number of companies to take land In 2013, when the domestic property market was surging, Youngor spent only about 2.6 billion yuan on five sites, less than 20% of its pre-sale last year. "Youngor is obviously making adjustments. "Zhang Huadong that the company was really very small last year, but with the company's own situation and the current market environment, Youngor clearly made the right choice." Youngor Liu Nio also admits that Youngor has been cautious in the past year, with little or no amount of land, and some with other companies, and the premium rate is not high. Youngor also selectively withdrew some of the high prices to get the land, the return of Shenhua plots to Youngor caused by the loss reached 480 million yuan. Although the inventory as an important task, but the data show that Youngor's overall inventory is still high, up toAt the end of 2013, the stock of Youngor still reached 22.645 billion yuan, compared with the 23.473 billion yuan decline early last year is not obvious. According to experience, the majority of Youngor inventory from the real estate business, textile clothing accounted for a very small part. "High inventories are related to the size of the company's development, mainly from the real estate business, construction has not yet been delivered to the project is also classified into inventory, the company last year's pre-sale to reach 15.76 billion yuan, we have to ensure the future of the sales value, so, inventory and the size of the company to match. "Liu Nio said. Rick Scherkingshon, director of the Shanghai Institute of Research, said Youngor has not fully digested the 2009-2010-year high price, but the company's roots are still relatively strong, and is still in the adjustment period, from last year's sales performance, in the next few years at least the real estate sector profits are guaranteed. Apparel Manufacturing: The disappearance of demographic dividend eroded profits compared with other sectors, Youngor's apparel industry, though seemingly smooth, is a crisis. 2013, the entire clothing industry still maintained a relatively depressed state. The first inventory problems of the sports brand after the brutal "inventory clean-up war" or has taken the lead to get out of the valley, Anta and other brands of the fair amount has been continuously three consecutive quarters of growth. Senior clothing expert Cheng Weixiong to "the first financial daily" said, followed by the adjustment period is the men's, women's and other subdivision category, and 2013 has indeed become a lot of men's brand performance decline, inventory increased "trough period." In contrast, the 2013 annual sales of Youngor brand apparel revenue of 4.27 billion yuan, slightly increased 4.57% from a year earlier, seems to be no big deal, but the business of the net profit of only 644 million yuan, a big drop of 21.37%. The disappearance of the demographic dividend is eroding profits in the garment manufacturing sector. Youngor said that the decline in the apparel sector is "affected by the increase in human costs and income tax burden increases and other factors." "In other old clothing brands are actively engaged in the transformation of the time, Youngor brand positioning feeling still stay before 10, even more serious is that they do not have a very clear sense of transformation, to leave more ' self feel good '." "Speaking of the status of Youngor clothing, interviewed by the industry to the" first financial daily "blunt. To expand the market outside of suits and shirts, Youngor signed a 20-year agency contract with American menswear brand Hart Max in 2008, and has since launched its own menswear brand Gy, which is positioned in the young fashion crowd, But neither popularity nor sales have brought much benefit to Youngor's clothing sector. Youngor also has its main focus on high-upright clothing and casual apparel brand mayor, as well as the Chinese hemp materials mainly "Han Ma family", but its volume is relatively small, at present can not reach the "performance contribution" goal. "Youngor is not a small shop, but it has not worked too hard to operate, and it focuses on property, investment and other businessNot unrelated. Whatever you want to do, the bigger the end, the heavier the burden. The personage bluntly. 2013, Youngor slowed the pace of the opening of the network, began to focus on the optimization of channel structure adjustment, strengthen the positioning and expansion of key shopping malls. By the end of the reporting period, the number of stores had increased by 216 to 2,935. "Youngor has noticed this problem, but only the channel adjustment is still far from enough, the brand positioning should be placed first, to resolve, to spend energy to change the upgrade, otherwise there will be greater danger." said the person in charge. Mining: The resources industry into the "indignity" Youngor's investment business, but also from the scenery of the unlimited "cash cow" into a hot potato. This reflects the plight of the mining sector in the downward cycle of China's economy. As the fair value of some investment projects has declined substantially, Youngor has prepared 427 million yuan for the assets impairment of the holdings of CICC gold and coal international, resulting in a loss of 489 million yuan for the current net profit. By the end of 2013, the market value of Youngor Holdings for the sale of financial assets was 6.517 billion yuan, with a surplus of about 1.2 billion yuan. August 2011, Youngor wholly-owned subsidiary of Ningbo Youth Investment Co., Ltd. invested 389 million yuan, to 24.97 yuan/share of the price of gold in the private issue of 15.6 million shares. In August 2012, CICC Gold implemented a profit distribution scheme with a capital accumulation of 5 shares per 10 shares to all shareholders. The company holds 23.4 million gold shares in CICC. 2013, Youngor reduction of gold holdings, as at the end of 2013, the company still holds gold 15 million shares, cost price of 16.65 yuan/share. Given the relatively large decline in the fair value of gold, Youngor expects such a downward trend to be temporary, and decides to prepare for asset impairment in the holdings of CICC Gold. In accordance with the final market value of 8.55 yuan/unit, Youngor has proposed a reduction of about 121 million yuan for this purpose. Coincidentally, Youngor investment in the international Battle of mountain Coal has also suffered Waterloo, the company also paid a significant price, that is, about 306 million yuan to reduce the value of the provision. Youngor has also begun to adjust its investment strategy after heavy losses on multiple cyclical industries, and Youngor said in its annual report that Youngor is moving from financial investment to industrial investment in the transition. According to the arrangement of installment payment, the company invested 1.2 billion yuan and accumulated 3 billion yuan to subscribe to the Beijing National Union energy industry Fund to participate in PetroChina's west-East gas pipeline project, and to invest 340 million yuan, with the contribution of 4% of the UnionPay Business Co., Ltd.