Youngor Group Co., Ltd.
Chinese conglomerate making menswear, real estate, and department stores under the Youngor and Intime names.
On the record
Checkpoint: Q2/Q3 2026 consolidated results showing whether Intime integration stabilizes revenue or drags margins
The call
Youngor survives on real estate and store assets while its core menswear business shrinks and its big department-store bet repeats a deal Alibaba just walked away from at a loss.
Youngor makes clothes, owns factories, and runs over 100 department stores across China. It earns real money (about 2.5 billion yuan per year), so it will not disappear, but its sales are falling fast, down 18% last year. It does not lead in any clothing category; a competitor called HLA Group owns the men's shirt market instead. The company just spent 7.4 billion yuan to buy Alibaba's money-losing department store chain in December 2024, betting it can turn around what even Alibaba gave up on. The next few quarters will show whether this bet works: if the new stores help stop the sales slide and keep profits up, the picture improves; if they keep bleeding sales and hurt profits, Youngor stays stuck.
Why
01
AI pressure: Shein and Temu style algorithmic fast-fashion platforms. AI-driven trend forecasting and pricing let fast-fashion apps undercut department stores and menswear chains on speed and price. Could AI do the core job? Unlikely.
02
Bigger players: HLA Group Corp. Ltd. (600398.SH). HLA already holds the top menswear share in China at about 5.6% while Youngor trails, and HLA is raising fresh capital via a Hong Kong IPO. Could a giant copy it? Yes, easily.
03
What protects it. Owns real factories, land, and 100+ department stores, giving it hard assets and diversified income that a pure retailer lacks.
What would change this call
Youngor's Q2/Q3 2026 consolidated revenue includes Intime department stores. Shows whether Intime arrests the revenue slide or drags it further, as it did for Alibaba.
HLA Group completes its planned Hong Kong IPO and expands store count. Would indicate HLA using fresh capital to capture more menswear share from Youngor.
Youngor reports another double-digit YoY revenue decline in FY2026. Would confirm continued customer and category share loss rather than stabilization.
HLA Group completes its planned Hong Kong IPO and expands store count. Would indicate HLA using fresh capital to capture more menswear share from Youngor.
Youngor reports another double-digit YoY revenue decline in FY2026. Would confirm continued customer and category share loss rather than stabilization.
Key numbers
- FY2025 revenue fell 18.4% to CNY 11.58bn
- Net income halved from CNY 5.1bn (2022) to ~CNY 2.5bn
- Paid CNY 7.4bn for Alibaba's Intime chain
Named risks
- Intime department-store integration may mirror Alibaba's loss-making offline retail experience.
- Consolidated revenue declined 18.4% in FY2025 and 14.65% TTM through Q1 2026.
- No category leadership; HLA and budget/luxury brands squeeze Youngor in a polarizing market.
- Real estate segment exposure amid broader Chinese property sector stress.
- R&D spend remains below 3% of total expenditure despite digital transformation claims.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| HLA Group Corp. (600398.SH) | losing to | HLA holds ~5.6% menswear market share vs Youngor's smaller position, filed HK IPO Dec 2025 |
| Uniqlo | losing to | Budget-tier competitor squeezing mid-tier Youngor amid 2025 market polarization trend |
| ANTA/Li-Ning | contesting | Sportswear giants competing for apparel wallet share as Chinese menswear market barbells, 2025 |
| China Lilang (1234.HK) | contesting | Menswear peer trading at ~9x P/E in 2025 market commentary vs Youngor's declining revenue |
| Bosideng (3998.HK) | gaining on | Adjacent apparel giant trading ~15x P/E in 2025, outperforming valuation of mid-tier peers |
Questions people ask
- Is Youngor Group profitable in 2026?
- Yes but shrinking. Youngor's net income fell from a peak of about CNY 5.1 billion in 2022 to roughly CNY 2.4 to 2.6 billion in 2024 and 2025, while FY2025 revenue dropped 18.4% year over year to about CNY 11.58 billion, per investing.com data dated 2026-06-25.
- Did Youngor Group have layoffs?
- Headcount has been roughly flat, not slashed. Youngor reported 18,291 employees as of December 31, 2024, down just 148 (-0.8%) from the prior year, and about 18,240 employees by mid-2026 per FT/FactSet data dated 2026-07-13.
- Could AI replace Youngor Group's business?
- Unlikely to replace it wholesale. Youngor's core value sits in physical factories, land holdings, and 100+ acquired Intime department stores, though design, forecasting, and virtual-fitting workflows are AI-exposed; an academic study (2025-07-02) found its earlier smart-factory rollout cut customization cycles by 67%.
- Who is Youngor Group's biggest competitor?
- HLA Group Corp. (600398.SH) is China's largest menswear brand with about 5.6% market share, exceeding the combined share of its next four rivals, per a Benzinga report dated 2025-12-01 on HLA's Hong Kong IPO filing.
- Why did Youngor Group buy Alibaba's Intime department stores?
- In December 2024, Youngor acquired Alibaba's 100+ store Intime Department Store chain for CNY 7.4 billion (about US$1.02 billion) in a consortium deal, as Alibaba exited offline retail at a US$1.3 billion loss, per Bloomberg dated 2024-12-16.
- Who owns Youngor Group?
- Youngor is publicly traded on the Shanghai Stock Exchange under ticker 600177. Founder and chairman Li Rucheng holds about 2.9% of shares, while the largest single shareholder, Kunlun Trust Co., held roughly 9.2% to 9.4% as of 2025 to 2026 filings.
Timeline
- 2026-07TTM revenue through Q1 2026 about CNY 11.67bn, down 14.65% YoY; Q1 revenue CNY 2.88bn, up 3.1%
- 2025-12HLA Group files for Hong Kong IPO to fund overseas expansion after 2024 net profit fell 25%
- 2025FY2025 consolidated revenue falls to about CNY 11.58bn, down 18.4% year over year
- 2024-12Youngor acquires Alibaba's Intime Department Store chain (100+ stores) for CNY 7.4bn
- 2024-12Alibaba books about US$1.3bn loss selling Intime, exiting offline retail
- 2024FY2024 consolidated revenue rebounds to about CNY 14.19bn, up 3.2% YoY
- 2023-12Company renamed from Youngor Group Co., Ltd. to Youngor Fashion Co., Ltd., same ticker 600177
- 2023FY2023 revenue falls to about CNY 13.75bn, down 7.2% YoY
- 1998Youngor lists on the Shanghai Stock Exchange under ticker 600177
Revision history
25 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- About Youngor Group Co Ltd (600177)
- Youngor Fashion Co., Ltd. Insider Trading & Ownership Structure
- Who Owns Youngor? 600177 Shareholders (2026-06-25)
- YOUNGOR (600177.SS) stock price, news, quote and history (2025-03-13)
- Youngor Income Statement (600177) (2026-06-25)
- Youngor Fashion (SHA) (2026-07-03)
- Alibaba to sell department store chain Intime for $1 billion (2024-12-16)
- Alibaba to Record $1.3 Billion Loss in Sale of Intime Stores (2024-12-16)
- Alibaba to lose US$1.3 billion on Intime sale in retreat from offline retail (2024-12-17)
- YOUNGOR (600177.SS) company profile and facts (2025-03-02)
- HLA Files For Hong Kong IPO To Pursue Overseas Expansion (2025-12-01)
- Mens clothier HLA seeks to cast off stagnation with overseas expansion (2025-12-01)