September 9, 2009, CITIC "joint investigation of the sleepy apparel industry" came to Ningbo Youngor Group Co., Ltd., and the group vice president and general manager of clothing company Mr. Chen Zhigao, secretary of the Board Ms. Liu Xinyu, Youngor Property Co., Ltd. Mr. Ge Haidong conducted an in-depth exchange and visited the real estate of Qianhu and Gloria Bay. Comments are as follows: Comment: apparel business to the top of the company In July 2009 the company set up Youngor Garment Holdings Limited, the company acquired directly or indirectly held by the apparel marketing and manufacturing enterprises all the shares, thus completing the company apparel business Integration. The reason for this is the company fully aware of the current Younger brand crisis. Although the Company's domestic market share is still far ahead, its fashion manufacturing and brand operation are relatively weak due to the significant advantages in the manufacturing sector from the traditional manufacturing start. The industry behind the apparel company is good at fashion, and quickly capture the market. The company realized that if you can not change from manufacturing to the market, from product to brand change, Younger will become the future of domestic brands OEM. The company intends to rationalize the organizational structure, based on the completion of Youngor brand a new round of shaping and development. Under the new organizational structure, Chairman Li Rucheng served as chairman and CEO of clothing holding company, focusing on the development strategy of apparel domestic sales business, market expansion, business execution and other actual operations, indicating that the apparel business has been raised to the forefront of the company's future development status. The company said the apparel business is Youngor's core strategy for the future, to make the garment business bigger and stronger. Realization of brand serialization has been made. In the first half of 2009, the company formally proposed the brand serialization strategy. Now it is clear that the brand will be subdivided into: GY, Mayor and Youngor CEO. Which GY 25-35-year-old university just graduated from the workplace of the prospective elite; Mayor (Youngor Mayor) for civil servants and other high-end customers, the shirt price of 1000-2000 yuan, suit 1-2 million per set; Youngor CEO Then the current Youngor brand as the main body, for 35-45 years old, high cultural, high-income business people, the price of his shirt 300-800 yuan, suit 3000-8000 yuan each. At present, there has been substantial progress in the company's brand serialization. The Company has set up three brand studios led by three top leaders and equipped with independent planning departments to be responsible for the operation of their own brands. Especially the GY brand, the company and Japan's W-GAME companies, Japan's seven designers organize the design and development, will be based on the protection of quality of both emerging fashion elements. The company plans to stock GY 8 times, which enhances the grasp of fashion. At present, the terminal promotion of GY has started. On August 28, 2009, it successfully opened its first store in Guanqian Street in Suzhou and opened 9 stores in Shanghai, Hangzhou, Suzhou and Ningbo in September. The number of stores in 2009 is expected to reach 15 in 2010 reached 40. Mayor brand is currently sampling the design of the upcoming launch of mid-September orders will be held in the future to promote high-end store positioning. Clothing domestic sales doubled in five years The company's reform of clothing not only includes the above organizational structure and brand segmentation, but also drastic changes in the terminal channel. The company classified the terminal into five categories according to the grade: the "top department stores" similar to Shanghai Henglong Square and Beijing Qiaoshang; the "high-end department stores" similar to Shanghai Yaohan; the "mid-range department stores" similar to Shanghai Oriental Plaza; the mixed brands "Low-end department store"; and clothing wholesale market. At present the company terminal focused on the third mid-range department stores and the fourth category of low-end department stores, the future direction is the second category of high-end department stores. In 2009, the company focused its attention on shutting down some low-end terminal stores and upgrading its products at the expense of sales. The company's current sales terminal in about 1960, the future expansion will focus on quality and grade, not in the number of scale. At the same time the company set up a new Younger Chinese Creative Arts and Design Co., Ltd., used to be responsible for the renovation of existing shops, and the future of the new shop as a whole decorating. From a production company gradually transformed into a brand operating company, has undergone two major adjustments, the first for the late 90's "brand sales, joining the expansion," the second since 2001, "the channel weight, straight Marketing sales ", each adjustment brings the company's steady rise in market share. This is the third major adjustment for the company. The company plans to increase the domestic sales of apparel by 15% annually over the next five years and achieve a sales volume of about 4.5 billion yuan by doubling it in five years. In the second half of 2009, the three major real estate projects confirmed the commencement and delivery progress of each real estate by the Company. In the second half of 2009, the real estate income of the Company mainly came from the three projects of Spring Forest Phase III, Urban Forest Phase II and Champion Bay. At present, the three phases of urban forest in the three projects have all been sold out and were delivered in September 09. In addition to being sold out by several companies except for the remaining villas, the unit is expected to be delivered by the end of October 2009; Except a few shops have been sold out, is expected to be delivered by the end of 09. We estimate that the price of Urban Forest Phase II is about 13,800 yuan / square meter, and the real estate revenue is about 1.3 billion yuan. The average price of Villa of Chanceon Bay is 5.5 million yuan / d and the real estate income is about 1.1 billion yuan. Smaller. Taking into account the settlement period, we have predicted the real estate business in the second half of 2009 achieved 2.3 billion yuan more conservative. At the same time, the gross margins of urban forest and Chancery Bay are higher, which we estimate at over 50%, driving the real estate gross margin to rise. It is estimated that the annual real estate income of the company will be nearly 5 billion yuan, up by 40% over the same period of last year. The property business is still optimistic about the current land reserves of nearly 3.5 million square meters, of which Ningbo accounted for 60%, Suzhou and Hangzhou, respectively, 20%. In early September 2009, the Company acquired two new blocks in Ningbo, of which, the larger Dongqian Lake Chating Village parcel covers an area of ​​329,100 square meters and the actual floor price is 18,400 yuan (calculated at a plot ratio of 0.3). The company optimistic about the real estate business outlook, positive attention and hope to buy Ningbo, Hangzhou and Suzhou's new land. The reason why the company optimistic about the real estate business growth, mainly based on short-term and long-term considerations in both short-term, the company currently has better prospects for development and reserve real estate. At present, the sale of real estate companies have basically sold out, plans in May 2010 to start all the land. Most of the land company land premium is not high, from the current real estate market price level analysis of better earnings.