Youngor Changes Leadership, 49-Year-Old LI Hanqiong Takes Over, Only Two of the "Three Carriages" Remain, and the Dilemma of Declining Profits and Revenues Awaits Resolution

Youngor's leadership change is finalized, and Li Hanqiong, the only daughter of Li Rucheng, assumes the position of Chairperson of the company.

This generational handover is not only a power transition in a family business but also a collision between the old and the new in business layout and management thinking.

The 49-year-old only daughter takes over

On May 21st, Youngor held its general shareholders' meeting as scheduled, and Li Hanqiong was unanimously approved to serve as the Chairperson, President, and Legal Representative of the company.

Li Hanqiong was born in 1977. At that time, Li Rucheng's family was in a difficult situation, so he named her "Hanqiong," which means "the cold will eventually pass, and spring will surely come."

Two years after her birth, a small workshop called "Youth Garment Factory" was established, which is the predecessor of Youngor. After more than 40 years of ups and downs, Youngor has gradually developed into the "No. 1 men's clothing stock."

Consistent with the growth path of most "second-generation entrepreneurs," Li Hanqiong studied business administration at California State University in the United States for her undergraduate degree and later obtained an EMBA degree from China Europe International Business School. After returning to China, she started from the bottom to gain experience.

In 2011, Li Hanqiong joined Youngor Fashion Co., Ltd. as a director. In 2015, Li Hanqiong led the launch of Youngor's special edition shirts for the Winter Olympics, which was regarded as a display of her marketing talent.

Li Hanqiong. Image source: WeChat official account of Youngor Group

"She has studied abroad, has a high level of education, a broad vision, and a flexible mind." Li Rugang, Li Hanqiong's uncle, described her way of doing things.

In 2020, under the impact of the pandemic, Li Hanqiong entered the live-streaming room to promote products, breaking the outside world's stereotype that "second-generation entrepreneurs only sit in the office."

Under Li Hanqiong's leadership, Youngor has gradually broken the impression of "dad's suits" that it has left on the public for many years, launched women's and children's clothing series, and also taken a crucial step in the young-oriented channels.

The dilemma of declining profits and revenues

Li Rucheng has been in charge of Youngor for more than 40 years. Today, Youngor's shirts have ranked first in the comprehensive market share of similar products for 29 consecutive years, and men's suits for 26 consecutive years.

In addition to the clothing industry, Li Rucheng has shown extensive interest in financial and real estate investments. In 2007, Youngor proposed a development strategy of "three carriages": clothing, real estate, and investment.

This diversification has become a major feature of Youngor's development strategy, and it has gradually become "the company in the clothing field that understands finance and real estate best, and the company in the capital circle that is best at selling clothing." However, the situation of these "three carriages" advancing side by side changed in 2011.

Li Rucheng once said that 2011 was the most difficult year for Youngor because two of the "three carriages" were trapped.

These two carriages are the real estate business and the investment business. In 2011, the revenue of Youngor's real estate and tourism development business was 3.636 billion yuan, which decreased by 46.94% year-on-year due to the non - periodic impact of the completion and delivery volume; the net profit was 572 million yuan, a year - on - year decrease of 15.86%. In addition, in 2011, the net profit of Youngor's financial investment business was 487 million yuan, a year - on - year decrease of 60.90%.

Learning from the lessons, Li Rucheng decided to focus on the main clothing business and repeatedly called for "returning to the main business." Currently, Youngor is trying to withdraw from the real estate business.

In 2025, Youngor's revenue was 11.582 billion yuan, and the net profit attributable to the parent company was 2.447 billion yuan, a year - on - year decrease of 18.37% and 11.57% respectively.

Youngor carried out strategic adjustments, gradually shrinking its real estate business. During the same period, the operating income of real estate development decreased by 46.06% year - on - year. During the reporting period, the pre - sale income of the real estate business's final phase was 956 million yuan, a year - on - year decrease of 68.46%. At the same time, in 2025, Youngor had no new real estate projects. The pre - received housing payments at the end of the period decreased by 2.909 billion yuan compared with the end of the previous year, and the tax to be transferred at the end of the period decreased by 263 million yuan compared with the end of the previous year.

In the capital market, Youngor once enjoyed titles such as "Stock - trading King" and "Subscription King." The 2025 annual report shows that the company's investment business continued to promote structural adjustment, withdrew from 4 financial investment projects, and reduced holdings to recover 7.714 billion yuan in cash; the net profit reached 2.471 billion yuan, exceeding the company's overall net profit attributable to the parent company.

In 2025, Youngor's net external investment was - 4.073 billion yuan, a year - on - year decrease of 4.166 billion yuan. The main reason was the net sale of 5.594 billion yuan of CITIC shares. As of the end of 2025, the total book value of the securities held by Youngor at the end of the period was 5.648 billion yuan, significantly lower than the 8.829 billion yuan at the beginning of the period.

A month ago, 75 - year - old Li Rucheng wrote in Youngor's letter to shareholders, "The waves behind drive on those before. In this board of directors' reshuffle, a new generation will be responsible for Youngor's operation."

Li Hanqiong's journey to break the dilemma has just begun. "The cold will eventually pass, and spring will surely come." This hope may be more meaningful today.

The views in this article are for reference only and do not constitute investment advice. Investment is risky, and you need to be cautious when entering the market.