Hong Kong-listed Maoye International (Stock Code: 00848) reported a RMB243.88 million net loss for the year ended 31 December 2025, widening from the RMB99.92 million deficit in 2024. The loss attributable to ordinary shareholders increased to RMB507.14 million, translating into a basic loss per share of RMB9.87 cents. The Board proposed no final dividend.

Revenue contracted 24.5% year on year to RMB3.03 billion, reflecting a sharp fall in property deliveries and softer retail demand. Total retail sales of stores (including rental merchants) reached RMB6.38 billion, while combined sales proceeds and rental income declined 28.4% to RMB5.29 billion.

Operating profit dropped 84.1% to RMB142.48 million, pressured by:

• A RMB592.33 million slide in revenue from property sales to RMB151.26 million. • Lower concessionaire sales, down 37.7% to RMB3.11 billion. • A RMB495.72 million net charge in “other gains and losses,” driven by reduced fair-value gains on investment properties and asset impairments.

Cost control partly cushioned the fall: employee expenses decreased 15.6% to RMB333.44 million, depreciation and amortisation fell 3.4% to RMB962.64 million, and finance costs declined 17.1% to RMB571.87 million after loan conversions to perpetual bonds and lower interest rates. A tax credit of RMB185.53 million (vs. a RMB258.30 million tax expense in 2024) mitigated bottom-line pressure.

Segment performance showed divergence: • Department stores generated an RMB330.69 million operating profit. • Property development swung to a RMB180.87 million operating loss, compounded by a RMB353.01 million write-down of properties under development and for sale. • The “others” segment (hotels and ancillary services) posted a small operating loss of RMB7.34 million.

Balance-sheet metrics weakened. Net current liabilities widened to RMB3.58 billion, while total interest-bearing debt stood at RMB10.48 billion. Cash and cash equivalents were RMB0.41 billion, down slightly from RMB0.44 billion a year earlier. The net interest-bearing debt-to-equity ratio rose to 46.9% (2024: 45.4%).

Capital expenditure was trimmed to RMB216.63 million (2024: RMB362.50 million). The Group redeemed RMB2.97 billion of perpetual bonds but also issued a further RMB2.28 billion, leaving a year-end balance of RMB6.50 billion.

Management attributed the weaker performance to subdued consumer confidence, a strategic shift from department-store concessions and direct sales towards leased shopping-centre formats, and delays in property project deliveries. Looking ahead to 2026, the Group plans to deepen its dual-engine strategy of upgrading core retail assets and expanding its asset-light commercial management services while continuing cost optimisation and digital initiatives.