New World Department Store China Limited (825) released its interim results for the six months ended 31 December 2025. Revenue amounted to HK$536.46 million, mainly contributed by rental income at 51.00% of the total. Net profit reached HK$15.33 million, compared to HK$3.11 million in the same period last year. Total assets stood at HK$9.74 billion, with total liabilities of HK$6.18 billion. Net debt was HK$773.39 million and the net gearing ratio rose from 18.70% to 21.70%.

According to the announcement, the Group continues to operate 21 stores across 11 major cities in Chinese Mainland, occupying approximately 890,000 square metres of gross floor area. Executive statements indicate a strategic shift from traditional department stores to diversified shopping mall models, highlighting additional experiential businesses such as dining, entertainment, and lifestyle offerings. The Group also strengthened its omni-channel approach, reporting an increase in instant retail sales by leveraging collaborations with various major platforms.

Management discussion notes a stable redevelopment of brand portfolios, with multiple city-level “first stores” introduced to capture shifting consumer demand. Membership totalled around 8.30 million, reflecting efforts to boost customer retention through targeted benefits. Looking ahead, corporate commentary anticipates further market transformation and ongoing strategic adjustment to expand service scenarios and consumption diversity. The announcement indicates no interim dividend for the period under review.