Starjoy Wellness and Travel Company Limited released its audited results for the year ended 31 December 2025, showing weaker topline performance and a sharp decline in bottom-line profitability.
• Revenue fell 10.00% to RMB1.22 billion, dragged mainly by an 11.6% contraction in property-management income to RMB1.06 billion, which accounts for 87.2% of group turnover. Commercial-operational services edged up 2.7% to RMB156.23 million and contributed 12.8% of revenue.
• Gross profit declined 18.83% year-on-year to RMB312.54 million; gross margin narrowed 2.8 percentage points to 25.6% as cost savings lagged the revenue drop.
• Net profit attributable to shareholders slid 46.4% to RMB51.57 million, while total group net profit contracted 43.9% to RMB48.36 million. The fall reflects: – A RMB26.50 million reversal in exchange gains due to RMB appreciation against the US and Hong Kong dollars. – A RMB5.11 million reduction in bank interest income amid lower deposit rates. – A RMB14.00 million goodwill impairment linked to subsidiaries whose scale shrank after strategic adjustments. – An additional RMB5.30 million decline in fair value of equity investments in medical-aesthetic firms.
• Core net profit (excluding non-recurring and non-operating items) remained broadly stable at RMB103.90 million, down just 0.9% from 2024.
• The Board proposed no final dividend for FY2025 (FY2024: RMB0.0265 per share).
Cash Flow and Balance Sheet • Cash and cash equivalents stood at RMB970.28 million (-5.81% YoY). • Total borrowings dropped to RMB35.00 million (-50.00% YoY); all carry a fixed 5.5% interest rate. • Net current assets improved to RMB784.91 million, lifting the current ratio to 1.81 (FY2024: 1.68). • Gearing ratio eased to 0.45 from 0.47 a year earlier.
Operational Metrics • Chargeable GFA under management stabilised at roughly 33.9 million sq.m. across 62 cities in mainland China. • Commercial-operation portfolio covered 544,000 sq.m. in 10 cities.
Management Outlook The company will focus on: 1) smart-property initiatives using AI and big data to enhance service efficiency, 2) an expanded value-added ecosystem targeting elder-care, smart home upgrades and community commerce, 3) optimisation of tenant mix and themed marketing to revitalise commercial projects, and 4) exploration of synergies in cultural tourism and healthcare sectors.
No material acquisitions or disposals were recorded in 2025. After year-end, a 10-year lease for all basement-level shops in Guangzhou’s Panyu Aoyuan Plaza was signed, adding to commercial-operation capacity.
The annual general meeting is scheduled for 22 May 2026; the register will close from 15 May to 22 May 2026.