岁宝百货控股(中国)有限公司2025年年报

2025 ANNUAL REPORT C O N T E N T S 55CONSOLIDATED INCOME STATEMENT56CONSOLIDATED STATEMENT OFCOMPREHENSIVE INCOME57CONSOLIDATED BALANCE SHEET59CONSOLIDATED STATEMENT OF CHANGES INEQUITY61CONSOLIDATED STATEMENT OF CASHFLOWS63NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS198CORPORATE INFORMATION 2CORPORATE PROFILE3FINANCIAL HIGHLIGHTS4CHAIRMAN’S STATEMENT5MANAGEMENT DISCUSSION AND ANALYSIS14DIRECTORS AND SENIOR MANAGEMENT17DIRECTORS’ REPORT31CORPORATE GOVERNANCE REPORT46INDEPENDENT AUDITOR’S REPORT CORPORATE PROFILE Shirble Department Store Holdings (China) Limited (the“Company”) was incorporated in the Cayman Islands withlimited liability on 5 November 2008. The Company andits subsidiaries (collectively, the “Group”) are principallyengaged in the operation of department stores andcommunity shopping malls in the People’s Republic ofChina (the “PRC”). 2008115 2025123112213,28443.3% The Group is one of the long established Shenzhen-baseddepartment store chains. Targeting the mid-marketsegment, it runs its department stores under the “”,“Shirble Plaza” and “” brands. As of 31 December2025, the Group operated and/or managed 12 departmentstores, nine of which are located in Shenzhen, three inShanwei, one in Meizhou City and one in Changsha, witha total gross floor area (“GFA”) of approximately 213,284sq.m, of which 43.3% are the self-owned properties. FINANCIAL HIGHLIGHTS OPERATING RESULTS RevenueOperating lossLoss before income taxLoss attributable to owners ofthe CompanyLoss per share for the loss attributableto owners of the Company duringthe year (expressed in RMB per share)– Basic and diluted ASSETS, LIABILITIES AND EQUITY Total assetsTotal liabilitiesTotal equity RevenueOperating (loss)/profit(Loss)/profit before income tax(Loss)/profit for the year CHAIRMAN’S STATEMENT During the year ended 31 December 2025 (the “FY2025”),the Chinese economy maintained a modest growthtrajectory, meeting its annual development targets despitea complex domestic and external environment. However,the domestic consumption market continued to facesignificant challenges characterised by rapidly shiftingconsumer preferences and intensifying competition fromdiversified e-commerce platforms. Profit margins remainedunder pressure due to rising operational costs and aheightened level of price sensitivity among consumers,who have become increasingly value-conscious in theirpurchasing behavior. 202512312025 D e s p i t e t h e s e p e r s i s t e n t h e a d w i n d s , t h e d o m e s t i cconsumption market demonstrated notable resilience.Industry players, including the Group, successfullyadapted to changing market dynamics through rigorouscost optimisation, a strategic shift toward domesticsourcing, and the implementation of enhanced customerengagement strategies. These efforts helped stabiliseo p e r a t i o n s a n d m a i n t a i n m a r k e t s h a r e i n a h i g h l ycompetitive retail landscape. According to data from the National Bureau of Statisticsof China (“NBS”), China’s GDP in the FY2025 amountedt o t h e R M B 1 4 0 . 1 9 t r i l l i o n , r e p r e s e n t i n g a y e a r - o n -year increase of 5.0% as compared to year ended 31December 2024 (the “FY2024”). The national consumerprice index (“CPI”) in December 2025 was 0.8% higheryear-on-year, reflecting a gradual recovery in consumerdemand compared to December 2024, when the CPIremained relatively constant with a marginal 0.1% increase.Furthermore, the total retail sales of consumer goods in theFY2025 reached RMB50.12 trillion, an increase of 3.7%year-on-year, showing an improvement over the 0.2%growth recorded in the FY2024. 2025140.192024123120245.0%2025120.8%2024120.1%202550.123.7%20240.2% Throughout the year, the Group continued to explore theconsumer market by focusing on a community-centricbusiness strategy under the guiding principle of being“small but beautiful, small but refined”. To sustain itscompetitiveness and appeal to a broader demographic,the Group introduced a new lifestyle brand tailored forthe younger generation. By fostering deep collaborationsbetween businesses and residents, the Group promotedtargeted development and community-focused marketinginitiatives. This emphasis on mutual benefit has emergedas a primary driver of the Group’s growth, providing a solidfoundation for sustainable business development in theyears ahead. MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW During the FY2025, the Group recorded the revenue ofRMB191.0 million (FY2024: RMB200.3 million). Lossattributable to owners of the Company for the FY2025amounted to RMB96.4 million (FY2024: RMB33.8 million).With the continuous development of the social events andactivities in the evening, the Group does not only continueto operate a one-stop shopping mall concept, but duringthe non-conventional business hours. Some convenientstores, gyms, restaurants and pharmacies are open 24hours a day to achieve a 24-hour community businessecosystem that benefits the co