Shirble Department Store Holdings (China) Limited reported a FY2025 net loss attributable to shareholders of RMB96.41 million, nearly triple the RMB33.76 million loss booked in FY2024. Management cited heavier fair-value losses on investment properties and higher finance costs as the main drags on profitability.

Revenue slipped 4.6% year on year to RMB191.04 million, with rental income from store premises accounting for 94.9% of total turnover. Direct sales fell 22.8% to RMB9.46 million, reflecting subdued consumer traffic and tighter discretionary spending.

Operating loss widened to RMB57.09 million (FY2024: RMB32.14 million). A RMB171.14 million fair-value writedown on investment properties—up 22.7% from the previous year—offset a modest RMB3.76 million reduction in operating expenses and a RMB3.76 million uplift in other operating revenue.

Finance costs stayed elevated at RMB54.72 million, while finance income dropped 19.1% to RMB5.49 million, producing a net finance expense of RMB49.24 million.

Segment performance • Department store operations generated all core revenue but posted a segment loss of RMB122.99 million, versus a RMB65.75 million loss a year earlier. • “Others” (property-related activities and head-office items) swung to a RMB26.59 million profit, helped by a RMB34.91 million gain on the disposal of Zhuhai Xiangyao Real Estate Development Co., Ltd. in April 2025.

Balance-sheet highlights • Net asset value per share fell to RMB0.26 at end-December 2025 from RMB0.30 a year earlier. • Cash and cash equivalents stood at RMB16.48 million, down from RMB43.09 million. Together with restricted deposits, available cash totalled RMB34.06 million. • Total borrowings declined to RMB290.67 million (31 Dec 2024: RMB558.05 million), lowering the gearing ratio to 44.3%. Current liabilities exceeded current assets by RMB230.32 million, prompting auditors to flag a material uncertainty over going-concern status.

Dividend The board proposed no final dividend, citing the full-year loss.

Recent developments A supplemental agreement to extend repayment of consultancy fees owed by Shenzhen Shengrunfeng Investment & Development Co., Ltd. was rejected by independent shareholders on 19 March 2026, making the receivable immediately due.

Outlook Management plans to maintain a “small but refined” community retail model, continue cost optimisation, and seek new bank facilities or asset disposals to ease liquidity pressure. No quantitative guidance was provided.