Mao Ye Commercial (600828) 2025 Annual Report Summary: Net profit down 761.74% year-over-year, short-term debt pressure increasing

According to publicly available data compiled by Securities Star, Maoye Commercial (600828) recently released its 2025 annual report. As of the end of this reporting period, the company’s total operating revenue was 2.367 billion yuan, a year-on-year decrease of 12.84%, and the net profit attributable to shareholders was -246 million yuan, a year-on-year decrease of 761.74%. In terms of quarterly data, the total operating revenue for the fourth quarter was 543 million yuan, a year-on-year decrease of 7.93%, and the net profit attributable to shareholders was -288 million yuan, a year-on-year decrease of 146.32%. During this reporting period, Maoye Commercial faced increased short-term debt pressure, with a current ratio of 0.42.

The performance of various data indicators released in this financial report was disappointing. Among them, the gross profit margin was 62.26%, a year-on-year decrease of 0.01%, the net profit margin was -11.16%, a year-on-year decrease of 1115.97%, and total sales, administrative, and financial expenses amounted to 1.325 billion yuan, accounting for 55.99% of revenue, a year-on-year increase of 2.84%. The net asset value per share was 3.89 yuan, a year-on-year decrease of 3.31%, the operating cash flow per share was 0.22 yuan, a year-on-year decrease of 63.04%, and the earnings per share was -0.14 yuan, a year-on-year decrease of 763.08%.

The financial report analysis tool from Securities Star shows:

• Business Evaluation: The company’s ROIC last year was 0.05%, indicating weak capital returns. The net profit margin last year was -11.16%, suggesting low added value for the company’s products or services after accounting for all costs. Historical annual report data indicates that the median ROIC over the past 10 years has been 5.35%, with weak median investment returns; the ROIC for the worst year, 2025, was 0.05%, and investment returns are generally average. The company’s historical financial reports are relatively ordinary, with 32 annual reports since its listing and four years of losses. Without factors like backdoor listings, value investors generally do not consider such companies.

• Business Model: The company’s performance mainly relies on marketing. A careful study of the actual conditions behind this driving force is necessary.

• Business Breakdown: The company’s net operating asset return rates over the past three years (2023/2024/2025) were 0.6%/0.4%/–, with net operating profits of 44.162 million/29.835 million/-264 million yuan, and net operating assets of 7.828 billion/7.227 billion/6.817 billion yuan.

  The company’s working capital/revenue (the funds the company must advance to generate one yuan of revenue in its operational process) over the past three years (2023/2024/2025) were -0.22/-0.26/-0.11, with working capital (the money the company spends during its operational process) being -695 million/-709 million/-272 million yuan, and revenue being 3.165 billion/2.716 billion/2.367 billion yuan.

The financial report health check tool indicates:

1. It is recommended to pay attention to the company’s cash flow situation (cash and cash equivalents/current liabilities is only 6.08%).
2. It is recommended to pay attention to the company’s debt situation (interest-bearing liabilities ratio has reached 27.42%, and the current ratio is only 0.42).

The above content is compiled by Securities Star based on public information and generated by AI algorithms (Internet Information Record No. 310104345710301240019), and does not constitute investment advice.