Yuyuan Group: Achieve approximately 36.37 billion yuan in revenue by 2025, with core main business continuously recovering

Yu Garden Co., Ltd. (600655) released its 2025 annual report on the evening of March 23. For fiscal year 2025, the company reported operating revenue of approximately RMB 36.37 billion, attributable net profit of -RMB 4.897 billion, and attributable net profit after deducting non-recurring items of -RMB 4.099 billion. At period end, cash and cash equivalents totaled RMB 11.05 billion, up RMB 360 million from the end of 2024.

In the announcement, Yu Garden explained that its losses in 2025 were mainly driven by the downturn in the real estate industry, adjustments in industry policies, and significant fluctuations in commodity prices, together with impairment provisions recognized for real estate and other related assets. The annual report shows that the company’s core businesses such as jewelry are demonstrating a steady rebound trend: in 2025, the jewelry segment’s gross margin was 8.34%, up 0.09 percentage points from 2024. Based on calculations using the company’s 2025 Q3 report data, the jewelry segment’s gross margin was 7.73% for the first three quarters; in the fourth quarter alone, the gross margin increased to 10.96%, indicating stronger profit resilience in the core business.

In terms of commercial retail, Yu Garden’s flagship cultural and commercial landmark, Yu Garden Mall, has continued to advance hardware upgrades and scenario enhancements. By creating immersive new-consumption scenarios, it effectively drove both foot traffic and sales growth. In the summer of 2025, Yu Garden Mall, together with Bilibili, launched the themed event “Summer Fantasy Night—Guochuang Yu Zhou Roaming Season,” in collaboration with the top ten leading domestic animation IPs. In the same period, landmark buildings in the commercial district, such as the Lakeheart Pavilion and Hefeng Tower, completed renovation and upgrade projects. The annual report shows that Yu Garden Mall’s GMV reached RMB 4.29 billion, with 41.12 million visitors entering the park.

This year, for the Horse Year Yu Garden Lantern Festival, for the first time the lantern zones are being extended beyond BFC The Bund Financial Center to Gu Cheng Park, Fangbangzhong Road, Fuyou Road, and the Bund area, forming a “six-in-one” immersive new-consumption scenario. Over the 36-day festival, the six major lantern zones generated a total of 6 million visitor entries, and the overall total sales exceeded RMB 1.2 billion, representing a year-over-year increase of 21%.

Regarding globalization, in April 2025, Yu Garden’s well-known F&B brand Songhe Lou opened its first overseas outlet in London, United Kingdom. From June to August 2025, a 50-day Yu Garden Lantern Festival in Thailand was held along the Meinan River in Bangkok, attracting more than 4 million local lantern-viewing visitors. In October 2025, the jewelry brand Lao Miao also opened its first overseas store in Kuala Lumpur, Malaysia, and plans to use this as a foundation to expand across Southeast Asia and other overseas markets.

In 2026, Yu Garden will continue to accelerate its “go global” pace. In January 2026, the well-known F&B brand Nanxiang Mantou opened a store in Bangkok’s core commercial area. At the end of January, Lao Miao’s first store in Cambodia officially opened, and it also began exploring an overseas franchise-store model.

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