On the evening of August 25, 2025, Shanghai Yuyuan Tourist Mart(Group)Co.,Ltd. (stock code: 600655.SH) released its 2025 interim report. Amid complex external consumer environment changes and industry pressures, the company proactively adjusted and responded with a development strategy focused on streamlining operations and concentrating on core businesses, emphasizing cost reduction and efficiency improvement. The company's overall operations remained stable and healthy, with steady improvement in the development quality of core business segments.
The performance report shows: In the first half of 2025, Shanghai Yuyuan Tourist Mart(Group)Co.,Ltd. achieved revenue of 19.112 billion yuan and net profit attributable to shareholders of 63 million yuan. Cash on hand was abundant at 11.79 billion yuan, representing a 10% increase from year-end; operating net cash flow reached 2.28 billion yuan, up 71% year-on-year; asset-liability ratio stood at 68.18%, maintaining a safe and reasonable level.
The company further reduced costs and improved efficiency, with administrative expenses declining 18% year-on-year. Financing channels became more diversified: Following the successful introduction of 36 external investors and 770 million yuan in financing at the end of last year, the company's subsidiary Yuyuan Jewelry & Fashion Group introduced two major investors in June this year, securing an additional 1 billion yuan in financing.
After experiencing cyclical fluctuations, the company's core businesses are gradually building new growth equilibrium points, with operations showing signs of stabilization and recovery, and market confidence displaying moderate restoration characteristics. The jewelry segment, as the company's core business, is actively recovering from structural adjustment pains and has initially shown signs of bottoming out and recovery, providing confidence for future development: In the first half, the jewelry and fashion segment achieved revenue of 12.8 billion yuan, with second-quarter revenue of 7.6 billion yuan, representing a 47% sequential increase. In the commercial operations segment, core projects are gradually releasing positive effects, with Yuyuan Bazaar receiving nearly 20 million visitors in the first half, and commercial district GMV rising 55% year-on-year.
Huang Zhen, Chairman and President of Shanghai Yuyuan Tourist Mart(Group)Co.,Ltd., stated: Currently, the macroeconomic environment is complex and volatile, market competition continues to intensify, and Yuyuan's structural adjustment has entered a critical stage of integration and capability enhancement. This is both an inevitable path for the company to actively adapt to market trends and navigate industry cycles, and will establish a solid foundation for future high-quality development. As a family happiness consumption group rooted in China, Shanghai Yuyuan Tourist Mart(Group)Co.,Ltd. will anchor itself to the main development themes of the times, actively embrace the "three new" consumption wave centered on new formats, new models, and new scenarios. Through technological and model innovation, we will continue to consolidate our core advantages in "culture + consumption" and open up new growth spaces. Meanwhile, we will steadily advance our global market layout, moving forward resolutely amid challenges and achieving breakthroughs through opportunities, continuously creating value for customers, shareholders, the industry, and society.
New Formats "Breaking Boundaries": Cross-sector Integration Activates Young Consumer Markets
Currently, the consumer market is experiencing unprecedented structural transformation, bringing new challenges to consumer companies including Shanghai Yuyuan Tourist Mart(Group)Co.,Ltd. While continuously promoting streamlining and cost-efficiency improvements, Shanghai Yuyuan Tourist Mart(Group)Co.,Ltd. proactively adjusts its core businesses, closely aligning with consumer market transformation trends, deeply exploring the potential of "three new" consumer demands represented by new formats, new models, and new scenarios, striving to seize opportunities in the changing landscape and achieve high-quality development.
In terms of new formats, Shanghai Yuyuan Tourist Mart(Group)Co.,Ltd. actively promotes cross-sector integration between core businesses and emerging formats like anime, accelerating the "boundary-breaking" development of jewelry, commercial retail, and other industries. The company's new Chinese-style jewelry brand Laomiao broke through the "dimensional wall" for the first time, partnering with the domestic anime IP "Heaven Official's Blessing" to launch a co-branded series, combining Laomiao's good fortune culture with iconic elements from the "Heaven Official's Blessing" animation to design gold bracelets, gold notes, amulets, and other new products, precisely reaching and satisfying the needs of young consumer groups who love traditional Chinese aesthetics. The Laomiao x "Heaven Official's Blessing" co-branded fortune gift box achieved over one million yuan in sales on its Tmall debut day in June, ranking TOP1 in the IP co-branded gold category; on July 15, when Laomiao x "Heaven Official's Blessing" co-branded products officially launched offline, long queues formed outside Laomiao's Jingrong Lou flagship store, with new member registrations exceeding 25,000.
The company's core cultural commercial landmark, Yuyuan Bazaar, also collaborated with Bilibili's 10 leading domestic anime IPs for the first time, hosting the 46-day "Yuyuan Summer Fantasy Night - Domestic Animation Universe Tour" during this year's summer vacation. On July 15, the opening day, Yuyuan's commercial district attracted nearly 160,000 visitors throughout the day, representing a 50% increase from normal levels. During the event, multiple time-honored brands within the district transformed into anime spaces, with Ningbo Tangyuan Restaurant and Shanghai Lao Restaurant creating themed restaurants for "Heaven Official's Blessing" and "Link Click" respectively; Songhelou and Chunfeng Songyue Lou launched IP-themed set meals; and Tonghan Chun Tea House collaborated deeply with the "A Record of Mortal's Journey to Immortality" animation, successfully attracting large numbers of young consumers.
Through active exploration in new format areas, Shanghai Yuyuan Tourist Mart(Group)Co.,Ltd. not only injects new vitality into its own development but also provides valuable reference samples for traditional consumer companies to embrace new trends and achieve transformation and upgrading.
New Model-Driven: Global Leadership, Accelerated Innovation Exploration Across All Tracks
In exploring new models, Shanghai Yuyuan Tourist Mart(Group)Co.,Ltd. has established globalization strategy as a key new development model for the enterprise in recent years and actively implemented it, continuously achieving remarkable breakthroughs.
Following the successful conclusion of the French Yuyuan Lantern Festival, in June this year, the Yuyuan Lantern Festival set sail overseas again, lighting up brilliantly along the Chao Phraya River in Bangkok, Thailand, to commemorate the great historical moment of the 50th anniversary of China-Thailand diplomatic relations. During the Thailand Yuyuan Lantern Festival from June 28 to August 15, it attracted over 4 million global visitors and received widespread acclaim on overseas social media, achieving global communication reach of nearly 1.2 billion, powerfully promoting Chinese culture worldwide while laying the foundation for the company's global layout.
The successful hosting of overseas Yuyuan Lantern Festivals, like a strong tailwind, has inspired enthusiasm among various industries and brands under Shanghai Yuyuan Tourist Mart(Group)Co.,Ltd. to explore overseas expansion. In April this year, the company's time-honored restaurant brand Songhelou opened its first overseas store in London, UK, bringing Suzhou-style noodles with distinctive Jiangnan charm to the global market, initiating the internationalization journey of Yuyuan's restaurant brands. The jewelry brand Laomiao uses duty-free channels as a breakthrough point to steadily expand overseas markets, having successively entered Haikou International Duty-Free City, Haikou Riyue Plaza Duty-Free Store, and Sanya International Duty-Free City over the past two years, achieving the first phase results of its globalization new model. It is expected that in September this year, Laomiao will open new stores in Macau SAR and Malaysia respectively, launching a new chapter in globalization. The Malaysian store opening will establish a solid foundation for the Laomiao brand to cultivate the Southeast Asian market. In the future, Laomiao plans to focus on more countries with Chinese populations, methodically advancing its overseas strategy to ultimately achieve international brand building.
Beyond globalization as the core new development model, various industry brands under Shanghai Yuyuan Tourist Mart(Group)Co.,Ltd. are also actively exploring innovative models suited to their own characteristics based on their unique features. The jewelry and fashion segment further cultivates new retail platform tracks like Douyin and Kuaishou, with outstanding new retail business performance in the first half, achieving cumulative GMV of 1.755 billion yuan. In the dining segment, time-honored restaurant brands attempt light-asset model chain development, with the first Nanxiang Mantou Dian store in Southwest China opening in Chengdu in April under a light-asset operating model; time-honored restaurant Lubolang accelerates product and channel innovation, partnering with The Peninsula Shanghai's lobby tea lounge to launch East-meets-West Shanghai-style afternoon tea, bringing consumers entirely new dining experiences. In the cosmetics segment, WEI advances the "cultural tourism + beauty" integrated development new model, opening its second brand cultural tourism experience store in Nanjing's Laodongmen Historical and Cultural Street in July this year, following the opening of its first cultural experience store at Shanghai Yuyuan Bazaar in September last year. In the watch segment, Shanghai Watch deeply explores the essence of Shanghai-style culture and revolutionary culture, simultaneously expanding on both product and channel fronts, continuously enriching brand connotations... Shanghai Yuyuan Tourist Mart(Group)Co.,Ltd. is precisely through multi-dimensional innovative models, injecting new momentum for healthy enterprise development under the major trend of consumer transformation.
New Scenario Empowerment: Seizing Regional and Industry New Opportunities
Creating new scenarios represents another major development opportunity for Shanghai Yuyuan Tourist Mart(Group)Co.,Ltd. Currently, construction work for the Greater Yuyuan area connecting Yuyuan Bazaar and BFC Bund Financial Center is progressing steadily and orderly. In the future, the Greater Yuyuan area will become a "super cultural commercial complex" integrating culture, commerce, office, tourism, leisure, entertainment, residence, and other functions, becoming a new paradigm for Shanghai's new consumption scenarios.
At the construction launch, Yuyuan Bazaar within the Greater Yuyuan area continues to upgrade and renovate, striving to better align scenario presentation with current consumer needs. In July this year, Yuyuan Bazaar's core landmark - Huxin Pavilion, with its 240-year history and reputation as "the first teahouse on the sea" - completed nearly two years of protective restoration work and officially opened to the public. This restoration adopted an innovative repair model of "archaeological-level investigation + intangible heritage craftsmanship + modern monitoring," allowing this historic building to fully demonstrate the dual value of cultural heritage and commercial vitality in the contemporary consumer market. Additionally, Yuyuan Bazaar's Haishang Liyuan and Hefeng Lou buildings are also undergoing intensive renovation work, which will become the finishing touches for the Greater Yuyuan area's new consumption scenario creation.
Beyond overall spatial construction, Shanghai Yuyuan Tourist Mart(Group)Co.,Ltd. also creates scenario atmosphere and hosts diverse activities to endow new consumption scenarios with greater commercial value. The annual Yuyuan Lantern Festival held during Spring Festival and Lantern Festival periods has become a classic example of New Year consumption scenario creation in Shanghai. Since 2023, the Yuyuan Lantern Festival has used "Mountain and Sea Wonders at Yuyuan" as its theme, attracting approximately 4 million visitors annually for three consecutive years. During the 2025 Year of the Snake Lantern Festival, Yuyuan Bazaar achieved GMV of 916 million yuan, representing a substantial 62% year-on-year increase. In the first half of this year, the Greater Yuyuan area also achieved ecological synergy between Yuyuan Bazaar and BFC through hosting events like the "Greater Yuyuan Hi-FUN Season," further activating the commercial vitality of the city landmark.
It's worth noting that in March this year, the Shanghai Municipal Government Office issued "Several Measures Supporting Huangpu District in Building Shanghai International Jewelry and Fashion Functional Zone," aiming to create a gold and jewelry trading cluster, design center, consumption center, integrated innovation center, and professional service base. The Shanghai International Jewelry and Fashion Functional Zone is being built with the Greater Yuyuan area as its core. In the future, steady advancement of the Shanghai International Jewelry and Fashion Functional Zone will help improve and enrich the consumption ecosystem scenarios of the Greater Yuyuan area, bringing more regional and industry development opportunities to Shanghai Yuyuan Tourist Mart(Group)Co.,Ltd.
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