Century Ginwa Retail Holdings Limited released its audited results for the year ended 31 December 2025.
Financial Performance • Gross revenue fell 15.63% year on year to RMB 713.90 million, dragged by weaker concession sales. • Reported revenue slipped 2.88% to RMB 347.24 million. • Loss attributable to shareholders narrowed to RMB 417.93 million from RMB 538.09 million in 2024. • Operating loss (EBIT) improved to RMB 137.30 million (2024: RMB 252.60 million). • Adjusted EBITDA swung to a profit of RMB 38.90 million versus RMB 20.20 million in the previous year, reflecting tighter cost control and higher other operating income.
Key Expense Items • Net finance costs increased 8.86% to RMB 308.84 million, owing to larger borrowing balances. • Impairment expenses totalled RMB 214.90 million, including RMB 122.40 million on goodwill and intangibles, RMB 88.60 million on prepayments for property acquisition, and RMB 3.90 million on property and equipment.
Balance Sheet and Liquidity • Net assets declined 54.06% to RMB 235.02 million, translating into NAV per share of RMB 0.20. • Net current liabilities stood at RMB 1.29 billion, while cash and bank balances were RMB 4.09 million. • Total bank and other borrowings rose to RMB 5.18 billion, of which RMB 745.70 million are current. • Gearing (interest-bearing debt and lease liabilities minus cash, divided by total equity) climbed to 23.35. • The auditor drew attention to material uncertainty about going-concern, citing consecutive losses and sizeable net current liabilities; management plans rely on new facilities, loan extensions and shareholder support.
Operational Indicators • Sales per ticket increased 10.05% to RMB 1,521, yet annualised area efficiency declined to RMB 8,400 per m² from RMB 9,723 per m². • Rental and service-fee income edged up 1.34% to RMB 114.46 million.
Capital Structure and Promissory Note • The HK$247.18 million promissory note owed to substantial shareholder Glory Keen was twice extended—first to 6 January 2025, and in January 2025 further to 6 January 2027—with HK$241.82 million outstanding at year-end. • Property and equipment of RMB 3.10 billion and investment property of RMB 1.34 billion remain pledged for borrowings; the promissory note is secured by a share charge over a wholly owned subsidiary.
Litigation Updates • Xi’an Centre project: the Xi’an Intermediate People’s Court ordered Xi’an Yigao Property Development to pay RMB 169.90 million in liquidated damages; enforcement application was filed in February 2026. • Daming Palace Shopping Mall lease dispute: Century Ginwa Ding Yao withdrew its initial claim in August 2024 and re-filed in January 2026. • Management reports no other material pending claims.
Dividends • No dividend was proposed for FY2025.
Outlook Management targets “loss-stoppage and high-quality growth”, focusing on precision leasing, experiential retail upgrades, cost control and digital transformation while relying on banking facilities and shareholder backing to manage liquidity risk.
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