Wangfujing reported its first loss in 2025 since listing 31 years ago, with a net loss attributable to the parent of 39.8727 million yuan, compared with a profit of 269 million yuan in the same period last year, a sharp year-on-year decline of 114.85 percent. Full-year operating revenue was 10.15 billion yuan, down 10.74 percent year-on-year, while the net loss after deducting non-recurring items was 157 million yuan, a year-on-year plunge of 153.15 percent. In the duty-free business, the offshore duty-free project in Wanning, Hainan, operates under an outlet plus duty-free combination model. Harbin Airport duty-free shop and downtown duty-free shops in Wuhan and Changsha have opened successively, but sales scale has yet to be fully realised. The duty-free shop at Terminal 2 of Beijing Capital International Airport opened in February 2026 and is still in the early ramp-up stage. The overall duty-free segment still needs to go through a period of market cultivation and performance ramp-up. Existing department stores dragged down revenue due to small scale, insufficient experiential offerings and store closures, while the incubation period for new stores has lengthened. Multiple overlapping pressures have squeezed profits. Entering 2026, first-quarter operating revenue was 2.81 billion yuan, down another 5.86 percent year-on-year, and net profit attributable to the parent was 51.6414 million yuan, down 7.19 percent year-on-year. As of the time of writing, Wangfujing's share price has fallen 39 percent this year.
WangfujingReports first loss since listing, sharp decline in net profit and revenue.