# impairments

From Blue‑chip to Red Ink: How Yuyuan’s Retail‑and‑Property Model Suffered a RMB4.8bn Hit

Yuyuan Co., an established Shanghai‑listed retail and property group, reported an expected RMB4.8 billion net loss for 2025 — its first annual loss since 1992 — after large impairments, a depressed property market and weaker consumer spending hit margins. The company has been selling assets aggressively to shore up liquidity while shrinking its store network and executing discounted property sales, underscoring broader stress in China’s real‑estate and traditional retail sectors.