Hangzhou Jiebai Group Co., Ltd. (Hangzhou Jiebai) reported a year-on-year decline in operating income and net profit attributable to the parent company in 2024, and the trend of declining net profit attributable to the parent company and non-net profit continued in the first quarter of this year.
On the morning of June 3rd, Jiebai Group held an online performance briefing for the year 2024 and the first quarter of 2025. The company stated that the overall economic fluctuations had led to a slower-than-expected consumption recovery, resulting in a decline in profits.
According to the previously released “2024 Annual Report,” in 2024, Hangzhou Jiebai achieved an operating income of 1.753 billion yuan, a decrease of 13.55% compared to the previous year, with a net profit attributable to the parent company of 247 million yuan, a year-on-year decrease of 4.92%. Meanwhile, the “2025 First Quarter Report” released on April 29th indicated that in the first quarter of this year, it generated an operating income of 480 million yuan, a decrease of 6.21% year-on-year; the net profit attributable to the parent company was 87 million yuan, a decrease of 29.58% year-on-year; and the non-net profit attributable to the parent company was 86 million yuan, a decrease of 27.96%. This shows that the company’s operational performance has not yet improved.
According to a report in the “Huaxia Times” on June 5th, during the performance briefing on June 3rd, Chairman and General Manager of Hangzhou Jiebai, Bi Ling, expressed: “Due to the impact of the slowing economic growth and continued slump in the consumption market, the retail industry as a whole still faces significant pressure. From the data disclosed by listed companies in the same industry, the retail sector has experienced varying degrees of decline in revenue and profits.”
Hangzhou Jiebai Group Co., Ltd. was formerly known as the “Zhejiang Commodity Exhibition Hall,” founded in 1918, and was renamed to “Department Store” after 1949. In 1958, it was officially renamed as Hangzhou Liberation Road Department Store. In 1994, the company was listed on the Shanghai Stock Exchange.
The main business of Hangzhou Jiebai is retail sales of goods, with its main formats being department stores and shopping centers. Its operating income mainly comes from the sales revenue of products in its stores and rental income from commercial tenants within the malls.
As of 2:31 pm Beijing time on June 6th, Jiebai Group’s stock price was reported at 7.93 yuan per share, down by 1.37%, with a total market value of 5.837 billion yuan.