YYTM(SH:600655) Ge Long Hui·2026-02-03 05:45Core Viewpoint - The performance of Yuyuan Group is under pressure due to its real estate segment, but operational fundamentals are continuously improving [1] Financial Performance - In 2025, the net profit attributable to shareholders is expected to be -4.8 billion yuan, compared to a profit of 0.13 billion yuan in 2024; the non-recurring net profit attributable to shareholders is projected to be -4.7 billion yuan, down from -2.11 billion yuan in 2024 [1] Market Environment - The overall consumption environment remains weak, significantly impacting the company's short-term performance due to the drag from the real estate segment [1] - However, there is optimism as the real estate sector gradually depletes, which will reduce the drag on the company's financial statements [1] Growth Opportunities - There is a marginal recovery in overall offline customer traffic, and the upcoming Lantern Festival in 2026 is expected to attract a large number of visitors [1] - The company is also focusing on its time-honored brands and high-potential brands, gradually initiating brand overseas expansion and globalization efforts, which may lead to improvements in the consumption sector [1] - The upcoming projects in the Dayuyuan area, including the second phase of Yuyuan and the Fuyou Road site, are expected to contribute incremental growth [1] Future Projections - The company anticipates a net profit attributable to shareholders of 1.01 billion yuan in 2026 and maintains a "recommend" rating [1]