智通财经记者 | 王婷婷 "复星系"成员企业上海豫园旅游商城（集团）股份有限公司（简称"豫园股份"）出现首亏。 近日，豫园股份（600655.SH）发布2025年度业绩预告，预计全年归母净利润亏损约48亿元，归母扣非 净利润亏损47亿元左右。而2024年豫园股份盈利1.25亿元，同比由盈转亏。 除此之外，豫园股份近日还因2025年12月出售宁波星健资产管理有限公司相关事项引来上交所发监管 函，要求其说明关于出售资产的必要性与合理性。 据智通财经了解，豫园股份前身为豫园商城，主营珠宝首饰、百货、工艺品等相关消费业务。2018年， 豫园股份完成重大资产重组，整合了复星系地产业务。 如今，豫园股份是一家涵盖珠宝时尚、文化饮食、美丽健康、国潮腕表、商业管理及复合功能地产等多 领域的综合性商业集团。公司旗下拥有老庙黄金、豫园商城、南翔小笼、上海老饭店、舍得酒等众多知 名老字号品牌，同时也是郭广昌旗下核心上市平台之一。 从长期盈利到上市34年首亏，这家"老八股"企业经历了怎样的业绩转折？ 上市34年首亏 这是这家A股老牌上市企业自1992年上市以来首次年度亏损。根据最新业绩预告，豫园股份预计2025年 将由盈转亏，全年归 ...

Core Viewpoint - The company, Shanghai Yuyuan Tourist Mart (Group) Co., Ltd., is responding to regulatory inquiries regarding the sale of its subsidiary, Ningbo Xingjian Asset Management Co., Ltd., emphasizing the necessity and rationale behind the asset sale amid the cyclical downturn in the real estate market [1][2]. Group 1: Sale Necessity and Rationale - The company previously acquired Ningbo Xingjian in 2018 as part of a broader strategy to enhance its capabilities in the health and wellness real estate sector, with the asset being valued at approximately 97.69 million RMB at the time of acquisition [3][4]. - The decision to sell is influenced by the declining performance of Ningbo Xingjian, which has seen a significant drop in revenue and an increase in net losses due to market conditions and operational challenges [5][6]. - The sale price for the subsidiary is set at 91.79 million RMB, reflecting a strategic move to streamline operations and focus on core high-potential industries [6][8]. Group 2: Financial and Operational Context - As of October 31, 2025, Ningbo Xingjian reported total assets of approximately 162 million RMB, a significant decrease of 64.58% from the previous year, with liabilities also reduced to about 73 million RMB [29]. - The company has not distributed dividends since its acquisition, and the financial support provided by the parent company has been aimed at facilitating project development and operational needs [4][5]. - The asset's valuation for the sale is based on an asset-based approach, with a total asset valuation of 89.55 million RMB, reflecting the current market conditions and operational status of the subsidiary [12][21]. Group 3: Transaction Details and Valuation - The transaction involves a structured payment plan, with an initial deposit of 37.5 million RMB and subsequent payments contingent on the settlement of Ningbo Xingjian's outstanding debts [33][34]. - The valuation process considered the declining real estate market, with property values in Ningbo experiencing a downward trend, impacting the overall assessment of the asset's worth [22][28]. - The company has ensured that the transaction adheres to market principles, with no undisclosed relationships or agreements affecting the sale [11][18].