香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 Red Star Macalline Group Corporation Ltd. 紅星美凱龍家居集團股份有限公司 （一 家 於 中 華 人 民 共 和 國 註 冊 成 立 的 中 外 合 資 股 份 有 限 公 司） （股 份 代 號：1528） 海外監管公告 本公告乃由紅星美凱龍家居集團股份有限公司（「本公司」）根據香港聯 合交易所有限公司證券上市規則第13.10B條 作 出。 以下為本公司於上海證券交易所網站刊發之《紅 星 美 凱 龍 家 居 集 團 股 份 有限公司董事會審計委員會對會計師事務所2025年度履行監督職責情 況 報 告》；《紅 星 美 凱 龍 家 居 集 團 股 份 有 限 公 司 董 事 會 審 計 ...

Financial Performance - For the year ending December 31, 2025, the company reported revenue of RMB 6,581,941, a decrease of 15.9% compared to RMB 7,821,266 for 2024[3] - The gross profit for 2025 was RMB 4,229,676, resulting in a gross margin of 64.3%, compared to a gross margin of 63.8% in 2024[3] - The company incurred a net loss of RMB 25,866,680 for 2025, significantly higher than the net loss of RMB 3,727,843 in 2024, reflecting an increase in loss of 594.5%[3] - The loss attributable to shareholders was RMB 24,093,718, compared to RMB 3,492,042 in the previous year, indicating a loss rate of -366.1%[3] - The company reported a core net loss of RMB 5,492,208 for 2025, compared to RMB 1,327,428 in 2024, reflecting a core net loss rate of -83.4%[3] - The company did not declare any dividends for both 2025 and 2024, maintaining a dividend of RMB 0[3] - The company reported a pre-tax loss of RMB 28,532,777,000 for the fiscal year ending December 31, 2025, compared to a pre-tax loss of RMB 4,319,589,000 for the fiscal year ending December 31, 2024[31][32] - The company reported a net loss from other comprehensive income of RMB (2,651,527,000) for 2025 and RMB (526,280,000) for 2024[31][32] - The company reported a basic and diluted loss per share of RMB (5.53) for 2025, compared to RMB (0.80) for 2024, reflecting a worsening financial position[45] Assets and Liabilities - Total assets decreased from RMB 118,635,369 thousand in 2024 to RMB 89,127,081 thousand in 2025, a decline of approximately 25%[9] - Non-current assets totaled RMB 83,103,203 thousand in 2025, down from RMB 110,300,284 thousand in 2024, representing a decrease of about 25%[9] - Current liabilities increased from RMB 28,931,131 thousand in 2024 to RMB 29,497,830 thousand in 2025, an increase of approximately 2%[10] - The company's equity decreased from RMB 51,304,551 thousand in 2024 to RMB 25,299,882 thousand in 2025, a reduction of about 51%[10] - Cash and cash equivalents decreased from RMB 3,153,986 thousand in 2024 to RMB 2,808,460 thousand in 2025, a decline of approximately 11%[9] - The company's investment properties decreased from RMB 95,104,200 thousand in 2024 to RMB 74,119,800 thousand in 2025, a decrease of about 22%[9] - The total liabilities increased from RMB 67,330,818 thousand in 2024 to RMB 63,827,199 thousand in 2025, a decrease of approximately 5%[10] - The company's bank and other borrowings rose significantly from RMB 6,016,153 thousand in 2024 to RMB 9,676,448 thousand in 2025, an increase of about 61%[10] - Deferred tax assets decreased from RMB 3,909,149 thousand in 2024 to RMB 2,534,914 thousand in 2025, a decline of approximately 35%[9] Operational Metrics - The number of self-operated malls decreased to 292 in 2025 from 334 in 2024, while the average occupancy rate for self-operated malls improved to 85.0% from 83.0%[6] - The total operating area of self-operated malls was 18,332,035 square meters in 2025, down from 20,325,659 square meters in 2024[6] - The total number of cities covered by the company decreased to 181 in 2025 from 202 in 2024[6] - The company operates 74 self-operated markets with an average occupancy rate of 85.0% and 218 managed markets with an average occupancy rate of 82.9%[63] Cost Management - The company’s financial costs for 2025 were RMB 2,160,297, compared to RMB 2,531,193 in 2024, indicating a reduction in financial costs[7] - Total financial costs decreased to RMB 2,160,297 thousand in 2025 from RMB 2,531,796 thousand in 2024, a reduction of approximately 14.6%[42] - Selling and distribution expenses were RMB 837.2 million, accounting for 12.7% of revenue, down 18.6% from RMB 1,028.3 million (13.1% of revenue) in 2024[79] - Administrative expenses decreased by 10.7% to RMB 1,296.9 million, representing 19.7% of revenue, compared to RMB 1,451.7 million (18.6% of revenue) in 2024[80] - The total employee costs for 2025 were RMB 1,761,549 thousand, down from RMB 2,177,220 thousand in 2024, a decrease of about 19.2%[43] Strategic Initiatives - The company is implementing a series of plans and measures to improve its liquidity and financial situation, including discussions with banks and financial institutions for financing[18] - Management has assessed the group's ability to continue as a going concern for the next 12 months, considering unused bank loan facilities and expected operating cash flows[18] - The company is focusing on building a business model that separates heavy and light assets, aiming for dual-driven operations to enhance core capabilities[102] - The company plans to strengthen its commercial content supply through bundled, scenario-based, and home living merchandise to optimize operational efficiency and enhance market attraction[102] - The company aims to expand its second growth curve by developing home supply chain businesses and exploring ecosystem elements to diversify revenue sources and enhance resilience[102] Market and Economic Context - In 2025, China's GDP reached RMB 140.2 trillion, growing by 5.0% year-on-year, indicating steady economic progress[57] - The total retail sales of consumer goods in 2025 amounted to RMB 50.12 trillion, with a year-on-year increase of 3.7%[58] - Retail sales of home appliances and audio-visual equipment exceeded RMB 1 trillion, growing by 11.0% year-on-year, marking a five-year high[58] - The urbanization rate in China reached 67.89% by the end of 2025, an increase of 0.89 percentage points from the previous year[59] - The real estate market showed signs of stabilization in 2025, with core city second-hand housing transactions remaining active[60] Investment and Financing Activities - The company raised a total of RMB 3,222,450,000 from its A-share issuance, with a net amount of RMB 3,050,007,849 after deducting issuance costs[110] - The total amount raised from the non-public offering of A-shares is RMB 3,701,299,898.79, with net proceeds of RMB 3,678,363,799.29 after deducting issuance costs[114] - The company has fully utilized funds for several mall projects, including RMB 245,137,000 for Tianjin Beichen and RMB 669,084,000 for Urumqi Convention Center[111] - The company has fully repaid bank loans amounting to RMB 400,000,000 and supplemented working capital with RMB 150,008,000[112] - The company has a remaining balance of RMB 17,067,000 in the total investment amount after accounting for all utilized funds[112] Corporate Governance - The company has adopted corporate governance principles to maintain high standards and protect shareholder interests[106] - The company confirmed compliance with corporate governance standards during the reporting period[107] - The company’s audit committee has reviewed the annual performance announcement and consolidated financial statements for the year ending December 31, 2025[117] - The annual report for 2025 will be published on the Hong Kong Stock Exchange and the company's website, providing all required information[120]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 Red Star Macalline Group Corporation Ltd. 紅星美凱龍家居集團股份有限公司 （一 家 於 中 華 人 民 共 和 國 註 冊 成 立 的 中 外 合 資 股 份 有 限 公 司） （股 份 代 號：1528） 2025年年度經營數據公告 本公告乃由紅星美凱龍家居集團股份有限公司（「本公司」）根 據《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》第13.09條、第13.10B條、《證 券 及 期 貨 條 例》（香 港 法 例 第571章）第XIVA部項下的內幕消息條文以及《上 海 證 券 交 易 所 股 票 上 市 規 則》的 要 求 作 出。 本 公 司 董 事 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 Red Star Macalline Group Corporation Ltd. 紅星美凱龍家居集團股份有限公司 （一 家 於 中 華 人 民 共 和 國 註 冊 成 立 的 中 外 合 資 股 份 有 限 公 司） （股 份 代 號：1528） 關於本公司2025年度計提資產減值準備的公告 本公告乃由紅星美凱龍家居集團股份有限公司（「本公司」，連 同 其 附 屬 公 司，統 稱 為「本集團」）根據香港聯合交易所有限公司證券上市 規 則（「上市規則」）第13.09(2)條及第13.10B條以及證券及期貨條例（香 港法例第571章）第XIVA部內幕消息條文（定 義 見 上 市 規 則）而 作 出。 一、計提資產減值準備的情 ...

红星美凯龙家居集团股份有限公司 二、审议通过《独立董事 2025 年度述职情况报告》 表决结果：同意 13 票、反对 0 票、弃权 0 票。 本议案将在 2025 年年度股东会上听取。 详情请见公司同日在指定媒体披露的《独立董事 2025 年度述职情况报告》。 证券代码：601828 证券简称：美凯龙 公告编号：2026-016 红星美凯龙家居集团股份有限公司 第五届董事会第十一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 红星美凯龙家居集团股份有限公司（以下简称"公司"）第五届董事会第十 一次会议以电子邮件方式于 2026 年 3 月 16 日发出通知，于 2026 年 3 月 23 日发 出会议材料，并于 2026 年 3 月 30 日以现场结合通讯方式召开。会议应出席董事 13 人，实际出席董事 13 人，会议由董事长李玉鹏主持，会议的召开符合《中华 人民共和国公司法》和《红星美凯龙家居集团股份有限公司章程》等有关规定。 会议形成了如下决议： 一、审议通过《公司 2025 年度董事会工作报告》 表决结果 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 红星美凯龙家居集团股份有限公司（以下简称"公司"）2025年度不进 行现金股利分配，不进行资本公积金转增股本。 ● 本次利润分配预案尚待公司2025年年度股东会审议通过后方可实施。 红星美凯龙家居集团股份有限公司 证券代码：601828 证券简称：美凯龙 公告编号：2026-017 红星美凯龙家居集团股份有限公司 关于 2025 年度拟不进行利润分配的公告 （一）利润分配预案的具体内容 2025年初母公司累计的未分配利润人民币6,329,849,561.06元，减去母公司 2025年度实现净亏损人民币629,149,711.99元，加上本年度因出售其他权益工具 结转的未分配利润80,088,966.67，按照《公司法》以及《公司章程》的有关规 定，本年未提取法定盈余公积金，截至2025年12月31日，母公司可供分配利润为 人民币5,780,788,815.74元。 根据《公司章程》相关规定，结合企业实际经营情况，综合考虑公司长远发 展和投资者利益，公司董事会拟 ...

RSM 容诚 2025 年度营业收入扣除情况的 专项审核报告 红星美凯龙家居集团股份有限公司 容诚专字|2026|215Z0223号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 营业收入扣除情况的专项审核报告 | 1-3 | | 2 | 营业收入扣除情况表 | | 关于红星美凯龙家居集团股份有限公司 2025年度营业收入扣除情况的专项审核报告 容诚专字[2026]215Z0223号 红星美凯龙家居集团股份有限公司全体股东: 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查测 "招 目 2 我们接受委托,按照中国注册会计师审计准则审计了红星美凯龙家居集团股 份有限公司(以下简称美凯龙公司)2025年度财务报表,并于 2026年 3 月 30 日 出具了容诚审字[2026]215Z0429 号的无保留意见审计报告。在此基础上我们审核 了后附的美凯龙公司管理层编制的《红星美凯龙家居集团股份有限公司 2025 年 度营业收入扣除情况表》（以下简称营业收入扣除情况表 ...

内部控制审计报告 红星美凯龙家居集团股份有限公司 容诚审字[2026]215Z0430号 容诚会计师事务所(特殊普通合伙) 中国·北京 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 内部控制审计报告 容诚审字[2026]215Z0430号 红星美凯龙家居集团股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了红星美凯龙家居集团股份有限公司（以下简称"美凯龙公司"）2025 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是美凯 龙公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制 ...

Financial Performance - The company's operating revenue for 2025 was ¥6,581,940,812.80, a decrease of 15.85% compared to ¥7,821,265,939.71 in 2024[21]. - The net profit attributable to shareholders for 2025 was -¥23,722,257,667.01, compared to -¥2,983,497,056.49 in 2024, indicating a significant decline[21]. - The basic earnings per share for 2025 was -¥5.45, a decline from -¥0.69 in 2024[22]. - The weighted average return on equity for 2025 was -68.75%, down from -6.21% in 2024[22]. - The company reported a net loss of -¥20,579,663,166.70 in Q4 2025, contributing significantly to the annual loss[26]. - The company achieved operating revenue of 6.58 billion yuan, with a net loss attributable to shareholders of 23.72 billion yuan, primarily due to significant fair value changes in investment properties and increased asset impairment losses[42]. - The company reported a total fair value change loss of 23.44 billion yuan for the year 2025, reflecting the adverse impact of the real estate market downturn and reduced demand in the home improvement sector[42]. - The gross profit for the reporting period was 3.936 billion RMB, down 13.6% from 4.556 billion RMB in the same period of 2024; the overall gross margin increased by 1.5 percentage points to 59.8%[65]. Cash Flow and Assets - The net cash flow from operating activities increased by 277.34% to ¥816,466,717.67 in 2025 from ¥216,373,750.36 in 2024[21]. - The total assets decreased by 24.85% to ¥87,355,665,991.56 at the end of 2025 from ¥116,237,222,752.57 at the end of 2024[21]. - The net cash flow from investing activities was -616.695 million RMB, a decrease of 197.71% compared to 631.160 million RMB in the previous year[75]. - The net cash flow from financing activities was -522.819 million RMB, indicating a decrease in net cash inflow from obtaining and repaying debts compared to the previous year[75]. - The company's receivables decreased by 88.31%, with accounts receivable at ¥276,182.95, primarily due to a reduction in commercial acceptance bills[77]. - Total liabilities decreased by 31.41%, with accounts payable at ¥962,349,863.20, reflecting a contraction in the construction decoration service sector[78]. Market Environment and Strategy - The company faces uncertainties in achieving its operational and management goals due to factors such as the home decoration and furniture retail industry, real estate market, and macroeconomic environment[7]. - The macroeconomic environment in 2025 showed a GDP growth of 5.0%, with disposable income per capita also increasing by approximately 5.0%[39]. - The company aims to enhance its market leadership by leveraging its strong brand influence and extensive management experience[36]. - The company's strategic focus includes expanding its presence in first and second-tier cities while penetrating lower-tier markets through managed and franchised models[38]. - The company is focusing on upgrading its strategic positioning to become a "new business operator in home living" and is actively expanding its home industry ecosystem[43]. Operational Efficiency and Innovations - The company’s digital membership program saw a significant increase, with registered member spending accounting for 47.7% of total sales, an 84% year-on-year increase[47]. - The company’s AI service platform improved delivery efficiency by 50%, enhancing user experience and operational efficiency[51]. - The company is committed to innovating its business model and enhancing its competitive edge by diversifying its offerings and improving customer engagement[106]. - The company plans to enhance its operational capabilities by adopting a dual-driven model of heavy and light asset operations, aiming to improve efficiency across the entire industry chain[104]. - The company is focusing on transforming consumer demand from "housing needs" to "improving quality of life," emphasizing renovation and updates of existing properties[101]. Governance and Compliance - The company has optimized its governance structure to ensure compliance with laws and regulations, enhancing operational efficiency and protecting shareholder rights[115]. - The company maintains independence in assets, personnel, finance, and operations from its controlling shareholders, ensuring a complete and independent business system[118]. - The company has established a special team to evaluate existing equipment and formulate upgrade plans in response to new offline commercial complex equipment update policies[111]. - The company has committed to minimizing related transactions with Meikailong and its subsidiaries following the completion of the transaction, ensuring compliance with legal regulations[166]. - The company has a structured decision-making process for director compensation, requiring approval from the board and submission to the shareholders' meeting[131]. Future Outlook and Strategic Initiatives - The company plans to expand its operations with new stores in various locations, including a 119,139 square meter facility in Changsha, which is also facing early lease termination in December 2025[87]. - The company plans to renew contracts for several stores, including the Beijing Global Home 1 store, extending the lease until 2035[91]. - The company is actively pursuing strategic mergers and acquisitions to enhance its market position[122]. - The company plans to invest significantly in research and development to foster innovation and maintain market leadership[125]. - The company anticipates potential risks from macroeconomic fluctuations and the real estate market, which could impact consumer demand for home furnishings[109].

（二）独立性情况说明 经过自查，本人对自身的独立性情况进行以下说明： 红星美凯龙家居集团股份有限公司 独立董事 2025 年度述职情况报告（薛伟） 根据中国证监会《上市公司独立董事管理办法》《上市公司治理准则》《上海证 券交易所股票上市规则》以及《上海证券交易所上市公司自律监管指南第 2 号—— 业务办理：第六号——定期报告》的有关规定，作为红星美凯龙家居集团股份有限 公司（以下简称"公司"）独立董事，现就 2025 年度工作情况作如下报告： 一、 独立董事的基本情况 （一）工作履历及专业背景 本人薛伟，1978 年 8 月出生，中国国籍，毕业于厦门大学，获会计学专业博士 学位。本人自 2015 年 12 月至今任职于厦门国家会计学院，历任讲师、副教授，2018 年担任厦门国家会计学院"云顶财说"编辑部主任，从事财务与会计、税收理论与 实践等方面的教学、培训和业务实践工作，2022 年 8 月聘任为中国大企业税收研究 所研究员，2020 年 7 月起任中审众环会计师事务所（特殊普通合伙）和海华税务师 事务所有限公司咨询业务合伙人，现担任厦门安纳西管理咨询有限公司监事、厦门 厦迪亚斯过滤材料技术股份有限公司及厦 ...