来源：市场资讯 （来源：定制观察） 当红星美凯龙2025年第三季度财报缓缓展开，一组数据揭开了这家家居巨头在行业存量时代的艰难处 境：单季营收49.69亿元，同比下降18.6%，归母净利润亏损31.43亿元，同比下降66.55%，前三季度累 计关闭33家商场。这份成绩单如同一面镜子，映照出传统家居卖场在存量市场与消费模式变革双重夹击 下的困境。 数据来源红星美凯龙2025年第三季度财报 细读这份财报，可以发现红星美凯龙正经历着转型阵痛。31.43亿元的归母净亏损中，投资性房地产公 允价值下降贡献了33.27亿元的窟窿——这既是房地产周期波动的直接冲击，也折射出家居行业与地产 市场的深度捆绑之困。营收同比下滑18.6%至49.69亿元，背后是公司主动收缩建筑装饰等非核心业务的 战略取舍，也是存量市场下租金单价承压的现实写照。 面对困局，红星美凯龙开启了一场全方位的自救。其突围策略沿着三条主线展开： 首先是"断臂求生"聚焦核心业务。关闭33家商场的收缩战线，本质上是将资源重新配置到更具潜力的赛 道。当传统家居零售增长见顶，电器生活馆、新能源汽车展厅、M+设计中心等新业态成为新的增长引 擎。截至三季度，智能电器馆已 ...

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of November 27, with Northeast Electric (00042) leading with a premium rate of 864.29% [1] - The article also lists the stocks with the highest and lowest deviation values, indicating significant discrepancies between A-shares and H-shares [1] AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042): 864.29% - Hongye Futures (03678): 269.82% - Sinopec Oilfield Service (01033): 264.86% [1] - The bottom three stocks with the lowest AH premium rates are: - Ningde Times (03750): -5.40% - China Merchants Bank (03968): -1.65% - Heng Rui Medicine (01276): -0.38% [1] Deviation Value Rankings - The stocks with the highest deviation values are: - Vanke Enterprises (02202): 30.48% - Dazhong Public Utilities (01635): 24.57% - Shandong Xinhua Pharmaceutical (00719): 22.88% [1] - The stocks with the lowest deviation values are: - Sairis (09927): -17.06% - China National Airlines (00753): -13.21% - China Life (02628): -13.18% [1] Additional Insights - The article provides detailed tables showing the premium rates and deviation values for the top and bottom AH stocks, indicating market trends and potential investment opportunities [2]

Core Viewpoint - Meikailong's stock price has experienced a decline of 16.51% year-to-date, with significant losses in revenue and net profit reported for the first nine months of 2025 [1][2]. Group 1: Stock Performance - On November 26, Meikailong's stock rose by 2.29%, reaching 2.68 CNY per share, with a trading volume of 35.94 million CNY and a turnover rate of 0.38%, resulting in a total market capitalization of 11.671 billion CNY [1]. - The stock has seen a decline of 1.11% over the last five trading days, 4.29% over the last 20 days, and 13.27% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Meikailong reported operating revenue of 4.969 billion CNY, a year-on-year decrease of 18.62%, and a net profit attributable to shareholders of -3.143 billion CNY, down 66.55% year-on-year [2]. - Cumulative cash dividends since the A-share listing amount to 3.901 billion CNY, with 348 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of Meikailong's shareholders decreased by 3.86% to 53,900, with an average of 0 circulating shares per person [2]. - The ninth largest circulating shareholder, Hong Kong Central Clearing Limited, holds 15.541 million shares, a decrease of 2.927 million shares compared to the previous period [3].

Core Insights - The article highlights the top and bottom AH share premium rates, with Northeast Electric (00042) leading at 831.03% and Ningde Times (03750) at -4.55% [1][2][3] Premium Rate Rankings - The top three AH share premium rates are: - Northeast Electric (00042): 831.03% - Hongye Futures (03678): 270.00% - Sinopec Oilfield Service (01033): 268.92% [1][2] - The bottom three AH share premium rates are: - Ningde Times (03750): -4.55% - China Merchants Bank (03968): -1.71% - Heng Rui Medicine (01276): 3.65% [1][3] Deviation Value Rankings - The top three stocks with the highest deviation values are: - China Shipbuilding Defense (00317): 53.01% - Guanghetong (00638): 25.36% - GAC Group (02238): 22.12% [1][4] - The bottom three stocks with the lowest deviation values are: - Longpan Technology (02465): -31.76% - Northeast Electric (00042): -23.74% - Ganfeng Lithium (01772): -14.15% [1][5]

Core Viewpoint - Since the transformation initiated in 2024, the company has been building a new home furnishing ecosystem to reverse the declining revenue trend, with financial data for the first three quarters of 2025 showing stable gross margins but declining revenue and net profit margins, indicating ongoing growth pressures from non-operational factors [1] Overall Performance - In the first three quarters of 2025, the company's cumulative revenue was 4.969 billion RMB, a year-on-year decline of 18.6%, with quarterly revenue showing a gradual slowdown in the rate of decline [2] - The gross margin for the first three quarters reached 61.9%, an increase of 2.5 percentage points year-on-year, while the net profit margin was -63.3%, a decrease of 32.4 percentage points year-on-year, primarily due to significant losses from fair value changes in investment properties amounting to approximately 3.33 billion RMB [2] - The fair value loss in the third quarter alone was 1.231 billion RMB, with the first half of the year accounting for 2.042 billion RMB, indicating a strong impact from fluctuations in the real estate market [2] Impairment Losses - Total impairment losses amounted to approximately 170 million RMB, including credit impairment losses of 100 million RMB and asset impairment losses of 74 million RMB [3] Cash Flow and Debt Structure - The company's operating cash flow turned positive in the first three quarters of 2025, with a year-on-year increase of 221.1%, indicating an improvement in operational conditions [7] - As of September 30, the company's cash reserves reached 3.74 billion RMB, with a year-on-year increase in the debt-to-asset ratio by 2 percentage points, while short-term borrowings and current liabilities decreased by 3.277 billion RMB compared to the end of the previous year [7] Operational Highlights - Excluding non-operational factors, the operating profit from core business activities such as mall leasing and operations was approximately 200 million RMB, doubling from about 100 million RMB in the same period last year, indicating a significant improvement in core business profitability [10] - The revenue structure of the core business has been optimized, with the revenue contribution from self-owned malls increasing by 6 percentage points year-on-year, while other malls and business revenues declined [12] - The company has established a certain scale in new business areas such as electrical appliances and automotive sectors, laying a foundation for post-transformation operations [13] - Cost control measures have shown significant results, with sales expenses down by 18%, management expenses down by 19.9%, and financial expenses down by 10.3% in the first three quarters of 2025 [13] Business Expansion - The electrical appliance business area has exceeded 10%, and the company has partnered with over 30 automotive companies and platforms, with the automotive business area covering more than 260,000 square meters across 44 cities [16] - The M+ Design Center has been established with a total area of 731,000 square meters, attracting over 1,000 design studios and nearly 5,000 designers, positioning high-end design as a business hub [16] - The company aims to incubate new automotive business tracks within three years, targeting a total operating area of over 1 million square meters for the automotive sector [16]

Group 1 - The core point of the announcement is that Meikailong has stated that the company and its controlling subsidiaries have no overdue guarantees [1] Group 2 - The announcement was made on the evening of November 21 [1] - The source of the information is Securities Daily [2]

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依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 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 關於公司為子公司向金融機構的融資提供擔保的公告》，僅供參閱。 承董事會命 紅星美凱龍家居集團股份有限公司 李玉鵬 董事長 （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） 中國上海，2025年11月21日 於本公告日期，本公司的執行董事為李玉鵬、施姚峰及楊映武；非執行董事為葉衍榴、鄒少榮、車建興及徐國峰； 獨立非執行董事為薛偉、黃建忠、陳善昂、黃志偉及蔡慶輝；及職工董事為鄭建傑。 证券代码：601828 证券简称：美凯龙 公告编号：2025-086 红星美凯龙 ...

每经头条（nbdtoutiao）——展望"十五五" | 专访黄群慧：既要重视AI赋能千行百业，也要考量其对就业 的替代效应和带来的收入极化 （记者 曾健辉） 2025年1至6月份，美凯龙的营业收入构成为：家居商业服务业占比91.7%，其他-其他收入占比5.2%，工 程施工建设收入占比3.1%。 截至发稿，美凯龙市值为114亿元。 每经AI快讯，美凯龙（SH 601828，收盘价：2.61元）11月21日晚间发布公告称，截至目前，公司及控 股子公司（已批准的）累计担保总额约为158.07亿元（其中公司向控股子公司及控股子公司之间提供的 担保约为158.07亿元），公司对控股子公司提供的担保总额约为139.75亿元，分别占2024年12月31日公 司经审计归属于母公司的净资产的34%、30.06%。 ...

证券代码：601828 证券简称：美凯龙 公告编号：2025-086 提供担保的公告 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。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | 有限责任公司 | | 重庆红星美凯龙博览家居生活广场 | | --- | --- | --- | --- | --- | | | 本次担保本金金额 | 9,050 | 万元 | | | 担保对象 | 实际为其提供的担保余额 | 0 万元 | | | | | 是否在前期预计额度内 | □是 | □否 | 不适用：_________ | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 | 1,580,712(含本次) | | 子公司对外担保总额（万元） | | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 34.00 | | 特别风险提示（如有请勾选） | ...

Key Points - The top three companies with net inflows of southbound funds are Alibaba-W (09988) with 3.296 billion, XPeng Motors-W (09868) with 1.147 billion, and Xiaomi Group-W (01810) with 0.853 billion [1][2] - The top three companies with net outflows of southbound funds are Yingfu Fund (02800) with -0.559 billion, China Life (02628) with -0.427 billion, and China National Offshore Oil Corporation (00883) with -0.368 billion [1][2] - In terms of net inflow ratio, ICBC South China (03167) leads with 100.00%, followed by Xiaocai Garden (00999) with 74.08%, and Qingdao Bank (03866) with 67.42% [1][3] - The companies with the highest net outflow ratios include Q Tech (01478) at -58.31%, China National Heavy Duty Truck Group (03808) at -53.04%, and Nexperia (01316) at -43.99% [1][4] Net Inflow Rankings - Alibaba-W (09988) had a net inflow of 3.296 billion, representing a 20.59% increase in its closing price to 154.600 [2] - XPeng Motors-W (09868) saw a net inflow of 1.147 billion, with a 25.58% increase in its closing price to 85.950 [2] - Xiaomi Group-W (01810) experienced a net inflow of 0.853 billion, with a 9.75% increase in its closing price to 40.780 [2] Net Outflow Rankings - Yingfu Fund (02800) had a net outflow of -0.559 billion, with a -4.24% change in its closing price to 26.060 [2] - China Life (02628) experienced a net outflow of -0.427 billion, with a -23.81% change in its closing price to 26.140 [2] - China National Offshore Oil Corporation (00883) had a net outflow of -0.368 billion, with a -14.88% change in its closing price to 21.800 [2]