10月31日，美凯龙发布2025年第三季度报告，在房地产低迷与家居零售市场需求减弱的双重挤压下，今 年前三季度美凯龙实现营业收入49.69亿元，归属于上市公司股东净亏损31.43亿元。不过亏损主要是受 市场短期波动和价值调整的影响，不影响公司现金流和运营能力。 从经营层面来看，虽然行业仍处在低谷，美凯龙主业已经开始"止血"， 经营现金流量净额连续两个季 度为正，毛利率相比上年大幅提升，降本增效进入兑现期。 美凯龙主业"止血" 经营现金流净额连续两个季度为正 由于行业整体不景气，美凯龙各个业务板块均受到不同程度的影响，作为家居零售领域的领军企业，为 支持商户，公司对部分商户减免了部分租金及管理费用，同时为稳商留商增加优惠。不过，在营业收入 下降的情况下，公司积极调整战略重心，商场租赁及运营等业务营业利润约2亿元，实现了较为稳健的 盈利。 从净利润来看，前三季的大幅亏损主要受市场短期波动和价值调整的影响，其中投资性房地产公允价值 下降形成公允价值变动损失约-33.3 亿元，各类减值损失合计约-1.7亿元，以上损益不影响现金流和公司 运营能力。 事实上，今年前三季度，美凯龙经营现金流量净额为6.43亿元，已经连续两 ...

Core Viewpoint - The company reported a revenue decline of 18.62% year-on-year for Q3 2025, amounting to 4.969 billion yuan, while actively adjusting its strategy and product layout to attract high-quality brands, indicating a focus on long-term resilience despite short-term revenue challenges [1] Group 1: Financial Performance - The net operating cash flow significantly improved to 643 million yuan in Q3 [1] - The rental rate of self-operated malls increased by 0.52 percentage points quarter-on-quarter and by 1.7 percentage points compared to the beginning of the year [1] Group 2: Business Expansion and Strategy - The company is transitioning from traditional home furnishing to a multi-experience model, integrating appliances, automobiles, home design, and lifestyle services into a composite commercial ecosystem [1] - The operating area for the electrical appliances segment increased by 0.2 percentage points, continuing its growth trend [2] - The automotive segment's operating area rose by 0.3 percentage points, with significant expansion in various automotive services [3] - The home design segment's operating area increased by 0.8 percentage points, with the establishment of a large design center in Xinjiang [4] - The lifestyle segment saw the highest growth, with a 1.1 percentage point increase in operating area, enhancing the mall's overall attractiveness [4] Group 3: Market Trends and Consumer Insights - There is a growing consumer demand for integrated home solutions, emphasizing unified styles and seamless functionality [5] - The company aims to adapt to the evolving needs of younger consumers, focusing on personalized home experiences and emotional connections [5][6] Group 4: Future Directions - The company plans to maintain a core category operating area of no less than 70% over the next five years, with a retail network covering 189 cities [6] - The strategic focus includes enhancing self-operated stores and optimizing resource allocation for managed stores [6] - The company is committed to becoming a leading provider of integrated living solutions, leveraging synergies with the Jianfa Group to create a comprehensive service ecosystem [7]

Core Viewpoint - The company reported a decline in revenue and significant losses in the first three quarters of 2025, prompting strategic adjustments to improve business quality and profitability [3][12]. Financial Performance - The company's revenue for the first three quarters of 2025 was RMB 4.97 billion, a decrease of RMB 1.14 billion compared to RMB 6.11 billion in the same period last year, primarily due to adjustments in related industries [3]. - The total profit for the first three quarters was a loss of RMB 3.35 billion, largely attributed to market fluctuations and a decline in the fair value of investment properties, resulting in a loss of approximately RMB 3.33 billion [3]. - Despite the revenue decline, the rental and operational business of shopping malls achieved a profit of approximately RMB 200 million, an improvement from about RMB 100 million in the previous year [3]. - The cash flow from operating activities showed a significant recovery, with a net inflow of approximately RMB 640 million, an increase of about RMB 1.17 billion compared to the same period last year [3]. Business Operations - As of September 30, 2025, the company operated 74 self-owned shopping malls and 228 managed shopping malls, with strategic partnerships in 7 home furnishing malls and 22 franchised home furnishing projects, totaling 358 stores [12][13]. - The company closed 4 self-owned shopping malls during the reporting period and transitioned 3 managed malls to self-owned status, while 2 self-owned malls were converted to managed status [13]. - There are 16 self-owned shopping malls in preparation, with a planned construction area of approximately 2.63 million square meters [15]. Management Changes - The company appointed a new general manager, Shi Yaofeng, following the resignation of the previous general manager, Che Jianxing, due to personal reasons [6]. - The board of directors approved the appointment of Xu Guofeng as a non-executive director [6]. Shareholder Information - The company disclosed a share reduction plan by major shareholders, with a total of up to 130,641,979 shares (3% of total shares) planned for sale [9]. - The shareholding ratio of Hongxing Meikailong Holdings Group decreased from 19.95% to 18.96% following the sale of 43,023,000 shares [10]. Financial Assistance - As of September 30, 2025, the company provided financial assistance totaling RMB 2.4 billion, with overdue amounts of RMB 1.74 billion [18][20]. - The company has made provisions for asset impairment totaling RMB 57.76 million for overdue financial assistance [19][21].

Core Viewpoint - Meikailong is undergoing a transformation from a traditional home furnishing market to a lifestyle proposal provider that understands young consumers, amidst ongoing industry cycle impacts [1][2] Financial Performance - In Q3 2025, Meikailong reported a revenue of 4.969 billion yuan and a net loss, with a net operating cash flow of 643 million yuan for the first three quarters, marking two consecutive quarters of positive cash flow [1] - Financial expenses decreased by 187 million yuan year-on-year, credit impairment losses narrowed by 564 million yuan, and asset impairment losses reduced by 22 million yuan [1] Strategic Initiatives - The company is actively responding to consumer needs by enhancing product categories and implementing a trade-in program, which has generated significant sales [2][3] - Meikailong is evolving into a "3+Star Ecosystem," creating a closed-loop lifestyle scenario that integrates home buying, settling in, and travel [2][5] Cost Management and Efficiency - Meikailong has implemented measures to reduce costs and improve efficiency, resulting in a decrease in sales expenses by 18.05%, management expenses by 19.92%, and financial expenses by 10.23% year-on-year [4] - The company is leveraging digitalization and supply chain management to enhance operational efficiency [4][6] Market Expansion - The company is expanding its business scope to include appliances, 3C products, smart home devices, building materials, and products for the elderly, establishing a comprehensive subsidy platform [3][6] - As of Q3 2025, Meikailong's self-operated mall occupancy rate increased by 1.7 percentage points to 84.72% [7] Future Outlook - Meikailong plans to continue broadening its product categories and operational models, aiming for a systematic recovery in business performance through integrated online and offline delivery [7]

国内家居零售巨头红星美凯龙（A股代码：601828.SH，港股代码：01528）近期公布了2025年前三季度 的财务报告。数据显示，公司营业收入约为49.69亿元，同比下降18.62%；归属于母公司所有者的净亏 损达到约31.43亿元，同比扩大66.55%；基本每股亏损为0.72元。其中，仅第三季度单季营收为16.32亿 元，同比下降13.24%，净亏损12.43亿元，每股收益为-0.29元。 对于营业收入的下滑，美凯龙在公告中解释称，主要受到家居零售市场整体需求减弱的影响，导致商户 经营面临压力，商场租金收入出现阶段性下滑。与此同时，公司为支持商户稳定经营，增加了稳商留商 的相关优惠。此外，委管商场数量减少以及其他业务板块项目进度放缓，也对整体营收形成了拖累。 从主营业务构成来看，自营及租赁收入仍为公司核心来源，前三季度贡献24.51亿元，占比73.44%；委 托经营管理收入为6.09亿元，占比18.26%；其他收入与建筑装饰服务分别占比5.20%和3.10%。 偿债能力方面，截至2025年三季度，美凯龙资产负债率为59.43%，较去年同期的57.24%有所上升。 在公司治理层面，美凯龙控股股东为厦门建发股 ...

采写：南都N视频记者 黄大乐 报告期内，美凯龙进行一系列精细化管理和降本增效措施取得显著成效。财报显示，2025年前三季度， 美凯龙销售费用为6.18亿元，同比下降18.05%，管理费用为6亿元，同比下降19.92%，财务费用为16.42 亿元，同比下降10.23%。 当前，美凯龙正稳步推进"3+星生态"战略，引进高端电器、家居设计、汽车、餐饮等生活品类，构 建"买房—安家—出行"的生活场景闭环。 南都讯 10月30日晚，美凯龙（601828.SH、01528.HK）发布2025年第三季度财报。2025年前三季度，美 凯龙实现营业收入49.69亿元；经营现金流量净额为6.43亿元，连续两个季度为正。 同时，在新管理层的带领下，美凯龙资产质量明显提升。今年前9个月，美凯龙财务费用同比减少1.87 亿元，信用减值损失同比收窄5.64亿元，资产减值损失同比收窄0.22亿元。截至今年9月底，公司货币资 金达37.44亿元；短期借款和一年内到期的非流动负债合计较上年末下降32.77亿元。 ...

公告称，由于相关产业的发展波动，商户的经营情况受到家居零售市场的需求减弱的影响，商场的租金 收入出现阶段性下滑。同时，为支持商户，公司稳商留商优惠增加。另外，公司委管商场数量和其他业 务板块的项目数量减少、进度放缓，综合导致公司营业收入同比下滑。 智通财经APP讯，红星美凯龙(01528)公布2025年前三季度业绩，营业收入约49.69亿元，同比减少 18.62%;归属于母公司所有者的净亏损约31.43亿元，同比增长66.55%;基本每股亏损0.72元。 ...

截至2025年9月30日，公司有16家筹备中的自营商场(其中自有13家、租赁3家)，计划建筑面积约263万 平方米(最终以政府许可文件批准的建筑面积为准)；筹备的委管商场中，有250个委管签约项目已取得 土地使用权证╱已获得地块。 格隆汇10月30日丨红星美凯龙(01528.HK)公告，截至2025年9月30日，公司经营74家自营商场，228家不 同管理深度的委管商场，通过战略合作经营7家家居商场，此外，公司以特许经营方式授权22家特许经 营家居建材项目，共包括358家家居建材店╱产业街。 报告期内，公司关闭4家自营商场，位于重庆市、广东广州、四川成都、湖南长沙，有3家商场由委管转 为自营，位于河北唐山、天津市，有2家商场由自营转为委管，位于内蒙古包头、江苏常州；委管商场 新开1家商场，位于江苏泰州，关闭29家商场，位于浙江乐清、河北邯郸、河北秦皇岛、河南周口、安 徽六安、四川绵阳、四川乐山、广东河源、辽宁本溪、江苏淮安、湖南吉首、湖南长沙、安徽芜湖、河 北邢台、甘肃白银、河北张家口、山东临沂、广东珠海、河北唐山、四川内江、河南新蔡、安徽合肥、 甘肃庆阳、江西萍乡、重庆市、湖南株洲、辽宁营口、江苏苏州、江苏无 ...

Red Star Macalline Group Corporation Ltd. 紅星美凱龍家居集團股份有限公司 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的任何損失承擔任 何責任。 （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） （一）報告期內商場變動情況 表1-1報告期內自有商場變動情況 單位：平方米 （股份代號：1528） 2025 年第三季度經營數據公告 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。 本公司董事會及全體董事保證本公告內容不存在任何虛假記載、誤導性陳述或者 重大遺漏，並對其內容的真實性、準確性和完整性承擔法律責任。 根據上海證券交易所《上市公司行業信息披露指引第五號—零售》以及《關於做好 主板上市公司2025年第三季度報告披露工作的重要 ...

Group 1 - The core viewpoint of the article highlights the financial performance of Red Star Macalline (01528.HK) for the nine months ending September 30, 2025, indicating a significant decline in revenue and an increase in net loss [1] Group 2 - The company's operating revenue is approximately RMB 4.968 billion, representing a year-on-year decrease of 18.6% [1] - The net loss for the period is RMB 3.142 billion, which has expanded by 66.6% compared to the previous year [1] - The basic earnings per share are reported at -0.72 RMB [1]