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。 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） 持續關連交易 補充委管協議及修訂年度上限 緒言 茲提述招股章程及本公司日期為2017年11月20日、2018年11月29日、2019年11 月25日、2019年11月28日、2021年9月17日、2024年9月27日、2025年7月1日 及2025年9月9日的公告（「該等公告」），內容有關（其中包括）本集團與若干相關 業務夥伴根據有關委管協議進行的持續關連交易。 於2025年9月26日，董事會議決批准本公司與陝西鴻瑞訂立補充委管協議，據 此，本公司將由2025年9月30日起至2026年9月29日止期間為陝西鴻瑞提供委管 服務。 《上市規則》的涵義 鑒於相關業務夥伴為車先生及徐先生的聯繫人，因此相關業務夥伴根據《 ...

Core Viewpoint - Meikailong's stock price has experienced a significant decline in 2023, with a year-to-date drop of 13.08% and a recent 5-day drop of 8.52% [1] Financial Performance - For the first half of 2025, Meikailong reported a revenue of 3.337 billion yuan, a year-on-year decrease of 21.01% [2] - The company recorded a net profit attributable to shareholders of -1.9 billion yuan, reflecting a year-on-year decrease of 51.63% [2] Shareholder Information - As of June 30, 2025, the number of shareholders for Meikailong was 56,000, a decrease of 4.79% from the previous period [2] - The average circulating shares per shareholder remained at 0 shares, unchanged from the previous period [2] Dividend Distribution - Since its A-share listing, Meikailong has distributed a total of 3.901 billion yuan in dividends, with 348 million yuan distributed over the past three years [3] Stock Market Activity - On September 25, Meikailong's stock price fell by 2.11%, trading at 2.79 yuan per share, with a total market capitalization of 12.15 billion yuan [1] - The stock experienced a net outflow of 10.4635 million yuan in principal funds, with significant selling pressure observed [1]

Core Viewpoint - The event held on September 19 aimed to promote the establishment of a credit system for private enterprises, highlighting the importance of credit integrity in enhancing business operations and market reputation [1][3]. Group 1: Event Overview - The event was co-hosted by the Municipal Federation of Industry and Commerce and the Municipal Development and Reform Commission, with over 30 participants including government officials and representatives from private enterprises [1]. - Attendees observed the Red Star Macalline Credit District and learned about its credit construction efforts led by party building, showcasing the effectiveness of a comprehensive credit system in implementing policies that benefit enterprises [3]. Group 2: Credit System Implementation - Participants engaged with the "Five-Star Merchant QR Code" to view merchant credit ratings and visited the "Star Rating Publicity Board" to understand the visualization of credit data and the implementation of reward and punishment systems [3]. - The Municipal Development and Reform Commission provided specialized guidance on building a corporate social credit system during the event [3]. Group 3: Future Directions - The Federation of Industry and Commerce in Wolong District plans to leverage this event to enhance its role as a bridge, emphasizing credit integrity as a key measure for promoting high-quality development in the private economy [4]. - The initiative aims to foster a positive interaction ecosystem among government departments, business associations, and private enterprises, contributing to the high-quality development of the private sector [4].

0:00 9月22日晚，红星美凯龙公告称，创始人车建兴已被解除留置。这家资产千亿的家居巨头，正努力重回 业绩增长。 ...

Group 1 - The founder of Red Star Macalline, Che Jianxing, has had his detention measures lifted, indicating a shift in influence over the company [1] - On September 22, Red Star Macalline announced that it received a notification from Red Star Macalline Holding Group regarding the lifting of detention measures by the Yunnan Provincial Supervisory Committee [1] - It has been over four months since the company disclosed Che Jianxing's detention, and there are reports that he has not yet returned to work at the company [1] Group 2 - The company will be led by a new management team to implement a "new five-year strategy" moving forward [1]

Core Insights - The influence of Che Jianxing, the founder of Red Star Macalline, on the listed company Meikailong (601828.SH) is diminishing following his recent detention and resignation as general manager [2][3] - A new management team has been appointed to lead Meikailong under a "new five-year strategy" after Che Jianxing's departure [3][4] Company Developments - Che Jianxing received a salary of 5.2451 million yuan in 2024, ranking first among executives, despite being detained for two months earlier this year [3] - After Che Jianxing's detention, he resigned from his position as general manager on July 18, 2023, while still serving as an executive director [3] - The new general manager, Shi Yaofeng, has been appointed following Che Jianxing's resignation [3] Shareholding Changes - Xiamen Jianfa Group became the largest shareholder of Meikailong by acquiring 29.95% of its shares, while Che Jianxing's Red Star Group holds 24.9% [3] - The control of Meikailong is tightening under the major shareholder Jianfa Group following Che Jianxing's detention [3] Business Strategy - The new management team, led by Li Yupeng, aims to restructure the home furnishing business and ensure that core categories occupy at least 70% of the operational area [4] - The company has established a retail network covering 189 cities, with a total operational area of 19.36 million square meters [4] - The strategy emphasizes targeting the 400 million young consumers as a key driver for consumption upgrades and aims for a digital transformation [4] Financial Performance - In the first half of the year, Meikailong reported a revenue of 3.34 billion yuan, a year-on-year decline of 21%, with a net loss attributable to shareholders of 1.9 billion yuan [5] - The average occupancy rate for the 76 self-operated stores was 84.2%, while the 235 managed stores had an average occupancy rate of 81.3% [5] - The loss was primarily due to a 2.1 billion yuan fair value loss on investment properties [5]

Core Viewpoint - The return of Che Jianxing, a prominent figure in the home furnishing industry, to the public eye after the Yunnan Provincial Supervisory Commission lifted the detention measures against him, indicating a shift in leadership dynamics at Red Star Macalline [1][2][4] Company Overview - Che Jianxing was detained in mid-May, causing significant industry disruption, and subsequently resigned as General Manager while retaining his executive director position [4] - Red Star Macalline's largest shareholder is Xiamen Jianfa Co., Ltd., holding 23.95%, with a combined stake of 29.95% when including its concerted action partner [5] - The company has seen multiple executive resignations since early September, indicating potential instability in management [5] Financial Performance - In the first half of the year, Red Star Macalline reported revenue of 3.337 billion yuan, a year-on-year decline of 21%, and a net loss attributable to shareholders of 1.9 billion yuan, worsening from the previous year [5] - Operating cash flow improved to approximately 202 million yuan, a significant recovery from a net outflow of 821 million yuan in the same period last year [5] Operational Metrics - As of June 30, Red Star Macalline operated 76 self-managed malls with an average occupancy rate of 84.2%, and 235 managed malls with an average occupancy rate of 81.3% [5] - The total operational area of the malls reached 19.362 million square meters [5] Strategic Initiatives - The company is advancing its "3+ Star Ecosystem" model, integrating home furnishings, home appliances, and home decoration to enhance business synergy [5][6] - By mid-2025, Red Star Macalline plans to establish 40 high-end electrical ecological benchmarks across the country, with the electrical segment becoming one of the fastest-growing areas [6][7] - The "One Mall One M+" strategy aims to create a design hub in every mall, with over 731,000 square meters of design center space completed and partnerships with thousands of designers [7] Debt and Liquidity - As of June 30, the company had a total interest-bearing debt of 32.467 billion yuan, a 9.8% increase from the end of the previous year, with bank loans comprising approximately 66.9% of this debt [7] - The cash balance stood at 3.974 billion yuan, with short-term borrowings of 1.547 billion yuan and significant short-term debt obligations due [7]

Core Viewpoint - The report highlights the AH premium rates of various companies, indicating significant discrepancies between their A-shares and H-shares, with Northeast Electric (00042) leading with a premium rate of 864.29% [1] AH Premium Rate Rankings - The top three companies with the highest AH premium rates are: - Northeast Electric (00042): 864.29% - Andeli Juice (02218): 227.40% - Hongye Futures (03678): 225.67% [1] - The bottom three companies with the lowest AH premium rates are: - Ningde Times (03750): -12.07% - Heng Rui Medicine (01276): -3.97% - Zijin Mining (02899): 4.14% [1] Deviation Value Rankings - The top three companies with the highest deviation values are: - Northeast Electric (00042): 74.37% - Changfei Optical Fiber (06869): 24.77% - Zhaoyan New Drug (06127): 22.94% [1] - The bottom three companies with the lowest deviation values are: - Longpan Technology (02465): -25.07% - Qin Port Shares (03369): -19.33% - COSCO Shipping Energy (01138): -15.04% [1] Detailed AH Stock Premium and Deviation Data - The report provides detailed tables showing the premium rates and deviation values for the top and bottom AH stocks, indicating significant variations in market perception and valuation between A-shares and H-shares [1][2]

Core Viewpoint - The recent changes in the management of Red Star Macalline are closely linked to the shift in control following the acquisition by Xiamen Jianfa, which has led to a wave of executive departures and significant financial losses for the company [5][6][7]. Group 1: Management Changes - Founder Che Jianxing has been released from detention by the Yunnan Provincial Supervisory Committee, marking his return to the public eye after four months [2]. - A significant turnover in the executive team has occurred, with four high-level departures in September alone, including the resignation of the board secretary and vice president due to personal career planning [3][4]. - The new controlling shareholder, Xiamen Jianfa, has initiated a major management overhaul, appointing former Jianfa executives to key positions within Red Star Macalline [6]. Group 2: Ownership and Control - In June 2023, Xiamen Jianfa acquired a 29.95% stake in Red Star Macalline for approximately 6.286 billion yuan, becoming the controlling shareholder [5][6]. - Following the acquisition, Che Jianxing exited the list of actual controllers, with Xiamen Jianfa now holding the largest share at 23.95% [6]. Group 3: Financial Performance - Red Star Macalline has reported significant financial losses, with net losses of 2.216 billion yuan in 2023 and 2.983 billion yuan in 2024, and a further loss of 1.9 billion yuan in the first half of 2025, marking the lowest net profit for the company since its listing [7]. - The company attributed its ongoing losses to store closures, rental discounts, and a 2.1 billion yuan loss from changes in the fair value of investment properties [7]. - As of June 30, 2025, Red Star Macalline faced substantial short-term debt pressures, with a total of 15.47 billion yuan in short-term loans and 5.738 billion yuan in non-current liabilities due within a year [7].

Group 1 - The stock of Red Star Macalline (601828) has dropped over 4%, currently trading at 1.4 HKD with a transaction volume of 10.85 million HKD [1] - The company announced that on September 22, it received a notification from Red Star Macalline Holdings Group that the Yunnan Provincial Supervisory Committee has lifted the detention measures against its General Manager, Che Jianxing [1] - Che Jianxing was previously under investigation and had been detained since May 14, when the company first disclosed this information [1] Group 2 - Since September, several senior executives have left the company, including Deputy General Manager Che Guoxing, Non-Executive Directors Xu Di and Song Guangbin, and Secretary of the Board Qiu Zhe, totaling four departures [1] - Including Che Jianxing, at least nine senior executives have left Red Star Macalline this year, with additional departures occurring before the detention incident [1]