5月27日，红星美凯龙在上海全球家居1号店宣布了一项重要战略升级——电器馆正式从1.0时代迈入2.0时 代，"Mega-E智电绿洲"首次亮相。 这一动作绝非简单的业态迭代，而是对当前家电零售行业"线上流量见顶，线下价值重构"这一核心命题的战略回 应。在线上流量主导的时代，传统家电渠道该如何找到不可替代的价值？红星美凯龙的这次战略升级，或许隐藏 着行业转型的密码。 "四渠割裂"下的升级之道 对于目前的家电零售渠道而言，割裂局面已经成为了制约其发展的最大掣肘。 一方面，电商平台需要争夺流量，连锁卖场受困于规模推进，高端体验店要面对难以下沉的局面；与此同时，政 策推动"以旧换新"，下沉市场释放换新红利，零碳、智能等新趋势重塑行业格局。 在这样的行业变局中，过去的四大类家电零售渠道都碰到了各自的发展瓶颈：线上电商为代表的流量渠道，过度 依赖低价促销和线上导流，造成了用户粘性差、利润稀薄；以连锁卖场为主的规模渠道因为同质化竞争严重，陷 入了"SKU内卷"； 在利润渠道中，聚焦高溢价品类的综合型卖场受线上价格战冲击，增长乏力；而高端体验店作 为形象渠道，虽然塑造了品牌调性，但覆盖人群有限，难以形成规模化……这种"流量-规 ...

金十数据整理：每日港股市场要闻速递（6月4日 周三） 1. 腾讯控股(00700.HK)在晶泰控股(02228.HK)的持股比例从6.47%降至5.93%。 3. 瑞银集团于5月28日减持美的集团(00300.HK)股份，持股比例从5.05%降至4.95%。 4. 红星美凯龙(01528.HK)：《红星美凯龙控股集团有限公司重整计划（草案）》表决获得通过。 2. 高盛：上调理想汽车(02015.HK)目标价至138港元，上调2025至27年盈测。 7. 蔚来汽车(09866.HK)2025年Q1营收120.35亿元，去年同期99.1亿元；Q1净亏损68.9亿元，去年同期净 亏损52.58亿元；预计第二季度交付数量将在7.2万至7.5万辆之间。 5. 歌礼制药(01672.HK)：同类首创、每日一次口服FASN抑制剂地尼法司他(ASC40) 痤疮III期试验达到 所有终点。 6. 药师帮(09885.HK)：与越疆科技签订战略合作与业务部署协议，共同探索协作机器人及相关AI产品在 药品研发等领域的应用。 ...

Core Viewpoint - Red Star Macalline is innovating in the automotive circulation sector by integrating home and automotive industries, aiming to create a new business model that enhances consumer experience and expands its market presence [1] Group 1: Company Strategy - Red Star Macalline has introduced a "3100" plan to develop a "car-home integration" model over three years, targeting an operational area of over 1 million square meters in the automotive sector [1] - The company is actively collaborating with major automotive manufacturers like Tesla and Ford, as well as automotive platforms such as Katai Chi and Weiche, to expand its automotive offerings [1] Group 2: Market Positioning - The company emphasizes its strategic location advantage, with over 100 malls situated within a 3-kilometer radius of automotive business districts, making it convenient for consumers [1] - Red Star Macalline's rental policies are more competitive compared to traditional shopping centers, enhancing its attractiveness to automotive dealers [1] Group 3: Partnership and Collaboration - The company is inviting quality automotive dealers to collaborate through a tailored "one store, one policy" approach, offering shared consumer data and cross-industry membership benefits [1] - The expansion of Red Star Macalline's automotive ecosystem is aimed at creating a comprehensive platform that connects home and automotive consumption [1]

Core Viewpoint - The company is providing a guarantee for its subsidiary, Suzhou Hongxing, to secure a loan from Industrial and Commercial Bank of China, with a focus on meeting operational needs and ensuring financial stability [2][3][7]. Financing and Guarantee Details - Suzhou Hongxing signed a loan agreement for RMB 500 million in July 2018, with a current balance of RMB 180 million for which the company will provide a 60% joint liability guarantee [3][5]. - The total assets of Suzhou Hongxing as of April 30, 2025, are RMB 512.31 million, with total liabilities of RMB 601.24 million, resulting in a negative net asset of RMB 88.93 million and an asset-liability ratio of 117.36% [4][6]. - The company has provided a guarantee amounting to RMB 108 million, with no existing guarantees overdue [5][6]. Financial Performance of Suzhou Hongxing - For the period from January to April 2025, Suzhou Hongxing reported revenue of RMB 11.81 million and a net loss of RMB 9.43 million [4][6]. - In 2024, the subsidiary had total assets of RMB 526.89 million, total liabilities of RMB 605.11 million, and a net loss of RMB 23.30 million [3][4]. Board's Opinion and Justification - The board believes that the guarantee aligns with the operational needs of Suzhou Hongxing and supports the subsidiary's business development, which is expected to enhance economic benefits for the company and its shareholders [7]. - The overall risk of the guarantee is considered manageable, and it will not adversely affect the company's operations or the interests of its shareholders, particularly minority shareholders [6][7]. Cumulative Guarantee Situation - As of now, the total cumulative guarantee provided by the company and its subsidiaries amounts to RMB 1.54 billion, with guarantees to subsidiaries totaling RMB 1.33 billion, representing 33.21% and 28.57% of the company's net assets as of December 31, 2024 [7].

Core Points - The company held its 38th temporary board meeting on May 30, 2025, with all 13 directors present, including a proxy for one director [2][3] - The board approved a resolution to provide a guarantee for a financing arrangement for its subsidiary, Suzhou Hongxing Meikailong World Expo Home Plaza Co., Ltd., involving a loan of RMB 50 million from Industrial and Commercial Bank of China [2][3] - The company will provide a 60% joint liability guarantee for the remaining loan balance of RMB 18 million, while other shareholders will provide a 40% guarantee based on their shareholding [3] - The board also approved a resolution to convene the fourth temporary shareholders' meeting of 2025, with details to be disclosed later [3]

红星美凯龙家居集团股份有限公司 红星美凯龙家居集团股份有限公司 关于公司为子公司向金融机构的融资提供担保的公告 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。 证券代码：601828 证券简称：美凯龙 编号：2025-045 重要内容提示: 一、担保情况概述 为满足日常经营需求，公司的控股子公司苏州红星已于 2018 年 7 月与中国工 商银行股份有限公司苏州道前支行（以下简称"工商银行"）签订了借款金额为人 民币 50,000 万元的《固定资产借款合同（2016 年版）》（以下简称"主合同"）（以 下统称"本次融资"），苏州红星已将其所持有的位于苏州市吴中区木渎镇长江路 18 号（不动产产权证编号：苏（2019）苏州市不动产权第 6049136 号）的苏州红 星家居商场物业为本次融资提供抵押担保。 现因融资方案调整，公司拟对本次融资的余额即人民币 18,000 万元按对苏州 红星持股比例提供 60%的连带责任保证担保（以下统称"本次担保"）。苏州红星的 1 被担保人名称：红星美凯龙家居集团股份有限公司（以下简称"公司"） 控 ...

红星美凯龙家居集团股份有限公司 第五届董事会第三十八次临时会议决议公告 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 编号：2025-044 红星美凯龙家居集团股份有限公司 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"或"本公司"）第五 届董事会第三十八次临时会议以电子邮件方式于 2025 年 5 月 28 日发出通知和会 议材料，并于 2025 年 5 月 30 日以通讯方式召开。会议应出席董事 13 人，实际 出席董事 13 人（含授权代表），其中执行董事车建兴先生因故无法亲自出席并 委托执行董事施姚峰先生代为出席并投票，会议由董事长李玉鹏主持，本次会议 的召开及审议符合《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》等相关规定。会议形成了如下决议： 一、审议通过《关于公司为子公司向金融机构的融资提供担保的议案》 公司的控股子公司苏州红星美凯龙世博家居广场有限公司（以下简称"苏州 红星"）已于 2018 年 7 月与中国工商银 ...

华夏时报（www.chinatimes.net.cn）记者 陶炜 南京报道 尽管于2024年8月开始推行的家电以旧换新补贴政策已经执行了九个月了，但从近期的数据来看，相关政策对于电 器品类消费的拉动依然明显。 "虽然国补从去年四季度的爆发作用变成了今年的常态，但是从'五一'的数据上看依然为各渠道带来了可观的增 量。"5月27日的一次公开活动中，红星美凯龙家居集团执行总裁朱家桂对《华夏时报》记者说。 "今年一季度不好，大家一季度过完之后觉得有点难，但是4月份又开始上升了，5月份数据也不错。"奥维云网总 裁郭梅德向本报记者分享他对家电消费的观察。 记者注意到，家电销售额在去年创出历史新高的背景下，今年二季度依然有不俗的表现。但对于下半年的家电消 费走向，不同的人有不同的见解。但不论是看好者还是看淡者，均有相同的共识——电器消费的逻辑已经变了。 国补政策仍有明显效果 "从去年至今，国补政策对于电器品类的拉动持续保持较高的推动，虽然国补从去年四季度的爆发作用变成了今年 的常态，5月1日—5日短短5天，红星美凯龙全国通过享受政府'以旧换新'补贴带来的销售额就达4.6亿元，比去年 十一黄金周增长43.8%。五一期间，上海 ...

Core Viewpoint - The upgrade of the electrical appliance section by Red Star Macalline to "Mega-E Smart Electric Oasis" represents a significant transformation in the home appliance retail channel, responding to changing consumer demands and market competition [1][8]. Group 1: Upgrade Details - The upgraded electrical appliance section in Shanghai has increased its operating area from 16,000 square meters to 33,000 square meters, and the number of partner brands has expanded from 57 to 103 [3]. - New thematic areas include global audio-visual, household appliances, sports and health, e-sports experience, zero-carbon living, and elderly-friendly appliances, showcasing a focus on niche market demands [3][5]. - The introduction of a user service center aims to enhance customer interaction by offering repair, recycling, and comprehensive lifestyle services, along with spaces for children's entertainment, product launches, and casual dining [5]. Group 2: Market Trends and Strategic Implications - The shift in the electrical appliance market from "single product functionality" to "scene value creation" necessitates enhanced display, demonstration, design, and service capabilities in retail channels [6]. - The "3+Star Ecosystem" strategy of Red Star Macalline integrates home appliances, home furnishings, and home decoration, facilitating a transition from a single seller to a comprehensive service provider [8]. - The demand for innovative experiences in the Shanghai appliance market is high, and the comprehensive upgrade of the electrical appliance section not only aligns with trends but also actively shapes the future retail model [8].

北京市金杜律师事务所上海分所 关于红星美凯龙家居集团股份有限公司 北京市金杜律师事务所上海分所（以下简称本所）接受红星美凯龙家居集 团股份有限公司（以下简称公司）委托，根据《中华人民共和国证券法》（以下 简称《证券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券 监督管理委员会《上市公司股东会规则》（以下简称《股东会规则》）等中华人 民共和国境内（以下简称中国境内，仅为本法律意见书之目的，本法律意见书 中提及的"中国境内"不包括中国香港特别行政区、中国澳门特别行政区和中 国台湾地区）现行有效的法律、行政法规、规章和规范性文件和现行有效的《红 星美凯龙家居集团股份有限公司章程》（以下简称《公司章程》）有关规定，指 派律师出席了公司于 2025 年 5 月 29 日召开的 2025 年第三次临时股东大会（以 下简称本次股东大会），并就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了以下文件，包括但不限于： 1 1. 公司 2023 年第五次临时股东大会、A 股类别股东会及 H 股类别股东会 审议通过的《公司章程》； 2. 公司第五届董事会第三十四次临时会议决议、公司第五届 ...