股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 紅星美凱龍家居集團股份有限公司 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01528 | 說明 | H 股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 741,285,634 | RMB | | 1 RMB | | 741,285,634 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 741,285,634 | RMB | | 1 RMB | | 741,285,634 | | 2. 股份分類 | 普通股 | 股份類別 | ...

| 姓名 | 离任职务 | 离任时间 | 原定任期 到期日 | | 是否继续在上 | 具体职务 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 离任原因 | 市公司及其控 股子公司任职 | （如适用） | 毕的公开 承诺 | | 许迪 | 非执行董事 | 2025 年 9 月 | 2026 年 8 月 | 工作调动 | 否 | 否 | 否 | | | | 3 日 | 14 日 | | | | | | 宋广斌 | 非执行董事 | 2025 年 9 月 | 2026 年 8 月 | 工作调动 | 否 | 否 | 否 | | | | 3 日 | 14 日 | | | | | 二、 离任对公司的影响 根据《公司法》《公司章程》等相关规定，许迪女士、宋广斌先生的辞任不 会导致公司董事会人数低于法定最低人数，不会影响公司董事会依法规范运作和 公司的正常经营。许迪女士、宋广斌先生的辞任报告自送达公司董事会之日起生 效。公司按照相关法定程序，将择日启动新任董事的补选工作。 证券代码：601828 证券简称：美凯龙 公告编号：2 ...

Core Viewpoint - Red Star Macalline Home Group announced a reduction in the equity ratio of its major shareholder, Red Star Macalline Holdings Group, from 23.51% to 19.95% due to the effectiveness of the restructuring case [1] Summary by Relevant Sections - **Shareholder Equity Change** - The equity ratio of Red Star Macalline Holdings Group and its concerted parties decreased from 23.51% to 19.95% [1] - Red Star Holdings will distribute 155,493,495 shares (3.57% of total equity) for debt repayment as part of the restructuring [1] - A total of 155,117,756 shares have already been transferred, with 375,739 shares pending transfer [1] - **Pending Transactions** - Changzhou Meikai Information Technology holds 43,023,000 shares that are yet to be sold, and related operations are incomplete [1] - **Impact on Company Control** - The equity change does not affect the company's control or operations, and there is no need to disclose an equity change report [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 紅星美凱龍家居集團股份有限公司 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01528 | 說明 | H 股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 741,285,634 | RMB | | 1 RMB | | 741,285,634 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 741,285,634 | RMB | | 1 RMB | | 741,285,634 | | 2. 股份分類 | 普通股 | 股份類別 | ...

Group 1 - The company Chongqing Xingkai Ke Home Co., Ltd. underwent a business change on September 2, with Wang Yusheng resigning as supervisor and Che Jianxing resigning as director [1] - The company was established in June 2017, with a registered capital of approximately 680 million RMB [1] - The business scope includes leasing of self-owned houses, leasing of self-owned counters, and property management [1] Group 2 - The company is wholly owned by Tianjin Jinrui Enterprise Management Co., Ltd., which is a subsidiary of Meikailong [1]

Group 1 - Chongqing Xingkai Ke Home Co., Ltd. recently underwent changes in its business registration, with Wang Yusheng resigning as supervisor and Che Jianxing resigning as director [1] - The company was established in June 2017, with a registered capital of approximately 680 million RMB [1] - The business scope includes leasing of self-owned properties, leasing of self-owned counters, and property management [1] Group 2 - The company is wholly owned by Tianjin Jinrui Enterprise Management Co., Ltd., which is a subsidiary of Meikailong (601828) [1]

Core Viewpoint - The company reported a significant decline in revenue and increased losses in the first half of 2025, indicating challenges in its core business and the broader industry environment [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 3.337 billion yuan, a year-on-year decrease of 21.01% [1] - The net profit attributable to shareholders was -1.9 billion yuan, with a year-on-year loss increase of 51.63% [1] - The adjusted net profit was -602 million yuan, reflecting a year-on-year loss increase of 3.05% [1] - In Q2 2025, the company reported operating revenue of 1.722 billion yuan, down 18.53% year-on-year [1] - The net profit attributable to shareholders for Q2 was -1.387 billion yuan, with a year-on-year loss increase of 57.29% [1] - The adjusted net profit for Q2 was -384 million yuan, showing a year-on-year loss decrease of 17.50% [1] Group 2: Business Operations - The company operates 76 self-managed malls, 235 managed malls, 7 strategic partnership malls, and 23 franchised home improvement projects, totaling 369 home improvement stores/industrial streets [2] - In H1 2025, self-operated and rental income was 2.451 billion yuan, a year-on-year decrease of 15.6%, accounting for 73.4% of total revenue [2] - Managed business revenue was 609 million yuan, down 26.4% year-on-year, primarily due to a reduction in the number of managed malls [2] - The construction and decoration services segment generated revenue of 104 million yuan, representing 3.1% of total revenue, impacted by industry contraction [2] Group 3: Strategic Developments - Since 2023, the partnership with Jianfa has led to significant synergies in home appliances, home decoration, and automotive sectors [3] - The appointment of Jianfa's chairman in March 2025 aims to deepen resource integration and strategic collaboration [3] - In H1 2025, the company reported 743,000 orders under the "old-for-new" policy, generating sales of 7.31 billion yuan, with central subsidies of 1.17 billion yuan, accounting for approximately 16% of total sales [3] - The company plans to develop a five-year strategic plan to clarify strategic direction and foster competitive advantages [3] Group 4: Profitability and Cash Flow - The company has seen improvements in gross margin and cash flow, although net profit margin remains under pressure due to non-operating factors [4]

Group 1 - China Lesso Group Holdings Limited reduced its stake in Red Star Macalline (601828) by 2.3746 million shares at a price of HKD 1.5741 per share, totaling approximately HKD 3.7379 million [1] - After the transaction, China Lesso's remaining shareholding is approximately 58.1853 million shares, representing a holding percentage of 7.85% [1] - The transaction involved other related parties: Fuhui Capital Investment Limited, New Fortune Star Limited, Xi Xi Development Limited, and Huang Lianxi [1]

Group 1 - China Lesso Group Holdings Limited reduced its stake in Red Star Macalline (01528) by 2.3746 million shares at a price of HKD 1.5741 per share, totaling approximately HKD 3.7379 million [1] - After the reduction, China Lesso's latest shareholding stands at approximately 58.1853 million shares, representing a holding percentage of 7.85% [1] - The transaction involved other related parties, including Fuhui Capital Investment Limited, New Fortune Star Limited, and Xi Xi Development Limited [1]

Investment Rating - The investment rating for the company is "Add-A" with a 12-month target price of 3.35 CNY, while the current stock price is 2.93 CNY [5]. Core Views - The company has shown significant cost reduction and efficiency improvement in H1 2025, despite a notable decline in revenue and an increase in losses [1][11]. - The core business is under short-term pressure, but the main operations of the shopping malls remain relatively stable [2]. - The partnership with Jianfa has led to effective collaboration across various business sectors, enhancing overall business potential [3][11]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 3.337 billion CNY, a year-on-year decrease of 21.01%, and a net profit attributable to shareholders of -1.9 billion CNY, widening losses by 51.63% [1]. - The company's gross profit margin for H1 2025 was 61.50%, an increase of 0.83 percentage points year-on-year [9]. - The net profit margin for H1 2025 was -61.26%, a decline of 29.84 percentage points year-on-year, primarily impacted by non-operating losses [10]. Business Segments - The self-operated and leasing income for H1 2025 was 2.451 billion CNY, down 15.6% year-on-year, accounting for 73.4% of total revenue [2]. - The management business revenue decreased by 26.4% year-on-year to 609 million CNY, mainly due to a reduction in the number of managed malls [2]. - The construction and decoration services segment generated revenue of 104 million CNY, representing 3.1% of total revenue, affected by industry contraction [2]. Strategic Developments - Since Jianfa's investment in 2023, there has been significant synergy in various sectors, including home appliances and home decoration [3]. - The company has actively responded to the "old-for-new" policy, achieving 743,000 orders and sales of 7.31 billion CNY in H1 2025, with central subsidies of 1.17 billion CNY [3]. - Future strategic planning includes a five-year roadmap to enhance competitive advantages and explore new business models and overseas market opportunities [3][11].