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。 承董事會命 紅星美凱龍家居集團股份有限公司 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） 副總經理辭任 紅星美凱龍家居集團股份有限公司（「本公司」）董事會（「董事會」）宣佈，車國興 先生（「車先生」）因個人原因，希望將更多時間投入其個人事務，於近日已辭任本 公司副總經理職務。 車先生確認，其與董事會並無意見分歧，且並無有關其辭任的其他事宜須提請本 公司股東或香港聯合交易所有限公司垂注。 車先生在本公司任職副總經理期間，為本公司的發展做出了重要貢獻，本公司及 董事會對此表示衷心的感謝。 邱喆 董事會秘書兼聯席公司秘書 中國，上海 2025年8月31日 於本公告日期，本公司的執行董事為李玉鵬、車建興、施姚峰及楊映武；非執行 董事為葉衍榴、鄒少榮、徐國峰、宋廣斌 ...

红星美凯龙家居集团股份有限公司 关于公司副总经理辞任的公告 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。 一、关于副总经理离任情况 红星美凯龙家居集团股份有限公司（以下简称"公司"）董事会收到副总经 理车国兴先生的辞任报告，车国兴先生因个人原因，希望将更多时间投入个人事 务，向公司董事会申请辞去副总经理职务。 车国兴先生已确认与公司董事会和公司并无意见分歧，亦无任何与辞任有关 而须知会公司股东、上海证券交易所或香港联合交易所之事宜。 证券代码：601828 证券简称：美凯龙 公告编号：2025-069 | 姓名 | 离任职务 | 离任时间 | 原定任期 到期日 | | 离任原因 | 是否继续在上 市公司及其控 | 具体职 务（如 | 是否存在 未履行完 毕的公开 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 股子公司任职 | 适用） | | | | | | | | | | | 承诺 | | 车国兴 | 副总经理 | 2025年8 ...

美凯龙8月31日公告，公司董事会收到副总经理车国兴的辞任报告，车国兴因个人原因，希望将更多时 间投入个人事务，向公司董事会申请辞去副总经理职务。车国兴的辞任报告自送达公司董事会之日起生 效。车国兴已按照公司相关规定做好交接工作，其离任不会对公司日常经营产生不利影响。 ...

Core Insights - The company Meikailong (601828) reported a significant decline in financial performance for the first half of 2025, with total revenue of 3.337 billion yuan, down 21.01% year-on-year, and a net loss attributable to shareholders of 1.9 billion yuan, a decrease of 51.63% compared to the previous year [1][3] Financial Performance Summary - Total revenue for the first half of 2025 was 3.337 billion yuan, a decrease of 21.01% from 4.225 billion yuan in the same period of 2024 [1] - Net profit attributable to shareholders was -1.9 billion yuan, down 51.63% from -1.253 billion yuan in 2024 [1] - Gross margin improved slightly to 61.5%, an increase of 1.37% year-on-year, while net margin fell to -61.26%, a decrease of 94.97% [1] - Total expenses (selling, administrative, and financial) amounted to 1.83 billion yuan, accounting for 54.84% of revenue, an increase of 4.48% year-on-year [1] - Earnings per share were -0.44 yuan, a decrease of 51.72% from -0.29 yuan in 2024 [1] Cash Flow and Debt Analysis - Operating cash flow per share was 0.05 yuan, a significant increase of 124.58% year-on-year [1] - The current ratio stood at 0.32, indicating rising short-term debt pressure [1][5] - Cash and cash equivalents increased by 35.64% to 3.975 billion yuan, while accounts receivable decreased by 51.10% to 557 million yuan [1][3] Changes in Financial Items - Trading financial assets decreased by 95.02% due to investment recoveries [3] - Accounts receivable financing dropped by 52.59% due to a reduction in bank acceptance bills [3] - Other non-current financial assets fell by 38.5% due to disposals of investment projects [3] - Operating income declined by 21.01% due to weakened demand in the home retail market and increased discounts to support merchants [3][4] Cost and Expense Management - Operating costs decreased by 22.68%, attributed to reduced costs in construction and decoration services [4] - Selling expenses fell by 20.91%, driven by lower advertising and promotional costs [4] - Administrative expenses decreased by 22.65%, reflecting a reduction in personnel costs [4] - Financial expenses declined by 14.25% due to lower financing costs [4] Business Model and Operational Insights - The company's performance is heavily reliant on marketing-driven strategies, necessitating a thorough examination of the underlying factors [5] - The cash flow situation is concerning, with cash and cash equivalents representing only 3.45% of total assets and 15.32% of current liabilities [5] - The debt situation is also critical, with a debt-to-asset ratio of 22.55% and a current ratio of only 0.32 [5]

Core Viewpoint - The article discusses the strategic transformation of the company, focusing on its shift from a traditional retail model to an ecosystem-driven approach, aiming to enhance operational efficiency and create a value platform for partners [2][3][9]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 3.337 billion yuan, with a comprehensive gross margin of 61.5% [2]. - The net cash flow from operating activities improved significantly to 202 million yuan, compared to a negative 821 million yuan in the same period last year [2]. Group 2: Strategic Transformation - The company is undergoing a strategic transformation represented by the "3+Star Ecosystem," which extends from home furnishings to home appliances and home decoration, creating a synergistic value [3]. - The M+ high-end home decoration design center has been established, supporting designers with supply chain systems and precise customer sources, enhancing the company's market position [4]. Group 3: High-end Appliance Strategy - The high-end appliance category has become a key driver for overall home consumption upgrades, with the launch of the "Mega-E Smart Electric Oasis" marking the transition to an ecosystem collaborative model [5]. - By the end of June, the operating area for high-end appliances accounted for 9.4% of the company's total, with plans to establish 40 flagship "Mega-E Smart Electric Oasis" locations nationwide over the next three years [5]. Group 4: Automotive Business Expansion - The company's foray into the automotive sector complements its existing ecosystem, with automotive operations now present in 50 stores across 44 cities, covering an area of 261,000 square meters, an increase of 97,000 square meters compared to the end of 2024 [6]. Group 5: Support from Jianfa Group - Jianfa Group's support has been crucial for the company, providing a solid foundation for its transformation and optimizing its financing structure, which has improved cash flow and reduced interest burdens [7][8]. - The collaboration has led to enhanced operational efficiency and commercial value through systematic integration of procurement and logistics [8]. Group 6: Future Outlook - The company is positioned to leverage its extensive offline presence to weave a network connecting home decoration, appliances, and various lifestyle services, indicating a significant evolution in China's physical retail landscape [9].

Core Viewpoint - The company reported a revenue of 3.337 billion yuan for the first half of 2025, with a comprehensive gross margin of 61.5%, indicating improved operational efficiency and a positive cash flow of 202 million yuan compared to a negative cash flow of 821 million yuan in the same period last year [1][1][1] Group 1: Industry Dynamics - The home furnishing industry is undergoing a significant transformation due to downward pressure in real estate, peak flow dividends, and segmented consumer demand, making traditional retail models unsustainable [1][1] - The industry is entering a phase of stock competition, necessitating a shift in growth logic [1][1] Group 2: Company Strategy - The company is advancing its strategic transformation represented by the "3+ Star Ecosystem" to explore new development paths amid macroeconomic fluctuations and intensified competition [1][1] - The ecosystem focuses on "home" as the core, extending into home appliances and home decoration, with the M+ high-end home decoration design center being a key entry point [1][1] Group 3: Business Segments - High-end appliances have become one of the fastest-growing business segments, with a 9.4% share of the company's operational area as of June 30 [1][1] - The company plans to establish 40 high-end appliance ecological benchmarks, named "Mega-E Smart Electric Oasis," over the next three years [1][1] Group 4: Leadership and Governance - The new chairman, Li Yupeng, has quickly integrated into his role, proposing four major initiatives to enhance operational efficiency [1][1] - The collaboration with Jianfa Group has strengthened the company's strategic positioning and governance, providing a solid foundation for transformation [1][1] Group 5: Financial Support and Resource Optimization - Jianfa Group's support has been crucial in revitalizing the company's high-quality commercial real estate and channel assets, enhancing its financial strength [1][1] - The company has optimized its debt structure and reduced interest burdens, which are essential for building core competitiveness in a challenging financing environment [1][1] Group 6: Supply Chain and Internal Integration - The company has improved its internal control systems and cross-sector collaboration under Jianfa's leadership, leading to cost reduction and efficiency gains [1][1] - Jianfa Group's resources have facilitated deep integration of multiple business lines, leveraging the company's extensive retail network to expand market reach [1][1]

Core Points - The company operates 76 self-operated malls and 235 managed malls as of June 30, 2025, with additional strategic partnerships and franchised projects [1] - The company closed 2 self-operated malls and transitioned 3 managed malls to self-operated status during the reporting period [1] - The company reported a revenue of RMB 2.482 billion from self-operated malls, a decrease of 16.4% year-on-year, with a gross margin of 71.1%, down 0.3 percentage points from the previous year [2] Group 1 - The company has 16 self-operated malls under preparation, with a planned construction area of approximately 2.63 million square meters [1] - There are 256 managed projects that have obtained land use rights or secured land parcels [1] - The company closed 22 managed malls across various provinces, indicating a significant restructuring of its managed mall portfolio [1]

Core Insights - The company reported a revenue of 3.337 billion yuan for the six months ending June 30, 2025, representing a year-on-year decrease of 21% [1] - The loss attributable to the company's owners was 1.955 billion yuan, an increase of 46.23% compared to the previous year [1] - The loss per share was 0.45 yuan [1] Revenue Breakdown - Rental and related income from self-operated malls decreased by 15.6%, primarily due to increased discounts offered to support merchants [1] - Revenue from managed malls declined by 26.4% compared to the same period in 2024, mainly due to a reduction in the number of managed malls [1] - Revenue from construction and decoration services, as well as other income, also saw varying degrees of decline compared to 2024 [1]

Group 1 - The company operates 76 self-operated malls and 235 managed malls, with strategic partnerships for 7 home furnishing malls and 23 franchised home improvement projects, totaling 369 home improvement stores/industrial streets as of June 30, 2025 [1] - During the reporting period, the company closed 2 self-operated malls and transitioned 3 managed malls to self-operated status, while 2 self-operated malls were converted to managed status [1] - The company has 16 self-operated malls under preparation, with a planned construction area of approximately 2.63 million square meters, subject to government approval [1] Group 2 - The revenue from self-operated malls during the reporting period was RMB 2.482 billion, a decrease of 16.4% compared to the same period last year, with a gross margin of 71.1%, down 0.3 percentage points from 2024 [2]

报告期内，自营商场的租金及相关收入下降15.6%，主要是本公司为了支持商户持续经营，稳商留商优 惠增加所致。报告期内，委管商场收入较2024年同期下降26.4%，主要是受委管商场数量减少的影响。 此外，建筑装饰服务收入和其他收入较2024年同期均有不同幅度下降。 智通财经APP讯，红星美凯龙(01528)发布截至2025年6月30日止6个月中期业绩，该集团取得收入33.37 亿元，同比减少21%;本公司拥有人应占亏损19.55亿元，同比增加46.23%;每股亏损0.45元。 ...