| 環格平 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股每股的平均價 | | 持有權益的股份數目 佔已發行的 有關事件的日 | | --- | --- | --- | --- | | | 防散目 | | （請參閱上述 * 註解）有投票權股 (日 / 月 / 年) 份自分成 | | Status Status of Concession Company of Street States of Street States of Street while CS20260128E00363 | 仁桥(北京)资产管理有限公 1001(L) | 13,966,400(L) | HKD 1.2540 50.416,600(L 6.80(L)26/01/2026 | | | D | | | 格隆汇1月28日丨根据联交所最新权益披露资料显示，2026年1月26日，红星美凯龙(01528.HK)获仁桥(北京)资产管理有限公司在场内以每股均价1.254港元增 持1396.64万股，涉资约1751.39万港元。 增持后，仁桥(北京)资产管理有限公司最新持股数目为5041.66万股，持股比例由4.92%上升 ...

香港联交所最新数据显示，1月26日，仁桥(北京)资产管理有限公司增持红星美凯龙（601828） (01528)1396.64万股，每股作价1.254港元，总金额约为1751.39万港元。增持后最新持股数目为5041.66 万股，最新持股比例为6.8%。 ...

智通财经APP获悉，香港联交所最新数据显示，1月26日，仁桥(北京)资产管理有限公司增持红星美凯龙 (01528)1396.64万股，每股作价1.254港元，总金额约为1751.39万港元。增持后最新持股数目为5041.66 万股，最新持股比例为6.8%。 ...

Core Viewpoint - The report highlights the AH premium rates of various stocks, indicating significant disparities between H-shares and A-shares, with some stocks showing extremely high premiums while others exhibit negative premiums [1][2]. Group 1: Top AH Premium Rates - Northeast Electric (00042) leads with an AH premium rate of 847.37%, followed by Zhejiang Shibao (01057) at 349.31% and Beijing Jingcheng Machinery Electric (00187) at 279.42% [1][2]. - The lowest AH premium rates are recorded for Contemporary Amperex Technology (03750) at -14.34%, China Merchants Bank (03968) at -4.99%, and Heng Rui Medicine (01276) at -1.15% [1][2]. Group 2: Top AH Deviation Values - Junshi Biosciences (01877) has the highest deviation value at 22.43%, followed closely by Beijing Jingcheng Machinery Electric (00187) at 22.18% and CanSino Biologics (06185) at 21.90% [1][3]. - The lowest deviation values are observed in Changfei Optical Fiber (06869) at -50.58%, Zhejiang Shibao (01057) at -45.38%, and Nanhua Futures (02691) at -27.12% [1][4]. Group 3: Detailed AH Premium and Deviation Rankings - The top ten AH stocks by premium rate include companies like Hongye Futures (03678) with a premium of 271.30% and Sinopec Oilfield Service (01033) at 248.51% [2]. - The bottom ten AH stocks by premium rate include WuXi AppTec (02359) with a slight premium of 0.42% and Midea Group (00300) at 6.75% [2]. - The top ten stocks by deviation also feature companies like Goldwind (02208) at 19.35% and Andeli Juice (02218) at 19.04% [3].

美凯龙表示，公司2025年持续通过减免租金及管理收入的方式稳商留商，同时积极调整战略与品类布 局，以优惠的商业条件吸引优质业态及品牌入驻，并在拓展初期给与租金及管理费优惠，使得租赁及管 理收入受到较为明显的影响，租金水平较以往年度显著下降。 北京商报讯（记者 翟枫瑞）1月26日，红星美凯龙家居集团股份有限公司（以下简称"美凯龙"）发布 2025年度业绩预告称，经财务部门初步测算，公司预计2025年度实现净利润为-225亿元至-150亿元；预 计2025年度实现归属于母公司所有者的扣除非经常性损益的净利润为-58亿元至-46亿元。 ...

Core Viewpoint - Meikailong (601828.SH, 01528.HK) anticipates a net profit loss for the fiscal year 2025, primarily due to significant fair value adjustments on investment properties, estimated between 12.6 billion to 21.5 billion yuan [2] Group 1: Financial Performance and Adjustments - The company is adjusting the value of its investment properties in response to a decline in demand within the real estate and home improvement sectors, leading to a notable decrease in rental income [2][3] - The adjustment reflects a prudent accounting approach, ensuring that financial statements accurately represent the company's asset values without impacting cash flow or operational capabilities [3][4] - Meikailong's rental income has been significantly affected by strategic decisions to reduce rents and management fees to retain tenants, resulting in a substantial drop in rental levels compared to previous years [2][4] Group 2: Operational Resilience and Strategic Initiatives - Despite challenges in the home retail industry, Meikailong has improved its operational metrics, with a rental rate of 84.72% in Q3 2025, up 0.52% from Q2 [4] - The company has implemented cost-reduction measures, with sales expenses down 18.05%, management expenses down 19.92%, and financial expenses down 10.23% in Q3 2025 [5] - Meikailong is actively pursuing strategic upgrades, aiming to transition into a "new commercial operator in home living" and expand its service offerings beyond traditional home goods [6][7] Group 3: Future Strategic Direction - The company plans to enhance its "3+Star Ecosystem" strategy, integrating home, real estate, and supply chain services to create a comprehensive home living ecosystem [7][8] - This strategic shift aligns with national goals to expand high-quality consumer goods and services, promoting a transition from fragmented price competition to a focus on service, design, and ecosystem [8]

Core Viewpoint - Meikailong (601828.SH, 01528.HK) anticipates a net profit loss for the fiscal year 2025, primarily due to significant fair value adjustments on investment properties, estimated between 12.6 billion to 21.5 billion yuan [1][3] Group 1: Financial Performance and Adjustments - The company is adjusting the value of its investment properties in response to the ongoing downturn in the real estate and home improvement sectors, leading to a notable decline in rental income and management fees [3][4] - In December, the sales revenue of large-scale building materials and home furnishing markets in China fell by 4.4% year-on-year, with a total sales revenue of 1,179.6 billion yuan [4] - Meikailong's self-operated mall occupancy rate reached 84.72% in Q3 2025, reflecting a 0.52% increase from the previous quarter, while the net cash flow from operating activities improved to 643 million yuan, compared to a negative figure in the same period last year [5] Group 2: Strategic Initiatives and Future Outlook - Under new management, Meikailong is actively pursuing strategic upgrades, aiming to transform into a "new commercial operator of home life and service provider for the home industry ecosystem" [6][7] - The company plans to enhance its "3+Star Ecosystem" strategy by integrating home, real estate, and supply chain elements, thereby expanding its service offerings beyond just home furnishings [7][8] - Analysts believe that if Meikailong successfully implements its new strategy, it could shift the home furnishing industry from fragmented price competition to a high-quality competition focused on service and design, positively impacting the entire supply chain [8]

来源：环球网 1月23日晚，美凯龙(601828.SH、01528.HK)发布业绩预告，预计2025年度归母净利润亏损。造成亏损的 原因，主要是公司对所持有的投资性房地产项目进行大额公允价值变动损失的调整，涉及金额约126亿 ~215亿元。 美凯龙解释称，受地产行业不景气以及家居建材行业需求下滑的持续影响，家居零售市场需求减弱，公 司持续通过减免租金及管理收入的方式稳商留商，同时积极调整战略与品类布局，以优惠的商业条件吸 引优质业态及品牌入驻，并在拓展初期给与租金及管理费优惠，使得租赁及管理收入受到较为明显的影 响，租金水平较以往年度显著下降。由于市场对未来租金预期发生了转变，租金价格短期内得到修复的 估计已需要进行调整，因此公司对未来租金预期的收益情况进行了相应调整，致使投资性房地产价值显 著下降。 过去一年，美凯龙按照"3+星生态"战略指引，实施升级高端电器战略、推进M+高端设计中心等举措。 业内人士认为，美凯龙此举意在释放投资性房地产估值压力，未来利润表中将减少同类公允价值变动损 失，有助于投资者更清晰地看到主营业务盈利能力的真实改善和公司的核心价值。 此举恰恰体现了新管理层应对周期、夯实资产质量的决心 ...

中访网数据 红星美凯龙家居集团股份有限公司（证券代码：601828）于2026年1月24日发布2025年度业 绩预告。预告显示，公司预计2025年度归属于母公司所有者的净利润将出现大幅亏损，区间为-225亿元 至-150亿元；扣除非经常性损益后的净利润预计为-58亿元至-46亿元。业绩预亏主要源于非现金性损 失。受地产及家居行业需求持续下滑影响，公司为稳商留商采取了租金优惠等措施，导致租金收入下 降，并因此调整了未来租金预期。基于此，公司对持有的投资性房地产公允价值进行了重估，预计将产 生126亿元至215亿元的价值下调。同时，公司对与房地产市场关联紧密的各类资产进行了减值测试，初 步预计计提减值准备约45亿元至57亿元。公司强调，上述公允价值变动及减值不影响其物业创造现金流 的能力和经营基本面，并表示已升级战略定位为"家居生活新商业运营商与家居产业生态服务商"，旨在 聚焦主业升级并拓展产业生态服务。本次业绩预告数据仅为初步测算结果，具体财务数据以公司正式披 露的2025年年度报告为准。 ...

以上投资性房地产公允价值的下降以及各类减值准备的计提，旨在如实反映当前市场环境变化引起的各 类非经营事项对公司财务信息造成的影响。相关投资性房地产的公允价值变动，不影响公司持有物业创 造现金流的能力，不影响公司整体经营的止跌企稳，以及不改变公司出租率和经营活动净流入已改善的 现状。公司将顺应国家"十五五"规划及新的市场环境，主动调整，将战略定位升级为"家居生活新商业 运营商与家居产业生态服务商"，聚焦家居主业升级，同时拓展家居产业生态服务，打造第二增长曲 綫，实现规模价值双提升。 集团2025年度的预期亏损主要是缘于投资性房地产的公允价值变动损失，以及相关资产的减值损失造成 的。受房地产行业不景气以及家居建材行业需求下滑的持续影响，家居零售市场的需求减弱，公司持续 通过减免租金及管理收入的方式稳商留商，同时积极调整战略与品类布局，以优惠的商业条款吸引优质 业态及品牌入驻，并在拓展初期给与租金及管理费优惠，使得租赁及管理收入受到较为明显的影响，租 金水平较以往年度显着下降。由于市场对未来租金预期发生了转变，租金价格短期内得到修复的估计已 需要进行调整，因此公司对未来租金预期的收益情况进行了相应调整，致使投资性房 ...