Financial Performance - The group's operating revenue for the three months ended March 31, 2025, was RMB 1,615,436,680.31, a decrease of 23.5% compared to RMB 2,111,539,269.77 for the same period in 2024[6]. - The net loss attributable to the owners of the parent company for the period was RMB 513,410,914.99, compared to a net loss of RMB 371,506,929.54 in the same period of 2024, indicating a worsening of 38.1%[7]. - The total comprehensive loss for the period was RMB 649,928,540.27, compared to RMB 412,662,896.49 in the same period of 2024, representing an increase of 57.5%[7]. - The net profit attributable to the owners of the parent company, excluding non-recurring gains and losses, was RMB -218,498,099.14, compared to RMB -119,275,435.40 in the same period of 2024, indicating an expanded loss[8]. Cash Flow and Liquidity - The group's net cash flow from operating activities was a negative RMB 112,448,762.92, compared to a negative RMB 181,674,312.38 in the same period of 2024, showing an improvement in cash flow[12]. - The net cash and cash equivalents at the end of the period increased to RMB 4,106,161,618.80 from RMB 3,304,603,819.16 in the same period of 2024, reflecting a net increase of RMB 994,328,646.77[12]. - Cash and cash equivalents increased to RMB 4,890,213,928.48 as of March 31, 2025, up from RMB 3,794,656,071.56 as of December 31, 2024, marking a growth of about 29%[13]. Assets and Liabilities - As of March 31, 2025, the total current assets amounted to RMB 9,979,283,936.12, an increase from RMB 8,975,755,816.47 as of December 31, 2024, representing an increase of approximately 11.2%[13]. - The total liabilities as of March 31, 2025, were RMB 67,654,272,270.33, compared to RMB 66,716,427,502.65 as of December 31, 2024, indicating a growth of about 1.4%[14]. - The total equity attributable to shareholders decreased to RMB 45,922,469,241.91 as of March 31, 2025, from RMB 46,489,696,858.89 as of December 31, 2024, reflecting a decline of approximately 1.2%[14]. - The total borrowings of the group at the end of the reporting period were RMB 30,156,158,991.34[15]. - The long-term borrowings increased to RMB 18,586,689,041.71 as of March 31, 2025, compared to RMB 17,703,683,711.83 as of December 31, 2024, reflecting an increase of approximately 5%[14]. - The total liabilities to equity ratio as of March 31, 2025, was approximately 1.38, compared to 1.35 as of December 31, 2024, indicating a slight increase in leverage[14]. Investment and Expenses - The fair value loss on investment properties for the period was RMB 476,077,922.63, an increase from RMB 324,385,651.35 in the same period of 2024, primarily due to rental income decline[11]. - The group's financial expenses decreased, attributed to a reduction in financing costs during the reporting period[10]. - The group's R&D expenses for the period were RMB 1,863,905.08, down from RMB 3,658,192.56 in the same period of 2024, indicating a reduction in investment in research and development[6]. Operational Metrics - The group reported a decrease in the number of shopping malls compared to the same period last year, contributing to the decline in operating revenue[9]. - The inventory decreased to RMB 46,553,609.54 as of March 31, 2025, from RMB 53,065,471.64 as of December 31, 2024, representing a decline of approximately 12.3%[13]. - The total non-current assets amounted to RMB 106,553,609,352.77 as of March 31, 2025, slightly down from RMB 107,261,466,936.10 as of December 31, 2024, indicating a decrease of about 0.66%[13]. - The group reported a decrease in other comprehensive income to RMB 270,306,707.98 as of March 31, 2025, down from RMB 361,430,032.80 as of December 31, 2024, reflecting a decline of about 25.2%[14].

Financial Performance - The company's revenue for 2024 was RMB 7,821,266, a decrease of 32.5% from RMB 11,514,983 in 2023[11]. - Gross profit for 2024 was RMB 4,987,001, with a gross margin of 63.8%, compared to a gross profit of RMB 7,033,253 and a margin of 61.1% in 2023[11]. - The company reported a net loss attributable to shareholders of RMB 3,492,042 for 2024, which is a 44.6% loss rate, compared to a loss of RMB 2,412,713 and a 21.0% loss rate in 2023[11]. - The company did not declare any dividends for 2024, maintaining the same position as in 2023[11]. - The company recorded a total loss attributable to owners of RMB 3,492.0 million, an increase of 44.7% from RMB 2,412.7 million in 2023[53]. - The core net loss attributable to owners was RMB 1,327.4 million, up 55.0% from RMB 856.4 million in 2023[53]. - The company's operating costs were RMB 2,834.3 million, down 36.7% from RMB 4,481.7 million in 2023, reflecting the decline in revenue[48]. - Selling and distribution expenses were RMB 1,028.3 million, accounting for 13.1% of revenue, down 30.7% from RMB 1,483.1 million in 2023[52]. - Administrative expenses decreased to RMB 1,451.7 million, representing 18.6% of revenue, compared to RMB 1,762.5 million (15.3% of revenue) in 2023[53]. Operational Metrics - The number of operational malls decreased to 334 in 2024 from 362 in 2023, with a total operating area of 20,325,659 square meters[15]. - The average occupancy rate for self-operated malls was 83.0% in 2024, slightly up from 82.8% in 2023[15]. - The company operated 77 self-operated malls in 2024, down from 87 in 2023, with a self-operated mall area of 7,512,689 square meters[15]. - The number of managed malls decreased to 257 in 2024 from 275 in 2023, with an average occupancy rate of 82.5%[15]. - The company operated 77 self-operated malls with an average occupancy rate of 83.0% and 257 managed malls with an average occupancy rate of 82.5%[31]. Strategic Goals and Market Position - The company aims to strengthen its market leadership and enhance its brand as a home living expert in China[6]. - The company has a strategic goal to become the leading and most professional "omni-channel home business platform service provider" in China[6]. - The company aims to transform from a traditional building materials and home furnishing service provider to a comprehensive lifestyle aggregator by 2025[25]. - The company plans to continue its market-oriented operations and mall management model to strengthen its brand as a home living expert and establish itself as a leading all-channel home service platform in China by 2025[78]. Digital Transformation and Innovation - The company is focusing on digital transformation, launching products like "Merchant Point Deduction Contract" and "SCRM System" to enhance service quality and consumer experience[23]. - The company is actively exploring online retail channels, enhancing its presence on platforms like Douyin and Xiaohongshu to attract more consumers[24]. - The company is focusing on digital marketing capabilities by developing digital tools to enhance brand and merchant engagement[80]. - The company intends to strengthen its presence in the home decoration sector by establishing a high-end design center and linking with young and high-end consumer groups[82]. - The company will enhance its digital operations and explore new online retail channels to achieve comprehensive customer acquisition and marketing[82]. Risk Management and Compliance - The company has implemented risk management measures to address foreign exchange risks, including the use of forward contracts and currency swaps[70]. - The company faces risks related to macroeconomic slowdowns and cyclical fluctuations in the real estate industry, which could negatively impact demand in the home decoration and furniture retail sector[73]. - The board is responsible for assessing and determining risks related to environmental, social, and governance (ESG) matters, ensuring effective risk management and internal control systems are in place[118]. - The company has established independent departments for financial management, legal affairs, and internal compliance to ensure adherence to relevant laws and regulations[120]. Corporate Governance - The company appointed several new independent non-executive directors in August 2023, enhancing its governance structure[98][99][100][101][102]. - The new board members bring diverse expertise from various sectors, including finance, law, and technology, which may contribute to strategic decision-making[93][94][95][96][97]. - The management team includes professionals with extensive backgrounds in finance and investment, potentially improving financial oversight and strategic investments[95][96][99]. - The company is committed to improving corporate governance and adhering to legal and ethical standards while fulfilling social responsibilities[83]. Investment and Capital Expenditure - The company has a total operational area of 20,325,659 square meters across 202 cities in 30 provinces and municipalities[31]. - The company’s capital expenditure for the period was RMB 370,300,000, a 5.4% increase from RMB 351,300,000 in 2023[58]. - The company has signed contracts for capital expenditures related to the acquisition and development of investment properties amounting to RMB 724.8 million, with additional commitments of RMB 233.1 million for joint development with partners[69]. - The company has fully utilized RMB 400,000,000 for repaying bank loans and RMB 150,008,000 for supplementing working capital[192]. Employee and Talent Management - The group employed 11,553 staff, with total salary expenses projected at RMB 2,177.2 million for 2024, down from RMB 2,584.8 million in 2023[72]. - The company has established various talent development and retention plans to mitigate risks associated with talent shortages and turnover as it expands its operations[75]. - The company has a competitive compensation scheme to attract and motivate employees, regularly reviewing and adjusting it to meet market standards[123]. Environmental Compliance - The company is committed to complying with various environmental laws and regulations, including the Prevention and Control of Water Pollution Law and the Air Pollution Prevention and Control Law[116]. - The company has implemented measures to ensure compliance with applicable environmental laws, including strict contractor selection and supervision during construction[117]. - The company has a strong focus on energy-saving and emission-reduction considerations in its property project designs[117]. Shareholder and Financial Management - The company has a profit distribution policy that mandates a minimum cash dividend of 20% of the net profit available for distribution to shareholders in profitable years[121]. - As of the reporting period, the company's distributable reserves amounted to RMB 6,329.85 million[134]. - The company issued USD bonds with a total face value of USD 249.7 million at a fixed interest rate of 5.2% for a term of 3 years[126]. - The company has no significant disputes with suppliers or customers during the reporting period, emphasizing the importance of maintaining good relationships[123].

本公告乃由紅星美凱龍家居集團股份有限公司（「本公司」）根據香港聯合交易所有 限公司證券上市規則第13.10B條作出。 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之內容概不負責，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依賴該等內容而引致之任何損失承擔任 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） 海外監管公告 以下為本公司於上海證券交易所網站刊發之《紅星美凱龍家居集團股份有限公司 第五屆董事會第八次會議決議公告》及《紅星美凱龍家居集團股份有限公司關於提 供財務資助進展的公告》，僅供參閱。 承董事會命 紅星美凱龍家居集團股份有限公司 邱喆 董事會秘書兼聯席公司秘書 中國上海，2025年4月29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；非執行董事為鄭永達、鄒少榮、 李建宏、宋廣斌及許迪；及獨立非執行董事為薛偉、黃建忠、陳善昂、黃志偉及蔡慶輝。 红星美凯龙家居集团股份 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,615,436,680.31, a decrease of 23.49% compared to ¥2,111,539,269.77 in the same period last year[4] - The net profit attributable to shareholders was -¥513,410,914.99, compared to -¥371,506,929.54 in the previous year, indicating a worsening financial performance[4] - The basic earnings per share were -¥0.12, down from -¥0.09 year-on-year[4] - The net profit for the first quarter of 2025 was -596,111,838.28 RMB, compared to -357,450,119.89 RMB in the first quarter of 2024, indicating a significant increase in losses[24] - Total comprehensive income for the first quarter of 2025 was -649,928,540.27 RMB, compared to -412,662,896.49 RMB in the same period last year[25] Cash Flow and Liquidity - The net cash flow from operating activities was -¥112,448,762.92, an improvement from -¥181,674,312.38 in the same period last year[4] - Operating cash flow for the first quarter of 2025 was -112,448,762.92 RMB, an improvement from -181,674,312.38 RMB in the first quarter of 2024[28] - Cash and cash equivalents increased to CNY 4,890,213,928.48 from CNY 3,794,656,071.56, representing a growth of 28.9%[19] - Cash and cash equivalents at the end of the first quarter of 2025 amounted to 4,106,161,618.80 RMB, up from 3,304,603,819.16 RMB at the end of the first quarter of 2024[29] Assets and Liabilities - Total assets at the end of the reporting period were ¥116,532,893,288.89, a slight increase of 0.25% from ¥116,237,222,752.57 at the end of the previous year[5] - Total liabilities increased to CNY 67,654,272,270.33 from CNY 66,716,427,502.65, reflecting a growth of 1.4%[21] - Total equity decreased to CNY 48,878,621,018.56 from CNY 49,520,795,249.92, a decline of 1.3%[21] - Long-term borrowings increased to CNY 18,586,689,041.71 from CNY 17,703,683,711.83, an increase of 5.0%[20] Operational Changes and Strategies - The decline in operating revenue was primarily due to a decrease in rental income and a reduction in the number of shopping malls, leading to a slowdown in other business segments[8] - The company continued to provide incentives to support merchants, which contributed to the decline in rental income[8] - The company plans to apply for a loan from its controlling shareholder, Xiamen Jianfa Co., Ltd., with a total borrowing limit of 9.5 billion RMB to improve liquidity and fund utilization efficiency[16] - The company has proposed to exempt part of its voluntary commitments to better activate assets and address issues related to stalled projects and idle assets, allowing for phased pre-sales of properties[12] - The company completed the change of controlling shareholder and actual controller on August 15, 2023, which is expected to enhance long-term sustainable operational capabilities[12] - The company aims to enhance project funding turnover efficiency through pre-sale funds and project financing, without significantly impacting cash flow from main operations[12] Management and Governance - The board of directors approved the appointment of Li Yupeng as the new chairman and executive director, effective from March 21, 2025[15] - The company has undergone a management change, with the resignation of key executives, including the former chairman and vice president[14][15] - The company’s board has approved a framework agreement for borrowing, pending shareholder approval, to ensure financial flexibility[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 58,858[10] - The company has seen changes in its top 10 shareholders, with no significant changes reported in the lending or borrowing of shares[12] - The company has not reported any significant changes in the participation of major shareholders in margin trading or securities lending activities[12]

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：2025-034 根据上海证券交易所 《上市公司行业信息披露指引第五号——零售》以及 《关于做好主板上市公司 2025 年第一季度报告披露工作的重要提醒》的要求， 红星美凯龙家居集团股份有限公司（"公司"）将 2025 年第一季度（"报告期"） 主要经营数据披露如下： 截至 2025 年 3 月 31 日，公司经营 76 家自营商场，247 家不同管理深度的 委管商场，通过战略合作经营 7 家家居商场，此外，公司以特许经营方式授权 29 家特许经营家居建材项目，共包括 390 家家居建材店/产业街。 一、2025 年第一季度商场变动情况 报告期内，公司关闭 1 家自营商场，位于重庆市；委管商场新开 1 家商场， 位于江苏泰州，关闭 11 家商场，位于浙江乐清、河北邯郸、河北秦皇岛、河南 周口、安徽六安、四川绵阳、四川乐山、广东河源、辽宁本溪、江苏淮安、湖南 吉首。 1 红星美凯龙家居集团股份有限公司 2025 年第一季度经营数据公告 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 ...

美凯龙（601828）公告，2025年第一季度营收为16.15亿元，同比下降23.49%；净亏损5.13亿元，去年 同期净亏损3.72亿元。 ...

4月24日，上海林内与红星美凯龙于沪南商场举行2025年度双方战略合作发布会暨春季联合促销月活动 启动仪式。双方宣布将以"林创智美·聚势焕新"为主题，正式开启春季家居消费季。此次战略升级将以 资源融合、科技赋能、服务升级为核心，通过全渠道创新，为消费者提供沉浸式购物体验。 红星美凯龙家居集团执行总裁朱家桂 红星美凯龙家居集团执行总裁朱家桂在致辞中提到，当前家电行业正经历结构性变革，中高端市场呈现 明显增长机遇。面对市场变化，红星美凯龙将家电作为存量时代的核心增长板块之一，并将与上海林内 持续深化战略合作、紧密团结，围绕用户品质生活需求，共同开拓存量房市场增量空间。 上海林内有限公司营业本部本部长姜颖 上海林内有限公司营业本部本部长姜颖表示面对新市场需求和"双碳"背景，林内将继续依靠百年技术积 淀和创新能力，从燃热优势扩展到综合能源优势，为消费者提供兼具性价比与美学的产品。他还强调与 红星美凯龙五年战略合作成果颇丰，未来将继续以信任为基础，在多领域深化合作，共同挖掘存量房焕 新市场。 红星美凯龙家居集团执行总裁朱家桂与上海林内有限公司营业本部本部长姜颖共同签订2025年度战略合 作协议。 红星美凯龙电器事业部总 ...

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份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） 董事會會議通告 中國，上海 二零二五年四月十五日 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 董事為鄭永達、鄒少榮、李建宏、宋廣斌及許迪；及獨立非執行董事為薛偉、黃 建忠、陳善昂、黃志偉及蔡慶輝。 邱喆 董事會秘書兼聯席公司秘書 紅星美凱龍家居集團股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董 事會會議將於二零二五年四月二十九日（星期二）舉行，藉以（其中包括）考慮及批 准本公司及其附屬公司截至二零二五年三月三十一日止三個月之第一季度業績及 其發佈。 承董事會命 紅星美凱龍家居集團股份有限公司 ...

文 | 《BUG》栏目 罗宁 近日，红星美凯龙集团发布公开信称，"五一"全民消费在即，红星美凯龙拟全国投入超1个亿用于消费 补贴。公开信表示"我们相信，消费即力量，信心是长城。" 不过，就在这一公开信发布前不久，一起关于红星美凯龙集团原执行总裁高某涉嫌职务侵占罪的二审判 决书正式公开，受到行业高度关注。根据判决书，高某作为项目的主要负责人之一，利用负责外资引入 任务的职务便利，在与交易对方签订合同过程中，将原本10%的服务费增加到13%，套取公司资金501 万元，与谢某七三瓜分，此事暴露出红星美凯龙在企业治理，尤其高管管理方面存在的问题。 而更深层次的危机体现在财报数据中，根据红星美凯龙2024年财报，其营收和利润双双下降。不仅如 此，曾经头顶"中国最大家居卖场"光环的红星美凯龙，如今一方面面临用户信任危机，商户产品质量 差、卷款跑路等投诉屡见不鲜；另一方面，其二股东红星控股因自身债务清偿困境申请破产重组，红星 美凯龙股价也不断受挫，较一年来最高点已经跌去三成。 业内人士指出，随着房地产市场下行，家居行业仍需熬过"苦日子"。 高管职务侵占细节公开 根据裁判文书网对于《谢某，高某职务侵占罪二审刑事裁定书》的公示 ...

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份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。 有關貸款框架協議的持續關連交易 貸款框架協議 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） 董事會欣然宣佈，於2025年4月11日，董事會決議本公司與廈門建發訂立貸款 框架協議。根據貸款框架協議，廈門建發直接或通過指定其附屬公司、其合資 企業及其聯營公司（不含本集團）或委託銀行向本公司提供最高人民幣95億元的 循環融資，自借款框架協議，其項下擬進行之交易及年度上限經獨立股東於臨 時股東大會審議通過之日起計為期三年。本公司及其附屬公司將為循環融資提 供擔保物。 上市規則之涵義 於本公告日期，廈門建發直接及間接持有本公司1,304,242,436股股份，約佔本 公司已發行股本總額的29.95%。因此，廈門建發為本公司的主要股東，並根據 上市規則第14A.07( ...