Financial Performance - The company's operating revenue for 2024 was approximately ¥7.82 billion, a decrease of 32.08% compared to ¥11.51 billion in 2023[23]. - The net profit attributable to shareholders for 2024 was approximately -¥2.98 billion, compared to -¥2.22 billion in 2023, indicating a worsening performance[23]. - The net cash flow from operating activities was ¥216.37 million in 2024, a significant decline of 90.85% from ¥2.36 billion in 2023[23]. - The total assets at the end of 2024 were approximately ¥116.24 billion, down 3.98% from ¥121.06 billion at the end of 2023[23]. - The basic earnings per share for 2024 was -¥0.69, compared to -¥0.51 in 2023, reflecting a decline in profitability[24]. - The weighted average return on equity decreased to -6.21% in 2024 from -4.37% in 2023, indicating a decline in financial performance[24]. - The company reported a net loss of -¥1.10 billion in the fourth quarter of 2024, contributing to the overall negative performance for the year[29]. - The company's net assets attributable to shareholders decreased to approximately ¥46.49 billion at the end of 2024, down 6.30% from ¥49.62 billion at the end of 2023[26]. - The company reported a significant decline in investment income, with a loss of ¥29,578,508.14 compared to a profit of ¥63,920,061.72 in the previous year, marking a 146.27% decrease[73]. Operational Strategy - The company plans not to distribute cash dividends or transfer capital reserves to increase share capital for the fiscal year 2024[6]. - The company emphasizes a prudent management approach and will take proactive measures to mitigate potential negative impacts from changes in the operating environment[8]. - The company will continue to focus on market expansion and new strategies to adapt to the evolving market conditions[8]. - The company aims to improve operational efficiency and enhance business performance by leveraging government stimulus policies[34]. - The company plans to establish 100 high-end home appliance stores nationwide over the next two years, enhancing the integration of various product categories[36]. - The company has launched 16 M+ high-end home design centers and plans to establish an additional 84 centers by 2025, with a current occupancy rate of 81.3%[37]. - The company is actively exploring new retail channels, including partnerships with platforms like Douyin and Xiaohongshu to enhance online customer acquisition[64]. - The company is focusing on optimizing the shopping experience by strategically locating its stores near major traffic routes to ensure high visibility and accessibility[66]. Risk Management - The company faces uncertainties in achieving its operational and management goals due to factors such as the home decoration and furniture retail industry, real estate market, and macroeconomic environment[8]. - The company's management has provided a detailed discussion of risks and countermeasures in the "Management Discussion and Analysis" section of the report[8]. - The company acknowledges risks from macroeconomic slowdowns and cyclical fluctuations in the real estate industry, which may negatively impact demand in the home decoration and furniture retail sector[126]. - The company is committed to talent development through various training programs to mitigate risks associated with talent shortages and turnover[128]. Governance and Compliance - The company has received a standard unqualified audit report from Rongcheng Accounting Firm[5]. - The company’s board of directors and supervisory board members have confirmed the authenticity, accuracy, and completeness of the annual report[3]. - The company has not reported any non-operational fund occupation by controlling shareholders or related parties[8]. - The company has not experienced any violations of decision-making procedures regarding external guarantees[8]. - The company has established a strong operational cash flow and profit level by owning part of its properties, which mitigates rental costs during market fluctuations[60]. - The company has implemented a comprehensive quality management system focusing on green, environmentally friendly, low-carbon, and genuine products[67]. - The company has established a complete set of independent labor, personnel, and salary management systems[134]. - The company has developed a complete set of independent human resources management department, fully separating its personnel management from that of the controlling shareholder[134]. Market Trends and Consumer Behavior - In 2024, China's GDP is projected to grow by 5.0%, with per capita disposable income increasing by 5.3% year-on-year[52]. - The total retail sales of consumer goods in 2024 are expected to grow by 3.5%, with furniture retail growing by 3.6%[53]. - The furniture retail sector experienced a year-on-year growth of 3.6% in 2024, which is an acceleration of 0.8 percentage points compared to the previous year[113]. - The urbanization rate in 2024 is projected to reach 67.00%, an increase of 0.84 percentage points from the previous year[113]. Digital Transformation and Innovation - The digital transformation initiatives have led to the signing of 25,233 contracts in 2024, with an electronic signing rate of 33.57%[46]. - The "Red Star Meikailong Mini Program" has registered 660,000 new members, enhancing customer engagement and service efficiency[45]. - The company has successfully implemented the "old-for-new" program across 249 stores nationwide, with significant participation in government subsidy programs in major cities[42]. - The company will strengthen digital marketing capabilities to enhance brand and merchant engagement through comprehensive consumer and product data[118]. - The company plans to build an online traffic operation matrix, expanding its presence on platforms such as Tmall, Douyin, Xiaohongshu, and others to enhance customer acquisition channels[124]. Shareholder Engagement and Financial Planning - The company’s annual general meeting is scheduled for May 23, 2024, to review the board and supervisory reports for 2023[136]. - The company held a total of 4 shareholder meetings during the reporting period, including 1 annual and 3 temporary meetings[137]. - The board must disclose reasons for not proposing cash dividends if profits are positive, ensuring transparency in fund usage[177]. - The company has established a profit distribution policy that mandates a minimum cash dividend of 20% of the distributable profits each year, ensuring shareholder returns[173]. - The company plans to provide financial support and adjust loan limits with financial institutions in the upcoming meetings[138]. Environmental Responsibility - The company is committed to green development and has integrated environmental management into all operational stages[187]. - The company has published its 2024 Environmental and Social Responsibility Report, detailing its environmental protection efforts[189]. - The company reduced carbon emissions by 15,000 tons through various energy-saving projects and the implementation of a green management system[188]. - The company utilized 18,176.77 MWh of green electricity during the reporting period[188]. Strategic Partnerships and Acquisitions - The company is exploring potential acquisitions to enhance its supply chain efficiency, with a budget of 500 million CNY allocated for this purpose[141]. - The company is considering strategic acquisitions to enhance its product portfolio, with potential targets identified in the tech sector[145]. - A new strategic partnership has been established, projected to generate an additional $200 million in revenue over the next two years[142].

Core Viewpoint - The article discusses the evolution of the home decoration industry, emphasizing the need for collaboration among designers and the integration of services to enhance consumer experience and trust in the market [3][21][23]. Group 1: Market Trends and Consumer Pain Points - The article highlights the challenges faced by consumers in the home decoration process, including difficulties in finding trustworthy designers and the complexity of comparing products and prices [6][9][10]. - A significant increase in complaints related to home decoration has been noted, with a 42.96% rise in complaints in Guangdong province and over 70% of consumers experiencing issues with home decoration contracts and materials [9][10]. - The article points out that many consumers feel overwhelmed and frustrated during the decoration process, often leading to a lack of trust in service providers [7][9]. Group 2: Industry Evolution and Innovations - Red Star Macalline has initiated a large-scale transformation by creating the "M+ High-end Home Decoration Design Center," which has attracted over 1,000 design studios and nearly 5,000 designers, significantly enhancing the market landscape [5][18]. - The integration of design services within retail spaces is seen as a key driver for improving consumer trust and reducing communication costs between designers and homeowners [18][22]. - The article emphasizes the importance of creating a transparent pricing model in the design industry to combat misleading practices and enhance consumer confidence [15][22]. Group 3: Collaborative Opportunities - The article suggests that collaboration among designers can lead to better resource sharing and improved service offerings, ultimately benefiting the home decoration industry [21][23]. - Red Star Macalline's model of providing a centralized supply chain and design services is presented as a potential solution to the industry's fragmentation and inefficiencies [15][32]. - The article concludes that a well-structured environment for interaction between homeowners and designers can significantly enhance the overall quality and perception of the home decoration industry [22][34].

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 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。 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 關於完成工商變更登記的公告》，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3月25日 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：2025-018 红星美凯龙家居集团股份有限公司 关于完成工商变更登记的公告 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 ...

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 邱喆 董事會秘書兼聯席公司秘書 中國上海，2025年3月21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有限公司 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。 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 第五屆董事會第三十三次臨時會議決議公告》，僅供參閱。 承董事會命 紅星美凱龍家居集團股份有限公司 证券代码：601828 证券简称：美凯龙 编号 ...

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） 附註： C： 董事委員會主席 M： 董事委員會成員 中國上海 2025年3月21日 董事名單與董事角色及職能 紅星美凱龍家居集團股份有限公司董事會（「董事會」）成員及其各自於董事會及董 事委員會的角色及職能載列如下： | | 董事委員會 | | 薪酬與 | | 戰略與 | | --- | --- | --- | --- | --- | --- | | 董事 | | 審計委員會 | 考核委員會 | 提名委員會 | 投資委員會 | | 執行董事 | | | | | | | 李玉鵬先生（董事長） | | | | | C | | 車建興先生 | | | | M | M | | 施姚峰先生 | | | | | M | | 楊映武先生 | | | | | | | 非執行董事 | | | | | | | 鄭永達先生 | | | M | M | M | | 鄒少榮先生 | | M | | | M | | 李建宏先生 | | | | ...

Red Star Macalline Group Corporation Ltd. 紅星美凱龍家居集團股份有限公司 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。 本公司董事會於2025年3月21日召開第五屆董事會第三十三次臨時會議，審議通 過了《關於選舉董事長的議案》及《關於董事調職的議案》，李玉鵬先生將由非執行 董事調任為執行董事，並選舉李玉鵬先生為本公司第五屆董事會董事長，同時擔 任董事會戰略與投資委員會主席一職，任期自本次董事會審議通過之日起至第五 屆董事會任期屆滿之日止，任期屆滿，可以連選連任。於調任後，李玉鵬先生在 其任期內將不會從本公司領取任何董事薪酬。 李玉鵬先生的簡歷如下： （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） （上市債務證券代號：5454） 變更董事長 及 非執行董事調任為執行董事 本公告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（「上市規則」） ...

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 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 （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 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三月二十七日（星期四）舉行，藉以（其中包括）考慮及批 准本公司及其附屬公司截至二零二四年十二月三十一日止之年度業績及其發佈， 並考慮派發末期股息（如有）。 中國，上海 二零二五年三月十四日 於本公告日期，本公司的執行董事為車建興、施姚峰及楊映武；非執行董事為 鄭永達、鄒少榮、李玉鵬、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。 ...

2025年第二次臨時股東大會通告 茲通告紅星美凱龍家居集團股份有限公司（「本公司」）謹訂於2025年4月2日（星 期三）下午二時三十分假座中國上海市閔行區申長路1466弄紅星美凱龍總部B座南樓3 樓會議中心舉行2025年第二次臨時股東大會（「臨時股東大會」），以審議並酌情通過以 下決議案： 普通決議案 Red Star Macalline Group Corporation Ltd. 紅星美凱龍家居集團股份有限公司 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通告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通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。 （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） 1. 審議及批准關於豁免本公司部分自願性承諾的議案 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3月12日 – 1 – 附註： 3. 有權出席臨時股東大會並於會上投票的股東，均可委任一名或數名受委代表代為出席和表決。受委 代表毋須為本公司股東。 4. 委任受委代 ...

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通函的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通函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。 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） 此乃要件 請即處理 閣下如對本通函任何方面內容或應採取的行動有任何疑問，應諮詢股票經紀或其他註冊證券交易商、銀行 經理、律師、專業會計師或其他專業顧問。 閣下如已將名下的紅星美凱龍家居集團股份有限公司股份全部出售或轉讓，應立即將本通函連同受委代表 委任表格送交買主或承讓人，或經手出售或轉讓的銀行、股票經紀或其他代理人，以便轉交予買主或承讓 人。 倘為股份聯名持有人，則於本公司股東名冊中排名首位的持有人方有權親身或委任受委代表於臨時股東大 會上就該等股份投票。 對於H股股東，務請盡快將受委代表委任表格連同任何授權文件交回香港中央證券登記有限公司（地址為 香港灣仔皇后大道東183號合和中心17M樓），惟無論如何不得 ...

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 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。 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 第五屆董事會第三十二次臨時會議決議公告》及《紅星美凱龍家居集團股份有限公 司第五屆監事會第七次臨時會議決議公告》，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3月5日 於本公告日期，本公司的執行董事為車建興、施姚峰及楊映武；非執行董事為鄭永達、李玉鵬、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 ...