Group 1 - The company expects a loss of approximately RMB 159.85 billion to RMB 238.37 billion for the fiscal year 2025, compared to a loss of about RMB 37.28 billion for the fiscal year 2024, indicating a continued trend of losses [1] - The anticipated net loss attributable to the parent company for 2025 is projected to be between RMB 153.60 billion and RMB 228.60 billion, which is a significant increase from the net loss of approximately RMB 34.92 billion recorded in 2024 [1] Group 2 - The expected losses for 2025 are primarily due to fair value changes and impairment losses related to investment properties, influenced by the ongoing downturn in the real estate sector and declining demand in the home furnishing and building materials industry [2] - The company is actively adjusting its strategy and product mix to attract quality brands and businesses, which has led to a significant decrease in rental and management income due to rent reductions and management fee discounts [2] - The valuation of investment properties is expected to be adjusted downwards by approximately RMB 131 billion to RMB 220 billion for 2025, reflecting changes in market expectations regarding future rental income [2] - The company has also estimated impairment provisions of RMB 45 billion to RMB 57 billion for various assets based on the latest recoverable amounts, which are closely tied to the valuation of investment properties and market selling prices [2]

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 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 盈利警告公告 本公告乃由紅星美凱龍家居集團股份有限公司（「本公司」），連 同 其 附 屬 公 司，統 稱 為（「本集團」）根據香港聯合交易所有限公司證券上 市規則（「上市規則」）第13.09(2)條及第13.10B條以及證券及期貨條例 （香 港 法 例 第571章）第XIVA部內幕消息條文（定 義 見 上 市 規 則）而 作 出。 本公司董事會（「董事會」）謹此知會本公司股東（「股 東」）及潛在投資 者，基 於 本 公 司 的 現 時 可 得 資 料 及 對 本 集 團 截 至2025年12月31日 止 年 ...

公司2025年度的亏损主要缘于投资性房地产公允价值变动损失以及相关资产的减值损失。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，2025年度投资性物业 估值相应下调约126亿元至215亿元。此外，由于公司历史形成的各类资产底层价值也同样与投资性房地 产的评估价值及房地产市场的出让价格等因素紧密相关，公司根据各项资产最新可回收情况，对各类资 产截至2025年末的可回收金额进行了初步测算，计提了相应的减值准备约45亿元至57亿元。 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 ...

美凯龙同日公告，预计2025年度归母净利润亏损150亿元至225亿元，上年同期亏损29.83亿元。公司 2025年度的亏损主要缘于投资性房地产公允价值变动损失以及相关资产的减值损失。 1月23日晚间，上交所就红星美凯龙家居集团股份有限公司业绩预告相关事项下发监管工作函，涉及对 象包括上市公司、董事、高级管理人员、控股股东及实际控制人。 ...

Core Viewpoint - The company, Meikailong (601828.SH), is projected to incur significant losses in 2025, with net profit attributable to shareholders expected to range from -22.5 billion to -15 billion yuan, and net profit excluding non-recurring items estimated between -5.8 billion to -4.6 billion yuan [1][2]. Group 1: Financial Projections - The anticipated losses for 2025 are primarily due to fair value changes in investment properties and related asset impairment losses [2]. - The estimated decline in the fair value of investment properties is projected to be between 12.6 billion to 21.5 billion yuan [2]. - The company plans to recognize impairment provisions of approximately 4.5 billion to 5.7 billion yuan for various assets by the end of 2025 [2]. Group 2: Market Conditions and Strategic Adjustments - The ongoing downturn in the real estate sector and reduced demand in the home furnishing and building materials industry have led to weakened demand in the home retail market [2]. - The company is implementing strategies such as rent reductions and management fee discounts to retain tenants while adjusting its strategic focus and product categories to attract quality brands [2]. - The company aims to upgrade its strategic positioning to become a "new commercial operator in home living and a service provider in the home industry ecosystem," focusing on upgrading its core business and expanding its service offerings [3].

美凯龙1月23日晚间公告，预计2025年度归母净利润亏损150亿元至225亿元，上年同期亏损29.83亿元。 美凯龙1月23日晚间公告，预计2025年度归母净利润亏损150亿元至225亿元，上年同期亏损29.83亿元。 ...

红星美凯龙家居集团股份有限公司 一、 本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 证券代码：601828 证券简称：美凯龙 编号：2026-005 红星美凯龙家居集团股份有限公司 2025 年度业绩预告 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。 重要内容提示： 1、业绩预告的具体适用情形：净利润为负值。 （二）业绩预告情况 经财务部门初步测算，公司预计 2025 年度实现归属于母公司所有者的净利 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。 （三）本次业绩预告为公司根据经营情况的初步预测，未经注册会计师审计。 2、公司预计 2025 年度实现归属于母公司所有者的净利润为-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。 3、公司 2025 年度业绩的预告数据仅为初步核算数据，未经会计师事 ...

Core Viewpoint - Red Star Macalline Home Group Co., Ltd. (referred to as "the company") has issued a profit warning for the fiscal year 2025, indicating an expected negative net profit attributable to shareholders [1] Financial Performance - The company's financial department has preliminarily estimated a negative net profit for the fiscal year 2025 [1] - The final financial data will be confirmed in the official 2025 annual report [1] Revenue and Market Conditions - The company has experienced a continuous low-level fluctuation in leasing and management income over the past two years [1] - Rental levels have significantly declined compared to previous years, leading to a shift in market sentiment and rental expectations [1] Asset Valuation and Impairment - Due to the adjusted expectations for future rental income, the value of investment properties has decreased substantially [1] - The company has conducted preliminary assessments of the recoverable amounts of various assets as of the end of 2025 and has made corresponding impairment provisions [1]

Core Viewpoint - The home retail industry is under significant pressure due to real estate adjustments and changing consumer habits, impacting even leading companies like Meikailong, which anticipates a negative net profit for 2025 primarily due to adjustments in the fair value of investment properties [1] Group 1: Financial Performance and Adjustments - Meikailong expects a negative net profit for 2025, mainly due to adjustments in the fair value of investment properties, which do not involve cash outflows and have no substantial impact on daily operations [1] - The adjustment aims to eliminate the interference of cyclical asset price fluctuations, allowing investors to focus on the company's core business profitability and cash flow generation [1] - As of September 2025, Meikailong's self-operated mall occupancy rate increased to 84.7%, up 1.7 percentage points from the end of 2024 [2] Group 2: Strategic Initiatives and Market Positioning - Meikailong has implemented various measures to enhance its core business capabilities, including rent and management fee reductions for certain merchants and attracting quality brands through favorable conditions [1][2] - The company is actively breaking industry boundaries by introducing new business formats such as home decoration and new energy vehicles, aiming to reconstruct mall value and meet evolving consumer expectations [3] - The M+ design center serves as a critical entry point for home decoration, providing personalized solutions and enhancing sales efficiency for merchants [5] Group 3: Long-term Growth and Market Outlook - Meikailong's strategic transformation has led to substantial progress, with ongoing investments in high-end appliances, automotive sectors, and the M+ design center, contributing to improved operational quality [4] - The automotive business has expanded to cover 46 cities with a total operating area of 320,000 square meters and over 30 cooperative brands [5] - Industry analysts predict that the real estate market may stabilize in 2026, creating a more favorable operating environment for downstream home retail [6]

Core Viewpoint - The company, Red Star Macalline (601828), anticipates a negative net profit attributable to shareholders for the fiscal year 2025 due to a prolonged downturn in the real estate market, which has weakened demand in the home retail sector [1] Group 1: Financial Performance - The company expects a significant decline in rental and management income, which has remained low over the past two years [1] - Rental levels have experienced a notable drop compared to previous years, leading to a shift in market sentiment and rental expectations [1] - As a result of these factors, the company has adjusted its expectations for future rental income, resulting in a substantial decrease in the value of investment properties [1] Group 2: Asset Valuation - The company has conducted a preliminary assessment of the recoverable amounts of various assets as of the end of 2025, leading to the recognition of impairment provisions [1] - This assessment reflects the latest recoverable situation of the assets, contributing to the anticipated losses in the consolidated net profit for 2025 [1]