Financial Performance - The company's operating revenue for the nine months ended September 30, 2024, was RMB 6,105,328,940.02, a decrease of 29.5% compared to RMB 8,675,386,414.22 for the same period in 2023[3] - The net profit attributable to the owners of the parent company for the same period was a loss of RMB 2,004,729,082.25, compared to a loss of RMB 621,940,809.65 in 2023, representing an increase in loss of 222.5%[4] - The company reported a total comprehensive loss attributable to the owners of the parent company of RMB 2,078,486,215.87 for the period, compared to RMB 769,653,776.34 in 2023[4] Cash Flow and Liquidity - The company's net cash flow from operating activities was a negative RMB 531,418,219.69, a significant decline from a positive RMB 2,768,453,497.54 in the previous year[5] - The company’s cash and cash equivalents at the end of the period were RMB 3,579,296,318.28, an increase from RMB 3,118,251,176.16 at the end of the previous year[5] - Cash and cash equivalents increased significantly to RMB 4,133,287,098.39 from RMB 2,974,052,910.82, representing a growth of 38.83%[8] Expenses - The financial expenses for the company were RMB 1,829,078,193.38, slightly down from RMB 1,878,704,823.68 in the previous year[3] - The company’s R&D expenses were RMB 11,183,169.58, a decrease from RMB 13,771,845.42 in the previous year[3] - The company’s sales expenses were RMB 754,283,033.84, down from RMB 1,120,914,998.33 in the previous year[3] Asset and Liability Management - As of September 30, 2024, the total current assets amounted to RMB 10,195,106,992.55, a slight decrease of 2.23% from RMB 10,427,891,309.98 as of December 31, 2023[8] - The total non-current assets decreased to RMB 108,470,336,593.03 from RMB 110,632,747,089.37, reflecting a decline of 2.00%[9] - The total liabilities as of September 30, 2024, were RMB 67,921,859,728.93, showing a marginal decrease of 0.47% from RMB 68,238,972,398.90[11] - The total equity attributable to shareholders decreased to RMB 47,657,646,755.66 from RMB 49,615,294,277.92, a decline of 3.95%[12] - The company's total borrowings as of the reporting date were RMB 30,265,193,170.37[12] Inventory and Contract Liabilities - The total inventory decreased to RMB 43,128,491.93 from RMB 159,513,922.13, a significant decline of 73.00%[8] - The company's contract liabilities decreased to RMB 775,762,931.29 from RMB 1,137,849,774.30, a decrease of 31.85%[10] Fair Value and Tax Assets - The fair value loss on investment properties was RMB 1,206,180,672.75, an increase in loss of RMB 789,000,000 compared to the previous year[7] - The total deferred tax assets increased to RMB 3,621,456,574.12 from RMB 3,115,229,001.03, an increase of 16.26%[9] Market Conditions - The company attributed the decline in operating revenue to fluctuations in the overall economic environment and a temporary decrease in mall occupancy rates[5]

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。 （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 第五屆董事會第六次會議決議公告》、《紅星美凱龍家居集團股份有限公司第五屆 監事會第六次會議決議公告》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 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） 中國上海，2024年10月30日 於本公告日期，本公司的執行董事為車建興、施姚峰、李建宏及楊映武；非執行董事為鄭永達、王文懷、 鄒少榮、宋廣斌及許迪；及獨立非執 ...

Financial Performance - Revenue for Q3 2024 was RMB 1.88 billion, a decrease of 37.64% compared to the same period last year[3] - Net loss attributable to shareholders for Q3 2024 was RMB -633.72 million, compared to RMB -711.23 million in the same period last year[3] - Total revenue for the first three quarters of 2024 was RMB 6,105,328,940.02, a decrease from RMB 8,675,386,414.22 in the same period of 2023[21] - Operating profit for the first three quarters of 2024 was a loss of RMB 1,852,022,626.51, compared to a loss of RMB 365,909,969.65 in the same period of 2023[22] - Net profit attributable to parent company shareholders was -1,886,834,620.45 RMB, a significant decrease compared to -546,600,030.11 RMB in the same period last year[23] - Total comprehensive income was -2,078,486,215.87 RMB, compared to -769,653,776.34 RMB in the same period last year[23] Cash Flow and Liquidity - Cash flow from operating activities for Q3 2024 was RMB -531.42 million, a decrease of 119.20% compared to the same period last year[4] - Net cash flow from operating activities decreased by 119.20% year-to-date due to reduced mall occupancy rates and slower project progress[10] - Net cash flow from operating activities was -531,418,219.69 RMB, a sharp decline from 2,768,453,497.54 RMB in the same period last year[24] - Net cash flow from investing activities was 144,476,478.82 RMB, down from 535,999,807.85 RMB in the same period last year[25] - Net cash flow from financing activities was 1,460,260,367.78 RMB, a significant improvement from -2,794,817,455.40 RMB in the same period last year[25] - Cash and cash equivalents at the end of the period were 3,579,296,318.28 RMB, up from 3,118,251,176.16 RMB at the end of the same period last year[25] - As of September 30, 2024, the company's monetary funds increased to RMB 4,133,287,098.39 from RMB 2,974,052,910.82 at the end of 2023[18] Assets and Liabilities - Total assets as of the end of Q3 2024 were RMB 118.67 billion, a decrease of 1.98% compared to the end of the previous year[5] - Total assets as of the end of Q3 2024 were RMB 118,665,443,585.58, a slight decrease from RMB 121,060,638,399.35 at the end of Q3 2023[20] - Total liabilities as of the end of Q3 2024 were RMB 67,921,859,728.93, a slight decrease from RMB 68,238,972,398.90 at the end of Q3 2023[20] - Shareholders' equity as of the end of Q3 2024 was RMB 50,743,583,856.65, an increase from RMB 52,821,666,000.45 at the end of Q3 2023[20] - Equity attributable to shareholders as of the end of Q3 2024 was RMB 47.66 billion, a decrease of 3.95% compared to the end of the previous year[5] - The company's trade receivables decreased to RMB 989,784,374.32 from RMB 1,203,320,049.65 at the end of 2023[18] - Inventory decreased significantly to RMB 43,128,491.93 from RMB 159,513,922.13 at the end of 2023[18] - The company's total current assets slightly decreased to RMB 10,195,106,992.55 from RMB 10,427,891,309.98 at the end of 2023[18] - Long-term equity investments decreased to RMB 3,389,097,455.86 from RMB 3,442,501,514.06 at the end of 2023[18] - Other equity instrument investments decreased to RMB 1,405,116,379.30 from RMB 1,757,631,048.71 at the end of 2023[18] Revenue and Expenses - Revenue for the current reporting period decreased by 37.64% due to economic fluctuations and reduced mall occupancy rates[9] - Year-to-date revenue decreased by 29.62% due to economic fluctuations, reduced mall occupancy rates, and fewer projects in other business segments[10] - Operating costs for the first three quarters of 2024 were RMB 6,111,258,336.77, compared to RMB 8,035,046,405.96 in the same period of 2023[22] - Sales expenses decreased to RMB 754,283,033.84 in the first three quarters of 2024 from RMB 1,120,914,998.33 in the same period of 2023[22] - Management expenses decreased to RMB 749,136,353.94 in the first three quarters of 2024 from RMB 1,051,877,168.88 in the same period of 2023[22] - R&D expenses decreased to RMB 11,183,169.58 in the first three quarters of 2024 from RMB 13,771,845.42 in the same period of 2023[22] - Financial expenses decreased to RMB 1,829,078,193.38 in the first three quarters of 2024 from RMB 1,878,704,823.68 in the same period of 2023[22] - Cash received from sales of goods and services was 5,739,449,618.79 RMB, down from 8,519,248,115.32 RMB in the same period last year[24] Non-Recurring Items and Adjustments - Non-recurring gains and losses for Q3 2024 included RMB 31.84 million from disposal of non-current assets and RMB 24.51 million from government subsidies[7] - The company adjusted its financial statements for 2019-2022 due to accounting errors, impacting net profit by 6.50%, 0.81%, 2.56%, and 25.39% respectively[6] - The company received a RMB 50,000 fine from the Ministry of Finance for accounting violations related to investment property classification[5] - The fair value change of investment properties resulted in a loss of RMB 287.17 million for the current period and RMB 1.12 billion year-to-date[8] - Other non-operating income and expenses resulted in a loss of RMB 73.32 million for the current period and RMB 202.97 million year-to-date[8] Shareholder and Ownership Structure - The top shareholder, Xiamen C&D Inc., holds 23.95% of the company's shares[12] - Red Star Macalline Group holds 21.53% of the company's shares, with 934.92 million shares pledged[12] - Hong Kong Securities Clearing (Nominees) Limited holds 17.02% of the company's shares[12] - Total shareholding of Hongxing Meikailong Holdings Group is 980,325,353 shares, accounting for 22.51% of the company's total shares, with 824,574,159 shares (84.11% of its holdings) under judicial freeze, awaiting freeze, or judicial marking[16] - Alibaba Network transferred 248,219,904 shares (5.70% of total shares) to Hangzhou Haoyue Enterprise Management Co., Ltd., making Hangzhou Haoyue a new major shareholder[14] - Alibaba Software transferred 42,527,339 shares (0.98% of total shares) to Hangzhou Haoyue through block trades, completing the transfer plan[15] Business Operations and Strategy - The company provided rent and management fee reductions to support merchants, impacting revenue[10] - The company terminated certain projects due to lower-than-expected returns, resulting in sunk cost losses[10]

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 第五屆監事會第六次臨時會議決議公告》、《紅星美凱龍家居集團股份有限公司關 於使用部分閒置募集資金暫時補充流動資金的公告》及《中國國際金融股份有限公 司關於紅星美凱龍家居集團股份有限公司使用部分閒置募集資金暫時補充流動資 金的核查意見》，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，2024年10月24日 於本公告日期，本公司的執行董事為車建興、施姚峰、李建宏及 ...

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。 邱喆 （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 關於部分閒置募集資金暫時補充流動資金歸還完成的公告》，僅供參閱。 承董事會命 紅星美凱龍家居集團股份有限公司 Red Star Macalline Group Corporation Ltd. 紅星美凱龍家居集團股份有限公司 红星美凯龙家居集团股份有限公司 关于部分闲置募集资金暂时补充流动资金归还 完成的公告 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。 红星美凯龙家居集团股份有限公司（以下简称"公司"）于 2023 年 10 月 1 ...

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 4,224,862 thousand, a decrease of 25.4% compared to RMB 5,659,926 thousand for the same period in 2023[7]. - Gross profit for the same period was RMB 2,797,379 thousand, resulting in a gross margin of 66.2%, up from 64.0% in the previous year[7]. - The company reported a loss attributable to owners of RMB (1,336,774) thousand, compared to a profit of RMB 128,196 thousand in the prior year, reflecting a loss margin of -31.6%[7]. - Basic and diluted loss per share was RMB (0.31) compared to earnings of RMB 0.03 per share in the previous year[7]. - The company reported a total loss attributable to shareholders of RMB 1,336.8 million, a decline of 1,142.8% compared to a profit of RMB 128.1 million in the same period of 2023[26]. - The core net loss attributable to shareholders was RMB 383.8 million, compared to a core net profit of RMB 251.3 million in the same period of 2023, a decrease of 252.7%[26]. - The company reported a net loss of RMB 1,423,256 thousand for the six months ended June 30, 2024, compared to a profit of RMB 113,449 thousand in the prior year[124]. - The company reported a total comprehensive loss of RMB 1,505,086 thousand for the six months ended June 30, 2024[131]. Operational Metrics - The number of operating self-managed malls decreased to 85 from 87, with a total operating area of 7,885,050 square meters and an average occupancy rate of 81.6%[11]. - The total number of malls operated by the company was 352, with a total operating area of 21,201,448 square meters, covering 210 cities[11]. - The company experienced a decline in the average occupancy rate for managed malls, which fell to 82.8% from 85.7%[11]. - The company operates a total of 85 self-operated malls and 267 managed malls, covering 210 cities across 30 provinces, with a total operating area of 21,201,448 square meters[61]. - The average occupancy rate for self-operated malls is 81.6%, while managed malls have an average occupancy rate of 82.8%[62]. Expenses and Costs - Selling and distribution expenses were RMB 463.2 million, accounting for 11.0% of revenue, a decrease of 23.6% from RMB 606.2 million (10.7% of revenue) in the same period of 2023[22]. - Administrative expenses were RMB 700.4 million, representing 16.6% of revenue, down 22.7% from RMB 905.8 million (16.0% of revenue) in the same period of 2023[23]. - The company's sales and service costs were RMB 1,427.5 million, down 29.9% from RMB 2,037.6 million in the same period of 2023[17]. - The total salary expenditure during the reporting period was RMB 1,116.6 million, a decrease from RMB 1,354.4 million in the same period of 2023[50]. - The total employee costs for the six months ended June 30, 2024, were RMB 1,057,430 thousand, down 22.1% from RMB 1,356,070 thousand in 2023[175]. Cash Flow and Liquidity - The company experienced a net cash outflow from operating activities of RMB 821.3 million, a decrease of RMB 2,889.5 million compared to a net inflow of RMB 2,068.2 million in the same period last year[34]. - The company’s cash and cash equivalents decreased to RMB 2,380.3 million from RMB 2,529.8 million at the end of 2023, a reduction of RMB 149.5 million[33]. - The company’s net cash used in investing activities was RMB 113,067 thousand, a decrease from RMB 734,465 thousand in the previous year[139]. - The company plans to continue discussions with banks and financial institutions regarding financing arrangements to improve liquidity[146]. - The company’s management believes that liquidity risks are manageable and will not significantly impact the company’s ongoing operations[146]. Debt and Financial Position - The total debt of the company as of June 30, 2024, was RMB 31,346.4 million, with bank and other borrowings amounting to RMB 29,574.0 million[37]. - The debt-to-asset ratio increased slightly to 55.8% as of June 30, 2024, compared to 55.6% at the end of 2023[42]. - The interest coverage ratio decreased to 0.98 from 1.42 in the previous year, indicating a decline in the ability to cover interest expenses[43]. - The company reported a significant loss of RMB 85,531 thousand from fair value changes in financial instruments for the six months ended June 30, 2024, compared to a loss of RMB 4,960 thousand in 2023[168]. Strategic Initiatives - The company is focusing on market expansion despite the current financial challenges, with plans to enhance operational efficiency in existing malls[11]. - Future outlook indicates a commitment to new product development and technology integration to drive growth in the upcoming periods[11]. - The company aims to leverage its leading position in the industry to capture growth opportunities amid ongoing urbanization and rising consumer demand[13]. - The company has launched a "3+Star Ecosystem" strategy, focusing on high-end appliances with plans to open 100 high-end living appliance stores nationwide within two years[64]. - The company is expanding into the new energy vehicle sector, with over 60,000 square meters of new space for electric vehicle showrooms and high-end used car stores added during the reporting period[68]. Shareholder Information - The company has a total of 4,354,732,673 shares issued as of June 30, 2024, including 3,613,447,039 A shares and 741,285,634 H shares[84]. - CEO Che Jianxing holds 1,023,348,353 A shares, representing 28.32% of the A shares and 23.50% of the total shares[84]. - The company’s major shareholder, Red Star Macalline Holdings, holds 980,325,353 A shares, which is 27.13% of the A shares and 22.51% of the total shares[90]. - The company did not recommend any dividend payment for the six months ending June 30, 2024[99]. - The company’s board members and senior executives have disclosed their shareholdings in accordance with regulatory requirements[87]. Investment Properties - The company reported a fair value loss on investment properties of RMB 1,177.5 million during the reporting period, attributed to increased incentives to retain tenants amid economic fluctuations[30]. - The fair value changes of investment properties amounted to RMB 1,177,523 thousand for the six months ended June 30, 2024, significantly higher than RMB 296,248 thousand in the previous year[137]. - The total fair value of investment properties, including properties under construction and leased properties, was 97,305,200 thousand RMB as of June 30, 2024[184]. - The rental income from investment properties is assessed using the income approach, with a capitalization rate ranging from 6.0% to 7.0%[188]. Project Developments - The company has 287 signed projects in preparation for managed malls that have obtained land use rights[62]. - The company has terminated several projects, including the "New Generation Smart Home Mall Project" and the "Tmall Home Decoration Same City Station Project," reallocating remaining funds to replenish working capital[119]. - The total planned investment for the Tianjin Beichen Mall project is RMB 245,137,000, fully utilized[101]. - The total planned investment for the Hohhot Yuquan Mall project is RMB 76,825,000, fully utilized[101]. - The total planned investment for the Urumqi Exhibition Mall project is RMB 669,084,000, fully utilized with a remaining balance of RMB 2,351,000[101].

Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥4.22 billion, representing a decrease of 25.35% compared to the same period last year[14]. - The net profit attributable to shareholders of the listed company was approximately -¥1.25 billion, a decline of 1,140.34% year-on-year[14]. - The net cash flow from operating activities was approximately -¥821.27 million, compared to ¥2.07 billion in the previous year[15]. - The net profit after deducting non-recurring gains and losses was approximately -¥584.57 million, a decline of 836.22% year-on-year[14]. - The basic earnings per share for the current period (1-6 months) is -0.29 CNY, a decrease of 1,066.67% compared to the same period last year[16]. - The company reported a fair value change of investment properties amounting to -344,043,256.74 CNY, compared to -165,088,541.93 CNY in the previous period[18]. - The company reported a total revenue of 3.64 billion RMB, a decrease attributed to a reduction in the number of engineering projects[45]. - The total revenue for the first half of 2024 reached CNY 314.4 million, with a net profit of CNY -50.67 million, indicating a significant decline compared to the previous period[52]. - The company reported a total of CNY 1,198,448,019 in cumulative benefits from its fundraising projects as of the reporting period[96]. Assets and Liabilities - The net assets attributable to shareholders of the listed company decreased by 2.69% to approximately ¥48.28 billion[15]. - Total assets decreased by 2.31% to approximately ¥118.27 billion[15]. - The company's total assets included 529.06 million RMB in overseas assets, accounting for 0.45% of total assets[47]. - The company's total liabilities amounted to CNY 66,862,027,266.66, down from CNY 68,238,972,398.90, indicating a reduction of approximately 2.01%[130]. - The company's total equity decreased to CNY 51,403,584,034.86 from CNY 52,821,666,000.45, reflecting a decline of about 2.67%[130]. - The company's total liabilities increased to CNY 43,051,237,358.54 from CNY 42,595,516,782.68, marking an increase of 1.1%[133]. Market Conditions and Strategic Focus - The company continues to face uncertainties due to factors affecting the home decoration and furniture retail industry, as well as the real estate market and macroeconomic environment[4]. - The management emphasizes a commitment to prudent operations and proactive measures to mitigate potential negative impacts from changing business conditions[4]. - The company emphasizes the importance of urbanization and ongoing housing projects, which are expected to support the long-term growth of the home decoration and furniture industry[24]. - The company plans to leverage its leading position in the industry to expand its market network and enhance operational efficiency to mitigate risks associated with economic fluctuations[56]. - The company is actively exploring new retail channels online, including partnerships with platforms like Douyin and Xiaohongshu, to enhance consumer reach[28]. Operational Adjustments and Initiatives - The company has made adjustments in its financial reporting due to administrative penalties related to accounting quality issues identified by the Ministry of Finance[16]. - The company is undergoing a retrospective adjustment of prior period financial data due to issues with investment properties that do not meet the criteria for separate measurement and sale[16]. - The company has implemented a comprehensive quality management system focusing on green, environmentally friendly, low-carbon, and genuine products, ensuring high standards for consumer health[30]. - The company has established various talent training and reserve plans for different employee levels to enhance knowledge and business capabilities[58]. - The company has implemented rent and management fee reductions for qualified merchants to support them during the recovery phase, resulting in a temporary decline in rental and management fee income[58]. Shareholder and Governance Matters - The company does not recommend distributing interim dividends to shareholders for the six months ending June 30, 2024[61]. - The company committed to minimizing related party transactions with Meikailong and its subsidiaries after the completion of the transaction on June 21, 2023[65]. - The company will ensure the independence of Meikailong in terms of personnel, assets, finance, and operations during its period as the controlling shareholder[67]. - The company has established a framework to avoid conflicts of interest with its original controlling shareholders[69]. - The company has committed to transparency in disclosing related party transactions in accordance with established procedures[71]. Financial Management and Compliance - The company has incurred an administrative penalty of 50,000 CNY and the responsible person was fined 20,000 CNY due to accounting information quality checks by the Ministry of Finance[79]. - The company has acknowledged potential land use discrepancies and committed to assist in rectifying these issues, including providing loans if necessary[72]. - The company has established a management contract for properties used in home shopping operations, ensuring unified management and market pricing for services rendered[70]. - The company has committed to continuously disclose the fair value of investment properties in its regular reports, along with the impact of fair value changes on financial status, operating performance, and shareholder dividends since January 17, 2018[73]. - The company adheres to accounting standards that ensure financial statements accurately reflect its financial position and operating results[160].

Financial Performance - Revenue for the first half of 2024 was RMB 4,224,862, a decrease of 25.4% compared to RMB 5,659,926 in the first half of 2023[3] - Gross profit for the first half of 2024 was RMB 2,797,379, with a gross margin of 66.2%, up from 64.0% in the same period last year[3] - The company reported a net loss attributable to shareholders of RMB 1,336,774, compared to a profit of RMB 128,196 in the first half of 2023, resulting in a loss margin of -31.6%[3] - Other income for the first half of 2024 was RMB 99,943, compared to RMB 146,906 in the same period last year[7] - The total comprehensive loss for the period was RMB 1,505,086, compared to a comprehensive income of RMB 86,003 in the first half of 2023[8] - Basic and diluted loss per share for the first half of 2024 was RMB 0.31, compared to earnings of RMB 0.03 per share in the same period last year[8] - The company recorded a net loss of RMB 1,423,256 thousand for the six months ended June 30, 2024[13] - The company reported a pre-tax loss of RMB 1,536,449 thousand for the six months ended June 30, 2024, compared to a pre-tax profit of RMB 288,200 thousand for the same period in 2023[20][21] - The company incurred a net loss of RMB 273,992 thousand for the six months ended June 30, 2024, compared to a net loss of RMB 241,926 thousand for the same period in 2023, reflecting a worsening of approximately 13%[28] Operational Metrics - The number of operating malls decreased to 352 as of June 30, 2024, down from 362 at the end of 2023[6] - The average occupancy rate for self-operated malls was 81.6%, a decline from 82.8% at the end of 2023[6] - Total operating area for self-operated malls was 7,885,050 square meters, down from 7,984,656 square meters at the end of 2023[6] - The segment profit for the self-owned/leased malls was RMB 1,572,817 thousand, while the segment profit for the managed malls was RMB 66,409 thousand, indicating a significant contribution from these segments[20] - Revenue from self-owned and leased malls was RMB 2,903.2 million, accounting for 68.7% of total revenue, down from RMB 3,376.9 million (59.7%) in 2023[49] Assets and Liabilities - As of June 30, 2024, total assets amounted to RMB 121,265,100 thousand, a decrease of 2.3% from RMB 124,186,609 thousand as of December 31, 2023[9] - Current liabilities totaled RMB 27,834,924 thousand, down 2.7% from RMB 28,591,541 thousand as of December 31, 2023[10] - Non-current liabilities decreased to RMB 39,800,791 thousand from RMB 40,451,933 thousand, reflecting a reduction of 1.6%[10] - The company's net current liabilities stood at RMB 19,213,316 thousand, compared to RMB 18,607,903 thousand at the end of 2023[10] - Cash and cash equivalents, including bank balances, totaled RMB 2,380,325 thousand, down from RMB 2,529,800 thousand[9] - The company's equity attributable to shareholders was RMB 50,415,431 thousand, down from RMB 51,832,394 thousand, a decline of 2.7%[10] Expenses and Financial Costs - The company incurred research and development expenses of RMB 7,339 thousand for the six months ended June 30, 2024, compared to RMB 9,367 thousand in the same period of 2023[20][21] - The total administrative expenses for the company were RMB 21,657 thousand for the six months ended June 30, 2024, compared to RMB 27,221 thousand in the same period of 2023[20][21] - Sales and distribution expenses were RMB 463.2 million, accounting for 11.0% of revenue, down 23.6% from RMB 606.2 million (10.7% of revenue) in the same period last year[52] - Administrative expenses decreased to RMB 700.4 million (16.6% of revenue) from RMB 905.8 million (16.0% of revenue), a reduction of 22.7%[53] - Financial costs increased by 3.4% to RMB 1,300.5 million compared to RMB 1,258.0 million in the same period last year[54] Strategic Initiatives and Future Plans - The company plans to continue discussions with banks and financial institutions regarding financing arrangements to improve liquidity[13] - The company plans to open 100 high-end home appliance stores nationwide over the next two years, complementing existing major appliances with categories such as kitchen small appliances and cleaning devices[71] - The second batch of M+ high-end design centers is being launched, with plans to establish 84 additional centers by 2025, building on the first 16 centers already completed[72] - The company has launched a "billion yuan new store subsidy" policy to support dealers and enhance their operational capabilities[76] - Future plans include a shift towards a "light asset, heavy operation" model to solidify market leadership and improve service quality[77] - The company aims to deepen its presence in the home decoration sector and promote new retail strategies to empower mall operations[77] Governance and Compliance - The company has not early adopted any new or revised International Financial Reporting Standards that have been issued but are not yet effective, indicating a cautious approach to regulatory changes[18] - The company received a waiver application from its second largest shareholder, Red Star Holdings, and the original actual controller, Che Jianxing, regarding the exemption of certain voluntary commitments made previously[93] - The board of directors approved the waiver proposal during the 16th interim meeting on July 12, 2024, and it was subsequently passed at the first interim shareholders' meeting on August 6, 2024[93] - The audit committee, consisting of two independent non-executive directors and one non-executive director, reviewed the interim performance announcement for the six months ending June 30, 2024[93] - The company plans to publish its interim performance announcement and report on the Hong Kong Stock Exchange and its own website[93]

Financial Performance - The company expects a net profit attributable to shareholders of the parent company to be between -138,000.00 million and -102,000.00 million, a decrease of 114,045.24 million to 150,045.24 million compared to the same period last year [6]. - The total profit for the first half of 2024 is projected to be between -164,000.00 million and -121,000.00 million, a reduction of 146,740.20 million to 189,740.20 million compared to the previous year [15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between -69,000.00 million and -51,000.00 million, down 58,940.09 million to 76,940.09 million year-on-year [15]. - The company anticipates a negative impact of approximately 500 million on profits due to asset impairment provisions related to financial support for partners and receivables [11]. - The company has adjusted its strategic layout, resulting in losses exceeding 100 million, primarily from the strategic contraction of underperforming stores and increased inventory impairment provisions [21]. Strategic Adjustments - The company is actively responding to changes in consumer behavior and adjusting its strategic direction and product mix to attract high-quality brands and designers [19]. - The company has provided rent and management fee reductions to support small and medium enterprises, leading to a temporary decline in rental and management fee income [19]. - The company is positioned to benefit from a potential recovery in home consumption demand supported by government policies aimed at boosting consumer spending [11]. Reporting and Compliance - The company will continue to monitor key issues and fulfill its information disclosure obligations as necessary [12]. - The financial data provided is preliminary and subject to change pending the official release of the 2024 semi-annual report [4].

Financial Performance - The company's operating revenue for the three months ended March 31, 2024, was RMB 2,111,539,269.77, a decrease of 19.3% compared to RMB 2,616,557,956.86 for the same period in 2023[2] - The net loss attributable to the owners of the parent company for the same period was RMB 371,506,929.54, compared to a profit of RMB 167,224,249.41 in 2023, representing a significant decline[3] - The company's basic earnings per share for the period was RMB (0.09), compared to RMB 0.04 in the same period last year[3] - The company attributed the decline in operating revenue to fluctuations in the overall economic environment and a temporary decrease in mall occupancy rates[4] - The company has increased promotional discounts to support merchants, which has impacted overall revenue[4] Cash Flow - The company's net cash flow from operating activities was RMB (181,674,312.38), a decrease from RMB 1,076,288,459.82 in the previous year[6] - The net cash flow from investing activities was RMB (470,841,213.48), compared to RMB 232,657,059.22 in the same period last year[6] - The company experienced a net increase in cash and cash equivalents of RMB 797,803,607.87, compared to a decrease of RMB (193,146,461.85) in the previous year[6] - The cash and cash equivalents increased to RMB 3,778,307,768.78 from RMB 2,974,052,910.82, marking a significant rise of approximately 27%[7] Assets and Liabilities - As of March 31, 2024, the total current assets amounted to RMB 11,482,932,392.79, an increase from RMB 10,427,891,309.98 as of December 31, 2023, representing a growth of approximately 10.1%[7] - The total non-current assets decreased to RMB 110,120,998,369.68 from RMB 110,632,747,089.37, indicating a decline of about 0.5%[8] - Total assets reached RMB 121,603,930,762.47, up from RMB 121,060,638,399.35, reflecting an increase of approximately 0.5%[11] - Current liabilities totaled RMB 28,174,098,020.98, slightly down from RMB 28,591,542,625.08, showing a decrease of about 1.5%[9] - The total borrowings as of the reporting date were RMB 33,137,940,799.90[11] - The company's total liabilities amounted to RMB 69,205,296,865.70, compared to RMB 68,238,972,398.90 previously, indicating an increase of about 1.4%[10] Inventory and Receivables - The accounts receivable rose to RMB 1,359,255,315.70 from RMB 1,203,320,049.65, an increase of about 12.9%[7] - The inventory slightly increased to RMB 160,754,139.23 from RMB 159,513,922.13, reflecting a growth of approximately 0.8%[7] Equity - The total equity attributable to shareholders decreased to RMB 49,187,744,445.34 from RMB 49,615,294,277.92, a decline of approximately 0.9%[11] Financial Expenses - The company reported a significant increase in financial expenses due to the suspension of interest capitalization on certain projects[5] Fair Value Loss - The fair value loss on investment properties was RMB 324,385,651.35, an increase in loss of RMB 314,000,000 compared to the previous year[5]