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 公告编号：2025-085 特此公告。 红星美凯龙家居集团股份有限公司董事会 2025 年 11 月 20 日 红星美凯龙家居集团股份有限公司 关于更换持续督导保荐代表人的公告 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"）于近日收到保荐机 构中国国际金融股份有限公司（以下简称"中金公司"）出具的《关于更换红星 美凯龙家居集团股份有限公司持续督导保荐代表人的说明》。中金公司作为公司 首次公开发行 A 股股票、2020 年非公开发行 A 股股票的保荐机构，原指定谢晶 欣先生和幸科先生为公司持续督导保荐代表人。现幸科先生由于工作变动，不 再继续担任公司持续督导的保荐代表人，为保证持续督导工作的有序进行，中 金公司委派曾庆霖先生（简历见附件）接替幸科先生继续担任公司持续督导的 保荐代表人，履行持续督导职责，持续督导期至中国证券监督管理委员会和上 海证券交易所规定的持续督导义务结束为止。 本次变更后，公司首次 ...

企查查APP显示，近日，上海美凯龙商业管理有限公司成立，经营范围包含：商业综合体管理服务；企 业管理咨询；信息咨询服务（不含许可类信息咨询服务）；企业形象策划。企查查股权穿透显示，该公 司由美凯龙间接全资持股。 ...

Core Insights - The event "Star Selection Good Goods Festival" was launched by Red Star Macalline in Jiangsu, featuring brand ambassador Dilireba, highlighting the company's commitment to brand rejuvenation and engagement with younger consumers [1][3]. Group 1: Brand Strategy - Red Star Macalline's Chairman Li Yupeng emphasized the importance of appealing to younger generations, stating "whoever wins the youth wins the world," and outlined the company's strategy for brand youthfulness [3]. - The company is focusing on a transformation that integrates emotional expression in home decoration, moving away from mere style replication to a deeper connection with materials and spatial emotions [5]. Group 2: Product Innovation - Dilireba participated in an interactive session as a "life designer," showcasing a new concept of appliance consumption that emphasizes "set-based and scenario-based" approaches [6]. - The company is advancing the planning of electrical appliances to be more integrated into the overall home design process, enhancing consumer experience [6]. Group 3: Service Commitment - The "Old House Renewal" initiative was discussed, with a focus on "green consumption + service upgrade" as a dual driving force for the company's integrated service model from consultation to after-sales [8]. - The event featured various interactive elements, including a cake decoration theme and fan engagement, enhancing the emotional connection between the brand and its consumers [8]. Group 4: Industry Positioning - The "Star Selection Good Goods Festival" is positioned not only as a brand celebration but also as a declaration of renewed industry concepts, with a future focus on "scenario-based, high-end, and intelligent" offerings [10].

Group 1 - On November 13, Meikailong executed a block trade of 1.4 million shares, with a transaction amount of 3.514 million yuan, accounting for 3.71% of the total transaction amount for the day [1][2] - The transaction price was 2.51 yuan, which represents an 11.62% discount compared to the market closing price of 2.84 yuan [1][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 關於召開2025年第三季度業績說明會的公告》，僅供參閱。 承董事會命 紅星美凱龍家居集團股份有限公司 於本公告日期，本公司的執行董事為李玉鵬、施姚峰及楊映武；非執行董事為葉衍榴、鄒少榮、車建興及徐國峰； 獨立非執行董事為薛偉、黃建忠、陳善昂、黃志偉及蔡慶輝；及職工董事為鄭建傑。 证券代码：601828 证券简称：美凯龙 公告编号：2025-084 红星美凯龙家居集团股份有限公司 关于召开2025年第三季度业绩说 ...

证券代码：601828 证券简称：美凯龙 公告编号：2025-084 红星美凯龙家居集团股份有限公司 关于召开2025年第三季度业绩说明会的公告 会议召开方式：网络互动方式 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： 一、说明会类型 红星美凯龙家居集团股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日披露了《2025 年第三季度报告》。为便于广大投资者更加全面深入地了 解公司经营业绩、发展战略等情况，公司定于 2025 年 11 月 20 日（星期四） 15:00-16:00 在"价值在线"（www.ir-online.cn）举办红星美凯龙家居集团股 会议召开时间：2025 年 11 月 20 日（星期四）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会 议 问 题 征 集 ： 投 资 者 可 于 2025 年 11 月 20 日 前 访 问 网 址 https://eseb.cn/1t6PVx00m4g 或使用微信扫描下 ...

Core Viewpoint - Meikailong's financial performance in Q1-Q3 2025 shows significant revenue decline and net losses, attributed to weakened demand in the home retail market and increased tenant retention incentives [1][2]. Financial Performance - For Q1-Q3 2025, Meikailong reported revenue of 4.969 billion yuan, a year-on-year decrease of 18.62%, and a net loss attributable to shareholders of 3.143 billion yuan [1]. - In Q3 2025, revenue was 1.632 billion yuan, down 13.24% year-on-year, with a net loss of 1.243 billion yuan [1]. - The company's gross margin improved to 61.89% for Q1-Q3 2025, up 2.47 percentage points year-on-year, and 62.69% for Q3 2025, up 6.07 percentage points year-on-year [2]. Business Operations - The company is accelerating its business model upgrade, with positive developments in new sectors such as appliances, automotive, home decoration design, and lifestyle businesses, contributing to a stabilization in rental rates [2]. - As of September 2025, the occupancy rate of self-operated malls increased from 83.0% at the end of 2024 to 84.7% [2]. - The automotive business area increased by 0.3 percentage points in Q3 2025, reaching a total operational area of 260,000 square meters across 44 cities [2]. Cost and Expenses - The expense ratio for Q1-Q3 2025 was 57.65%, an increase of 2.88 percentage points year-on-year, with specific expense rates for sales, management, R&D, and financial costs reported [3]. - In Q3 2025, the expense ratio rose to 63.19%, up 3.70 percentage points year-on-year [3]. Cash Flow and Future Outlook - Operating cash flow showed significant improvement, with a net inflow of approximately 640 million yuan for the first three quarters of 2025, an increase of about 1.17 billion yuan year-on-year [4]. - The company is expected to continue its "light asset, heavy operation, and deleveraging" strategy, with projected revenues of 6.915 billion yuan, 7.732 billion yuan, and 8.223 billion yuan for 2025-2027, reflecting a year-on-year growth of -11.59%, 11.82%, and 6.34% respectively [4].

Investment Rating - The investment rating for the company is "Accumulate-A" with a 12-month target price of 3.35 yuan, while the current stock price is 2.77 yuan [6]. Core Insights - The company reported a narrowing of non-recurring losses in Q3 2025, with operating cash flow improving quarter by quarter. For the first three quarters of 2025, the company achieved a revenue of 4.969 billion yuan, a year-on-year decline of 18.62%, and a net profit attributable to shareholders of -3.143 billion yuan [1][11]. - The revenue decline in Q3 2025 was 13.24% year-on-year, with a net profit of -1.243 billion yuan and a non-recurring net profit of -356 million yuan. The decline was attributed to weakened demand in the home retail market and a temporary drop in rental income [1][2]. Summary by Sections Revenue and Profitability - The company’s self-operated and leasing segments saw a revenue decline of 5.8 billion yuan year-on-year, while other segments collectively decreased by 5.6 billion yuan [2]. - The gross profit margin for the first three quarters of 2025 was 61.89%, an increase of 2.47 percentage points year-on-year, and for Q3 2025, it was 62.69%, up 6.07 percentage points [4]. Business Development - The company is accelerating its business model upgrade, with positive developments in new business areas such as appliances, automotive, home design, and lifestyle sectors, contributing to a stabilization in mall occupancy rates, which increased from 83.0% at the end of 2024 to 84.7% by the end of Q3 2025 [3]. - The company has expanded its smart appliance stores to over 150 locations across 115 core cities, and its automotive business has reached a total operating area of 260,000 square meters, covering 44 cities with over 30 partner brands [3]. Financial Forecast - The company is expected to achieve revenues of 6.915 billion yuan, 7.732 billion yuan, and 8.223 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of -11.59%, 11.82%, and 6.34% [11]. - The net profit forecast for 2025 is -804 million yuan, with a projected PE ratio of -14.9X, and for 2026, the net profit is expected to be 125 million yuan with a PE ratio of 96.3X [11].

公司名稱: 紅星美凱龍家居集團股份有限公司 呈交日期: 2025年11月5日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01528 | 說明 | H 股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 741,285,634 | RMB | | 1 | RMB | | 741,285,634 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 741,285,634 | RMB | | 1 | RMB | | 741,285,634 | | 2. ...

Core Viewpoint - Red Star Macalline (01528) announced that its major shareholder, Hangzhou Haoyue Enterprise Management Co., Ltd., has reduced its stake in the company by a total of 14.2976 million A-shares through both centralized bidding and block trading methods [1] Summary by Category Shareholder Activity - Hangzhou Haoyue reduced its holdings by 3.5716 million shares through centralized bidding, accounting for 0.08% of the company's total share capital [1] - Additionally, 10.726 million shares were sold through block trading, representing 0.25% of the total share capital [1] - Following this reduction, Hangzhou Haoyue and its concerted parties now hold a total of 391 million shares, down from 405 million shares, decreasing their ownership percentage from 9.31% to 8.98% [1]