Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a significant improvement in operating cash flow, with a net cash flow from operating activities of 2.02 billion, an increase of over 1 billion compared to the same period last year [2] - The company is actively adjusting its strategy and product offerings to attract high-quality brands, resulting in a quarter-on-quarter revenue increase in Q2 2025 [3][4] - The company is focusing on high-end appliances and home decoration, with plans to establish a comprehensive design service network [6][7] Revenue Summary - In H1 2025, the company achieved revenue of 3.337 billion, a year-on-year decline of 21.01%, while Q2 revenue was 1.722 billion, down 18.53% year-on-year but up 6.57% quarter-on-quarter [2] - The company operates 76 self-operated malls with an average occupancy rate of 84.2% and 235 managed malls with an average occupancy rate of 81.3% [3] - The company has implemented a "trade-in" policy, resulting in 743,000 orders and sales of 7.31 billion, with central subsidies amounting to 1.17 billion, accounting for approximately 16% of sales [3] Profitability Summary - In Q2 2025, the gross margin was 63.79%, an increase of 2.96 percentage points year-on-year, while the net margin was -84.13%, a decline of 38.22 percentage points year-on-year [5] - The increase in gross margin is attributed to reduced costs in the construction and decoration services, while the decline in net margin is due to a drop in revenue and fixed costs [5] Future Outlook - The company plans to leverage its partnership with Jianfa Group to expand its market presence and integrate resources from real estate companies [4] - The company aims to establish 40 high-end appliance ecological benchmarks across the country and has already set up 50 automotive business locations covering 44 cities [6][7] - Revenue forecasts for 2025-2027 are adjusted to 7.053 billion, 8.044 billion, and 8.584 billion respectively, with expected EPS of -0.11, 0.04, and 0.10 [8]

红星美凯龙家居集团股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度暨股 东重整计划进展公告 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。 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | □控股股东/实际控制人及其一致行动人 其他 | | --- | --- | | | 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | | | □其他______________（请注明） | 证券代码：601828 证券简称：美凯龙 公告编号：2025-070 红星美凯龙家居集团股份有限公司 2.信息披露义务人信息 | 信息披露义务人名称 | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | | | □控股股东/实控人 | | | 红星美凯龙控股集团 | □控股股东/实控人的一致 | 91310115660714607P  | | 有限公司 | 行动人 | □不适用 | | ...

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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 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9月4日 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. 股份分類 | 普通股 | 股份類別 | ...

| 姓名 | 离任职务 | 离任时间 | 原定任期 到期日 | | 是否继续在上 | 具体职务 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 离任原因 | 市公司及其控 股子公司任职 | （如适用） | 毕的公开 承诺 | | 许迪 | 非执行董事 | 2025 年 9 月 | 2026 年 8 月 | 工作调动 | 否 | 否 | 否 | | | | 3 日 | 14 日 | | | | | | 宋广斌 | 非执行董事 | 2025 年 9 月 | 2026 年 8 月 | 工作调动 | 否 | 否 | 否 | | | | 3 日 | 14 日 | | | | | 二、 离任对公司的影响 根据《公司法》《公司章程》等相关规定，许迪女士、宋广斌先生的辞任不 会导致公司董事会人数低于法定最低人数，不会影响公司董事会依法规范运作和 公司的正常经营。许迪女士、宋广斌先生的辞任报告自送达公司董事会之日起生 效。公司按照相关法定程序，将择日启动新任董事的补选工作。 证券代码：601828 证券简称：美凯龙 公告编号：2 ...

红星美凯龙家居集团发布公告，持股5%以上股东红星美凯龙控股集团及其一致行动人权益比例由 23.51%降至19.95%。因红星控股重整案生效，其持有的155,493,495股股票（占总股本3.57%）将抵债分 配。近日已划转155,117,756股，尚有375,739股待后续划转。此外，常州美开信息科技持有的43,023,000 股股份待卖出，相关操作未完成。本次权益变动不影响公司控股权和经营，也无需披露权益变动报告 书。 ...

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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 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9月4日 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. 股份分類 | 普通股 | 股份類別 | ...

Group 1 - The company Chongqing Xingkai Ke Home Co., Ltd. underwent a business change on September 2, with Wang Yusheng resigning as supervisor and Che Jianxing resigning as director [1] - The company was established in June 2017, with a registered capital of approximately 680 million RMB [1] - The business scope includes leasing of self-owned houses, leasing of self-owned counters, and property management [1] Group 2 - The company is wholly owned by Tianjin Jinrui Enterprise Management Co., Ltd., which is a subsidiary of Meikailong [1]

天眼查工商信息显示，近日，重庆星凯科家居有限公司发生工商变更，王余生卸任监事，车建兴卸任董 事。该公司成立于2017年6月，法定代表人为支建，注册资本约6.8亿人民币，经营范围包括自有房屋租 赁、自有柜台租赁、物业管理等。股权全景穿透图显示，该公司由美凯龙（601828）旗下天津津瑞企业 管理有限公司全资持股。 ...

Core Viewpoint - The company reported a significant decline in revenue and increased losses in the first half of 2025, indicating challenges in its core business and the broader industry environment [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 3.337 billion yuan, a year-on-year decrease of 21.01% [1] - The net profit attributable to shareholders was -1.9 billion yuan, with a year-on-year loss increase of 51.63% [1] - The adjusted net profit was -602 million yuan, reflecting a year-on-year loss increase of 3.05% [1] - In Q2 2025, the company reported operating revenue of 1.722 billion yuan, down 18.53% year-on-year [1] - The net profit attributable to shareholders for Q2 was -1.387 billion yuan, with a year-on-year loss increase of 57.29% [1] - The adjusted net profit for Q2 was -384 million yuan, showing a year-on-year loss decrease of 17.50% [1] Group 2: Business Operations - The company operates 76 self-managed malls, 235 managed malls, 7 strategic partnership malls, and 23 franchised home improvement projects, totaling 369 home improvement stores/industrial streets [2] - In H1 2025, self-operated and rental income was 2.451 billion yuan, a year-on-year decrease of 15.6%, accounting for 73.4% of total revenue [2] - Managed business revenue was 609 million yuan, down 26.4% year-on-year, primarily due to a reduction in the number of managed malls [2] - The construction and decoration services segment generated revenue of 104 million yuan, representing 3.1% of total revenue, impacted by industry contraction [2] Group 3: Strategic Developments - Since 2023, the partnership with Jianfa has led to significant synergies in home appliances, home decoration, and automotive sectors [3] - The appointment of Jianfa's chairman in March 2025 aims to deepen resource integration and strategic collaboration [3] - In H1 2025, the company reported 743,000 orders under the "old-for-new" policy, generating sales of 7.31 billion yuan, with central subsidies of 1.17 billion yuan, accounting for approximately 16% of total sales [3] - The company plans to develop a five-year strategic plan to clarify strategic direction and foster competitive advantages [3] Group 4: Profitability and Cash Flow - The company has seen improvements in gross margin and cash flow, although net profit margin remains under pressure due to non-operating factors [4]

本次交易涉及其他关联方：Fuhui Capital Investment Limited、New Fortune Star Limited、Xi Xi Development Limited、黄联禧。 香港联交所最新资料显示，9月1日，China Lesso Group Holdings Limited减持红星美凯龙（601828） (01528)237.46万股，每股作价1.5741港元，总金额约为373.79万港元。减持后最新持股数目约为5818.53 万股，最新持股比例为7.85%。 ...