智通财经APP获悉，香港联交所最新数据显示，1月26日，仁桥(北京)资产管理有限公司增持红星美凯龙 (01528)1396.64万股，每股作价1.254港元，总金额约为1751.39万港元。增持后最新持股数目为5041.66 万股，最新持股比例为6.8%。 ...

Group 1 - A total of 1123 A-share listed companies have released their 2025 performance forecasts, with 602 companies expecting profits and 521 companies anticipating losses [1][2] - Among the companies predicting profits, Zijin Mining leads with a forecasted net profit of 52 billion yuan, followed by Luoyang Molybdenum with 20.8 billion yuan [2][3] - The automotive sector, represented by SAIC Motor, is expected to see a significant profit increase of 438%-558%, the highest growth rate among the top ten profit forecast companies [2][3] Group 2 - The real estate sector dominates the list of companies forecasting significant losses, with China Fortune Land Development expected to lose between 16 billion and 24 billion yuan [3][4] - Other sectors facing losses include the photovoltaic industry, with Tongwei Co., TCL Zhonghuan, and Trina Solar among the top ten companies predicting losses [4][5] - JinkoSolar is projected to experience the largest decline in net profit, with a decrease of 6063.96%-7074.8% due to price fluctuations in the global photovoltaic industry [9][10] Group 3 - Companies like *ST Weir and Tonghua Dongbao are expected to see substantial profit growth, with *ST Weir forecasting a net profit increase of 8303.8%-9599.14% [6][8] - Approximately 260 companies are expected to have a net profit growth rate exceeding 100%, accounting for about one-fifth of the companies that have released forecasts [7][8] - The performance of companies in the photovoltaic sector is under pressure due to market conditions, impacting their profitability despite efforts to innovate and upgrade technology [9][10]

Core Viewpoint - Xiamen State-owned Enterprise Jianfa Co., Ltd. reported its first loss since its listing over twenty years ago, with projected net profit attributable to shareholders ranging from -10 billion to -5.2 billion yuan for 2025 [1][2]. Group 1: Financial Performance - Jianfa Co. expects a net profit attributable to shareholders for 2025 to be between -10 billion and -5.2 billion yuan, with a net profit after deducting non-recurring gains and losses estimated at -6.5 billion to -3.3 billion yuan [1][2]. - The company attributes the loss primarily to negative profit settlements from its real estate subsidiary, Lianfa Group, increased inventory impairment provisions, and losses from the fair value changes of investment properties held by its home furnishing subsidiary, Red Star Macalline [1][3]. Group 2: Subsidiary Performance - Lianfa Group is expected to report a negative net profit for 2025, with revenue from real estate projects declining year-on-year, leading to negative overall profit settlements [2][3]. - Red Star Macalline is also projected to incur a net loss for 2025, with ongoing weakness in the real estate market affecting demand in the home furnishing retail sector, resulting in significant declines in rental income and property values [3][5]. Group 3: Strategic Changes - Jianfa Co. has undergone significant organizational changes, including a leadership transition at Lianfa Group, with Wang Wenhuai replaced by Lin Weiguo as chairman, aiming to implement a new strategy focused on high-quality, competitive housing in first-tier cities [4][10]. - The company has faced challenges in transforming Lianfa Group, which has historically focused on third- and fourth-tier cities, leading to longer project turnover times and increased pressure during industry adjustments [5][14]. Group 4: Market Context - The real estate industry is experiencing deep adjustments, with Jianfa Co. facing growth pressures and difficulties in resource allocation between its two platforms, Lianfa Group and Jianfa Real Estate [14][15]. - Despite previous successes, Jianfa Real Estate's growth has slowed, with challenges in acquiring quality land in core cities and a decrease in profit margins due to market conditions [14][15].

美凯龙表示，公司2025年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。 北京商报讯（记者 翟枫瑞）1月26日，红星美凯龙家居集团股份有限公司（以下简称"美凯龙"）发布 2025年度业绩预告称，经财务部门初步测算，公司预计2025年度实现净利润为-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。 ...

Core Viewpoint - Meikailong (601828.SH, 01528.HK) anticipates a net profit loss for the fiscal year 2025, primarily due to significant fair value adjustments on investment properties, estimated between 12.6 billion to 21.5 billion yuan [2] Group 1: Financial Performance and Adjustments - The company is adjusting the value of its investment properties in response to a decline in demand within the real estate and home improvement sectors, leading to a notable decrease in rental income [2][3] - The adjustment reflects a prudent accounting approach, ensuring that financial statements accurately represent the company's asset values without impacting cash flow or operational capabilities [3][4] - Meikailong's rental income has been significantly affected by strategic decisions to reduce rents and management fees to retain tenants, resulting in a substantial drop in rental levels compared to previous years [2][4] Group 2: Operational Resilience and Strategic Initiatives - Despite challenges in the home retail industry, Meikailong has improved its operational metrics, with a rental rate of 84.72% in Q3 2025, up 0.52% from Q2 [4] - The company has implemented cost-reduction measures, with sales expenses down 18.05%, management expenses down 19.92%, and financial expenses down 10.23% in Q3 2025 [5] - Meikailong is actively pursuing strategic upgrades, aiming to transition into a "new commercial operator in home living" and expand its service offerings beyond traditional home goods [6][7] Group 3: Future Strategic Direction - The company plans to enhance its "3+Star Ecosystem" strategy, integrating home, real estate, and supply chain services to create a comprehensive home living ecosystem [7][8] - This strategic shift aligns with national goals to expand high-quality consumer goods and services, promoting a transition from fragmented price competition to a focus on service, design, and ecosystem [8]

Investment Rating - The report assigns an "Accumulate" rating for the industry [6]. Core Insights - The civil aviation sector is expected to see record-high passenger transport volume during the Spring Festival, with an anticipated 95 million passengers, representing a year-on-year growth of approximately 5.3% [2][5]. - The retail sector showed a slight increase in consumer spending, with a total retail sales of 45,136 billion yuan in December 2025, marking a 0.9% year-on-year growth [5]. - The report highlights the continuous rise in gold prices, with spot gold surpassing 4,800 USD per ounce, leading to increased prices for domestic gold jewelry [5]. - The report emphasizes the positive impact of travel policies on tourism and hotel sectors, suggesting a focus on companies like Atour, Huazhu Group, and Jinjiang Hotels [5][6]. Summary by Relevant Sections Civil Aviation - The report indicates that the domestic flight ticket prices have slightly increased compared to the previous year during the Spring Festival [5]. - The Civil Aviation Administration forecasts a daily average of 2.38 million passengers during the Spring Festival period [5]. Retail Sector - The total retail sales for the year 2025 reached 501,202 billion yuan, reflecting a 3.7% year-on-year increase [5]. - The report notes that the opening of the child-rearing subsidy program on January 5, 2026, will provide 3,600 yuan per child annually for children under three years old [5]. Company Announcements - China Duty Free Group announced the acquisition of DFS's travel retail business in Greater China for up to 395 million USD [5]. - Jiajiayue expects a net profit of 198 million to 228 million yuan for 2025, representing a year-on-year growth of 50.06% to 72.79% [5]. - Meikailong anticipates a net loss of 22.5 billion to 15 billion yuan for 2025, a significant decline compared to the previous year [5]. - Jinling Hotel expects a net profit of 55 million to 63.5 million yuan for 2025, indicating a growth of 65.37% to 90.93% year-on-year [5].

Core Viewpoint - A significant number of companies in the A-share market have reported substantial losses, leading to a collective loss of 500 billion yuan, indicating a severe financial crisis within the industry [1][20]. Group 1: Company Losses - 65 companies disclosed their financial troubles, with major players like Red Star Macalline, Jindi Group, and Jianfa Holdings reporting massive losses of 225 billion, 135 billion, and 100 billion yuan respectively [4][10]. - The losses from these three companies alone could have been sufficient to acquire an entire medium-sized sector, highlighting the scale of the financial damage [5]. - The losses are attributed to asset impairment and the devaluation of previously overvalued properties, leading to a collapse in investor confidence [8][20]. Group 2: Market Reactions - The market appears to be in a state of denial, with indices showing resilience while individual stocks suffer severe declines, indicating a disconnect between market perception and reality [3][10]. - The financial reports have led to a significant drop in stock prices, undermining the belief in "core assets" and revealing the fragility of the market [10][20]. Group 3: Financial Strategies - The phenomenon of "financial big washing" is observed, where companies are using accounting flexibility to report massive losses in one go, potentially to reset their financial baselines for future reporting [17][20]. - This strategy allows companies to clear hidden liabilities and prepare for a potential recovery, but it also risks eroding investor trust [20][21]. Group 4: Regulatory Environment - The current regulatory environment, including the new registration system, has increased the pressure on companies to maintain transparency and avoid continuous losses, which could lead to delisting [21][22]. - Companies are advised to focus on fundamental performance rather than speculative trading, as the market is becoming increasingly unforgiving towards those with deteriorating fundamentals [21].

Core Viewpoint - Meikailong (601828.SH, 01528.HK) anticipates a net profit loss for the fiscal year 2025, primarily due to significant fair value adjustments on investment properties, estimated between 12.6 billion to 21.5 billion yuan [1][3] Group 1: Financial Performance and Adjustments - The company is adjusting the value of its investment properties in response to the ongoing downturn in the real estate and home improvement sectors, leading to a notable decline in rental income and management fees [3][4] - In December, the sales revenue of large-scale building materials and home furnishing markets in China fell by 4.4% year-on-year, with a total sales revenue of 1,179.6 billion yuan [4] - Meikailong's self-operated mall occupancy rate reached 84.72% in Q3 2025, reflecting a 0.52% increase from the previous quarter, while the net cash flow from operating activities improved to 643 million yuan, compared to a negative figure in the same period last year [5] Group 2: Strategic Initiatives and Future Outlook - Under new management, Meikailong is actively pursuing strategic upgrades, aiming to transform into a "new commercial operator of home life and service provider for the home industry ecosystem" [6][7] - The company plans to enhance its "3+Star Ecosystem" strategy by integrating home, real estate, and supply chain elements, thereby expanding its service offerings beyond just home furnishings [7][8] - Analysts believe that if Meikailong successfully implements its new strategy, it could shift the home furnishing industry from fragmented price competition to a high-quality competition focused on service and design, positively impacting the entire supply chain [8]

来源：环球网 1月23日晚，美凯龙(601828.SH、01528.HK)发布业绩预告，预计2025年度归母净利润亏损。造成亏损的 原因，主要是公司对所持有的投资性房地产项目进行大额公允价值变动损失的调整，涉及金额约126亿 ~215亿元。 美凯龙解释称，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。 过去一年，美凯龙按照"3+星生态"战略指引，实施升级高端电器战略、推进M+高端设计中心等举措。 业内人士认为，美凯龙此举意在释放投资性房地产估值压力，未来利润表中将减少同类公允价值变动损 失，有助于投资者更清晰地看到主营业务盈利能力的真实改善和公司的核心价值。 此举恰恰体现了新管理层应对周期、夯实资产质量的决心 ...

中访网数据 红星美凯龙家居集团股份有限公司（证券代码：601828）于2026年1月24日发布2025年度业 绩预告。预告显示，公司预计2025年度归属于母公司所有者的净利润将出现大幅亏损，区间为-225亿元 至-150亿元；扣除非经常性损益后的净利润预计为-58亿元至-46亿元。业绩预亏主要源于非现金性损 失。受地产及家居行业需求持续下滑影响，公司为稳商留商采取了租金优惠等措施，导致租金收入下 降，并因此调整了未来租金预期。基于此，公司对持有的投资性房地产公允价值进行了重估，预计将产 生126亿元至215亿元的价值下调。同时，公司对与房地产市场关联紧密的各类资产进行了减值测试，初 步预计计提减值准备约45亿元至57亿元。公司强调，上述公允价值变动及减值不影响其物业创造现金流 的能力和经营基本面，并表示已升级战略定位为"家居生活新商业运营商与家居产业生态服务商"，旨在 聚焦主业升级并拓展产业生态服务。本次业绩预告数据仅为初步测算结果，具体财务数据以公司正式披 露的2025年年度报告为准。 ...