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3月31日 狀態: 新提交 備註： 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4月7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 ...

Investment Rating - The report maintains an "Accumulate" rating for both A-shares and H-shares of the company [4][6]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with a revenue of 7.82 billion and a net loss of 2.98 billion, reflecting a year-on-year revenue decrease of 32.08% [1][5]. - The company is expected to benefit from government subsidy policies aimed at promoting the replacement of old home appliances, which may improve its performance in the future [3][4]. Summary by Sections Financial Performance - In 4Q2024, the company achieved a revenue of 1.72 billion, down 39.57% year-on-year, with a net loss of 1.10 billion [1][2]. - The gross margin for 4Q2024 was 54.1%, showing a year-on-year increase of 0.6 percentage points, while the expense ratio rose by 24.9 percentage points to 70.6% [2]. Business Strategy - The company is enhancing its multi-format layout by introducing high-frequency consumption formats within its shopping malls, aiming to improve the overall consumer experience [3]. - The company has expanded its market presence to 249 shopping malls nationwide, with several locations becoming designated enterprises for government subsidy programs [3]. Earnings Forecast - The earnings per share (EPS) estimates for 2025 and 2026 have been revised down to 0.01 and 0.06 respectively, with a new estimate for 2027 at 0.10 [4][5]. - The company is projected to see a recovery in profitability starting in 2025, with a significant increase in net profit forecasted for 2026 and 2027 [4][5].

Group 1 - The company reported a 32.08% year-on-year decrease in revenue for 2024, with a net profit attributable to shareholders of -2.98 billion yuan [1] - In Q4 2024, the company achieved revenue of 1.72 billion yuan, a 39.57% year-on-year decline, and a net profit of -1.1 billion yuan [1] - The gross margin for Q4 2024 was 54.1%, showing a year-on-year increase of 0.6 percentage points, while the expense ratio rose by 24.9 percentage points to 70.6% [1] Group 2 - The company is deepening its multi-format layout by introducing high-frequency consumption formats in its home furnishing malls, enhancing consumer experience [2] - As a leading offline home furnishing mall channel, the company benefits from government subsidies for replacing old home appliances, with 249 malls nationwide by the end of 2024 [2] - The company has adjusted its earnings forecast for 2025 and 2026, predicting EPS of 0.01 and 0.06 yuan respectively, while maintaining an "overweight" rating due to expected industry recovery [3]

Investment Rating - The investment rating for the company is "Accumulate-A" with a 12-month target price of 3.62 CNY [6]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with total revenue at 7.82 billion CNY, down 32.08% year-on-year, and a net profit of -2.98 billion CNY, down 34.61% year-on-year [2][3]. - Despite the short-term pressure on core business, cash flow improved in Q4 2024, turning positive at 748 million CNY, indicating reduced financial pressure [3]. - The company is actively responding to government policies promoting "old-for-new" exchanges, which boosted sales in Q4 2024, with 724,000 orders and sales amounting to 6.69 billion CNY [4]. Summary by Sections Financial Performance - In 2024, the company operated 77 self-operated malls and 257 managed malls, with self-operated business revenue at 5.36 billion CNY, down 21.0% year-on-year, accounting for 68.5% of total revenue [3]. - The average occupancy rate for self-operated malls was 83.0%, with over 80% located in prime locations in first and second-tier cities [3]. - The overall gross margin for 2024 was 58.26%, an increase of 1.52 percentage points year-on-year, while the net profit margin was -40.79%, a decrease of 20.20 percentage points year-on-year [10][11]. Strategic Initiatives - The company is expanding its "3+Star Ecosystem" strategy, focusing on high-end appliances and home decoration, with plans to establish 100 high-end appliance stores nationwide over the next two years [4]. - The company has also entered the automotive sector, collaborating with 25 car brands and expanding its operational area to 164,000 square meters, a year-on-year increase of 60,000 square meters [4]. Future Outlook - The company aims to gradually recover profitability, with projected revenues of 8.39 billion CNY, 8.78 billion CNY, and 9.12 billion CNY for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 7.21%, 4.70%, and 3.90% [12]. - The net profit is expected to improve, with estimates of -290 million CNY in 2025, turning profitable in 2026 with a net profit of 372 million CNY [12].

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, with a focus on improving cash flow and strategic business adjustments to enhance future performance [1][2][5]. Financial Performance - In 2024, the company achieved operating revenue of 7.821 billion, a year-on-year decrease of 32.08%, and a net profit attributable to shareholders of -2.983 billion, down 34.61% [1]. - For Q4 2024, the company recorded operating revenue of 1.716 billion, a decline of 39.57%, but net profit attributable to shareholders improved to -1.097 billion, an increase of 34.32% [1]. - The comprehensive gross margin for 2024 was 58.26%, an increase of 1.52 percentage points year-on-year [4]. Business Segments - Self-operated and leasing income for 2024 was 5.360 billion, down 21.0%, accounting for 68.5% of total revenue, with an average occupancy rate of 83.0% in self-operated malls [2]. - Commissioned management income was 1.460 billion, a decrease of 28.1%, with an average occupancy rate of 82.5% [2]. - Revenue from construction and decoration services was 0.332 billion, down 11.44 billion, due to industry contraction and project delays [2]. - Other business income was 0.669 billion, a decrease of 5.56 billion, primarily due to reduced joint marketing and commercial planning revenue [3]. Strategic Initiatives - The company is expanding its "3+Star Ecosystem" strategy, focusing on integrating home appliances and home decoration to create a new consumer ecosystem [3]. - Plans to establish 100 high-end home appliance stores nationwide over the next two years, with a focus on smart appliances [3]. - The company has engaged with 25 automotive brands, expanding its footprint in 26 cities with a total operating area of 164,000 square meters, a year-on-year increase of 60,000 square meters [3]. Cost Management - The company’s expense ratio for 2024 was 58.21%, an increase of 11.62 percentage points year-on-year, with significant increases in sales and management expenses [4]. - In Q4 2024, the expense ratio rose to 70.61%, reflecting a 24.81 percentage point increase year-on-year [4]. Future Outlook - The company aims to implement a "light asset, heavy operation, and reduced leverage" strategy, with expectations of revenue growth in the coming years [5][6]. - Projected revenues for 2025-2027 are 8.385 billion, 8.780 billion, and 9.122 billion, with corresponding net profits expected to improve gradually [6].

Group 1: Reap Bio - Reap Bio's net cash flow from operating activities for 2024 is projected to be 735 million, representing a 79.35% increase year-on-year, driven by improved conditions in the aquaculture industry and enhanced accounts receivable management [1] - The company plans to launch multiple new products, including multivalent vaccines, genetically engineered vaccines, and mRNA vaccines from 2025 to 2026, and will acquire a 15% stake in Zhongrui Huapu and control of Zhongrui Supply Chain to establish a vertical supply chain [1] - The raw material drug segment is expanding with over ten products, including Florfenicol and Tilmicosin, and the hydrochloride of Woniu Mianlin Dihydrate has obtained a new veterinary drug certificate [1] - Reap Bio has secured partnerships with over 20 group clients, achieving more than 50 significant products with sales exceeding 10 million [1] - The gross margin for 2024 is expected to decline due to the acquisition of Zhongrui Supply Chain, as the pet supply chain has a lower gross margin, leading to a structural decrease in overall gross margin [1] Group 2: Meikailong - Meikailong plans to enhance rental rates through category expansion and optimize rental levels based on dealer profitability and increased traffic, with a reduction in losses expected to manifest in the second half of 2023 [2] - The company will implement an old-for-new policy in 2023, leveraging favorable policies to encourage dealer participation in subsidy activities, aiming to deepen user engagement and boost sales [2] - Following the acquisition by Jianfa, Meikailong will collaborate across real estate, home decoration, and supply chain sectors to promote its internationalization strategy [2]

Summary of the Conference Call for Meikailong Company Overview - **Company**: Meikailong (红星美凯龙) - **Industry**: Home furnishing and retail Key Points and Arguments 2024 Performance and Market Trends - Meikailong's performance in 2024 was stable despite global economic recovery challenges and geopolitical tensions, with China's GDP growth at 5% and surpassing 130 trillion yuan [3][4] - The home furnishing industry is benefiting from macroeconomic structural optimization, leading to two main opportunities: consumption upgrade driving quality demand and green low-carbon transformation prompting industry chain innovation [3][4] Business Strategy and Digital Transformation - The company is implementing a "Three New Ecosystem" strategy focusing on home decoration, home appliances, and home furnishing, while enhancing consumer shopping experiences through lifestyle offerings [3][5] - Meikailong is actively pursuing digital transformation and smart retail to boost store traffic and sales, with a self-operated mall occupancy rate reaching 83% by the end of 2024 [3][22] Financial Performance - In 2024, Meikailong reported revenue of approximately 7.82 billion yuan, a year-on-year decline of 32% [22] - Despite the overall loss, the home furnishing mall business remained profitable, generating over 400 million yuan in operating profit [22][23] - The company faced significant losses due to a decline in rental income and fair value changes of investment properties, totaling nearly 3.5 billion yuan in losses [22] Market Adaptation and Growth Opportunities - Meikailong is adapting to the real estate market's shift from new to existing properties, focusing on professional management and enhancing core competitiveness [9][10] - The company is expanding its presence in the high-end appliance market, with operational space reaching 11 million square meters across over 150 cities [10][11] Future Plans and Innovations - Plans for 2025 include upgrading the appliance sales network and launching a global home living center in Shanghai [11][12] - The company aims to increase its operational area for home decoration design centers to 1.3 million square meters by 2026, targeting younger consumers [13][15] Impact of National Policies - National consumption stimulus policies, including trade-in subsidies, have significantly impacted Meikailong, with a reported 17% sales growth attributed to these initiatives [17][19] - The company plans to leverage these policies further to increase sales proportions to 25%-30% in 2025 [26] Collaboration with Jianfa Group - Meikailong is collaborating with Jianfa Group to explore overseas market opportunities and enhance supply chain integration, particularly in the high-end real estate sector [27] Additional Important Insights - The company is focusing on improving operational efficiency through technology and digital tools, including partnerships with platforms like Alibaba and Douyin [20] - Meikailong's rental optimization strategy has shifted from price increases to enhancing traffic and dealer profitability, aiming for a revenue increase of 300-400 million yuan in the second half of 2025 [25] This summary encapsulates the key insights from the conference call, highlighting Meikailong's strategic direction, financial performance, and market adaptation efforts.

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： 本次会议是否有否决议案：无 证券代码：601828 证券简称：美凯龙 公告编号：2025-028 红星美凯龙家居集团股份有限公司 2025 年第二次临时股东大会决议公告 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 563 | | --- | --- | | 其中：A 股股东人数 | 561 | | 境外上市外资股股东人数（H 股） | 2 | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,298,997,522 | | 其中：A 股股东持有股份总数 | 2,263,044,006 | | 境外上市外资股股东持有股份总数（H 股） | 35,953,516 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 52.805750 | (一) 股东大会召开的时间：2025 年 4 月 2 日 (二) 股东大会召开的地点：上海市闵行区申长路 1466 弄红星美凯龙总部 B 座南楼 3 楼会议中心 (三) 出席会议的普通股股 ...

北京市金杜律师事务所上海分所 关于红星美凯龙家居集团股份有限公司 1. 公司 2023 年第五次临时股东大会、A 股类别股东会及 H 股类别股东会 审议通过的《红星美凯龙家居集团股份有限公司章程》（以下简称《公 司章程》）； 2. 公司于 2025 年 3 月 6 日刊登于上海证券交易所网站、巨潮资讯网、《中 国证券报》《上海证券报》《证券时报》《证券日报》及于 2025 年 3 月 5 日刊登于香港交易及结算所有限公司披露易网站的《红星美凯龙家居集 团股份有限公司第五届董事会第三十二次临时会议决议公告》； 11.其他会议文件。 2025 年第二次临时股东大会 之法律意见书 致：红星美凯龙家居集团股份有限公司 北京市金杜律师事务所上海分所（以下简称本所）接受红星美凯龙家居集 团股份有限公司（以下简称公司）委托，根据《中华人民共和国证券法》（以下 简称《证券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券 监督管理委员会《上市公司股东大会规则》（以下简称《股东大会规则》）等中 华人民共和国境内（以下简称中国境内，仅为本法律意见书之目的，本法律意 见书中提及的"中国境内"不包括中国香港特别行政区、 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a significant decline in revenue and net loss for 2024, primarily due to slow recovery in post-real estate consumption and a temporary drop in rental income [2][3] - The company is leveraging government subsidies to boost sales and improve occupancy rates in its malls, with a notable increase in "trade-in" orders and sales during Q4 2024 [3] - The company is focusing on high-end home appliance and home decoration ecosystems to enhance its market position and operational quality [5][6] Revenue Summary - In 2024, the company achieved revenue of 7.82 billion, a year-on-year decline of 32.08%, with a net loss attributable to shareholders of 2.98 billion [2][9] - The company's self-operated malls generated revenue of 5.36 billion, down 21.0% year-on-year, with average occupancy rates of 83.0% and 82.5% for self-operated and managed malls, respectively [3] Profitability Summary - The company's gross margin for 2024 was 58.26%, an increase of 1.52 percentage points year-on-year, while the net margin was -40.79%, a decline of 20.20 percentage points [4] - The company’s operating expenses increased significantly, with a total expense ratio of 58.24% for 2024, up 11.64 percentage points year-on-year [4] Future Outlook - The company has adjusted its revenue forecasts for 2025-2027, expecting revenues of 8.20 billion, 8.50 billion, and 8.78 billion, respectively, with corresponding EPS of 0.02, 0.09, and 0.16 [7][9] - The company maintains a comprehensive online and offline layout, covering home furnishings, home decoration, and high-end appliances, which is expected to enhance its growth potential [7]