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: 2024年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 2. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601828 | 說明 | | A 股（上海證券交易所） | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,613,447,039 | RMB | | 1 | RMB | | 3,613,447,039 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 3,613,447,039 | RMB | | 1 | RMB | | 3,613,447,039 | 本月底法定/註冊股本總額： RMB 4,354,732,673 備註： 第 1 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 09 月 04 日 美凯龙(601828.SH) 证券研究报告 专业市场经营Ⅲ 投资评级 增持-A 下调评级 12 个月目标价 2.75 元 股价 (2024-09-03) 2.23 元 交易数据 总市值(百万元) 9,711.05 流通市值(百万元) 8,057.99 总股本(百万股) 4,354.73 流通股本(百万股) 3,613.45 12 个月价格区间 2.19/4.87 元 升幅% 1M 3M 12M 相对收益 -8.6 -17.1 -39.6 绝对收益 -11.9 -25.9 -53.2 罗乾生 分析师 liuxf3@essence.com.cn 相关报告 经营短期有所承压，期待建 发协同发展 2024-05-06 自营商场稳健发展，费用管 控成效显著 2023-04-05 建发股份拟入主美凯龙，卖 场龙头有望焕发新机 2023-01-09 租金减免勇担社会责任，期 间费用管控成效显现 2022-11-02 主业营收呈现相对韧性，业绩受非经影 响拖累 事件：美凯龙发布2024年半年报。2024H1公司实现营业收入42. ...

Investment Rating - The report maintains an "Accumulate" rating for both A-shares and H-shares of the company [5]. Core Views - The company reported a significant decline in revenue and a net loss for the first half of 2024, with revenue down 25.35% year-on-year to 4.225 billion yuan and a net loss of 1.253 billion yuan [1]. - The company has launched multiple strategic initiatives aimed at long-term development, including the "3+Star Ecosystem" strategy and plans to establish 100 high-end home appliance stores across the country [2]. - The earnings forecast for 2024, 2025, and 2026 has been revised downwards due to higher credit and asset impairment losses, with expected EPS of -0.02, 0.06, and 0.07 yuan respectively [3]. Summary by Sections Financial Performance - In 1H2024, the company achieved a gross margin of 60.67%, an increase of 1.24 percentage points year-on-year, while the expense ratio rose by 7.47 percentage points to 52.67% [1]. - The second quarter of 2024 saw a revenue of 2.113 billion yuan, a decrease of 30.56% year-on-year, and a net loss of 882 million yuan [1]. Strategic Initiatives - The "3+Star Ecosystem" strategy aims to complement existing large appliances with a range of small home appliances and lifestyle products, with plans to open 100 high-end stores by 2025 [2]. - The company has also introduced a "533" rental policy to enhance its leasing strategy [2]. Earnings Forecast - The report has adjusted the EPS forecast for the next three years, reflecting the impact of credit losses and real estate valuation changes, with the new estimates being -0.02, 0.06, and 0.07 yuan for 2024, 2025, and 2026 respectively [3].

证券代码：601828 证券简称：美凯龙 编号：2024-059 红星美凯龙家居集团股份有限公司 关于提供财务资助进展的公告 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。 重要内容提示： 1、根据《红星美凯龙家居集团股份有限公司提供财务资助管理制度》，红星 美凯龙家居集团股份有限公司（以下简称"公司"）及其控股子公司（以下统称 "本集团"）于 2024 年 4 月-6 月期间（以下简称"本公告期间"）无新增对外 财务资助。 2、截至 2024 年 6 月 30 日，本集团对合并报表外单位提供财务资助本金总 余额为 259,542.80 万元，其中未到期的财务资助本金余额为 77,199.90 万元， 逾期未收回的财务资助本金余额为 182,342.90 万元。本集团密切关注财务资助 的可回收性，公司根据《企业会计准则》，以预期信用损失为基础，并按照财务 资助相关主体实际的经营状况，对财务资助未来的可收回情况进行了分析和测试， 计提了相关财务资助减值准备。截至 2024 年 6 月 30 日，本集团逾期财务资助本 金已累计计提 ...

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].

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 编号：2024-058 红星美凯龙家居集团股份有限公司 关于公司 2024 年上半年度计提资产减值准备的 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。 (一) 以摊余成本计量的金融资产及合同资产减值准备 根据《企业会计准则》及公司会计政策，公司以预期信用损失为基础，按照 原实际利率折现的、根据合同应收取的合同现金流量与预期收取的现金流量之间 的差额，对应收账款、其他应收款、长期应收款、合同资产、其他流动资产、一 年内到期的非流动资产以及其他非流动资产中以摊余成本计量的金融资产进行 减值会计处理并确认损失准备。 红星美凯龙家居集团股份有限公司（以下简称"公司"）于 2024 年 8 月 30 日 召开第五届董事会第五次会议及第五届监事会第五次会议，会议审议通过了《关 于公司 2024 年上半年度计提资产减值准备的议案》，同意计提 2024 年上半年资 产减值准备。根据上海证券交易所《股票上市规则》及《公司章程》相关规定， 上述议案无需提交股东大会审 ...

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 编号：2024-056 红星美凯龙家居集团股份有限公司 2024 年上半年度募集资金存放与实际使用情况的 专项报告 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。 根据中国证券监督管理委员会（以下简称"中国证监会"）发布的《上市公司监管 指引第 2 号——上市公司募集资金管理和使用的监管要求》和上海证券交易所发布的 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有关规定，红星美凯 龙家居集团股份有限公司（以下简称"公司"）董事会编制了截至 2024 年 6 月 30 日止 的《红星美凯龙家居集团股份有限公司 2024 年上半年度募集资金存放与实际使用情况 的专项报告》。 一、募集资金基本情况 （一）首次公开发行募集资金金额、资金到位情况 经中国证监会《关于核准红星美凯龙家居集团股份有限公司首次公开发行股票的批 复》（证监许可[2017]2373 号）核准，并经上海证券交易所同意，公司首次公开发行人 民币普通股（A 股）股票 31,500 ...

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 编号：2024-060 红星美凯龙家居集团股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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。 重要内容提示： 红星美凯龙家居集团股份有限公司（以下简称"公司"）于 2024 年 08 月 31 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 10 月 11 日 上午 11:00-12:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2024 年 10 月 11 日 上午 11:00-12:00 （二） 会议召开地点：上证路演中心 1 会议 ...

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 编号：2024-055 红星美凯龙家居集团股份有限公司 第五届监事会第五次会议决议公告 本公司监事会及全体监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"）第五届监事会第五 次会议以电子邮件方式于 2024 年 8 月 12 日发出通知和会议材料，并于 2024 年 8 月 30 日以现场结合通讯方式召开。会议应出席监事 4 人，实际出席监事 4 人， 会议由监事会主席陈家声主持，会议的召开符合《中华人民共和国公司法》和《红 星美凯龙家居集团股份有限公司章程》的有关规定。会议形成了如下决议： 一、审议通过《公司截至 2024 年 6 月 30 日止半年度财务报表》 表决结果: 同意 4 票、反对 0 票、弃权 0 票。 二、审议通过《公司截至 2024 年 6 月 30 日止半年度报告及半年度业绩》 表决结果: 同意 4 票、反对 0 票、弃权 0 票。 公司 2024 年半年度报告包括 A 股 2024 年半年度报告和 H ...

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 编号：2024-054 红星美凯龙家居集团股份有限公司 第五届董事会第五次会议决议公告 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"）第五届董事会第五 次会议以电子邮件方式于 2024 年 8 月 12 日发出通知和会议材料，并于 2024 年 8 月 30 日以现场结合通讯方式召开。会议应出席董事 14 人，实际出席董事 14 人，会议由董事长郑永达主持，会议的召开符合《中华人民共和国公司法》和《红 星美凯龙家居集团股份有限公司章程》的有关规定。会议形成了如下决议： 表决结果：同意 14 票，反对 0 票，弃权 0 票。 一、审议通过《公司截至 2024 年 6 月 30 日止半年度财务报表》 本议案经由董事会审计委员会审议通过，并同意提交董事会审议。 表决结果: 同意 14 票、反对 0 票、弃权 0 票。 二、审议通过《公司截至 2024 年 6 月 30 日止半年度报告及半年度业绩》 本议案经由 ...