Red Star Macalline(SH:601828) 证券时报·2025-05-14 03:31Core Viewpoint - The company, Red Star Macalline, is currently facing significant challenges, including a major decline in revenue and net profit losses, alongside an ongoing investigation involving a board member, which has raised concerns about its operational stability and future performance [1][5][6]. Financial Performance - In 2023, the company's revenue was approximately 11.5 billion, representing an 18% year-on-year decline, with a net loss of 2.216 billion compared to a profit of 589 million in the previous year [5]. - For 2024, revenue further decreased by 32.08% to 7.821 billion, with a net loss of 2.983 billion, marking a 34.61% increase in losses compared to the previous year, totaling nearly 5.2 billion in losses over two years [5]. - The first quarter of 2025 showed a revenue of 1.615 billion, down 23.49%, and a net loss of 513 million, a 38.2% decline year-on-year [5]. Revenue Composition - In 2024, rental and related income from self-operated malls fell by 21%, while income from managed malls decreased by 28.1%. Other revenue streams, including construction and decoration services, also experienced declines [6]. Operational Challenges - The company attributed its revenue decline to fluctuations in related industries, affecting both mall operations and tenant performance, leading to a temporary drop in occupancy rates and rental income [6]. - To support tenants, the company increased incentives to retain businesses, which contributed to the overall revenue decline [6]. Positive Signals - Despite the poor financial performance, there are signs of improvement, such as a positive cash flow from operating activities of 748 million in the fourth quarter of 2024, indicating a potential recovery [6]. - The average occupancy rate of self-operated malls slightly improved to 83% [6].