接连2年亏损后，2025年上半年，红星美凯龙家居集团股份有限公司（601828.SH）（下称"美凯龙"）再 度亏损19.00亿元。叠加创始人车建兴遭留置及核心管理层频繁变动等情况，公司发展备受关注。 9月18日下午，美凯龙举行线上业绩说明会。针对公司连年亏损、后续如何优化公司债务结构等问题， 《华夏时报》记者以投资者身份向红星美凯龙家居集团股份有限公司副总经理、财务负责人、董事会秘 书（代）杨映武进行了提问。 "公司的连续亏损，主要与市场波动下，投资性物业公允价值波动和资产减值相关，相关损失不会影响 公司经营活动产生现金流的能力；如上的相关损失与公司的管理层变动无关。"同时，杨映武还向记者 强调，公司将从自身的实际经营需要出发，积极尝试多项措施以优化公司债务结构。 本报记者 李贝贝 上海报道 鉴于美凯龙业绩承压期间叠加管理层密集调整，市场对亏损与管理层变动的关联性存在疑问。对此，杨 映武在9月18日举行的线上业绩说明会上向记者回应称，主要与市场波动下投资性物业公允价值波动和 资产减值相关，强调"此类损失不影响公司经营活动现金流能力，且与管理层变动无关"。 营收与盈利双降 中报显示，截至2025年6月30日，美 ...

Core Viewpoint - The article discusses the transformation of traditional home furnishing markets into used car trading centers due to declining performance in the home furnishing industry, highlighting the shift in business strategy among major players in the sector [1][2][3]. Group 1: Industry Performance - The national building materials and home furnishing market faced a sales decline, with a total sales of 14,908.26 billion yuan in 2024, down 3.85% year-on-year [2]. - Red Star Macalline reported a significant drop in Q1 2025 revenue to 1.615 billion yuan, a decrease of 23.49% year-on-year, and a net profit loss of 513 million yuan, down 38.20% [2]. - Similarly, the company’s 2024 annual report indicated a 32.08% decline in main revenue to 7.821 billion yuan and a net profit loss of 2.983 billion yuan, down 34.61% [2][3]. Group 2: Shift to Used Car Market - Major home furnishing companies, including Jinma Kaixuan and Huafeng Group, are pivoting to the used car market, driven by stagnant core business performance [1][3]. - Jinma Kaixuan's chairman noted the lack of high-quality, large-scale used car markets in China, aiming to create a shopping mall-like experience for used car buyers [3]. - The used car market in China has seen substantial growth, with a transaction volume of 19.61 million vehicles in 2024, up 6.52% year-on-year, and a total transaction value of 1.2 trillion yuan [4]. Group 3: Challenges in Used Car Market - Despite growth, the used car market faces challenges such as lack of transparency in vehicle conditions and issues with vehicle quality and after-sales service [5]. - The average annual sales per used car dealer are below 30 vehicles, indicating a fragmented market with low revenue, which affects dealer motivation [5]. - Recommendations include enhancing legal frameworks for market integrity and implementing mandatory vehicle inspections to address these issues [5].