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。 业内人士指出，美凯龙对投资性房地产的价值调整，是基于市场行业情况，客观反映真实资产价值的优 化之举。不仅通过非现金的资产估值调整夯实了报表，更剔除了资产估值波动对业绩的干扰，让核心业 务的真实盈利能力更清晰显现，为公司轻装上阵聚焦主业、迈向长期高质量发展筑牢了坚实基础。 客观反映真实资产，不影响长期使用价值 此举恰恰体现了新管理层 ...

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。 客观反映真实资产，不影响长期使用价值 当前，美凯龙所属的家居行业仍在调整。中国建筑材料流通协会数据显示，全国规模以上建材家居卖场 12月销售额为1179.60亿元，同比下跌4.40%；2025年全年累计销售额为14411.45亿元，同比下跌 3.33%。 面对未来租金收益的不确定性，基于审慎会计原则，美凯龙对投资性房地产的价值进行调整。此次调整 是对行业周期变化的正常财务反映，使财务报表更真实、健康，不涉及现金支出，不影响公司现金流、 偿债能力和正常经营。 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。账面调整不改商业地产长期作为核心实物资 产的配置价值，以及优质地段资产的稀缺性。截至2025年12月底，美凯龙经营7 ...

Core Viewpoint - The company is leveraging government subsidy policies to reduce consumer purchasing costs, stimulate demand, and enhance sales and tenant confidence, leading to improved rental rates in its malls [1][2]. Group 1: Government Policies and Market Impact - The continuous optimization of national subsidy policies directly lowers consumer costs, stimulates demand, and effectively increases foot traffic in malls, thereby boosting sales and enhancing merchant confidence [1]. - The company is actively including its malls in government subsidy lists, positioning them as key channels for policy implementation [1]. Group 2: Business Performance and Strategy - As a result of improved merchant sales, the average occupancy rate of the company's self-operated malls increased from 83% at the beginning of the year to 84.72% by the third quarter of 2025, indicating stabilization and improvement in core operational metrics [1]. - The company has established over 150 smart appliance pavilions and has deepened partnerships with leading brands, reinforcing its essential channel position in the industry [2]. - The expansion of policy coverage to smart home and elderly-friendly products aligns with the company's "3+Star Ecosystem" strategy, allowing it to diversify into new business areas such as high-end appliances and automotive integration [2]. - For the first nine months of 2025, the company reported revenue of 4.969 billion yuan, a year-on-year decline of 18.62%, and a net loss of 3.143 billion yuan [2].

Core Viewpoint - The company is leveraging government subsidy policies to reduce consumer purchasing costs, stimulate demand, and enhance sales and tenant confidence, leading to improved rental rates [1] Group 1: Government Policies and Market Impact - The continuous optimization of national subsidy policies directly lowers consumer costs, stimulates demand, and effectively increases foot traffic in malls [1] - The company is actively including its malls in government subsidy lists, positioning them as key channels for policy implementation [1] Group 2: Business Performance and Metrics - As a result of improved merchant sales, the average rental rate of the company's self-operated malls increased from 83% at the beginning of the year to 84.72% by the third quarter of 2025 [1] - Core operational indicators are stabilizing and showing positive trends [1] Group 3: Strategic Initiatives and New Business Development - The company has established over 150 smart appliance stores and is deeply integrated with leading brands, reinforcing its position as a critical industry channel [1] - The expansion of policy coverage to smart home and elderly-friendly products aligns with the company's "3+Star Ecosystem" strategy, allowing for the development of new business areas such as high-end appliances, smart home solutions, elderly care facilities, and automotive integration [1] - The influx of customer traffic and sales from these policies enhances the company's brand strength and expansion capabilities in light-asset models like managed malls and franchising, enabling growth with lower capital expenditure [1]

Core Insights - The financial report of Red Star Macalline for Q3 2025 reveals significant challenges faced by the company in the current market environment, with a quarterly revenue of 4.969 billion yuan, a year-on-year decline of 18.6%, and a net loss attributable to shareholders of 3.143 billion yuan, down 66.55% year-on-year [1][2] Financial Performance - The net loss of 3.143 billion yuan is largely attributed to a 3.327 billion yuan decline in the fair value of investment properties, reflecting the impact of real estate market fluctuations and the deep ties between the home furnishing industry and the real estate market [2] - Revenue decreased by 18.6% to 4.969 billion yuan, influenced by the company's strategic decision to downsize non-core businesses and the pressure on rental prices in a saturated market [2] Operational Developments - Despite the losses, there are signs of operational improvement, with core business operating profit doubling to approximately 200 million yuan, and net cash flow from operating activities increasing by 1.17 billion yuan to 640 million yuan compared to the same period last year [3] - The occupancy rate of self-operated malls improved from 83% to 84.7%, indicating a slight recovery in business fundamentals [3] Strategic Initiatives - The company has initiated a comprehensive self-rescue strategy focusing on three main lines: 1. "Survival through Disengagement" by closing 33 malls to reallocate resources to more promising areas, such as smart appliance stores and new energy vehicle showrooms, which are expected to drive future growth [4] 2. Building a "Commercial Ecosystem" by introducing innovative business formats that enhance consumer experiences, aiming to create a more integrated shopping environment [4] 3. Implementing lean operations across the entire chain, with sales and management expenses decreasing by 18% and 19.9% respectively, reflecting cost-cutting efforts [4] Market Positioning - The company is navigating a challenging landscape, balancing the need to contract traditional business while investing in new formats for future growth, which tests its strategic resolve and execution capabilities [4] - The approach of integrating various business formats raises questions about its effectiveness compared to competitors focusing on digitalization, and whether the development cycle of new formats can outpace asset depreciation [4]

Core Insights - Meikailong reported a revenue of 4.969 billion yuan for the first three quarters of 2025, with a net operating cash flow of 643 million yuan, marking two consecutive quarters of positive cash flow [2] - The company has improved its asset quality under new management, with financial expenses decreasing by 187 million yuan year-on-year and credit impairment losses narrowing by 564 million yuan [2] - Meikailong is implementing a "3+ Star Ecosystem" strategy, introducing high-end appliances, home design, automotive, and dining categories to create a closed-loop lifestyle scenario [2] Financial Performance - Revenue for the first three quarters of 2025 reached 4.969 billion yuan [2] - Net operating cash flow was 643 million yuan, indicating positive cash flow for two consecutive quarters [2] - Financial expenses decreased by 187 million yuan year-on-year, while credit impairment losses narrowed by 564 million yuan [2] Cost Management - Sales expenses amounted to 618 million yuan, a year-on-year decrease of 18.05% [2] - Management expenses were 600 million yuan, down 19.92% year-on-year [2] - Financial expenses totaled 1.642 billion yuan, reflecting a 10.23% year-on-year decline [2] Asset Quality Improvement - As of September 30, the company's monetary funds reached 3.744 billion yuan [2] - Short-term borrowings and non-current liabilities due within one year decreased by 3.277 billion yuan compared to the end of the previous year [2] - Asset impairment losses narrowed by 2.2 million yuan year-on-year [2]

Group 1 - The company is steadily advancing its 3+ star ecological strategy in recruitment, focusing on home furnishings, home decoration, and home appliances to enhance rental rates and income [1] - The company plans to focus on youth transformation by introducing diverse business formats, including themed home furnishing stores, trendy design areas, solutions for single living, and pet-friendly home experience zones to better serve young consumers [1] - Despite the increasing penetration of online transactions in the domestic home furnishing, building materials, and home appliance market, consumers still prefer offline experiences due to the high-value and experiential nature of home consumption, indicating the continued importance of offline retail spaces [1]

Core Viewpoint - In the first half of the year, Jianfa Co., Ltd. reported a revenue of 315.32 billion yuan, a year-on-year decline of 1.16%, and a net profit attributable to shareholders of 840 million yuan, down 29.87%, marking the lowest level in nearly a decade [1][2]. Financial Performance - The total revenue for the first half of the year was 315.32 billion yuan, a decrease of 1.16% compared to the same period last year [2]. - The total profit for the period was 1.62 billion yuan, down 39.51% year-on-year [2]. - The net profit attributable to shareholders decreased by 29.87% to 840 million yuan [2]. - The net profit after deducting non-recurring gains and losses was 675 million yuan, a decline of 20.38% [2]. - The net cash flow from operating activities was 17.87 billion yuan, with no applicable comparison due to previous losses [2]. - The net assets attributable to shareholders were 71.33 billion yuan, a decrease of 0.92% from the end of the previous year [2]. - Total assets increased by 15.80% to 889.19 billion yuan compared to the end of the previous year [2]. Business Segment Performance - The real estate segment reported a net profit of 11 million yuan, down 1.43 billion yuan year-on-year [4]. - The home furnishing business segment saw a reduction of 213 million yuan in net profit [5]. - The supply chain operation segment remained stable compared to the previous year [2]. Subsidiary Performance - Jianfa Real Estate recorded a net profit of 969 million yuan, up 2.35% year-on-year, contributing 519 million yuan to Jianfa Co., Ltd. after adjustments [6]. - Lianfa Group reported a net profit of -534 million yuan, contributing -508 million yuan to Jianfa Co., Ltd., a decrease of 2.22 billion yuan year-on-year [6]. - Lianfa Group achieved a contract sales amount of 13.41 billion yuan, a year-on-year increase of 29.19% [6]. Land Acquisition and Strategy - Jianfa Co., Ltd. acquired 24 plots of land in the first half of the year, with a total acquisition amount of 58.24 billion yuan, of which over 96% was in first- and second-tier cities [7]. - The company’s land reserve value in first- and second-tier cities accounted for over 83%, an increase of 3.46 percentage points from the end of the previous year [7]. Home Furnishing Business Outlook - The company expressed optimism about the long-term prospects of the home furnishing retail industry, particularly through its investment in Red Star Macalline [7]. - Red Star Macalline's rental and operational business generated over 200 million yuan in operating profit, despite a decline in the fair value of investment properties exceeding 2 billion yuan [8]. - The company plans to enhance its core business and improve operational quality through a systematic core self-operated mall enhancement plan [9][10].

Core Viewpoint - The domestic home furnishing and building materials industry is undergoing a strategic transformation from scale expansion to value enhancement, with Red Star Macalline focusing on creating a comprehensive home consumption ecosystem that integrates home furnishings, appliances, and decoration [3][4]. Group 1: Company Strategy and Transformation - Red Star Macalline aims to shift from "selling products" to "creating scenarios" and from "single home furnishing" to "full-link services," which is key to enhancing the company's competitiveness [3][4]. - The company has nearly 400 home furnishing and building material stores nationwide, making it the largest home furnishing platform in China, with a complete brand matrix and strong influence across brands, factories, and consumers [4][5]. - The "3+Star Ecosystem" strategy proposed for 2024 focuses on the integration of home furnishings, appliances, and decoration, while also exploring new business models [4][5]. Group 2: Consumer Engagement and Market Trends - Red Star Macalline is adapting to the preferences of younger consumers who favor personalized and intelligent products, leading to a strategy that combines online and offline experiences [6][7]. - The company has launched the "M+ Designer" initiative to provide personalized design services for young consumers, enhancing their home environments [6][7]. - The introduction of immersive retail experiences, including children's entertainment areas and coffee zones, aims to create a more engaging shopping environment [6][7]. Group 3: Market Opportunities and Future Vision - The company is capitalizing on the home furnishing industry's consumption boom driven by the "old-for-new" policy, actively engaging with local governments to access subsidy programs [7][8]. - Red Star Macalline has integrated 242 stores into government subsidy lists, with 71 self-operated stores fully connected, enhancing its position as a primary offline channel for home furnishing [7]. - The vision of becoming "a world commercial brand of the Chinese nation" reflects the company's commitment to strengthening its operational capabilities and core competitiveness [7][8].