采写：南都N视频记者 黄大乐 报告期内，美凯龙进行一系列精细化管理和降本增效措施取得显著成效。财报显示，2025年前三季度， 美凯龙销售费用为6.18亿元，同比下降18.05%，管理费用为6亿元，同比下降19.92%，财务费用为16.42 亿元，同比下降10.23%。 当前，美凯龙正稳步推进"3+星生态"战略，引进高端电器、家居设计、汽车、餐饮等生活品类，构 建"买房—安家—出行"的生活场景闭环。 南都讯 10月30日晚，美凯龙（601828.SH、01528.HK）发布2025年第三季度财报。2025年前三季度，美 凯龙实现营业收入49.69亿元；经营现金流量净额为6.43亿元，连续两个季度为正。 同时，在新管理层的带领下，美凯龙资产质量明显提升。今年前9个月，美凯龙财务费用同比减少1.87 亿元，信用减值损失同比收窄5.64亿元，资产减值损失同比收窄0.22亿元。截至今年9月底，公司货币资 金达37.44亿元；短期借款和一年内到期的非流动负债合计较上年末下降32.77亿元。 ...

投资者提问： 家居消费逐步复苏，但公司自营商场出租率及租金收入恢复仍承压。管理层是否调整招商或租金政策以 吸引商户？如何看待未来线下卖场的核心竞争力？ 董秘回答(美凯龙SH601828)： 感谢您的提问，公司在招商上稳步推进3+星生态战略，坚持家居、家装、家电三家一体，互为入口、 互为增量、互相赋能，有望逐步提升出租率和租金收入。公司未来还将聚焦年轻化转型，引入更多元化 的业态组合，包括二次元主题家居馆、潮玩设计区、独居青年生活解决方案中心以及宠物友好家居体验 区等创新业态，更好地服务年轻客群。目前国内家居建材家电市场，尽管线上交易渗透率不断提升，但 家居消费因其重体验、重决策、高价值的特性，多数消费者还是会选择线下实地体验后消费，我们认为 线下卖场场景依然至关重要。查看更多董秘问答>> 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 ...

9月19日，建发股份召开半年度业绩说明会，管理层对房地产业务及家居业务的发展规划等问题一一作出回应。 今年上半年，建发股份实现营收3153.21亿元，同比下滑1.16%，归母净利润同比下跌29.87%至8.41亿元，创下近十年的最低值。 | | | | 里区:兀 巾秤:人民巾 本报告期比上年同期增减 | | --- | --- | --- | --- | | 主要会计数据 | 本报告期 | 上年同期 | | | | (1-6月) | | (%) | | 营业收入 | 315 320, 573, 443, 66 | 319,014,511,729,17 | -1. 16 | | 利润总额 | 1, 618, 373, 480. 48 | 2. 675. 503. 703. 35 | -39.51 | | 归属于上市公司股东的净利润 | 840. 746. 010. 40 | 1. 198. 840. 473. 30 | -29. 87 | | 归属于上市公司股东的扣除非经常性损益的净利润 | 674.895. 158. 69 | 847,687,539.03 | -20. 38 | | 经营活动产生的现金流量净 ...

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].