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：2025-081 红星美凯龙家居集团股份有限公司 2025 年第三季度经营数据公告 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。 根据上海证券交易所 《上市公司行业信息披露指引第五号——零售》以及 《关于做好主板上市公司 2025 年第三季度报告披露工作的重要提醒》的要求， 红星美凯龙家居集团股份有限公司（"公司"）将 2025 年前三季度（"报告期"） 主要经营数据披露如下： 截至 2025 年 9 月 30 日，公司经营 74 家自营商场，228 家不同管理深度的 委管商场，通过战略合作经营 7 家家居商场，此外，公司以特许经营方式授权 22 家特许经营家居建材项目，共包括 358 家家居建材店/产业街。 一、2025 年前三季度商场变动情况 报告期内，公司关闭 4 家自营商场，位于重庆市、广东广州、四川成都、湖 南长沙，有 3 家商场由委管转为自营，位于河北唐山、天津市，有 2 家商场由自 营转为委管，位于内蒙古包头、江苏常州；委管商场新开 ...

Group 1 - The core viewpoint of the article is that Juran Smart Home has reported a decline in both revenue and net profit for the third quarter of the year [1] - The company's total operating revenue for the first three quarters is approximately 9.16 billion yuan, representing a year-on-year decrease of 3.38% [1] - The net profit attributable to shareholders of the listed company is approximately 398.24 million yuan, showing a significant year-on-year decrease of 45.58% [1] Group 2 - Among the top ten circulating shareholders, Chen Shihui is identified as a new circulating shareholder [2]

美凯龙公告，第三季度营收为16.32亿元，同比下降13.24%；净利润亏损12.43亿元。前三季度营收为 49.69亿元，同比下降18.62%；净利润亏损31.43亿元。 ...

Group 1 - The company International Home Retail (01373) announced a share buyback plan to repurchase 150,000 shares at an estimated cost of approximately HKD 117.7 million [1]

Core Viewpoint - The strategic conference of Juran Home, themed "Inheritance and Innovation," marks a new phase under the leadership of Wang Ning, emphasizing a highly professional management team and a shift from aggressive growth to meticulous management [1][2][5][16] Group 1: Management Transition - Wang Ning announced the official transition to a new phase characterized by a highly professional management team that will make collective decisions and manage operations [2][5] - The core members of the new management team include Wang Ning as Chairman and CEO, along with several vice presidents responsible for various operational areas [2] Group 2: Historical Context and Future Goals - The company has evolved from 1999 to 2025, establishing itself as a leading player in the home furnishing industry with a strong operational framework and service standards [5] - Starting from August 11, 2025, Juran Home will enter a new phase focused on stability and sustainable growth, adapting to market changes from growth competition to stock competition [5][7] Group 3: Operational Achievements - Juran Home currently operates 399 home furnishing stores, 4 shopping centers, 3 modern department stores, and 125 life supermarkets, maintaining a "light asset, refined" operational model [9] - The company has achieved a year-on-year increase of 1.07% in its招商率, with a net growth of over 70% in cooperative stores and an addition of 178 strategic partners [9] Group 4: Strategic Upgrades - The company is committed to transforming traditional home furnishing stores into smart home experience centers, with 29 centers currently operational and an increase in smart product sales contribution from 10% to 16% [9][12] - Juran Home is implementing a new retail marketing center to integrate online and offline sales, enhancing its marketing capabilities through a digital marketing matrix [9][12] Group 5: Service and Customer Focus - The company emphasizes a philosophy of "change and constancy," maintaining a commitment to customer value while innovating its strategies and services [10][12] - A new service system, "Juran 1+6 Heart Service System," has been introduced to address customer pain points throughout the renovation process [14] Group 6: Future Vision - Juran Home aims to build 50 large-scale life scene collection halls in major cities over the next three years, focusing on diverse consumer experiences [13] - The company plans to adopt a comprehensive sustainable development strategy, including annual ESG reports and a goal to reduce carbon emissions by 20% [13]

Core Points - Jimei Home's Daguangmen flagship store in Beijing is celebrating its 21st anniversary with a series of promotional events from November 1 to November 11, 2025, aimed at rewarding loyal customers [1][3] Promotions and Offers - The anniversary celebration features discounts on top brand furniture and building materials starting from 30% off, with nearly 10,000 selected products available for customers [3] - Customers spending over 1,000 yuan can participate in a "cashback frenzy" event, receiving up to 21% cashback, with a maximum single transaction cashback of 10,000 yuan [3] - Additional gifts are offered for purchases over 2,000 yuan, including practical items like a Mofei water purifier and KND pressure cooker, enhancing the shopping experience [3] - For every 1,000 yuan spent, customers receive a raffle ticket for a chance to win high-value prizes, including the iPhone 17 ProMax and other attractive items [3] Customer Appreciation - Long-time customers holding contracts from 2015 or earlier will receive complimentary movie tickets and discount coupons as a gesture of gratitude from Jimei Home [4] - The anniversary event emphasizes a warm and inviting atmosphere, encouraging customers to celebrate together and take home both savings and joy [4]

Group 1 - The core event is the 21st anniversary celebration of Jimei Home's Dahongmen flagship store, featuring a series of promotional activities for consumers [1][2] - From November 1 to November 11, customers spending over 1000 yuan can receive a cash rebate of up to 21%, with a maximum single order rebate of 10,000 yuan [1] - Customers spending over 2000 yuan during the promotional period can participate in a gift exchange program, receiving items such as wine, water purifiers, and pressure cookers [1] Group 2 - The flagship store is offering discounts starting from 30% on thousands of furniture and building materials products to celebrate its anniversary [2] - Jimei Home plans to deepen cooperation with major brands and introduce more quality products while exploring new business models and marketing strategies to meet diverse consumer needs [2]

Financial Data and Key Metrics Changes - Revenue grew by 8% year-over-year on a reported basis and 9% year-over-year, excluding the impact of the exit from Germany [26][29] - Adjusted EBITDA increased by more than 70% year-over-year, achieving a margin of 6.7%, the highest level outside of the pandemic period [6][29] - Contribution margin improved to 15.8%, up 150 basis points year-over-year, marking the best result since 2021 [27][29] Business Line Data and Key Metrics Changes - U.S. business revenue increased by 9% year-over-year, while international revenue grew by 5% [26] - Active customers saw sequential growth for the first time since 2023, with orders growing over 5% year-over-year [9][29] - Average Order Value (AOV) rose approximately 2% in Q3, driven by a mix shift towards higher-end brands and B2B [9] Market Data and Key Metrics Changes - The overall category has moved past a multi-year trend of double-digit declines, inching closer to flat growth in 2025 [8][9] - Existing home sales remain at multi-decade lows, but the category is showing signs of stabilization [7][8] Company Strategy and Development Direction - The company is focused on driving share capture and profitability through strong execution and technology advancements [6][11] - Investments in AI and machine learning are aimed at enhancing customer experience and operational efficiency [12][15] - The strategy includes a dual-prompt approach to integrate the catalog into leading AI platforms while maintaining a strong presence on its own site [24][25] Management's Comments on Operating Environment and Future Outlook - Management believes that the current sluggish housing market does not significantly impact their growth strategy, which is driven by company-specific factors [8][9] - The company anticipates continued top and bottom line growth, with EBITDA growth expected to outpace revenue growth in 2026 [43][45] - There is optimism about the industry backdrop improving, with expectations for a gradual recovery in purchasing behavior [64][65] Other Important Information - The company ended the quarter with $1.2 billion in cash and short-term investments, and $1.7 billion in total liquidity [29] - Free cash flow improved by over $100 million compared to the same quarter last year, reaching $93 million [29] Q&A Session Summary Question: How is the company anticipating consumer behavior for the holiday season? - Management does not expect significant changes in consumer behavior due to tariffs and believes holiday shopping will follow traditional patterns [40][41] Question: What are the expectations for 2026 regarding share gains and gross margin? - The company aims for EBITDA growth to outpace revenue growth, driven by improvements in core offerings and new programs [42][43][46] Question: Is the business at an inflection point for growth? - Management remains optimistic about continued growth momentum and believes benefits from technology investments will contribute positively [50][52] Question: How does the company view the impact of Amazon's advertising changes? - The company does not see a significant impact from Amazon's advertising changes, as it already holds a strong market position [66][70] Question: What drove revenue acceleration in the later part of the quarter? - Revenue growth was attributed to structural business initiatives rather than pull forward effects, with strength noted in higher-end brands [75][78]

Core Viewpoint - International Home Retail (01373) announced a share buyback plan, indicating confidence in its stock value and potential for future growth [1] Group 1: Share Buyback Details - The company plans to repurchase 150,000 shares at a total cost of HKD 118.7 million [1] - The buyback price per share ranges from HKD 0.79 to HKD 0.80 [1]

智通财经APP讯，国际家居零售(01373)发布公告，于2025年10月28日，该公司斥资11.87万港元回购15 万股股份，每股回购价格为0.79-0.8港元。 ...