Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company's performance in Q1-Q3 2025 showed a revenue decline of 0.6% year-on-year, with a net profit drop of 44.2%, which was below market expectations [7] - Despite the overall performance decline, the real estate sales increased by 18% year-on-year, indicating resilience in this segment [7] - The supply chain segment reported a revenue increase of 4% year-on-year, demonstrating steady growth [7] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 711,816 million, with a year-on-year growth rate of 1.5% [6] - The net profit attributable to the parent company is projected to be 2,302 million for 2025, reflecting a year-on-year decline of 21.9% [6] - The earnings per share (EPS) for 2025 is expected to be 0.79, down from 0.82 in 2024 [6] Segment Performance - The real estate segment reported a revenue of 640.4 billion in Q1-Q3 2025, down 21% year-on-year, with a net profit of -2.3 billion [7] - The supply chain segment achieved a revenue of 4,299.8 billion in Q1-Q3 2025, with a net profit of 23.4 billion, both showing a 4% increase year-on-year [7] - The overall gross margin for the company was 4.0% in Q1-Q3 2025, a decrease of 0.4 percentage points year-on-year [7]

Group 1 - The company operates 74 self-operated malls and 228 managed malls as of September 30, 2025, with additional strategic partnerships for 7 home furnishing malls and 22 franchised home building material projects, totaling 358 home building material stores/industrial streets [1] - During the reporting period, the company closed 4 self-operated malls located in Chongqing, Guangzhou, Chengdu, and Changsha, while 3 malls transitioned from managed to self-operated in Tangshan, Tianjin, and 2 malls shifted from self-operated to managed in Baotou and Changzhou [1] - The company opened 1 new managed mall in Taizhou, while 29 managed malls were closed across various locations including Zhejiang, Hebei, Henan, Anhui, Sichuan, Guangdong, Liaoning, and Jiangsu [1] Group 2 - As of September 30, 2025, the company has 16 self-operated malls in preparation, with 13 owned and 3 leased, covering a planned construction area of approximately 2.63 million square meters, subject to government approval [2] - Among the managed malls in preparation, 250 signed projects have obtained land use rights or secured land plots [2]

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 company reported a decline in performance for the first half of 2025, primarily influenced by the home furnishing market and real estate business, with a revenue of 315.3 billion yuan, down 1.2% year-on-year, and a net profit of 840 million yuan, down 29.9% year-on-year [1] Group 1: Real Estate Business - The real estate segment generated revenue of 44.1 billion yuan, a decrease of 13.8% year-on-year, with a gross margin of 13.3%, up 0.2 percentage points [1] - The net profit from the real estate business was 10 million yuan, a decline of 140 million yuan year-on-year, with significant contributions from Jianfa Real Estate and Lianfa Group [1] - The total sales amount for the real estate business reached 82.94 billion yuan, an increase of 11.7% year-on-year, with Jianfa Real Estate and Lianfa Group achieving sales of 70.83 billion yuan and 13.41 billion yuan, respectively [2] Group 2: Supply Chain Operations - The supply chain operations reported revenue of 267.8 billion yuan, a year-on-year increase of 1.6%, with a net profit of 1.42 billion yuan, remaining stable year-on-year [1] - The operating volume of major bulk commodities was approximately 103 million tons, with steel and agricultural products showing significant growth [3] - The company is actively promoting internationalization, with overseas business scale exceeding 5.7 billion USD, a year-on-year growth of about 10% [3] Group 3: Overall Performance and Future Outlook - The company’s land acquisition amounted to 58.24 billion yuan, a year-on-year increase of 50.3%, with over 96% of acquisitions in first and second-tier cities [2] - The company’s total land reserve value reached 246.8 billion yuan, with over 83% in first and second-tier cities, reflecting an improvement in land reserve structure [2] - Future revenue projections for 2025, 2026, and 2027 are 695.2 billion yuan, 699.8 billion yuan, and 699.8 billion yuan, respectively, with net profits expected to be 2.9 billion yuan, 3.5 billion yuan, and 3.8 billion yuan [3]

Group 1 - The company operates 76 self-operated malls and 235 managed malls, with strategic partnerships for 7 home furnishing malls and 23 franchised home improvement projects, totaling 369 home improvement stores/industrial streets as of June 30, 2025 [1] - During the reporting period, the company closed 2 self-operated malls and transitioned 3 managed malls to self-operated status, while 2 self-operated malls were converted to managed status [1] - The company has 16 self-operated malls under preparation, with a planned construction area of approximately 2.63 million square meters, subject to government approval [1] Group 2 - The revenue from self-operated malls during the reporting period was RMB 2.482 billion, a decrease of 16.4% compared to the same period last year, with a gross margin of 71.1%, down 0.3 percentage points from 2024 [2]

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, focusing on the increase in other receivables despite a decline in operating income, and the nature of these receivables [1][2][3] Summary by Relevant Sections Other Receivables - The company's other receivables from 2021 to 2024 showed a significant increase, with balances of 470.95 billion, 579.15 billion, 641.13 billion, and 693.04 billion respectively, primarily due to increased operational transactions with real estate development partners [3][4] - The proportion of receivables over three years old reached 23% of the total other receivables, indicating a growing trend in long-term receivables [1][3] - The increase in other receivables is attributed to the nature of the real estate business, where initial investments in joint ventures often do not yield immediate returns, leading to higher receivables [3][4] Business Model and Transaction Details - The company engages in joint real estate development, resulting in operational receivables that are common in the industry, with specific arrangements for pre-distributing surplus funds to partners before project completion [3][4] - The top ten receivables include various partners, with significant amounts tied to ongoing projects, reflecting the typical cash flow cycle in real estate development [5][6] Financial Position and Debt Management - As of the end of the reporting period, the company held cash and cash equivalents of 958.67 billion, representing 12.48% of total assets, while interest-bearing liabilities amounted to approximately 1,438.43 billion, or 18.73% of total assets [8][9] - The company’s financial expenses increased significantly, primarily due to the consolidation of a subsidiary and changes in the real estate business's interest capitalization rates [12][13] - The company maintains a high level of cash reserves to ensure operational liquidity and project funding, despite borrowing significant amounts of interest-bearing debt [9][10][11] Prepayments - The company's prepayments showed a trend of growth from 2020 to 2023, with a notable decrease in the latest reporting period, attributed to changes in procurement practices and project funding strategies [14][15] - The top five prepayment recipients are primarily government-related entities and large commodity suppliers, with no associated risks identified [15]

Core Insights - The company reported a revenue of 143.77 billion yuan for Q1 2025, a year-on-year increase of 9.47%, while the net profit attributable to shareholders was 584 million yuan, a decrease of 3.29% [1] - The supply chain business showed robust growth with revenues of 129.34 billion yuan, up 5.47% year-on-year, and a net profit of 848 million yuan, an increase of 9.72% [1] - The real estate segment demonstrated resilience with revenues of 12.81 billion yuan, a significant increase of 94.40% year-on-year, although net profit was negative at -91 million yuan due to the absence of asset sale gains [2] Supply Chain Business - The supply chain business achieved a revenue of 129.34 billion yuan, reflecting a year-on-year growth of 5.47% [1] - The net profit for the supply chain segment was 848 million yuan, which is an increase of 9.72% compared to the previous year [1] - The growth in this segment was primarily driven by increased profits from pulp and paper as well as certain mineral operations [1] Real Estate Business - The real estate business generated revenues of 12.81 billion yuan, marking a year-on-year increase of 94.40% [2] - The net profit for the real estate segment was -91 million yuan, a decrease of 34 million yuan year-on-year, largely due to the lack of asset sale investment gains in the current period [2] - The subsidiary, Jianfa Real Estate, reported sales of 32 billion yuan, a 2% increase year-on-year, while the land acquisition amount was 20.7 billion yuan, ranking fourth in the industry [2] Home Furnishing Business - The home furnishing segment faced challenges, with revenues of 1.62 billion yuan, a decline of 23.49% year-on-year [2] - The net profit for this segment was -172 million yuan, a decrease of 61 million yuan compared to the previous year, impacted by external factors and increased losses from fair value changes in investment properties [2] Investment Outlook - The company forecasts revenues of 715.75 billion yuan, 728.70 billion yuan, and 743.93 billion yuan for 2025-2027, with year-on-year growth rates of 2.06%, 1.81%, and 2.09% respectively [3] - Expected net profits for the same period are projected to be 3.447 billion yuan, 3.976 billion yuan, and 4.400 billion yuan, with growth rates of 17.01%, 15.34%, and 10.68% [3] - The company maintains a strong risk control capability in its supply chain and a proactive approach in real estate sales, anticipating continued growth in non-recurring earnings [3]

Core Viewpoint - The company reported a net profit of 453,860,168.23 yuan for Q1 2025 after deducting interest on perpetual bonds, indicating a focus on financial transparency and accountability [3][4]. Financial Performance - The company achieved a net profit of 584 million yuan in Q1 2025, a decrease of 20 million yuan year-on-year [4]. - The supply chain operation segment contributed a net profit of 848 million yuan, an increase of 75 million yuan or 9.72% year-on-year, attributed to higher profits from pulp and paper and some mineral products [4]. - The real estate segment reported a net loss of 91 million yuan, a decrease of 34 million yuan year-on-year, primarily due to the absence of a previous year's investment gain from the sale of equity [4]. - The home furnishing mall operation segment incurred a net loss of 172 million yuan, a decrease of 61 million yuan year-on-year, impacted by external environmental factors and increased fair value losses on investment properties [5]. Corporate Governance - The board of directors and senior management confirmed the accuracy and completeness of the quarterly report, taking legal responsibility for its content [2][3].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任 何責任。 Red Star Macalline Group Corporation Ltd. 紅星美凱龍家居集團股份有限公司 （一家於中華人民共和國註冊成立的中外合資股份有限公司） （股份代號：1528） | 事务所名称 | 容诚会计师事务所（特殊普通合伙） | | | | --- | --- | --- | --- | | 成立日期 | 2013年 12月10日 组织形式 | | 特殊普通合伙企业 | | 注册地址 | 北京市西城区阜成门外大街22号1幢10层1001-1至1001-26 | | | | 首席合伙人 | 刘维 | 2024年末合伙人数量 | 212人 | | 2024年末执业人 | 注册会计师 | | 1,552人 | | 员数量 | | 签署过证券服务业务审计报告的注册会计师 | 781人 | | 2023年业务收入 | 业务收入总额 | 28.72亿元 | | | | 审计业务收入 | 27 ...