美凯龙主业"止血" 经营现金流净额连续两个季度为正 由于行业整体不景气，美凯龙各个业务板块均受到不同程度的影响，作为家居零售领域的领军企业，为支持商户，公司对部分商户减免了部分租金及管理费用，同时为稳商留商增加优惠。不过 从净利润来看，前三季的大幅亏损主要受市场短期波动和价值调整的影响，其中投资性房地产公允价值下降形成公允价值变动损失约-33.3 亿元，各类减值损失合计约-1.7亿元，以上损益不影 事实上，今年前三季度，美凯龙经营现金流量净额为6.43亿元，已经连续两个季度为正，主业开始"止血"。 10月31日，美凯龙发布2025年第三季度报告，在房地产低迷与家居零售市场需求减弱的双重挤压下，今年前三季度美凯龙实现营业收入49.69亿元，归属于上市公司股东净亏损31.43亿元。不 从经营层面来看，虽然行业仍处在低谷，美凯龙主业已经开始"止血"， 经营现金流量净额连续两个季度为正，毛利率相比上年大幅提升，降本增效进入兑现期。 为了应对冲击，美凯龙一方面抓住"818嗨购节"、双11等节点，回馈消费者的同时，撬动家居销售。公司率先承接"国补"、"市补"政策，形成"政企双补贴"模式，有效拉动了内需消费。今年双 今年红 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report The report focuses on the 2025 semi - annual report of Macalline, analyzing its financial performance, business operations, and future strategic plans. Despite facing challenges such as supply fluctuations, demand decline in the home improvement and building materials industry, and the impact on investment - property value, the company has shown positive signs in financial and operational aspects. With the implementation of consumption - promotion policies and the clear transformation path of the real - estate market, the company aims to achieve a double - repair of performance and valuation through strategic reshaping [25][27][37]. 3. Summary According to the Directory 3.1 Research Basic Situation - The research object is Macalline, belonging to the commercial department store industry. The reception time was on September 1, 2025. The listed company's reception staff included the chairman, general manager, CFO, executive president, and secretary of the board [16]. 3.2 Detailed Research Institutions - Multiple institutions participated in the research, including Bank of Nova Scotia, China Merchants Fund Management Company, Limited, Dongwu (a fund management company), Fangzheng Securities Co., Ltd., and many others [17][18]. 3.3 Research Institution Proportion No information provided in the content. 3.4 Main Content Data 3.4.1 Financial Performance Introduction by CFO - As of June 30, 2025, the company operated 76 self - owned stores with an average occupancy rate of 84.2% (a 1.2% increase from the end of last year), 235 entrusted management stores with an average occupancy rate of 81.3%, and 7 home improvement stores through strategic cooperation. It also authorized 23 franchised home improvement and building materials projects, including 369 stores/strips, covering 202 cities in 30 provinces, municipalities, and autonomous regions, with a total operating area of 19,361,762 square meters [25]. - In terms of revenue and profit, the operating income in H1 2025 was 3.34 billion yuan, a 21% year - on - year decline and a 7% decline compared to Q4 2025, mainly due to store closures and rent concessions. Self - owned and rental income was 2.45 billion yuan, accounting for 73% of the operating income, a 15% year - on - year decrease and almost unchanged quarter - on - quarter. The net loss attributable to the parent company in the first half of the year was 1.9 billion yuan, mainly due to a 2.1 - billion - yuan loss in the fair - value change of investment property and 120 million yuan in various asset impairment losses (a 430 - million - yuan reduction compared to last year). Excluding non - recurring gains and losses, the operating profit in the first half of the year was 210 million yuan, showing a good development trend [25]. - In terms of cost and expenses, they decreased in the same proportion as revenue. Sales expenses decreased by 90 million yuan year - on - year, mainly due to control of advertising, publicity, energy, and maintenance costs; management expenses decreased by 110 million yuan, mainly due to a decrease in labor and administrative costs; financial expenses decreased by 180 million yuan, mainly due to a decrease in financing costs and interest expenses [26]. - In terms of cash flow, the net operating cash inflow in the first half of the year was 200 million yuan, a 1.02 - billion - yuan increase compared to the first half of last year. Excluding unified cash collection and payment of merchants' goods and quality - assurance deposits, it also increased by 690 million yuan compared to the same period last year, indicating a significant improvement in operating cash flow [26]. - In terms of the balance sheet, as of the end of June, the company's total assets were 115.4 billion yuan, a decrease of about 1.8 billion yuan from the beginning of the year. Non - current assets were 106.7 billion yuan, accounting for about 92%. The total liabilities were 68.1 billion yuan, an increase of about 1.4 billion yuan from the beginning of the year. The asset - liability ratio was 59%, a slight increase from the beginning of the year but with little overall change. The scale of interest - bearing liabilities increased slightly, but the average financing cost continued to decline. As of the end of June, the average financing interest rate of interest - bearing liabilities was below 4.7%, a decrease of about 0.45 percentage points from the beginning of the year. Interest expenses decreased by 200 million yuan in the first half of the year, and the overall financial expenses decreased by 180 million yuan. The company completed the repayment of a large - scale US dollar bond on August 26, which is expected to further reduce the average financing cost. Debt replacement in the first half of the year also optimized the debt maturity [26][27]. 3.4.2 Introduction of Macalline's 2025 Semi - annual Report Business Situation by General Manager - In the first half of 2025, the home improvement and building materials industry faced supply fluctuations and demand decline, affecting the company's store operations. The company provided rent and management - fee concessions to small and medium - sized merchants and adjusted its strategy and store category layout to attract high - quality brands such as designers, home - improvement companies, and new - energy vehicle brands [27]. - With the implementation of national consumption - promotion policies, the company will seize industry opportunities to improve operating efficiency and performance. Specific measures include: - Steadily advancing the "3 + Star Ecosystem" with accelerated integration of business formats. The company takes "home" as the core, extending from home furnishings to home appliances and home improvement. It upgraded the high - end appliance strategy, promoted the M + high - end design center, introduced new - energy vehicle and catering categories, and encouraged the introduction of lifestyle business formats. High - end appliances have become one of the fastest - growing business segments, with an operating area accounting for 9.4% as of the end of June. The company plans to build 40 high - end appliance ecological benchmarks "Mega - E Smart Electric Oasis" nationwide in the next three years. The M + home - improvement design center released its 2025 strategic plan, aiming to build a design hub in each store and form the largest home - improvement design service network in China. As of the end of June, the M + design center had an area of 731,000 square meters, introduced more than 1,000 design studios, and cooperated with nearly 5,000 excellent designers. The new - energy vehicle business established a service company, released the "3100 Plan", and as of the end of the reporting period, the business had entered 50 stores, covered 44 cities, cooperated with more than 30 brands, and had an operating area of 261,000 square meters (an increase of 97,000 square meters compared to the end of 2024) [28][29][30]. - Actively responding to the "trade - in" policy to stimulate consumption. The company promoted the "government subsidy + enterprise discount" model nationwide. The number of trade - in orders in national stores was 743,000, with sales of 7.31 billion yuan and central subsidies of 1.17 billion yuan, accounting for about 16% of sales [31]. - Focusing on digital intelligence to enhance management efficiency. In the first half of 2025, the company's digital - intelligence upgrade focused on four areas: strategic business support, process efficiency improvement, model - driven, and intelligent application. It optimized multi - terminal collaboration, strengthened business resilience, built merchant - evaluation and occupancy - rate improvement incentive models, and accelerated business innovation through AI technology [31][32]. - Deeply integrating online and offline operations for full - domain user traffic management. The company upgraded its online traffic matrix, built an "online planting - offline experience" closed - loop, and implemented the trade - in policy offline, combined with brand marketing and government - enterprise dual subsidies. It also launched the "Ten - Thousand - Property Service Plan", integrated upstream and downstream resources, and built a home - service system [33]. 3.4.3 Chairman's Speech - The chairman emphasized the company's commitment to improving performance and creating value for shareholders. The company's overall performance remained stable in the first half of the year, and it continued to promote strategic transformation and upgrading. The company will complete a new five - year strategic plan by the end of this year, adhering to professional operations, improving store layout, strengthening technology and financial support, and creating a differentiated competitive advantage [34][38]. - In the context of the real - estate market adjustment and the transformation of the home - improvement industry, the company actively responded to industry changes. The "3 + Star Ecosystem" strategy continued to advance, with the strategic focus shifting from high - end single - point breakthrough to ecological collaborative win - win. The company aimed to achieve full - dimensional market growth through the "high - end leadership + hierarchical coverage" strategy. In the future, the retail competition of Macalline's home - improvement stores will form a new pattern with building materials and furniture accounting for 60%, appliances 15%, home improvement 15%, and new business formats 10%. The company will also strengthen cooperation with Jianfa Group in the second half of the year and continue to improve the quality and profitability of the home - improvement business [35][36][37][38]. 3.4.4 Q&A Session - **Progress and effectiveness of the "3 + Star Ecosystem"**: High - end appliances, M + high - end home - improvement design centers, and the new - energy vehicle ecosystem have all achieved certain results. The high - end appliance business has increased its operating - area proportion from about 1% four or five years ago to 9.4% in the first half of this year, with potential for a 5 - point increase in occupancy rate. The M + design center has an area of about 700,000 square meters, with a planned 5 - 10 - point increase in area. The new - energy vehicle business has an operating area of more than 200,000 square meters, with a future 4 - 5 - point increase in area. The company expects the occupancy rate to return to over 95% in the next three years [40][41][43]. - **Comparison of the "trade - in" policy with last year and expectations for the second half of the year**: The sales from January to July reached about 8.2 billion yuan, with government subsidies accounting for 16%. The effect was more obvious compared to last year. Although the growth rate in the second half of the year may not be as high as in the first half due to the high base in the second half of last year, the company is confident of achieving over 10% growth for the whole year compared to 2024 if the policy continues [44]. - **Outlook for the company's future profitability and market - value management**: The company needs to improve professional and refined management in aspects such as investment promotion, dealer management, new - media operation, and information management. It will also strengthen market - value management by formulating a five - year strategic plan, improving operating quality, and enhancing communication with the capital market [45][46][47]. - **Jianfa's strategic expectations for Macalline and new strategic changes**: Jianfa is optimistic about the long - term prospects of the home - improvement retail industry and has provided support in business cooperation and financing - structure optimization. Macalline will complete a new five - year strategic plan this year, adhering to professional operations, improving store layout, and cultivating emerging businesses. In the second half of the year, it will continue to improve the quality and profitability of the home - improvement business [47][48][49].

Group 1 - The 2025 Xi'an Contemporary Design Week and Xi'an (Spring) Housing Expo will take place from May 23 to 25, focusing on high-quality development in the home furnishing and real estate sectors, under the theme "iHome" [2] - The event aims to serve homeowners, home decoration companies, designers, and consumers in Xi'an and surrounding areas, providing a one-stop industry platform for viewing properties, selecting materials, and exploring design trends [2] - Over 500 quality home furnishing brands will participate, alongside exhibitions of new materials and design-related activities, including joint exhibitions from 15 local universities and over 20 professional forums [2] Group 2 - The implementation of the national standard "Residential Project Specifications" establishes clear criteria for quality housing, supporting the concurrent 2025 Xi'an (Spring) Housing Expo [3] - The expo will feature over 100 brand real estate companies and well-known decoration firms, offering combined discounts for "home purchase + decoration" and special consumption subsidies [3] - The event will also host various activities, including the "618" Original City Home Decoration Festival and an automotive exhibition, enhancing consumer experience [3] Group 3 - The expo represents an innovative practice of the China Original City New Town's "3+365" business model, integrating offline property sales centers, design centers, and home furnishing selection centers with an online digital platform [3] - As a demonstration base for the western home furnishing industry, China Original City New Town aims to drive consumption potential and promote high-quality industry development through innovation [3]