证券日报网讯 1月5日，美凯龙在互动平台回答投资者提问时表示，国补政策持续深化优化，能直接降 低消费者的购买成本，刺激需求释放，有效提升商场客流，促进销售提升增强商户信心，提高续租率。 公司积极将旗下商场纳入政府补贴名录，使其成为政策落地的主渠道。随着商户销售好转，商场吸引力 增强，截至2025年第三季度，公司自营商场平均出租率已从年初的83%提升至84.72%，核心经营指标企 稳向好。由于政策资源向效率高、覆盖广的渠道倾斜，美凯龙凭借全国网络成为家电、家居品牌参 与"以旧换新"的核心阵地。公司智能电器馆数量已超150家，与众多头部品牌深度绑定，进一步巩固了 其作为不可或缺的行业渠道地位。此外，政策覆盖范围扩大至智能家居、适老化产品等领域，与美凯龙 推动的"3+星生态"战略高度契合，公司利用政策利好持续拓展包括高端电器、智能家居、适老化改造 （如上海"山丘"银发生活馆）、汽车业态（"车居一体"）在内的新业务，有效打破了单一依赖家居卖场 的局面。同时，政策带来的客流和销售，增强了美凯龙在委管商场、特许经营等轻资产模式上的品牌 力、拓展能力和议价能力，有助于公司以更低的资本开支实现扩张。 （编辑 姚尧） ...

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]