股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 紅星美凱龍家居集團股份有限公司 呈交日期: 2025年12月4日 I. 法定/註冊股本變動 本月底法定/註冊股本總額： RMB 4,354,732,673 備註： 第 1 頁 共 11 頁 v 1.1.1 FF301 因本公司是於中華人民共和國註冊成立，「法定股本」之概念不適用於本公司。 FF301 第 2 頁 共 11 頁 v 1.1.1 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01528 | 說明 | H 股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 741,285,634 | RMB | | 1 | RMB | ...

Group 1 - Alibaba's major shareholders, including Hangzhou Haoyue, are reducing their stakes in YTO Express and Meikailong, with Meikailong's major shareholder planning to sell up to 130,641,979 shares, representing 3% of the total share capital, valued at approximately 345 million yuan [1] - YTO Express announced that Hangzhou Haoyue transferred 39.925 million shares between November 10 and November 27, 2025, accounting for 1.16% of the total share capital [1] Group 2 - Guizhou Bailing's actual controller, Jiang Wei, is under investigation by the China Securities Regulatory Commission for insider trading and violations related to stock transfers, although this investigation does not affect the company's operations [3] Group 3 - The People's Bank of China emphasizes the need to address "involution" in the financial industry and improve the transmission mechanism of monetary policy, advocating for better coordination between monetary policy and fiscal and industrial policies [4] Group 4 - FTSE Russell announced changes to the FTSE China A50 Index, including the addition of Luoyang Molybdenum and Sungrow Power, while removing Jiangsu Bank and SF Express, effective December 22, 2025 [6] Group 5 - In November, retail sales of passenger vehicles in China decreased by 7% year-on-year, totaling 2.263 million units, while the retail sales of new energy vehicles increased by 7% year-on-year, reaching 1.354 million units [7] Group 6 - The London Metal Exchange reported a significant increase in copper delivery applications, with a rise of 50,575 tons, marking the largest increase since 2013 [8] Group 7 - Over 20 cities in China have suspended or adjusted their vehicle replacement subsidy programs as the fourth batch of 69 billion yuan in national subsidies is being consumed [9] Group 8 - Li Auto launched its first AI smart glasses, Livis, priced at 1,999 yuan, with a government subsidy reducing the price to 1,699 yuan for orders placed by December 31 [10] Group 9 - Anyang Iron and Steel's subsidiary plans to apply for a trust loan of up to 600 million yuan, while Longbai Group has received approval for a 4 billion yuan technology innovation bond [12] Group 10 - The Hong Kong Securities and Futures Commission has suspended trading of Daxian Education due to serious exaggeration of bank balances in its financial statements [13] Group 11 - Moore Threads is set to be listed on the Science and Technology Innovation Board on December 5, 2025 [14] Group 12 - High Energy Environment plans to apply for an initial public offering of H-shares on the Hong Kong Stock Exchange to enhance its global strategy [15] - Wanlong Optoelectronics is planning a major asset restructuring involving the acquisition of control over Zhejiang Zhongkong Information Industry Co., with trading suspended [16] Group 13 - Baiwei Storage reported a reduction of 4.646 million shares by the National Integrated Circuit Industry Investment Fund II, decreasing its stake from 7.9033% to 6.9078% [17]

Capital Market Highlights - "China's Nvidia," Moore Threads, will be listed on the STAR Market on December 5, with Muxi Co.'s IPO subscription starting the same day at a price of 104.66 yuan, aiming to raise 3.899 billion yuan [2] - JPMorgan upgraded its rating on Chinese stocks from "neutral" to "overweight," stating that the risk of a significant rise in the Chinese stock market by 2026 is much higher than the risk of a significant decline, with a projected 19% upside for the MSCI China Index under base case scenarios [2] - The China Securities Regulatory Commission disclosed that companies like Shichuangyi, Shurui Robotics, and Niushidate have initiated A-share IPO counseling, all categorized as hard technology enterprises [2] Key Industry Sectors - In embodied intelligence, Tesla released a video of its Optimus humanoid robot running, achieving a personal best; Yushu published a new video verifying the reliability of its machine, with H2 performing a combat test against G2 [4] - In commercial aerospace, the Zhuque-3 reusable launch vehicle was launched into orbit, but the recovery test failed [4] - In the chip sector, Amazon's cloud division plans to launch its latest AI chip, Trainium3, claiming it provides computational power for AI models at a lower cost and higher efficiency compared to Nvidia's GPUs [4] Company Updates - The price of Feitian Moutai has dropped to 1,399 yuan, falling below the official guidance price [5] - JPMorgan increased its stake in Vanke's H-shares from 4.72% on November 27 to 5.23%, while Blackstone's holding rose from 4.83% to 5.45% [5] - Guizhou Bailing's actual controller is under investigation for insider trading, information disclosure violations, and transferring stocks in violation of restrictions [5] - Lens Technology is collaborating with several leading domestic and international clients to develop various AI edge hardware devices, including glasses, watches, wristbands, rings, and desktop models [5] - Microchip Technology, a wholly-owned subsidiary of Saiwei Electronics, plans to participate in establishing Chuxin Micro Technology [5] - Zhongshi Technology intends to acquire a 51% stake in Zhongshi Xun Cold to enhance its liquid cooling business ecosystem [5]

Summary of Key Points Core Viewpoint - Several shareholders from various companies are planning to reduce their stakes, indicating potential shifts in ownership dynamics and investor sentiment in the market [1]. Shareholder Reductions - Del Shares: Fund Wuxu No. 15 plans to reduce its stake by no more than 2.98% [1] - Bangjie Shares: Suzhou Qingsong intends to reduce its stake by no more than 0.87% [1] - Huakai Yibai: Shareholder Zhou Xinhua plans to reduce his stake by no more than 2.91% [1] - Tianshan Aluminum: The actual controller intends to reduce his stake by no more than 1% [1] - Jianlang Hardware: Bai Baoping plans to reduce his stake by no more than 0.86% [1] - Tengda Technology: Tengzhong Investment intends to reduce its stake by no more than 0.8% [1] - Meikailong: Shareholder Hangzhou Haoyue plans to reduce its stake by no more than 131 million shares [1] - Anfu Technology: Shareholder Qin Daqian intends to reduce his stake by no more than 257,820 shares [1] - Weisaibo: Hong Kong Weisaibo plans to reduce its stake by no more than 2.99% [1] - Guoguang Chain: Shareholder Hu Jingen plans to reduce his stake by 6.772 million shares [1] - Guobote Electronics: Shareholder Zhongdian Ke Guowei plans to reduce his stake by 2.608 million shares [1] - Shijitianhong: Zhihong Education has cumulatively reduced its stake by 3% [1] - Delong Laser: Chairman and General Manager Zhao Yuxing has cumulatively reduced his stake by 1.82% [1] Other Notable Events - Degute: The company has terminated its plans for a major asset restructuring [1] - Guizhou Bailing: Actual controller Jiang Wei has received a notice of investigation from the Securities Regulatory Commission [1]

Group 1 - China's self-developed reusable launch vehicle Zhuque-3 successfully completed its maiden flight, marking a new milestone in the country's commercial space industry, with predictions that the industry could reach a scale of 7-10 trillion yuan by 2030 [2] - The U.S. ADP employment report for November showed a decrease of 32,000 private sector jobs, the largest drop in two and a half years, leading to increased expectations for a Federal Reserve rate cut [2] Group 2 - The Chinese government is promoting new urbanization as a key driver for expanding domestic demand and upgrading industries, emphasizing the need for urban renewal and addressing the urban-rural dual structure [3] - The Chinese Ministry of Commerce reported that the trade-in program for consumer goods has generated over 2.5 trillion yuan in sales, benefiting over 360 million people [3] Group 3 - The A-share market experienced a decline, with the Shanghai Composite Index down 0.51% and the Shenzhen Component down 0.78%, while the coal sector saw gains [5] - The Hong Kong Hang Seng Index fell 1.28%, with significant net buying from southbound funds, particularly in Alibaba [5] Group 4 - New active equity funds have shown signs of building positions, with over 80% of newly established funds experiencing net value fluctuations, while the consensus is to focus on AI applications for future allocations [6] - Morgan Stanley upgraded its rating on the Chinese stock market to "overweight," citing a higher risk of significant gains compared to losses [6] Group 5 - The Chinese government has initiated a parenting subsidy program for families with children under three years old, with over 30 million applications submitted and approved [4] - Cambodia will implement a visa-free policy for Chinese citizens from June to October 2026, allowing for multiple entries [4] Group 6 - The cultural and tourism sector in China is set to integrate with the civil aviation industry through a new action plan aimed at enhancing domestic travel accessibility and developing low-altitude tourism [9] - The Chinese passenger car market saw retail sales of 2.263 million units in November, a year-on-year decline of 7%, while the new energy vehicle market grew by 7% [9] Group 7 - The China Internet Finance Association is enhancing self-regulation for financial applications and mini-programs, aiming to mitigate risks associated with digital financial channels [10] - Binance appointed co-founder He Yi as co-CEO to expand its global business and strengthen compliance efforts [10] Group 8 - The U.S. stock market saw slight gains, with the Dow Jones up 0.86%, while the tech sector faced declines, particularly in Chinese concept stocks [15] - European stock indices showed mixed results, with the French market benefiting from consumer sector resilience [15] Group 9 - The domestic bond market experienced narrow fluctuations, with most interest rates rising, while the central bank conducted a reverse repurchase operation [17] - The U.S. Treasury yields collectively fell, indicating a shift in investor sentiment [17] Group 10 - International precious metals futures generally rose, supported by expectations of a Federal Reserve rate cut and positive economic data from Europe [18] - Crude oil prices increased amid ongoing geopolitical tensions, particularly related to the Russia-Ukraine conflict [18]

Core Viewpoint - Alibaba's subsidiary Hangzhou Haoyue plans to reduce its stake in Meikailong by no more than 3%, citing funding needs [1][6]. Group 1: Shareholding Changes - Hangzhou Haoyue intends to reduce its holdings through a combination of methods: up to 1% via centralized bidding and up to 2% through block trading [1]. - Following the reduction, Hangzhou Haoyue's direct stake in Meikailong may fall below 5%, from the current 5.40% [6]. - Prior to this announcement, Hangzhou Haoyue had completed a previous reduction, decreasing its stake by 1.28% [8]. Group 2: Background Information - Hangzhou Haoyue is an investment platform under Alibaba, with three main shareholders: Taobao (China) Software Co., Zhejiang Tmall Technology Co., and Alibaba Network China Co. [1]. - The stake reduction plan is set to be executed within three months, starting from 15 trading days after the announcement [1]. - As of December 3, Meikailong's A-share price was reported at 2.64 yuan per share, with a total market capitalization of 10.4 billion yuan [8].

Core Viewpoint - Alibaba's subsidiary Hangzhou Haoyue plans to reduce its stake in Meikailong by no more than 3% due to funding needs [1][9]. Group 1: Shareholding Changes - Hangzhou Haoyue intends to reduce its holdings through a combination of methods: up to 1% via centralized bidding and up to 2% through block trading [1][9]. - The proposed timeline for the reduction is from December 25, 2025, to March 24, 2026, starting 15 trading days after the announcement [1][9]. - Currently, Hangzhou Haoyue holds 5.40% of Meikailong's shares, and if the reduction occurs, its stake may fall below 5% [5][12]. Group 2: Background Information - Hangzhou Haoyue is an investment platform under Alibaba, with three main shareholders: Taobao (China) Software Co., Zhejiang Tmall Technology Co., and Alibaba Network China Co. [1][9]. - The shares held by Hangzhou Haoyue were originally part of Alibaba (China) Network Technology Co., which had 248.22 million shares (5.70% of total shares) before the restructuring [3][11]. Group 3: Recent Trading Activity - Prior to this reduction plan, Hangzhou Haoyue completed a previous reduction, selling a total of 1.28% of its shares in Meikailong through centralized bidding and block trading by November 30, 2025 [14]. - As of December 3, 2023, Meikailong's A-share price was reported at 2.64 yuan per share, with a market capitalization of 10.4 billion yuan [15].

【导读】阿里巴巴旗下杭州灏月，拟减持美凯龙不超过3% 的 股份 中国基金报记者 闻言 12月3日晚间，美凯龙发布公告称，杭州灏月企业管理有限公司（以下简称杭州灏月）以资金需求为由，拟减持 公司 不超过3%的股份 ， 包括以集中竞价方式减持不超过1%的股份、以大宗交易方式减持不超过2%的股份。 中国基金报12月3日电, 美凯龙 (601828.SH) 公告，持股5%以上股东杭州灏月因资金需求， 拟通过集中竞价和大宗交易方式减持不超过13 0,641,979股，即不超过公司总股本的3%，减 持期间为2025年12月25日至2026年3月24日。 杭州灏月及其一致行动人合计持有公司8.03%股 份。 长按右侧二维码 阅读原文 杭州灏月此次减持计划的拟实施时间为自美凯龙此次公告披露之日起15个交易日后的3个月内，即 2025年12月25日至2026年3月24日。 杭州灏月 是阿里巴巴旗下投资平台。天眼查显示，杭州灏月背后有三名股东，分别是淘宝（中国）软件有限公司、浙江天猫技术有限公 司、阿里巴巴网络中国有限公司。 美凯龙2023年12月2日公告称，由于阿里巴巴（中国）网络技术有限公司实施存续分立，其所持公司2.48亿 ...

红星美凯龙（601828）(01528)公布，公司于近日收到杭州灏月的《股份减持情况告知函》，杭州灏月 拟通过集中竞价、大宗交易方式减持公司股份共计不超过130,641,979股(占公司总股本3%)。其中以集中 竞价方式减持公司股份不超过43,547,326股(占公司总股本1%);以大宗交易方式减持公司股份不超过 87,094,653股(占公司总股本2%)。减持期间为自本公告披露之日起15个交易日后的3个月内，即自2025年 12月25日至2026年3月24日(若计划减持期间公司有送股、资本公积金转增股本等股份变动事项，上述减 持数量将相应进行调整，并在窗口期和香港联交所上市规则规定的禁止交易股份的静默期内不得减 持)。 ...

智通财经APP讯，红星美凯龙(01528)公布，公司于近日收到杭州灏月的《股份减持情况告知函》，杭州 灏月拟通过集中竞价、大宗交易方式减持公司股份共计不超过 130,641,979 股(占公司总股本 3%)。其中 以集中竞价方式减持公司股份不超过 43,547,326 股(占公司总股本 1%);以大宗交易方式减持公司股份不 超过 87,094,653 股(占公司总股本 2%)。 减持期间为自本公告披露之日起 15 个交易日后的 3 个月内，即 自 2025 年 12 月 25 日至 2026 年 3 月 24 日(若计划减持期间公司有送股、资本公积金转增股本等股份变 动事项，上述减持数量将相应进行调整，并在窗口期和香港联交所上市规则规定的禁止交易股份的静默 期内不得减持)。 ...