美凯龙1月29日公告，公司董事会同意聘任曹澍为公司董事会秘书（联席公司秘书），任期与第五届董 事会任期一致。同时，曹澍将担任香港联合交易所有限公司电子呈交系统（ESS）获授权人士。此外， 公司董事长李玉鹏申请辞去《香港联交所上市规则》第3.05条所规定的公司授权代表职务，公司聘任曹 澍担任该授权代表，自2026年1月29日起生效，曹澍将与现任授权代表杨映武共同担任授权代表。 ...

格隆汇1月28日丨根据联交所最新权益披露资料显示，2026年1月26日，红星美凯龙(01528.HK)获仁桥(北京)资产管理有限公司在场内以每股均价1.254港元增 持1396.64万股，涉资约1751.39万港元。 增持后，仁桥(北京)资产管理有限公司最新持股数目为5041.66万股，持股比例由4.92%上升至6.80%。 | 最后用期 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 賣出或涉及的股每股的平均價 | | 持有權益的股份數目 佔已發行的 有關事件的日 | | | --- | --- | --- | --- | --- | | | 防護 目 | | （請參閱上述 * 註解）有投票權股 (日 / 月 / 年) 份自分市 | | | CS20260128E00363 | 仁桥(北京)资产管理有限公 1001(L) | 13,966,400(L) | HKD 1.2540 50,416,600(L | 6.80(L)26/01/2026 | ...

| 環格平 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股每股的平均價 | | 持有權益的股份數目 佔已發行的 有關事件的日 | | --- | --- | --- | --- | | | 防散目 | | （請參閱上述 * 註解）有投票權股 (日 / 月 / 年) 份自分成 | | Status Status of Concession Company of Street States of Street States of Street while CS20260128E00363 | 仁桥(北京)资产管理有限公 1001(L) | 13,966,400(L) | HKD 1.2540 50.416,600(L 6.80(L)26/01/2026 | | | D | | | 格隆汇1月28日丨根据联交所最新权益披露资料显示，2026年1月26日，红星美凯龙(01528.HK)获仁桥(北京)资产管理有限公司在场内以每股均价1.254港元增 持1396.64万股，涉资约1751.39万港元。 增持后，仁桥(北京)资产管理有限公司最新持股数目为5041.66万股，持股比例由4.92%上升 ...

香港联交所最新数据显示，1月26日，仁桥(北京)资产管理有限公司增持红星美凯龙（601828） (01528)1396.64万股，每股作价1.254港元，总金额约为1751.39万港元。增持后最新持股数目为5041.66 万股，最新持股比例为6.8%。 ...

智通财经APP获悉，香港联交所最新数据显示，1月26日，仁桥(北京)资产管理有限公司增持红星美凯龙 (01528)1396.64万股，每股作价1.254港元，总金额约为1751.39万港元。增持后最新持股数目为5041.66 万股，最新持股比例为6.8%。 ...

Group 1 - A total of 1123 A-share listed companies have released their 2025 performance forecasts, with 602 companies expecting profits and 521 companies anticipating losses [1][2] - Among the companies predicting profits, Zijin Mining leads with a forecasted net profit of 52 billion yuan, followed by Luoyang Molybdenum with 20.8 billion yuan [2][3] - The automotive sector, represented by SAIC Motor, is expected to see a significant profit increase of 438%-558%, the highest growth rate among the top ten profit forecast companies [2][3] Group 2 - The real estate sector dominates the list of companies forecasting significant losses, with China Fortune Land Development expected to lose between 16 billion and 24 billion yuan [3][4] - Other sectors facing losses include the photovoltaic industry, with Tongwei Co., TCL Zhonghuan, and Trina Solar among the top ten companies predicting losses [4][5] - JinkoSolar is projected to experience the largest decline in net profit, with a decrease of 6063.96%-7074.8% due to price fluctuations in the global photovoltaic industry [9][10] Group 3 - Companies like *ST Weir and Tonghua Dongbao are expected to see substantial profit growth, with *ST Weir forecasting a net profit increase of 8303.8%-9599.14% [6][8] - Approximately 260 companies are expected to have a net profit growth rate exceeding 100%, accounting for about one-fifth of the companies that have released forecasts [7][8] - The performance of companies in the photovoltaic sector is under pressure due to market conditions, impacting their profitability despite efforts to innovate and upgrade technology [9][10]

Core Viewpoint - Xiamen State-owned Enterprise Jianfa Co., Ltd. reported its first loss since its listing over twenty years ago, with projected net profit attributable to shareholders ranging from -10 billion to -5.2 billion yuan for 2025 [1][2]. Group 1: Financial Performance - Jianfa Co. expects a net profit attributable to shareholders for 2025 to be between -10 billion and -5.2 billion yuan, with a net profit after deducting non-recurring gains and losses estimated at -6.5 billion to -3.3 billion yuan [1][2]. - The company attributes the loss primarily to negative profit settlements from its real estate subsidiary, Lianfa Group, increased inventory impairment provisions, and losses from the fair value changes of investment properties held by its home furnishing subsidiary, Red Star Macalline [1][3]. Group 2: Subsidiary Performance - Lianfa Group is expected to report a negative net profit for 2025, with revenue from real estate projects declining year-on-year, leading to negative overall profit settlements [2][3]. - Red Star Macalline is also projected to incur a net loss for 2025, with ongoing weakness in the real estate market affecting demand in the home furnishing retail sector, resulting in significant declines in rental income and property values [3][5]. Group 3: Strategic Changes - Jianfa Co. has undergone significant organizational changes, including a leadership transition at Lianfa Group, with Wang Wenhuai replaced by Lin Weiguo as chairman, aiming to implement a new strategy focused on high-quality, competitive housing in first-tier cities [4][10]. - The company has faced challenges in transforming Lianfa Group, which has historically focused on third- and fourth-tier cities, leading to longer project turnover times and increased pressure during industry adjustments [5][14]. Group 4: Market Context - The real estate industry is experiencing deep adjustments, with Jianfa Co. facing growth pressures and difficulties in resource allocation between its two platforms, Lianfa Group and Jianfa Real Estate [14][15]. - Despite previous successes, Jianfa Real Estate's growth has slowed, with challenges in acquiring quality land in core cities and a decrease in profit margins due to market conditions [14][15].

美凯龙表示，公司2025年持续通过减免租金及管理收入的方式稳商留商，同时积极调整战略与品类布 局，以优惠的商业条件吸引优质业态及品牌入驻，并在拓展初期给与租金及管理费优惠，使得租赁及管 理收入受到较为明显的影响，租金水平较以往年度显著下降。 北京商报讯（记者 翟枫瑞）1月26日，红星美凯龙家居集团股份有限公司（以下简称"美凯龙"）发布 2025年度业绩预告称，经财务部门初步测算，公司预计2025年度实现净利润为-225亿元至-150亿元；预 计2025年度实现归属于母公司所有者的扣除非经常性损益的净利润为-58亿元至-46亿元。 ...

Core Viewpoint - Meikailong (601828.SH, 01528.HK) anticipates a net profit loss for the fiscal year 2025, primarily due to significant fair value adjustments on investment properties, estimated between 12.6 billion to 21.5 billion yuan [2] Group 1: Financial Performance and Adjustments - The company is adjusting the value of its investment properties in response to a decline in demand within the real estate and home improvement sectors, leading to a notable decrease in rental income [2][3] - The adjustment reflects a prudent accounting approach, ensuring that financial statements accurately represent the company's asset values without impacting cash flow or operational capabilities [3][4] - Meikailong's rental income has been significantly affected by strategic decisions to reduce rents and management fees to retain tenants, resulting in a substantial drop in rental levels compared to previous years [2][4] Group 2: Operational Resilience and Strategic Initiatives - Despite challenges in the home retail industry, Meikailong has improved its operational metrics, with a rental rate of 84.72% in Q3 2025, up 0.52% from Q2 [4] - The company has implemented cost-reduction measures, with sales expenses down 18.05%, management expenses down 19.92%, and financial expenses down 10.23% in Q3 2025 [5] - Meikailong is actively pursuing strategic upgrades, aiming to transition into a "new commercial operator in home living" and expand its service offerings beyond traditional home goods [6][7] Group 3: Future Strategic Direction - The company plans to enhance its "3+Star Ecosystem" strategy, integrating home, real estate, and supply chain services to create a comprehensive home living ecosystem [7][8] - This strategic shift aligns with national goals to expand high-quality consumer goods and services, promoting a transition from fragmented price competition to a focus on service, design, and ecosystem [8]

Investment Rating - The report assigns an "Accumulate" rating for the industry [6]. Core Insights - The civil aviation sector is expected to see record-high passenger transport volume during the Spring Festival, with an anticipated 95 million passengers, representing a year-on-year growth of approximately 5.3% [2][5]. - The retail sector showed a slight increase in consumer spending, with a total retail sales of 45,136 billion yuan in December 2025, marking a 0.9% year-on-year growth [5]. - The report highlights the continuous rise in gold prices, with spot gold surpassing 4,800 USD per ounce, leading to increased prices for domestic gold jewelry [5]. - The report emphasizes the positive impact of travel policies on tourism and hotel sectors, suggesting a focus on companies like Atour, Huazhu Group, and Jinjiang Hotels [5][6]. Summary by Relevant Sections Civil Aviation - The report indicates that the domestic flight ticket prices have slightly increased compared to the previous year during the Spring Festival [5]. - The Civil Aviation Administration forecasts a daily average of 2.38 million passengers during the Spring Festival period [5]. Retail Sector - The total retail sales for the year 2025 reached 501,202 billion yuan, reflecting a 3.7% year-on-year increase [5]. - The report notes that the opening of the child-rearing subsidy program on January 5, 2026, will provide 3,600 yuan per child annually for children under three years old [5]. Company Announcements - China Duty Free Group announced the acquisition of DFS's travel retail business in Greater China for up to 395 million USD [5]. - Jiajiayue expects a net profit of 198 million to 228 million yuan for 2025, representing a year-on-year growth of 50.06% to 72.79% [5]. - Meikailong anticipates a net loss of 22.5 billion to 15 billion yuan for 2025, a significant decline compared to the previous year [5]. - Jinling Hotel expects a net profit of 55 million to 63.5 million yuan for 2025, indicating a growth of 65.37% to 90.93% year-on-year [5].