Core Viewpoint - A significant number of companies in the A-share market have reported substantial losses, leading to a collective loss of 500 billion yuan, indicating a severe financial crisis within the industry [1][20]. Group 1: Company Losses - 65 companies disclosed their financial troubles, with major players like Red Star Macalline, Jindi Group, and Jianfa Holdings reporting massive losses of 225 billion, 135 billion, and 100 billion yuan respectively [4][10]. - The losses from these three companies alone could have been sufficient to acquire an entire medium-sized sector, highlighting the scale of the financial damage [5]. - The losses are attributed to asset impairment and the devaluation of previously overvalued properties, leading to a collapse in investor confidence [8][20]. Group 2: Market Reactions - The market appears to be in a state of denial, with indices showing resilience while individual stocks suffer severe declines, indicating a disconnect between market perception and reality [3][10]. - The financial reports have led to a significant drop in stock prices, undermining the belief in "core assets" and revealing the fragility of the market [10][20]. Group 3: Financial Strategies - The phenomenon of "financial big washing" is observed, where companies are using accounting flexibility to report massive losses in one go, potentially to reset their financial baselines for future reporting [17][20]. - This strategy allows companies to clear hidden liabilities and prepare for a potential recovery, but it also risks eroding investor trust [20][21]. Group 4: Regulatory Environment - The current regulatory environment, including the new registration system, has increased the pressure on companies to maintain transparency and avoid continuous losses, which could lead to delisting [21][22]. - Companies are advised to focus on fundamental performance rather than speculative trading, as the market is becoming increasingly unforgiving towards those with deteriorating fundamentals [21].

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 [1][3] Group 1: Financial Performance and Adjustments - The company is adjusting the value of its investment properties in response to the ongoing downturn in the real estate and home improvement sectors, leading to a notable decline in rental income and management fees [3][4] - In December, the sales revenue of large-scale building materials and home furnishing markets in China fell by 4.4% year-on-year, with a total sales revenue of 1,179.6 billion yuan [4] - Meikailong's self-operated mall occupancy rate reached 84.72% in Q3 2025, reflecting a 0.52% increase from the previous quarter, while the net cash flow from operating activities improved to 643 million yuan, compared to a negative figure in the same period last year [5] Group 2: Strategic Initiatives and Future Outlook - Under new management, Meikailong is actively pursuing strategic upgrades, aiming to transform into a "new commercial operator of home life and service provider for the home industry ecosystem" [6][7] - The company plans to enhance its "3+Star Ecosystem" strategy by integrating home, real estate, and supply chain elements, thereby expanding its service offerings beyond just home furnishings [7][8] - Analysts believe that if Meikailong successfully implements its new strategy, it could shift the home furnishing industry from fragmented price competition to a high-quality competition focused on service and design, positively impacting the entire supply chain [8]

来源：环球网 1月23日晚，美凯龙(601828.SH、01528.HK)发布业绩预告，预计2025年度归母净利润亏损。造成亏损的 原因，主要是公司对所持有的投资性房地产项目进行大额公允价值变动损失的调整，涉及金额约126亿 ~215亿元。 美凯龙解释称，受地产行业不景气以及家居建材行业需求下滑的持续影响，家居零售市场需求减弱，公 司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。由于市场对未来租金预期发生了转变，租金价格短期内得到修复的 估计已需要进行调整，因此公司对未来租金预期的收益情况进行了相应调整，致使投资性房地产价值显 著下降。 过去一年，美凯龙按照"3+星生态"战略指引，实施升级高端电器战略、推进M+高端设计中心等举措。 业内人士认为，美凯龙此举意在释放投资性房地产估值压力，未来利润表中将减少同类公允价值变动损 失，有助于投资者更清晰地看到主营业务盈利能力的真实改善和公司的核心价值。 此举恰恰体现了新管理层应对周期、夯实资产质量的决心 ...

中访网数据 红星美凯龙家居集团股份有限公司（证券代码：601828）于2026年1月24日发布2025年度业 绩预告。预告显示，公司预计2025年度归属于母公司所有者的净利润将出现大幅亏损，区间为-225亿元 至-150亿元；扣除非经常性损益后的净利润预计为-58亿元至-46亿元。业绩预亏主要源于非现金性损 失。受地产及家居行业需求持续下滑影响，公司为稳商留商采取了租金优惠等措施，导致租金收入下 降，并因此调整了未来租金预期。基于此，公司对持有的投资性房地产公允价值进行了重估，预计将产 生126亿元至215亿元的价值下调。同时，公司对与房地产市场关联紧密的各类资产进行了减值测试，初 步预计计提减值准备约45亿元至57亿元。公司强调，上述公允价值变动及减值不影响其物业创造现金流 的能力和经营基本面，并表示已升级战略定位为"家居生活新商业运营商与家居产业生态服务商"，旨在 聚焦主业升级并拓展产业生态服务。本次业绩预告数据仅为初步测算结果，具体财务数据以公司正式披 露的2025年年度报告为准。 ...

以上投资性房地产公允价值的下降以及各类减值准备的计提，旨在如实反映当前市场环境变化引起的各 类非经营事项对公司财务信息造成的影响。相关投资性房地产的公允价值变动，不影响公司持有物业创 造现金流的能力，不影响公司整体经营的止跌企稳，以及不改变公司出租率和经营活动净流入已改善的 现状。公司将顺应国家"十五五"规划及新的市场环境，主动调整，将战略定位升级为"家居生活新商业 运营商与家居产业生态服务商"，聚焦家居主业升级，同时拓展家居产业生态服务，打造第二增长曲 綫，实现规模价值双提升。 集团2025年度的预期亏损主要是缘于投资性房地产的公允价值变动损失，以及相关资产的减值损失造成 的。受房地产行业不景气以及家居建材行业需求下滑的持续影响，家居零售市场的需求减弱，公司持续 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，以优惠的商业条款吸引优质 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着下降。由于市场对未来租金预期发生了转变，租金价格短期内得到修复的估计已 需要进行调整，因此公司对未来租金预期的收益情况进行了相应调整，致使投资性房 ...

Group 1 - The company expects a loss of approximately RMB 159.85 billion to RMB 238.37 billion for the fiscal year 2025, compared to a loss of about RMB 37.28 billion for the fiscal year 2024, indicating a continued trend of losses [1] - The anticipated net loss attributable to the parent company for 2025 is projected to be between RMB 153.60 billion and RMB 228.60 billion, which is a significant increase from the net loss of approximately RMB 34.92 billion recorded in 2024 [1] Group 2 - The expected losses for 2025 are primarily due to fair value changes and impairment losses related to investment properties, influenced by the ongoing downturn in the real estate sector and declining demand in the home furnishing and building materials industry [2] - The company is actively adjusting its strategy and product mix to attract quality brands and businesses, which has led to a significant decrease in rental and management income due to rent reductions and management fee discounts [2] - The valuation of investment properties is expected to be adjusted downwards by approximately RMB 131 billion to RMB 220 billion for 2025, reflecting changes in market expectations regarding future rental income [2] - The company has also estimated impairment provisions of RMB 45 billion to RMB 57 billion for various assets based on the latest recoverable amounts, which are closely tied to the valuation of investment properties and market selling prices [2]

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 的 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 倚 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 盈利警告公告 本公告乃由紅星美凱龍家居集團股份有限公司（「本公司」），連 同 其 附 屬 公 司，統 稱 為（「本集團」）根據香港聯合交易所有限公司證券上 市規則（「上市規則」）第13.09(2)條及第13.10B條以及證券及期貨條例 （香 港 法 例 第571章）第XIVA部內幕消息條文（定 義 見 上 市 規 則）而 作 出。 本公司董事會（「董事會」）謹此知會本公司股東（「股 東」）及潛在投資 者，基 於 本 公 司 的 現 時 可 得 資 料 及 對 本 集 團 截 至2025年12月31日 止 年 ...

公司2025年度的亏损主要缘于投资性房地产公允价值变动损失以及相关资产的减值损失。受地产行业不 景气以及家居建材行业需求下滑的持续影响，家居零售市场需求减弱，公司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。由于市场对未来租金预期发生了转变，租金价格短期内得到修复的估计已需要进行调整，因此公 司对未来租金预期的收益情况进行了相应调整，致使投资性房地产价值显著下降，2025年度投资性物业 估值相应下调约126亿元至215亿元。此外，由于公司历史形成的各类资产底层价值也同样与投资性房地 产的评估价值及房地产市场的出让价格等因素紧密相关，公司根据各项资产最新可回收情况，对各类资 产截至2025年末的可回收金额进行了初步测算，计提了相应的减值准备约45亿元至57亿元。 以上投资性房地产公允价值的下降以及各类减值准备的计提，旨在如实反映当前市场环境变化引起的各 类非经营事项对公司财务信息造成的影响。相关投资性房地产的公允价值变动，不影响公司持有物业创 ...

美凯龙同日公告，预计2025年度归母净利润亏损150亿元至225亿元，上年同期亏损29.83亿元。公司 2025年度的亏损主要缘于投资性房地产公允价值变动损失以及相关资产的减值损失。 1月23日晚间，上交所就红星美凯龙家居集团股份有限公司业绩预告相关事项下发监管工作函，涉及对 象包括上市公司、董事、高级管理人员、控股股东及实际控制人。 ...

Core Viewpoint - The company, Meikailong (601828.SH), is projected to incur significant losses in 2025, with net profit attributable to shareholders expected to range from -22.5 billion to -15 billion yuan, and net profit excluding non-recurring items estimated between -5.8 billion to -4.6 billion yuan [1][2]. Group 1: Financial Projections - The anticipated losses for 2025 are primarily due to fair value changes in investment properties and related asset impairment losses [2]. - The estimated decline in the fair value of investment properties is projected to be between 12.6 billion to 21.5 billion yuan [2]. - The company plans to recognize impairment provisions of approximately 4.5 billion to 5.7 billion yuan for various assets by the end of 2025 [2]. Group 2: Market Conditions and Strategic Adjustments - The ongoing downturn in the real estate sector and reduced demand in the home furnishing and building materials industry have led to weakened demand in the home retail market [2]. - The company is implementing strategies such as rent reductions and management fee discounts to retain tenants while adjusting its strategic focus and product categories to attract quality brands [2]. - The company aims to upgrade its strategic positioning to become a "new commercial operator in home living and a service provider in the home industry ecosystem," focusing on upgrading its core business and expanding its service offerings [3].