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π Space auto ecosystemπ空间汽车智能生态
18 · 2024-01-05 → 2026-04-10
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Joint venture with C&D Auto to launch an automotive retail format inside Macalline malls, integrating car sales, lifestyle, and home furnishing.与建发汽车合作，在美凯龙商场内推出汽车零售业态，融合汽车销售、生活方式和家居装饰。
2024-01-05Macalline and C&D Auto jointly launched the 'π Space' automotive intelligent ecosystem project at the Chengdu Jialing mall, with an initial planned area of 10,000 sqm, integrating brand flagship showrooms, mini π crossover spaces, and independent delivery centers, targeting '100 cities, 100 stores'.美凯龙与建发汽车在成都佳灵商场联合发布汽车智能生态综合体π空间项目，首期规划面积1万平米，设置品牌旗舰展厅、mini π跨界空间、独立交付中心，目标‘百城百店’。
2024-02-02Macalline and C&D Auto (subsidiary of C&D Inc.) launch the pi-space project in Chengdu, an automotive intelligent ecosystem complex integrating smart home, lifestyle and car sales.美凯龙与建发汽车在成都发布π空间项目，打造融合智能家居、生活方式与汽车销售的汽车智能生态综合体。
2024-03-11Red Star Macalline and C&D Auto jointly launched 'π Space', a new energy vehicle ecosystem integrating multi-brand display, test drives, sales, delivery, and light maintenance.红星美凯龙与建发汽车联手推出“π空间”，打造集多品牌展示、试驾、销售、交付和轻维修于一体的新能源汽车生态圈。
2024-08-30Macalline established '3+Star Ecosystem' as long-term strategy, expanding into auto, dining, and community services; partnered with C&D Auto to launch 'π Space' auto smart ecosystem in Chengdu, with total auto category area reaching 100,000 sqm.美凯龙确立“3+星生态”长期发展战略，拓展汽车、餐饮、社邻服务等新业态；联合建发汽车在成都打造汽车智能生态综合体“π空间”，全国汽车品类总面积达10万平方米。
2024-09-27C&D Auto Group and Macalline jointly launched the first 'π Space' store at Macalline Chengdu Jialing Mall, a 'human-vehicle-home' lifestyle hub integrating 3+ Star Ecosystem, smart mobility, and cultural creativity.建发汽车集团与美凯龙共同打造的π空间首店在成都佳灵商场开业，融合'3+星生态'、智能出行和文创艺术的人车家生活方式聚合场。
2024-10-20Red Star Macalline and C&D Auto jointly opened the first 'π Space' store in Chengdu, integrating auto sales into home furnishing malls to enter the 5-trillion-yuan auto market.红星美凯龙与建发汽车联合打造的'π空间'首店在成都开业，将汽车销售引入家居卖场，切入5万亿汽车市场。
2024-11-07Red Star Macallion and C&D Auto (subsidiary of C&D Inc.) jointly established Shanghai Jianmei Smart Automotive Service Co., Ltd. with registered capital of RMB 10 million, owned 51% and 49% respectively, covering NEV sales and auto decoration.红星美凯龙与建发股份旗下厦门建发汽车共同成立上海建美智慧汽车服务有限公司，注册资本1000万元，分别持股51%和49%，业务涵盖新能源汽车销售和汽车装饰用品。
2024-11-07Red Star Macalline and C&D Auto jointly opened the 'π Space' in Chengdu, a new retail format integrating home furnishing, smart mobility, and cultural creativity within a Macalline store.红星美凯龙与建发汽车在成都联合开业“π空间”，在家居卖场内融合家居、智能出行与文创艺术的新型消费地标。
2024-12-09Macalline's Chengdu Jialing 'π Space' (auto retail format) officially opened with 7 auto brands signed; operating hours: weekdays 10:00-18:00, weekends/holidays 10:00-18:30.美凯龙成都佳灵π空间正式营业，已有7个汽车品牌签约入驻；营业时间工作日10:00-18:00，双休日节假日10:00-18:30。
2024-12-30Macalline held Wuhan auto strategy launch and E'touwan Auto Plaza Phase I opening; announced '3100 Plan' to incubate a 'car-home integrated' track and achieve 1 million sqm of auto retail space within 3 years.美凯龙举办武汉同城汽车战略发布暨额头湾汽车广场首期开业，发布“3100计划”：3年内孵化“车居一体”新赛道，汽车业态经营面积破100万方。
2025-04-14Red Star Macalline and Euro Auto Port (Oulu Qiche Gang) signed strategic cooperation agreement; first project at Chongqing Erlang mall plans 20,000 sqm auto zone including NEV experience center, luxury car customization, and domestic new energy brand cluster, with initial 4,000 sqm phase.红星美凯龙与欧陆汽车港达成战略合作，首店落子重庆二郎商场，规划2万方汽车业态，含新能源汽车体验中心、豪华汽车定制服务区和国产新势力品牌集群，首期经营面积4000㎡。
2025-05-30Announces '3100 Plan': aims to incubate 'car-home integrated' new track in 3 years, expanding auto business area to 1 million sqm; current auto area exceeds 260,000 sqm across 44 cities with 30+ brands.发布“3100计划”：3年内孵化“车居一体”新赛道，汽车业态经营面积突破100万方；目前超26万方，覆盖44城，合作品牌超30家。
2025-07-27Macalline launched its automotive business in Kunming, opening a 20,000 sqm dual-Mall auto theme hall (new cars, premium used cars, aftermarket) in southwest China, covering 44 cities and 260,000 sqm nationally.美凯龙汽车业态落地昆明，双Mall打造2万平米汽车主题馆（新车、高端二手车、后市场），全国覆盖44城、经营面积26万平米。
2025-08-29Macalline disclosed that its new energy vehicle business had entered 50 malls across 44 cities, covering over 30 brands, with operating area of 261,000 sqm, an increase of 97,000 sqm from end-2024.美凯龙披露新能源汽车业务已进驻50家商场，覆盖44个城市，合作超30个品牌，经营面积26.1万平方米，较2024年底增长9.7万平方米。
2025-11-17Macalline's first national new energy vehicle (NEV) store, the Xining Haihu Shopping Mall Chengyu Auto City, officially opened. Phase 1 covers 7,000 sqm, featuring 23 NEV brands and over 60 real cars. As of Sep 30, 2025, Macalline's auto business covers 46 cities, with 300,000 sqm of operating area, over 30 partner auto brands, and 2024 transaction volume exceeding 4 billion yuan.美凯龙全国首家新车馆——西宁海湖商场诚宇汽车城开业，首期经营面积7000㎡，汇聚23家新能源汽车品牌，展示60多款实车；截至2025年9月30日，汽车业态覆盖46个城市，经营面积达30万㎡，合作品牌超30家，2024年交易额突破40亿元。
2025-11-27Macalline and Xinyate Auto Group jointly opened the Xi'an Zhizun Mall Auto Hall, with an operating area exceeding 20,000 sqm. The hall features luxury car showrooms, discount new cars, used cars, an auto museum, and inspection services. This is Macalline's second auto-themed hall in half a month, marking the acceleration of its 'car-home integration' business.美凯龙与鑫亚特汽车集团合作打造的西安至尊Mall汽车馆开业，经营面积超2万㎡，涵盖高端豪车展厅、新车折扣、二手车、汽车博物馆及检测整备服务；这是美凯龙半个月内第二家汽车主题馆，‘车居一体’业务加速。
2025-12-23Macalline's southwest China first 'full-scenario auto life complex' Oulu Auto Port opened at Chongqing Erlang mall, gathering 30+ new energy and smart car brands (NIO, Li Auto, AITO, Xiaomi, etc.) over 5,000 sqm, with auto ecosystem now covering 46 cities and 320,000 sqm.美凯龙西南首个‘全场景汽车生活综合体’欧陆汽车港于重庆二郎商场揭幕，汇集蔚来、理想、问界、小米等30余个新能源与智能汽车品牌，经营面积约5000㎡；汽车业态已覆盖46城、32万㎡。
2026-04-10Leapmotor opened its first S-level experience store in Wuhan at Macalline E'touwan mall, covering over 1,100 sqm across three floors, integrating smart showroom, test drive, delivery and after-sales service. The auto plaza now has over 40,000 sqm of auto-related业态.零跑汽车在美凯龙武汉额头湾商场开设武汉首家S级体验店，经营面积超1100平方米，集智能展厅、试驾、交付与售后于一体。该汽车广场已开业汽车业态超4万平方米。
Store network contraction & closures门店网络收缩与关闭
11 · 2024-01-05 → 2026-05-01
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Ongoing closure and disposal of underperforming malls, reduction in total store count, and conversion of store formats.持续关闭和处置表现不佳的商场，门店总数减少，以及门店业态转换。
2024-01-05As of December 31, 2023, Macalline operated 87 self-owned malls, 275 managed malls, 8 strategically partnered malls, and 46 franchised projects, totaling 448 home furnishing stores/industrial streets.截至2023年12月31日，美凯龙经营87家自营商场、275家委管商场、8家战略合作商场、46家特许经营项目，共448家家居建材店/产业街。
2024-02-23Macalline closed or disposed of 28 stores in 2023, reducing its total store count from 476 to 448, a decline of 5.88%.美凯龙2023年关闭或出让28家卖场，卖场总数从476家降至448家，下降5.88%。
2024-05-10Red Star Macalline's Fujian Global Home No.1 store in Fuzhou was delisted and will be taken over by Xiyingmen after early termination of the entrusted management contract on April 30.福州红星美凯龙福建全球家居1号店摘牌，将由喜盈门接手，委托经营管理合同于4月30日提前终止。
2024-06-12Red Star Macalline closed 6 malls in the first five months of 2024, including Fuzhou, Yangquan, and Shaoyang; Q1 2024 saw closure of 1 directly-operated and 3 consignment malls.红星美凯龙2024年前5个月关闭6家商场（福州、阳泉、邵阳等）；一季度关闭1家直营商场和3家委管商场。
2024-08-30Macalline disclosed its H1 2024 operational data: self-owned malls revenue CNY 2.563 billion (-12.8%), leased malls revenue CNY 316 million (-26.5%), joint-venture malls revenue CNY 91.27 million (-34.8%); total self-owned malls 85, managed malls 267.美凯龙披露2024年上半年经营数据：自有商场收入25.63亿元（-12.8%），租赁商场收入3.16亿元（-26.5%），合营联营商场收入9127.36万元（-34.8%）；自营商场85家，委管商场267家。
2024-10-30Red Star Macalline reported Q3 2024 operating data: 84 self-owned malls, 260 managed malls, 7 strategic cooperation malls, 48 franchised projects; net closed 3 self-owned and 13 managed malls in Q3.红星美凯龙发布2024年三季度经营数据：自营商场84家，委管商场260家，战略合作7家，特许经营48家；三季度净关闭自营3家、委管13家。
2025-01-10Macalline announced that as of Dec 31, 2024, it operates 77 self-owned malls, 257 managed malls, 7 strategic cooperation malls, and 33 franchised projects, totaling 405 home furnishing stores/streets.美凯龙公告截至2024年12月31日，经营77家自营商场、257家委管商场、7家战略合作商场、33家特许经营项目，合计405家家居建材店/产业街。
2025-03-27Macalline's 2024 annual report disclosed store changes: opened 1 self-owned store (Chengdu), closed 6 self-owned stores, converted 5 to managed; opened 2 managed stores, closed 21 managed stores, converted 4 to franchised; total 77 self-owned, 257 managed, 7 strategic cooperation, 33 franchised projects (405 stores).美凯龙2024年年报披露门店变动：新开1家自营商场（成都），关闭6家自营，5家自营转委管；新开2家委管，关闭21家委管，4家委管转特许；共77家自营、257家委管、7家战略合作、33家特许经营项目（405家门店）。
2025-08-29Macalline's H1 2025 operating data: as of June 30, 2025, it operated 76 self-owned malls, 235 managed malls, 7 strategic cooperation malls, and 23 franchised projects, totaling 369 stores; closed 2 self-owned malls and 22 managed malls in H1.美凯龙2025年上半年经营数据：截至6月30日，经营76家自营商场、235家委管商场、7家战略合作商场、23个特许经营项目，共369家门店；上半年关闭2家自营商场和22家委管商场。
2026-01-07As of December 31, 2025, Macalline operates 74 self-owned malls, 218 managed malls, 7 strategic cooperation malls, 19 franchised home furnishing projects, totaling 345 home furnishing stores/industrial streets.截至2025年12月31日，美凯龙经营74家自营商场、218家委管商场、7家战略合作商场、19家特许经营家居建材项目，共345家家居建材店/产业街。
2026-05-01Red Star Macalline reported Q1 2026 revenue of 1.548 billion yuan, net profit attributable to parent of 47.6776 million yuan, turning from a loss of 513 million yuan in the same period last year; operated 73 self-owned malls and 214 managed malls as of March 31, 2026, closing 1 self-owned and 4 managed malls since end-2025.美凯龙公布2026年第一季度营业收入15.48亿元，归母净利润4767.76万元，同比扭亏（去年同期亏损5.13亿元）；截至2026年3月31日经营73家自营商场、214家委管商场，较2025年底关闭1家自营和4家委管商场。
Annual & quarterly financial results年度与季度财务业绩
30 · 2024-01-05 → 2026-06-25
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Recurring financial reporting including revenue decline, net losses, impairment provisions, and operational metrics.定期财务报告，包括收入下降、净亏损、减值准备和运营指标。
2024-01-05Macalline reported that December 2023 self-owned mall rental and management fee income was RMB 545.23 million, down 1.75% month-on-month from RMB 554.93 million in November, due to seasonal weakness and tenant mix adjustments.美凯龙公告2023年12月自有商场租赁及管理费收入为5.4523亿元，环比11月的5.5493亿元下滑1.75%，原因为年末淡季及品类调整。
2024-01-30Macalline issued a 2023 annual performance forecast, expecting a net loss attributable to parent of RMB 1.98-2.38 billion, a year-on-year decline of 364.5%-417.9% from a profit of RMB 749 million in 2022; impairment provisions totaled about RMB 1.7 billion.美凯龙发布2023年度业绩预告，预计归母净亏损19.8-23.8亿元，同比由盈转亏（2022年净利润7.49亿元），减值准备总额约17亿元。
2024-02-01Macalline reports 2023 net profit after extraordinary items loss of RMB 1.0-1.39 billion, down 262.2%-325.5% YoY, with total impairment provisions of about RMB 1.7 billion.美凯龙2023年扣非净利润亏损10-13.9亿元，同比减少262.2%-325.5%，计提减值准备约17亿元。
2024-02-23Macalline expects 2023 net profit attributable to parent of RMB -2.38 to -1.98 billion, a decrease of 364.5%-417.9% YoY, the worst loss in 6 years.美凯龙预计2023年归母净利润为-23.8至-19.8亿元，同比减少364.5%-417.9%，创近6年最大亏损。
2024-03-28Red Star Macalline released 2023 annual results: revenue of 11.515 billion yuan, down 18.55% YoY; net loss attributable to shareholders of 2.216 billion yuan, down 496.78% YoY.红星美凯龙发布2023年年报：营业收入115.15亿元，同比下降18.55%；归属于上市公司股东的净亏损22.16亿元，同比下降496.78%。
2024-04-01Macalline reported 2023 annual results: revenue RMB 11.515 billion, -18.6% YoY; net loss attributable to shareholders RMB 2.216 billion, -496.78% YoY; operating cash flow RMB 2.364 billion, -39.07% YoY.美凯龙发布2023年年报：营收115.15亿元，同比下降18.6%；归母净利润亏损22.16亿元，同比下降496.78%；经营活动现金流净额23.64亿元，同比下降39.07%。
2024-04-29Macalline reported Q1 2024 results: revenue RMB 2.112 billion, -19.30% YoY; net loss attributable to shareholders RMB 372 million, -322.16% YoY; operated 86 self-owned malls, 272 managed malls, total 444 stores.美凯龙发布2024年一季报：营收21.12亿元，同比下降19.30%；归母净利润亏损3.72亿元，同比下降322.16%；经营86家自营商场、272家委管商场，共444家门店。
2024-05-10Red Star Macalline reported April 2024 self-owned mall rental and management fees of RMB 532 million, down 2.88% month-on-month from March's RMB 548 million, due to contract renewals and category adjustments.美凯龙2024年4月自有商场租金及管理费5.32亿元，环比下降2.88%，因合同续签及品类调整导致出租率短期下滑。
2024-05-23Red Star Macalline responded to SSE supervision letter, reporting 2023 revenue of RMB 11.515 billion, down 18.55% YoY; self-operated leasing and management service revenue fell 13.8%, project consulting fell 10.9%, construction fell 1.7%, home decoration fell 51.2%.美凯龙回复上交所监管函，2023年营收115.15亿元同比降18.55%，自营租赁降13.8%，项目咨询降10.9%，建造施工降1.7%，家装服务降51.2%。
2024-06-12Red Star Macalline reported April 2024 rental and management fee income from self-owned malls fell by 15.77 million yuan (2.88%) month-on-month due to lease renewals and category adjustments.美凯龙披露2024年4月自有商场租金及管理费环比下降1577万元（2.88%），因续签及品类调整导致出租率短期下滑。
2024-07-05June 2024 rental and management fee from self-owned malls was RMB 528.80 million, down 0.56% month-on-month from RMB 531.76 million in May, due to contract renewal negotiations and introduction of new categories like M+ design centers and NEVs.2024年6月自有商场租赁租金及管理费为5.288亿元，环比5月的5.3176亿元下降0.56%，原因包括合同续签磋商及引入M+高端设计中心、新能源汽车等新品类。
2024-07-09H1 2024 net loss attributable to parent forecasted at RMB 1.02-1.38 billion, versus net profit of RMB 120 million in H1 2023; investment property valuation written down by over RMB 800 million; provision for financial assistance impairment of about RMB 500 million.2024年上半年归母净亏损预计为10.2亿至13.8亿元，而上年同期净利润为1.2亿元；投资性物业估值下调逾8亿元；计提财务资助减值准备约5亿元。
2024-08-30Macalline reported H1 2024 revenue of CNY 4.225 billion, down 25.35% YoY; net loss attributable to shareholders of CNY 1.253 billion, compared to a profit of CNY 121 million in H1 2023.美凯龙2024年上半年营业收入42.25亿元，同比下降25.35%；归属于上市公司股东净亏损12.53亿元，上年同期盈利1.21亿元。
2024-09-01Macalline reported 2024 H1 revenue of RMB 4.225 billion, down 25.35% YoY; net loss of RMB 1.328 billion, turning from profit to loss, with fair value loss of RMB 919 million.美凯龙发布2024年上半年业绩：营收42.25亿元，同比下降25.35%；净亏损13.28亿元，由盈转亏，公允价值亏损9.19亿元。
2024-10-30Red Star Macalline reported Q3 2024 net loss attributable to shareholders of RMB 1.887B, down 245.2% YoY; total assets RMB 118.665B, down 1.98% from end-2023.红星美凯龙2024年三季度归母净利润亏损18.87亿元，同比下降245.2%；总资产1186.65亿元，较2023年末下降1.98%。
2025-01-17Macalline issued a 2024 annual performance forecast: net loss attributable to parent of 2.33-2.73 billion yuan, wider than the 2.216 billion yuan loss in 2023, due to lower mall occupancy, rent relief, new energy vehicle category introduction, and investment property devaluation of over 1.4 billion yuan.美凯龙发布2024年年度业绩预告：归母净利润亏损23.3-27.3亿元，较2023年亏损22.16亿元扩大，因商场出租率下降、租金减免、引入新能源汽车品类及投资性物业估值下调逾14亿元。
2025-03-27Macalline released 2024 annual results: revenue 7.821 billion yuan, down 32.08% YoY; net loss attributable to shareholders 2.983 billion yuan, widening 34.61% YoY; operating cash flow plunged 90.85% to 216 million yuan.美凯龙发布2024年年报：营业收入78.21亿元，同比下降32.08%；归母净利润亏损29.83亿元，亏损同比扩大34.61%；经营活动现金流净额大幅下降90.85%至2.16亿元。
2025-04-07Macalline (601828) released 2024 annual report: revenue 7.821 billion yuan, down 32.08% YoY; net loss attributable to parent 2.983 billion yuan, loss widened 34.61%; non-GAAP net loss 1.68 billion yuan, loss widened 36.77%; operating cash flow 216 million yuan, down 90.8% YoY.美凯龙（601828）发布2024年年报：营收78.21亿元，同比下降32.08%；归母净利润亏损29.83亿元，亏损扩大34.61%；扣非净利润亏损16.8亿元，亏损扩大36.77%；经营现金流净额2.16亿元，同比下降90.8%。
2025-04-29Macalline (601828) released 2025 Q1 results: revenue 1.615 billion yuan, down 23.49% YoY; net loss attributable to parent 513 million yuan, compared to loss of 372 million yuan in same period last year; basic EPS -0.12 yuan.美凯龙（601828）发布2025年一季报：营收16.15亿元，同比下降23.49%；归母净利润亏损5.13亿元，上年同期亏损3.72亿元；基本每股收益-0.12元。
2025-05-01Q1 2025 revenue 1.615 billion yuan, down 23.49% YoY; net loss 513 million yuan, loss widened 38.2% YoY.2025年一季度营收16.15亿元，同比下降23.49%；归母净亏损5.13亿元，亏损同比扩大38.2%。
2025-07-14Macalline guided H1 2025 net loss attributable to parent of 1.59-1.92 billion yuan, vs 1.253 billion loss a year ago; investment property valuation written down by over 1.8 billion yuan.美凯龙预告2025年上半年归母净利润亏损15.9亿至19.2亿元，上年同期亏损12.53亿元；投资性物业估值下调逾18亿元。
2025-08-29Macalline reported H1 2025 results: revenue of RMB 3.337 billion, down 21.01% YoY; net loss attributable to shareholders of RMB 1.986 billion, widening from a loss of RMB 1.409 billion in H1 2024.美凯龙发布2025年上半年业绩：营业收入33.37亿元，同比下降21.01%；归属于上市公司股东的净利润-19.86亿元，上年同期为-14.09亿元，亏损扩大。
2025-09-01Released 2025 half-year results: net loss attributable to parent widened to RMB 1.90 billion from RMB 1.25 billion a year earlier, mainly due to a RMB 2.042 billion impairment on investment properties.发布2025年半年报：归母净亏损扩大至19.0亿元，去年同期为12.5亿元，主要因投资性房地产减值20.42亿元。
2025-10-30Macalline reported Q3 2025 results: Q3 revenue 1.632 billion yuan, down 13.24% YoY; net loss 1.243 billion yuan. 9M 2025 revenue 4.969 billion yuan, down 18.62% YoY; net loss attributable to parent 3.143 billion yuan, widening 66.55% YoY. Self-operated mall occupancy rate improved to 84.7% from 83.0% at end-2024.美凯龙发布2025年第三季度业绩：三季度营收16.32亿元，同比下降13.24%；净亏损12.43亿元。前三季度营收49.69亿元，同比下降18.62%；归母净亏损31.43亿元，同比扩大66.55%。自营商场出租率从2024年末的83.0%提升至84.7%。
2026-01-16Macalline expects a net loss attributable to parent for FY2025, due to declining rental income and a significant drop in investment property value; it will also record corresponding impairment provisions.美凯龙预计2025年度归母净利润为亏损，因租金收入下滑及投资性房地产价值大幅下降，并将计提相应减值准备。
2026-01-23Macalline expects FY2025 net loss attributable to parent of RMB 15-22.5 billion, vs. a loss of RMB 2.983 billion in FY2024, mainly due to investment property fair value loss of RMB 12.6-21.5 billion and asset impairment of RMB 4.5-5.7 billion.美凯龙预计2025年度归母净利润亏损150亿至225亿元，上年同期亏损29.83亿元，主因投资性房地产公允价值变动损失126亿至215亿元及资产减值45亿至57亿元。
2026-03-30Red Star Macalline released 2025 annual results: revenue RMB 6.582 billion, down 15.85% YoY; net loss attributable to shareholders RMB 23.722 billion (vs loss of RMB 2.983 billion in 2024), mainly due to fair value adjustment of investment properties. Net assets attributable to shareholders fell 51.55% to RMB 22.525 billion. No dividend. Operating cash flow surged 277.34% to RMB 816 million. Self-operated mall average occupancy rate rose 2 ppts to 85.0%; home service gross margin rose 2 ppts to 61.9%.红星美凯龙发布2025年年报：营业收入65.82亿元，同比减少15.85%；归母净亏损237.22亿元（上年同期亏损29.83亿元），主因投资性房地产公允价值调整；归母净资产225.25亿元，同比减少51.55%；不进行现金分红；经营现金流净额8.16亿元，同比大增277.34%；自营商场平均出租率85.0%，提升2个百分点；家居商业服务板块毛利率61.9%，提升2个百分点。
2026-04-01Macalline released 2025 annual report: revenue 6.582 billion yuan, net loss attributable to shareholders 23.722 billion yuan due to fair value adjustment of investment properties; operating cash flow 816 million yuan, up 277.34% YoY; core home furnishing service gross margin up 2 pct to 61.9%.美凯龙发布2025年年报：营收65.82亿元，因投资性房地产公允价值调整归母净亏损237.22亿元；经营现金流8.16亿元，同比大增277.34%；核心家居商业服务毛利率增长2个百分点至61.9%。
2026-04-27Macalline released 2026 Q1 report: revenue 1.548 billion yuan, net profit 47.6776 million yuan, turning from loss to profit YoY; operating cash flow 413 million yuan, up from -112 million yuan in prior year.美凯龙发布2026年一季报：营收15.48亿元，归母净利润4767.76万元，同比扭亏为盈；经营现金流4.13亿元，上年同期为-1.12亿元。
2026-06-25Macalline reported 2025 operating cash flow of 816 million RMB, a significant improvement from -112 million RMB in the prior year; Q1 2026 cash flow reached 413 million RMB. Costs declined: sales expenses -18.6%, admin -24.2%, finance -10.3% YoY.美凯龙披露2025年经营性现金流8.16亿元，较上年-1.12亿元大幅改善；2026年Q1现金流4.13亿元。销售费用、管理费用、财务费用同比分别下降18.6%、24.2%、10.3%。
Guarantees & subsidiary financing担保与子公司融资
24 · 2024-01-10 → 2026-03-23
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Provision of guarantees and collateral for subsidiaries' bank loans and credit lines to support working capital and project financing.为子公司的银行贷款和授信额度提供担保和抵押，以支持营运资金和项目融资。
2024-01-10Macalline's board approved a subsidiary to provide mortgage collateral (commercial property, title No. 014972) for a credit line of up to RMB 200 million from Ping An Bank Shanghai Branch, for working capital and loan repayment.美凯龙董事会审议通过子公司以商业房产（沪房地普字(2004)第014972号）为抵押，向平安银行上海分行申请最高2亿元授信，用于补充营运资金及还贷。
2024-03-25Red Star Macalline board approved a 400 million yuan loan application from ICBC Shanghai branch, with a term of up to 1 year at 1-year LPR+50BP, secured by property residual value from three wholly-owned subsidiaries.红星美凯龙董事会批准向工商银行上海市分行申请贷款4亿元，期限不超过1年，利率为1年期LPR+50BP，由3家全资子公司提供物业余值抵押担保。
2024-06-20Red Star Macalline's board approved a guarantee for its wholly-owned subsidiary Chongqing Red Star to obtain a 450-million-yuan, 15-year operating property loan from a syndicate of Xiamen Bank and Bank of China.美凯龙董事会批准为全资子公司重庆红星提供担保，向厦门银行和中国银行银团申请4.5亿元、期限不超过15年的经营性物业贷款。
2024-07-25Subsidiary Suzhou Red Star obtains RMB 650 million loan from China Minsheng Bank; Macalline provides joint liability guarantee; property in Suzhou Industrial Park used as collateral.子公司苏州红星从中国民生银行获得6.5亿元贷款；美凯龙提供连带责任保证担保；以苏州工业园区不动产作为抵押。
2024-08-28Macalline provided a guarantee of up to CNY 660 million for its wholly-owned subsidiary Hefei Macalline to secure a CNY 600 million loan from CZB Bank with a term up to 10 years for repaying shareholder loans and renovation.美凯龙为全资子公司合肥红星美凯龙向浙商银行申请6亿元融资提供不超过6.6亿元担保，贷款期限不超过10年，用于归还股东借款和装修升级。
2024-09-25Macalline provided RMB 2 billion in financing guarantees for subsidiaries Nanjing Mingdu and Nanjing Red Star for 15-year operating property loans from ICBC Nanjing Chengnan Sub-branch.美凯龙为子公司南京名都和南京红星提供20亿元融资担保，用于向工商银行南京城南支行申请15年期经营性物业贷款。
2024-09-27Macalline provided RMB 1.3 billion in guarantees for subsidiaries Xinglong Home and Tianjin Red Star for operating property loans from China Merchants Bank.美凯龙为子公司星龙家居和天津红星提供13亿元担保，用于招商银行经营性物业贷款。
2024-10-15Red Star Macalline announced an extraordinary general meeting on Nov 4, 2024 to vote on guarantees for subsidiary Tianjin Red Star Macalline International Home Expo Co., Ltd.'s financing.红星美凯龙公告将于2024年11月4日召开临时股东大会，审议为子公司天津红星美凯龙国际家居博览有限公司融资提供担保的议案。
2024-11-08Red Star Macalline provided a guarantee of RMB 275 million for its subsidiary Zhengzhou Red Star Macalline's financing from China CITIC Bank.美凯龙为子公司郑州红星美凯龙向中信银行的融资提供2.75亿元连带责任保证担保。
2024-12-05Macalline provided guarantees totaling RMB 1.81 billion for subsidiaries: RMB 1.8 billion for Beijing Hongxing Macalline Shibo Furniture Plaza (12-year loan from China Minsheng Bank) and RMB 10 million for Xiamen Hongxing Macalline (credit from China Everbright Bank).美凯龙为子公司提供合计18.1亿元担保：北京红星美凯龙世博家具广场18亿元（民生银行12年期贷款），厦门红星美凯龙商业营运管理1000万元（光大银行授信）。
2024-12-23Macalline's wholly-owned subsidiary Xiamen Hongxing Macalline Commercial Operation Management applied for a credit line of up to RMB 500 million from ICBC Xiamen Branch; Macalline and subsidiary Nanjing Mingdu Home Furnishing Plaza provided full joint liability guarantees.美凯龙全资子公司厦门红星美凯龙商业营运管理向工商银行厦门分行申请不超过5亿元授信，美凯龙及子公司南京名都家居广场提供全额连带责任担保。
2024-12-27Macalline provided a full joint liability guarantee for subsidiary Xiamen Hongxing Macalline Commercial Operation Management's RMB 500 million working capital loan (1-year) from Xiamen International Bank Xiamen Branch.美凯龙为子公司厦门红星美凯龙商业营运管理向厦门国际银行厦门分行申请的5亿元流动资金贷款（1年期）提供全额连带责任担保。
2025-02-19Board approves subsidiary Wuxi Red Star Macalline to obtain a 285 million yuan fixed-asset loan from Bank of China Wuxi Xishan Branch, with property mortgage and corporate guarantee.董事会批准子公司无锡红星美凯龙向中国银行无锡锡山支行申请2.85亿元固定资产借款，以房产抵押并提供公司担保。
2025-02-19Board approves subsidiary Wuxi Red Star Macalline to apply for up to 480 million yuan operating property mortgage loan from Bank of China Wuxi Xishan Branch, term up to 15 years, with property mortgage and corporate guarantee.董事会批准子公司无锡红星美凯龙向中国银行无锡锡山支行申请不超过4.8亿元经营性物业抵押贷款，期限不超过15年，以房产抵押并提供公司担保。
2025-05-06Provides up to 900 million yuan guarantee for subsidiary Xiamen Xinmei's 7-year financing, with mortgage, receivables pledge and equity pledge.为子公司厦门信美提供最高9亿元担保，期限7年，含抵押、应收账款质押及股权质押。
2025-05-28Provides 450 million yuan guarantee for subsidiary Shenyang Red Star to Shengjing Bank, with land and property mortgages.为子公司沈阳红星向盛京银行4.5亿元融资提供连带责任担保，以土地及房产抵押。
2025-05-30Provides 108 million yuan guarantee for subsidiary Suzhou Red Star (60% stake) to ICBC; Suzhou Red Star's asset-liability ratio is 117.36%, requires shareholder approval.为持股60%的子公司苏州红星向工商银行1.08亿元融资提供担保；苏州红星资产负债率117.36%，需股东大会审议。
2025-06-11Board approved providing shortfall guarantee for wholly-owned subsidiary Wuhan Macalline Global Home Plaza Development Co., Ltd.'s RMB 550 million trust loan from Bohai International Trust; Wuhan subsidiary's asset-liability ratio is 114.91%; guarantee requires shareholder approval.董事会批准为全资子公司武汉红星美凯龙环球家居广场发展有限公司向渤海国际信托的5.5亿元信托贷款提供差额补足担保；武汉子公司资产负债率114.91%；担保事项需提交股东大会审议。
2025-06-11Board approved providing shortfall guarantee for wholly-owned subsidiary Nanchang Macalline Global Home Expo Center Co., Ltd.'s RMB 600 million trust loan from Bohai International Trust; Nanchang subsidiary's asset-liability ratio is 69.24% (unaudited as of May 31, 2025) and recorded net loss of RMB 17.08 million in first 5 months of 2025.董事会批准为全资子公司南昌红星美凯龙环球家居博览中心有限责任公司向渤海国际信托的6亿元信托贷款提供差额补足担保；南昌子公司资产负债率69.24%（2025年5月31日未经审计），2025年前5月净亏损1708.33万元。
2025-07-04Shareholders' meeting approved guarantees for financing of subsidiaries Suzhou Macalline and Wuhan Macalline, and elected Ye Yanliu as non-executive director.股东大会通过为子公司苏州红星美凯龙、武汉红星美凯龙融资提供担保的议案，并选举叶衍榴为非执行董事。
2025-11-21Macalline announced that its wholly owned subsidiary Chongqing Macalline Expo Home Life Plaza Co., Ltd. plans to apply for an operating property loan of up to 90.5 million yuan from Evergrowing Bank Chongqing Branch, with Macalline providing joint liability guarantee and 100% equity pledge. As of the date, total cumulative guarantees of the company and its subsidiaries reached 15.8071 billion yuan, accounting for 34% of net assets.美凯龙公告，全资子公司重庆红星美凯龙博览家居生活广场拟向恒丰银行重庆分行申请不超过9050万元经营性物业贷款，公司提供连带责任保证担保及100%股权质押；截至公告日，累计担保总额158.07亿元，占净资产34%。
2025-12-29Macalline's board approved a guarantee of up to 500 million yuan for subsidiary Xiamen Macalline Commercial Operation Management Co., Ltd. to secure credit from ICBC Xiamen branch, with joint liability from subsidiary Nanjing Mingdu Home Furnishing Square.美凯龙董事会批准为全资子公司厦门红星美凯龙商业营运管理有限公司向工商银行厦门分行申请不超过5亿元授信提供连带责任担保，子公司南京名都共同担保。
2026-03-11Red Star Macallion provided a guarantee for its wholly-owned subsidiary Chengdu Tianfu New District Red Star Macalline World Trade Home Co., Ltd. to obtain an operating property loan of up to RMB 400 million from ICBC Chengdu Dongda Sub-branch, with joint liability guarantee and 100% equity pledge of the subsidiary. No counter-guarantee.红星美凯龙为其全资子公司成都天府新区红星美凯龙世贸家居有限公司向工商银行成都东大支行申请不超过4亿元经营性物业贷款提供连带责任保证担保及100%股权质押担保，无反担保。
2026-03-23Red Star Macalline provided guarantees for two subsidiaries: Beijing Red Star Macalline (RMB 1.8 billion fixed asset loan, secured by operating income of Beijing North 4th Ring store) and Suzhou Industrial Park Red Star Macalline (RMB 400 million operating property loan, joint liability). Total guarantees reached RMB 15.93 billion, 34.27% of net assets.红星美凯龙为两家子公司提供担保：北京红星美凯龙（18亿元固定资产贷款，以北四环商场运营收入质押）和苏州工业园区红星美凯龙（4亿元经营性物业贷款，连带责任担保）。累计担保总额159.34亿元，占净资产34.27%。
Red Star Holding restructuring & share freeze红星控股重组与股份冻结
14 · 2024-01-11 → 2025-10-17
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Second-largest shareholder Red Star Holding's bankruptcy restructuring, share freezes, judicial transfers, and impact on ownership structure.第二大股东红星控股的破产重整、股份冻结、司法划转及对股权结构的影响。
2024-01-11Red Star Holding Group's 997.6 million shares (22.91% of total) in Macalline were cumulatively frozen,轮候冻结, and marked at 104.86% of its holdings; its concert parties' shares were also partially frozen, totaling 100.51% of combined holdings.红星控股所持美凯龙9.976亿股（占总股本22.91%）累计冻结、轮候冻结、标记占其持股104.86%；一致行动人股份合计冻结占100.51%。
2024-02-01Shareholder Red Star Holding's 1.046 billion shares (104.86% of its holdings) are frozen, marked or under sequential freeze; total frozen shares of Red Star Holding and concert parties reach 100.51% of their combined holdings.股东红星控股10.46亿股（占其持股104.86%）被冻结、轮候冻结或标记；红星控股及其一致行动人合计持股冻结比例达100.51%。
2024-04-30Macalline disclosed that shareholder Red Star Holdings had approximately 946 million shares frozen as of April 30.美凯龙披露股东红星控股累计被冻结股份约9.46亿股。
2024-05-06Red Star Holding's 95 million shares (2.18% of total) were placed under sequential freeze by Hengyang Intermediate People's Court; total frozen shares reached 28.69% of total equity.红星控股所持9500万股（占总股本2.18%）被衡阳市中级人民法院轮候冻结；累计冻结股份占总股本28.69%。
2024-05-2117.27 million shares of Red Star Macalline held by Red Star Holding were judicially transferred to creditors to settle debts, reducing Red Star Holding's stake from 22.91% to 22.51%.红星控股所持1727.03万股美凯龙股份被司法划转至债权人抵债，持股比例从22.91%降至22.51%。
2024-06-12Red Star Macalline announced that its second-largest shareholder, Red Star Holding, filed for restructuring on June 7 due to debt distress; the restructuring does not affect the controlling shareholder (C&D Inc.) or company operations.美凯龙公告第二大股东红星控股因债务困境于6月7日申请重整；重整不影响控股股东建发股份及公司经营。
2024-07-03Second-largest shareholder Red Star Holding's restructuring application accepted by Shanghai Pudong New Area People's Court; company clarifies it has no direct impact on Macalline, and controlling shareholder Xiamen C&D remains unchanged.第二大股东红星控股的重整申请被上海市浦东新区人民法院受理；公司澄清对美凯龙无直接影响，控股股东厦门建发不变。
2024-07-25Red Star Holding's shares partially released from sequential freezes and judicial marks; 84.11% of its shares (824.57 million shares) remain under freeze/mark; restructuring process continues.红星控股所持股份部分解除轮候冻结及司法标记；84.11%的股份（8.2457亿股）仍处于冻结/标记状态；重整程序持续推进。
2024-09-24Macalline's second-largest shareholder, Red Star Holding Group, held its first creditors' meeting, passing resolutions on creditor committee establishment and asset management plans, marking a key step in bankruptcy reorganization.美凯龙第二大股东红星控股集团召开第一次债权人会议，通过设立债权人委员会及财产管理方案等决议，破产重整迈出关键一步。
2024-10-17Red Star Macalline Holding Group (second-largest shareholder, ~21.53% stake) filed for bankruptcy reorganization; Shanghai Pudong court accepted the application, and a restructuring investor is being sought.红星美凯龙控股集团（第二大股东，持股约21.53%）申请破产重整，上海市浦东新区法院受理，管理人公开招募重整投资人。
2024-12-11Macalline's second-largest shareholder, Hongxing Holdings (22.51% stake), had partial share freeze and judicial mark lifted as part of its restructuring process; 549 million shares (55.96% of its holdings) remain frozen.美凯龙第二大股东红星控股（持股22.51%）部分股份解除轮候冻结和司法标记，仍冻结5.49亿股（占其持股55.96%）。
2025-06-10Shanghai Pudong New Area Court approved the reorganization plan of second-largest shareholder Red Star Holding Group; under the plan, Red Star Holding will distribute 155,493,495 shares (3.57% of total shares) to ordinary creditors as debt repayment, reducing its stake from 22.51% to 18.94%.上海市浦东新区法院批准第二大股东红星控股重整计划；根据计划，红星控股将持有的155,493,495股（占总股本3.57%）以抵债形式分配给普通债权人，持股比例从22.51%降至18.94%。
2025-09-04Controlling shareholder Red Star Holding's 155 million shares (3.57% of total) to be judicially transferred to ordinary creditors under restructuring plan; its stake drops from 23.51% to 19.95%.控股股东红星控股因重整计划将1.55亿股（占总股本3.57%）司法划转抵债给普通债权人；持股比例从23.51%降至19.95%。
2025-10-17Macalline announced that 43.023 million shares held by Changzhou Meikai Information Technology (a wholly-owned subsidiary of Red Star Holding) were fully sold via centralized竞价 under a court execution order, reducing Red Star Holding's stake from 19.95% to 18.96%.美凯龙公告，常州美开信息科技有限公司持有的4302.3万股股份通过集中竞价方式全部卖出，红星控股持股比例从19.95%降至18.96%。
Alibaba share transfer to Hangzhou Haoyue阿里巴巴向杭州灏月转让股份
4 · 2024-01-11 → 2024-08-01
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Alibaba group transferring its Macalline A-shares to affiliate Hangzhou Haoyue via demerger and block trades, maintaining aggregate stake.阿里巴巴集团通过分立和大宗交易将其美凯龙A股转让给关联方杭州灏月，保持总持股比例不变。
2024-01-11Alibaba Network transferred its entire 248 million A-shares (5.70% of total shares) in Macalline to newly established Hangzhou Haoyue Enterprise Management Co., Ltd. via a demerger, completing the registration of ownership change.阿里网络通过存续分立将其持有的美凯龙2.48亿股A股（占总股本5.70%）全部过户至新设公司杭州灏月企业管理有限公司名下。
2024-05-24Alibaba Software plans to transfer up to 42.53 million shares (0.98% of total) of Red Star Macalline to its affiliate Hangzhou Haoyue via block trade within 3 months; total Alibaba group stake unchanged.阿里软件计划3个月内通过大宗交易向一致行动人杭州灏月转让不超过4252.73万股美凯龙股份（占总股本0.98%），阿里系持股总数不变。
2024-07-29Alibaba (Chengdu) Software transfers 42,527,339 A-shares (0.98% of total) to its affiliate Hangzhou Haoyue Enterprise Management via block trade at RMB 2.39 per share, total RMB 102 million; no change in aggregate Alibaba shareholding.阿里巴巴（成都）软件通过大宗交易将其持有的4252.73万股A股（占总股本0.98%）以每股2.39元转让给一致行动人杭州灏月企业管理有限公司，总金额1.02亿元；阿里巴巴合计持股不变。
2024-08-01Alibaba (Chengdu) Software Technology transferred 42,527,339 A-shares of Macalline to its concert party Hangzhou Haoyue Enterprise Management at CNY 2.39/share, total CNY 102 million, reducing its stake to 0%.阿里巴巴（成都）软件技术有限公司将其持有的42,527,339股美凯龙A股股份以每股2.39元转让给一致行动人杭州灏月企业管理有限公司，总金额1.02亿元，持股降至0%。
Share reduction & freeze by Red Star Holding concert parties红星控股一致行动人减持与冻结
2 · 2024-01-11 → 2025-08-21
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Premature termination of share reduction plan, partial sales by Tibet Yiying and Changzhou Meikai, and subsequent judicial enforcement.提前终止减持计划，西藏奕盈和常州美凯部分出售，以及后续的司法强制执行。
2024-01-11Red Star Holding Group and its concert parties (Tibet Yiying, Changzhou Meikai) prematurely terminated their share reduction plan; Tibet Yiying had sold 18 million shares and Changzhou Meikai 25 million shares via centralized竞价, while Red Star Holding did not sell any.红星控股及其一致行动人（西藏奕盈、常州美开）提前终止减持计划；西藏奕盈已减持1800万股，常州美开减持2500万股，红星控股未减持。
2025-08-21Macalline announced that 43,023,000 shares held by shareholder Changzhou Meikai Information Technology Co., Ltd. (a 5%+ holder) are subject to judicial enforcement, to be sold via centralized bidding within 45 trading days, with proceeds transferred to court.美凯龙公告，持股5%以上股东常州美开信息科技有限公司所持43,023,000股股份拟被司法强制执行，将在45个交易日内通过集中竞价卖出，款项转入法院账户。
Strategic brand partnerships (home furnishing & appliance)战略品牌合作（家居与电器）
22 · 2024-01-12 → 2026-05-17
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Long-term cooperation agreements with home furnishing and appliance brands for store expansion, joint marketing, and product launches.与家居和电器品牌签订长期合作协议，涉及门店扩张、联合营销和产品发布。
2024-01-12Macalline signed a 2024 strategic cooperation agreement with帅康电气 (Sacon Electric) covering store expansion, brand promotion, joint marketing, trade-in programs, and designer operations.美凯龙与帅康电气签订2024年战略合作协议，合作内容包括门店拓展、品牌传播、联合营销、以旧换新及设计师运营。
2024-02-24C&D Group and Haier Group sign a strategic cooperation framework agreement; Macalline will deepen collaboration with Haier's brand Three-Winged Bird (Sanyi Niao) in stores, design, branding and scenarios.建发集团与海尔集团签署战略合作框架协议；美凯龙将与海尔三翼鸟在门店、设计、品牌、场景等方面深化合作。
2024-03-23The first national 'Three-Winged Bird (San Yi Niao) Smart Supreme Mall' opened at Red Star Macalline in Jinan, offering a full-house smart living experience.全国首家三翼鸟【智】尊MALL在济南红星美凯龙开业，提供全屋智能生活体验。
2024-05-09Red Star Macalline and Kuka Home held strategic talks, agreeing on flagship store expansion, 'Double Hundred Plan' for sleep and custom categories, and increased joint marketing.红星美凯龙与顾家家居达成战略共识，推进旗舰大店、睡眠定制“双百计划”及加大联合营销。
2024-05-10Red Star Macalline and solid wood furniture brand Yuanshi Muyu established a long-term strategic partnership, planning to expand flagship stores and co-market at the 54th China International Furniture Fair (Shanghai).红星美凯龙与实木家具品牌源氏木语建立长期战略合作，计划在第54届中国家博会（上海）拓展大店及旗舰店。
2024-05-18C&D Living Technology, Red Star Macalline, and Swiss bedding brand Elite signed a tripartite strategic agreement; C&D becomes exclusive China operator of Elite, with plans to open 30 stores in Red Star malls over 3 years.建发居住科技、红星美凯龙与瑞士寝具品牌Elite签署三方战略协议，建发成为Elite中国独家运营商，计划3年内在红星美凯龙商场开设30家品牌店。
2024-06-08Panasonic held a new product launch for washing and refrigerator lines (Himalaya series, Zhenquan series) at Red Star Macalline Beijing East Fifth Ring Mall, marking the first Beijing debut.松下在北京红星美凯龙东五环商场举办冰洗新品发布会（喜马拉雅系列、臻全嵌系列），系北京首发。
2024-11-27Red Star Macalline and Shenbaoluo Home Furnishing Group signed a strategic cooperation agreement for 2025, focusing on doors and windows flooring business.红星美凯龙与圣堡罗家居集团签署2025年度战略合作协议，聚焦门窗地板业务。
2025-01-02Red Star Macalliance Xiamen Global Home No.1 Store Samsung flagship store officially opened, strengthening cooperation with Samsung in home appliances and smart home systems.红星美凯龙厦门全球家居1号店三星专卖店正式开业，强化与三星在家电及智能家居领域的合作。
2025-01-15Huida sanitary ware reached an annual strategic cooperation with Red Star Macalline, covering offline store channels and marketing support.惠达卫浴与红星美凯龙达成年度战略合作，覆盖线下卖场渠道及营销支持。
2025-03-14Macalline signed a strategic cooperation agreement with Dicos (a brand of Ting Hsin International Group) at its Gansu Global Home No.1 store, and opened the first Dicos restaurant in Lanzhou Macalline.美凯龙与顶新国际集团旗下德克士品牌在甘肃全球家居1号店签署战略合作协议，并举办兰州红星美凯龙德克士首店开业盛典。
2025-04-24Shanghai Rinnai and Red Star Macalline held 2025 strategic cooperation conference and signed annual strategic agreement, launching spring joint promotion month with theme 'Lin Chuang Zhi Mei · Ju Shi Huan Xin' focusing on resource integration, tech empowerment, and service upgrade.上海林内与红星美凯龙举行2025年度战略合作发布会，签订年度战略合作协议，启动以“林创智美·聚势焕新”为主题的春季联合促销月。
2025-06-02Robam's sub-brand Mingqi Electrical Appliances officially opened a store at Xi'an Macalline Global Home No.1 store, launching two new series and new products including range hood Z8P, gas stove 6Q66B, and gas water heater 573R-16; new products planned for H2 2025 include 5Q30 and 8Q80 range hoods.老板电器子品牌名气电器正式入驻西安红星美凯龙全球家居一号店，推出两大套系新品及油烟机Z8P、燃气灶6Q66B、燃气热水器573R-16等产品；2025年下半年计划推出5Q30、8Q80等油烟机新品。
2025-11-07Kohler and Macalline held a strategic meeting to deepen business cooperation for 2026, focusing on nationwide showroom standardization upgrades, smart toilets, shower heads, bathroom cabinets, kitchen customization, joint marketing, and M+ Home Decoration Design Center innovation.科勒与美凯龙举行业务战略座谈会，明确2026年多维度协作方向，包括全国展厅标准化升级、主推智能马桶和淋浴花洒、发力浴室柜和厨房定制、深化联合营销及M+家装设计中心创新合作。
2025-11-11Macalline and Linshi Home Furnishing (Linshi Home) held a high-level business meeting and reached strategic cooperation on store layout, site selection standards, business policies, and marketing linkage, establishing a 'head-to-head' coordination mechanism to jointly expand the new retail furniture market.美凯龙与林氏家居举行高层业务沟通会，就店面布局、选址标准、商务政策、营销联动等达成战略合作，建立‘总对总’协同机制，共同拓展新零售家具市场。
2025-12-09Macalline and Zuoyou Home Furnishing held a strategic meeting, finalizing 2026 cooperation plans in channels, new retail, and supply chain, including targeted store expansion in Zhejiang, Guangdong, Guangxi, and Sichuan-Chongqing regions, and launching 'Zuoyou Design Home' in Shanghai Wenshui store.左右家居与红星美凯龙举行战略对接会，确定2026年渠道、新零售、供应链三大合作计划，包括重点补齐浙江、两广、川渝空白网点，以及‘左右设计家’入驻上海汶水店。
2025-12-12Macalline Chairman Li Yupeng visited Foshan Huangpai Doors & Windows headquarters with a core team, reaching high-level consensus on deepening strategic cooperation, expanding the high-end market, and joint promotion of energy-saving products in response to the 'dual carbon' strategy.美凯龙董事长李玉鹏携核心团队走进佛山皇派门窗总部，就深化战略合作、共拓高端市场及联合推广节能产品达成高度共识，响应‘双碳’战略。
2026-03-15Red Star Macalline signed a strategic cooperation agreement with Xiaoju (global aesthetic tech home appliance brand) at AWE 2026, planning to open 80 new stores in 2026, focusing on channel expansion, designer resource sharing, and high-end market layout.红星美凯龙在2026年AWE上与全球美学科技家电品牌小吉签署战略合作协议，计划2026年再开80家门店，围绕渠道拓展、设计师资源互通及高端市场布局展开深度协同。
2026-03-30Dreame Technology (追觅科技) and Red Star Macalline signed a strategic cooperation agreement, upgrading from single-category to strategic co-building, covering store models, category structure, and operations. Current terminal cooperation exceeds 55 stores, expanding from cleaning appliances to personal care, kitchen appliances, smart home, etc.追觅科技与红星美凯龙签署战略合作协议，从单一品类合作升级为战略共建，围绕门店模型、品类结构、运营模式展开布局。目前终端合作已突破55家，从清洁电器拓展至个护、厨电、智慧家居等多元赛道。
2026-04-03Macalline and Suofeiya (Sogal) signed strategic cooperation agreement, launching 'Star Chain Plan' to accelerate national store expansion through provincial joint recruitment, deepening head brand channel synergy.美凯龙与索菲亚签署战略合作协议，启动'星链计划'，以省级联合招商加速全国卖场布局，深化头部品牌渠道协同。
2026-04-27Macalline deepened strategic cooperation with Dreame Technology in March 2026, systematically exploring store models, category structure and operation modes.美凯龙于2026年3月全面深化与追觅科技的战略合作，围绕门店模型、品类结构、运营模式等进行系统性探索。
2026-05-17Derucci (Mu Si) launched its 3D MAX Smart Sensing Mattress at Red Star Macallion Zhongshan Mall, featuring '3D MAX Air Fiber' core material, with Red Star Macalline executives attending.慕思在中山红星美凯龙全球家居生活MALL发布3D MAX智感垫新品，核心材质为“3D MAX空气纤维”，美凯龙高管出席。
M+ High-end Design CenterM+高端家装设计中心
15 · 2024-01-16 → 2026-06-09
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National rollout of M+ design centers, aiming for 100 malls by 2025, integrating designer studios and premium home decoration services.全国推广M+设计中心，目标2025年覆盖100家商场，整合设计师工作室和高端家装服务。
2024-01-16Macalline launched the 'M+ High-end Home Decoration Design Center'百MALL strategy, announcing the build-out of 84 additional centers (on top of 16 already completed), targeting 100 malls nationwide by 2025, and signed operational cooperation with 10 brands including Hansgrohe, Robam, and Midea.美凯龙发布M+高端家装设计中心百MALL战略，在首批16家基础上启动第二批84家建设，目标2025年覆盖全国百MALL，并与汉斯格雅、老板电器等10家品牌签约运营合作。
2024-03-11Red Star Macalline announced the second batch of 84 M+ high-end home decoration design centers, aiming for 100 malls nationwide by 2025, and released the '533' preferential lease policy.红星美凯龙宣布启动第二批84家M+高端家装设计中心建设，目标2025年覆盖全国百Mall，并发布“533”优租长租免装期政策。
2024-05-07Red Star Macalline jointly established the Jilin M+ High-end Design Center with local decoration associations to promote designer exchange and industry collaboration.红星美凯龙与吉林市建筑装饰文化研究会等共同成立吉林M+高端设计中心，促进设计师交流与行业合作。
2024-05-11Red Star Macalline held the '3+Star Ecosystem' and M+ High-end Design Center strategy launch in Hunan, with 8 high-end appliance halls totaling over 50,000 sqm built; Phase I of M+ center (2,136.38 sqm) completed, Phase II (5,826.97 sqm) planned by year-end.红星美凯龙在湖南发布“3+星生态”及M+高端设计中心战略，已建成8个高端电器馆超5万平米；M+中心一期2136.38平米完成招商，二期5826.97平米计划年底前完成。
2024-09-18M+ High-end Design Center opened at Macalline Shanghai Global Home No.1 Store, covering over 10,000 sqm, gathering dozens of professional design teams.M+高端设计中心在红星美凯龙上海全球家居1号店开业，面积超万平方米，集聚数十家专业设计团队。
2024-10-10Red Star Macalline launched '3+ Star Ecosystem' Northeast strategy in Shenyang; unveiled Northeast Global Home No.1 Store M+ High-end Design Center (36,000 sqm), the largest in the chain, hosting 60 design studios.红星美凯龙在沈阳启动'3+星生态'东北战略，揭幕东北全球家居1号店M+高端家装设计中心（36000平方米），为全国最大，入驻60家设计工作室。
2024-10-21Hong Sheng Decoration (2,500 sqm) opened as a sub-brand of M+ High-end Design Center at Red Star Macalline Nanjing Jiangbei store, bringing total design brands in the center to 16, covering ~9,000 sqm.弘升装饰（2500平方米）作为M+高端设计中心子品牌在红星美凯龙南京江北商场开业，该中心设计品牌增至16个，总面积近9000平方米。
2024-11-10Red Star Macalline Beijing Global Home No.1 store launched its 'M+ High-end Design Center', attracting 8 design studios, as part of the group's strategy to build 100 such centers nationwide.红星美凯龙北京全球家居1号店M+高端设计中心启幕，已吸引8家设计工作室入驻，系集团全国百家M+高端设计中心战略的一部分。
2025-01-01Red Star Macalline held the M+ high-end home decoration design center operation platform 2.0 launch ceremony in Chongqing, promoting the '3+ Star Ecology' strategy integrating home appliances, home furnishings, and decoration.红星美凯龙在重庆举办M+高端家装设计中心运营平台2.0发布会，推进家电、家居、家装融合的“3+星生态”战略。
2025-03-25At the 2nd China Home Design Ecology Conference, Macalline announced its M+ high-end design center has reached 50 centers nationwide, with total operating area of 704,000 sqm, over 1,000 design studios, and more than 5,500 cooperative designers.在第二届中国家装设计生态大会上，美凯龙宣布M+高端家装设计中心全国已达50家，总经营面积70.4万方，入驻设计工作室超1000家，合作设计师超5500名。
2025-04-01Red Star Macalline released M+ Home Decoration Design Center 2025 strategy: one mall one M+, aiming to build China's largest home decoration design service network, with total operating area exceeding 1.2 million sqm, introducing 2,000 design studios and 8,000+ designers.红星美凯龙发布M+家装设计中心2025年战略：一Mall一M+，构建中国最大的家装设计服务网络，总经营面积突破120万方，引入2000家设计工作室、8000+设计师。
2025-08-04Macalline opened the M+ High-end Home Decoration Design Center in Urumqi, Xinjiang, with a total area of 10,000 sqm, housing 41 designer studios and 106 designers, marking the 15th such center nationwide and deepening the '3+ Star Ecology' strategy in the northwest region.红星美凯龙在乌鲁木齐开设M+高端家装设计中心，总面积10000平米，入驻41个设计师工作室、106位设计师，为全国第15个万方级设计中心，标志着“3+星生态”战略在西北区域的深化落地。
2025-12-10Macalline's Xinjiang Global Home No.1 store opened the 15th national M+ high-end interior design center, integrating 500+ global home and appliance brands under the '3+ Star Ecology' strategy.美凯龙新疆全球家居1号店M+高端家装设计中心开业，为全国第15个万方级设计中心，对接商场内500+全球家居电器品牌，落实‘3+星生态’战略。
2026-04-02Macalline M+ high-end home design center announced new three-year target: build 30 city flagship models, launch 10 'material libraries', and establish 1 national designer club platform.美凯龙M+高端家装设计中心提出未来三年新目标：打造30个城市旗舰样板、落地10个'材料图书馆'、搭建1个全国性设计师俱乐部平台。
2026-06-09Macalline, Matrix Design, and Anke Technology reached a strategic business cooperation to jointly launch the 'M+ Material Library', with first projects to land at Macalline Guizhou Global Home No.1 Store and Henan Central Plains Global Home No.1 Store.红星美凯龙、矩阵纵横、暗壳科技达成业务战略合作，联合推出“M+材料图书馆”，首批项目落地贵州全球家居1号店与河南中原全球家居1号店。
Equity & asset divestitures股权与资产剥离
7 · 2024-01-30 → 2024-12-03
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Sale of minority stakes in Super Smart Home, Liangmudao Doors & Windows, and auction of Datong and Zhangzhou properties.出售超级智慧家、良木道门窗的少数股权，以及大同、漳州物业的拍卖。
2024-01-30Macalline's subsidiary Red Star Macalline Home Furnishing Mall Management Co., Ltd. listed a 0.7697% equity stake in Super Smart Home (Shanghai) IoT Technology Co., Ltd. for transfer at a base price of RMB 10.9687 million.美凯龙子公司红星美凯龙家居商场管理有限公司挂牌转让超级智慧家（上海）物联网科技有限公司0.7697%股权，底价1096.87万元。
2024-03-08A Red Star Macalline building materials mall in Datong, Shanxi (73,324.78 sqm) was put up for auction at a starting price of 1.067 billion yuan, with the first auction scheduled for April 7.山西大同红星美凯龙建材馆（建筑面积73324.78平方米）被挂牌拍卖，起拍价10.67亿元，首拍定于4月7日。
2024-04-08Macalline's Datong store (building 1-5 floors, 73,324.78 sqm) on Ali Asset judicial auction platform failed to sell (liu pai).美凯龙大同店（1-5层，73324.78平方米）在阿里资产司法拍卖平台流拍。
2024-05-31Red Star Macalline's Zhangzhou global home furnishing plaza and basement parking (starting price RMB 466 million, appraised RMB 729 million) failed to sell at auction due to no bids.漳州红星美凯龙全球家居生活广场及地下室车位以起拍价4.66亿元（评估价7.29亿元）流拍。
2024-11-29Red Star Zhongying Investment, a wholly-owned subsidiary of Red Star Macalline, listed a 4.9988% stake in Liangmudao Doors & Windows Group for transfer at a base price of RMB 8.4276 million.红星美凯龙全资子公司红星众盈投资挂牌转让良木道门窗集团4.9988%股权，底价842.76万元。
2024-12-02Yueqing Hongxing Macalline Yueqing Hongqiao mall was auctioned on Alibaba Asset Platform for RMB 155.86 million, down from the first auction starting price of RMB 170.95 million.乐清红星美凯龙乐清虹桥商场在阿里拍卖平台以1.5586亿元被拍下，较一拍起拍价1.7095亿元下降。
2024-12-03Macalline's wholly-owned subsidiary Hongxing Zhongying Investment Co., Ltd. listed for sale a 4.9988% stake in Liangmudao Doors & Windows Group Co., Ltd. at a base price of RMB 8.4276 million.美凯龙全资子公司红星众盈投资有限公司挂牌转让其持有的良木道门窗集团有限公司4.9988%股权，底价842.76万元。
C&D Inc. acquisition & integration建发股份收购与整合
15 · 2024-01-31 → 2026-06-18
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Acquisition of a 29.95% stake by C&D Inc., consolidation gain, payment adjustments, and subsequent strategic alignment with C&D group.建发股份收购29.95%股权，合并收益，付款调整，以及与建发集团的后续战略协同。
2024-01-31C&D Inc. (600153.SH) announced that consolidating Macalline in Q3 2023 generated a restructuring gain of RMB 9.587 billion (RMB 9.491 billion attributable to parent), as the acquisition cost of RMB 6.286 billion for 29.95% of Macalline was below the fair value of identifiable net assets.建发股份公告，2023年第三季度将美凯龙纳入合并报表，确认重组收益95.87亿元（归母94.91亿元），因收购美凯龙29.95%股权的对价62.86亿元低于可辨认净资产公允价值。
2024-02-01Macalline expects 2023 net profit attributable to parent of RMB 11.8-14.2 billion, up 88%-126% YoY, mainly due to a one-off investment gain of RMB 9.49 billion from consolidating Red Star Macalline in Q3 2023.美凯龙预计2023年归母净利润为118-142亿元，同比增长88%-126%，主要因2023年三季度并表红星美凯龙确认94.9亿元投资收益。
2024-02-07Macalline signs the fifth supplemental agreement for the acquisition by C&D Inc. and Lianfa Group, adjusting the second-installment payment: C&D pays RMB 126 million of the remaining RMB 200 million, with RMB 74.1876 million deferred for 12 months.美凯龙就建发股份及联发集团收购事项签订第五份补充协议，调整第二期剩余2亿元付款：建发支付其中1.26亿元，余下7418.76万元延期12个月。
2024-08-23C&D Shares, the controlling shareholder of Macalline, underwent multiple senior management changes; Zheng Yongda resigned as chairman and became vice chairman, Lin Mao was elected as new chairman.美凯龙控股股东建发股份发生多项高管人事变动，郑永达辞任董事长转任副董事长，林茂被选举为新任董事长。
2024-11-05C&D Inc. (600153), Red Star Macalline (601828), and Huazhu Group signed a strategic cooperation agreement at the CIIE to collaborate on supply chain services, commercial project resource synergy, and hotel decoration/design.建发股份(600153)、红星美凯龙(601828)与华住集团在进博会上签署战略合作协议，在供应链服务、商业项目资源协同、酒店装饰装修设计等方面展开合作。
2024-11-26C&D Property Management (02156.HK) signed a 10-year entrusted management agreement with Chengdu Red Star Macalline for commercial opening preparation, leasing, and operation services covering 114,028 sqm in Chengdu.建发物业(02156.HK)与成都美凯龙签订为期十年的委托管理协议，为成都一处114,028平米的商业项目提供开业筹备、招商及运营服务。
2024-12-01Chengdu Macalline signed a 10-year entrusted management agreement with C&D International Group (01908) and C&D Property Management (02156), effective from 2024-11-26, covering commercial opening preparation, leasing and operation services.成都美凯龙与建发国际集团(01908)及建发物业(02156)签订十年委托管理协议，自2024-11-26生效，涉及商业开业筹备、招商及运营服务。
2025-02-19Company plans to conduct direct leasing and sale-leaseback transactions with related party Xiamen C&D Financial Leasing Co., Ltd. in 2025, with maximum transaction amount of 600 million yuan, from Jan 1 to Dec 31, 2025.公司预计2025年度与关联方厦门建发融资租赁有限公司开展直接租赁和售后回租业务，最高交易额度6亿元，期限为2025年1月1日至12月31日。
2025-05-29Extraordinary general meeting approves related-party loan from controlling shareholder, with 99.80% votes in favor.临时股东大会以99.80%赞成票通过向控股股东申请借款的关联交易议案。
2025-10-12Macalline's Fujian Provincial Operation Center signed a provincial strategic agreement with Lianfa Group's Fujian Division in Xiamen, upgrading cooperation from Zhangzhou to Xiamen and Putian, focusing on an integrated 'real estate + home furnishing' service model, including immersive experience halls and smart home displays.美凯龙福建省营发中心与联发集团福建事业部在厦门签署省级战略协议，合作从漳州扩展至厦门、莆田，深化“地产+家居”一体化服务模式，包括沉浸式体验展厅及智能家居展示。
2025-12-20Macalline's Chengdu Wanyuecheng, a 144,000 sqm commercial project under the '3+ Star Ecology' strategy, officially opened as the first deep collaboration between Macalline and C&D Commercial Management, integrating home furnishings with fitness, dining, and亲子 entertainment.美凯龙旗下成都湾悦城正式开业，总体量14.4万平方米，为美凯龙与建发商管首个深度协作项目，融合家居与健身、餐饮、亲子等多业态，定位‘家庭悦聚场’。
2026-05-15Red Star Macalline entered into a supplementary management agreement with Xuzhou Red Star Macalline Global Home Life Plaza and Shanghai Red Star Macalline Brand Management, effective from January 1, 2026 to August 31, 2027, with enhanced internal controls for related-party transactions.美凯龙与徐州红星美凯龙全球家居生活广场、上海红星美凯龙品牌管理订立补充委管协议，自2026年1月1日起至2027年8月31日，并加强关联交易内部监控。
2026-05-26Red Star Macalline proposed to borrow up to 40 billion yuan (regular) and 2.5 billion yuan (temporary) from its controlling shareholder Xiamen C&D Inc. under a framework agreement, for daily operations and debt repayment, with interest rate at 1-year LPR plus up to 90 bps.美凯龙拟向控股股东厦门建发股份有限公司申请借款，常规借款额度不超过40亿元，临时借款额度由20亿元提高至25亿元，利率为1年期LPR加不超过90个基点。
2026-05-26Red Star Macalline's board approved the borrowing proposal from C&D, with related directors abstaining; the proposal requires shareholder approval.美凯龙董事会审议通过向建发股份借款议案，关联董事回避表决，尚需提交股东会审议。
2026-06-18Macalline board approved a resolution on continuing connected transactions with its subsidiary and Xiamen C&D Construction Operation Management Co., Ltd.美凯龙董事会审议通过关于子公司与厦门建发建设运营管理有限公司持续关连交易的议案。
Minority investments & stakes少数股权投资与持股
3 · 2024-02-19 → 2026-03-11
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Equity freeze, shareholding in Shandong Yinzuo, and becoming 25% shareholder in Greenland Group Chengdu Jinniu.股权冻结、持有山东银座股份，以及成为绿地集团成都金牛的25%股东。
2024-02-19A court freezes Macalline's equity investment of over RMB 250 million in Wuhu Yuanche Yuqi Investment Center, effective from 2024-01-23 to 2027-01-22.美凯龙所持芜湖远澈御祺投资中心2.5亿余元股权被冻结，期限自2024年1月23日至2027年1月22日。
2026-01-07Macalline holds 46.5% equity in Shandong Yinzuo Home Furnishing Co., Ltd., and is jointly the largest shareholder with Shandong Commercial Group Co., Ltd.美凯龙持有山东银座家居有限公司46.5%股权，与山东省商业集团有限公司并列为第一大股东。
2026-03-11Red Star Macalline became a 25% shareholder in Greenland Group Chengdu Jinniu Real Estate Development Co., Ltd., after its affiliate Chengdu Xingyuan Real Estate exited. The company has an investment of RMB 140 million in the real estate firm.红星美凯龙入股绿地集团成都金牛房地产开发有限公司，持股25%，认缴出资额1.4亿元。此前其关联方成都星远置业已退出该公司。
Trade-in & consumption subsidy program以旧换新与消费补贴计划
21 · 2024-03-01 → 2026-03-06
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Nationwide trade-in campaigns for appliances, furniture, and mattresses, leveraging government subsidies and brand partnerships to drive sales.全国范围内的家电、家具和床垫以旧换新活动，利用政府补贴和品牌合作推动销售。
2024-03-01Red Star Macalline launched the nationwide '315 FUN Shopping Festival' promotion, partnering with brands including Jomoo, Huida, Suofeiya, Serta, Manwah, Fotile, Midea, and Hisense, and announced a home appliance trade-in program for 2024.红星美凯龙启动全国“315FUN肆嗨购节”促销活动，携手九牧、惠达、索菲亚、丝涟、芝华仕、方太、美的、海信等品牌，并宣布2024年启动家电以旧换新计划。
2024-04-01Macalline participated in Fengtai District 'trade-in' promotion, offering discounts on home furnishings, appliances, and cars at its Beijing West Fourth Ring store.美凯龙参与丰台区以旧换新促销活动，在北京西四环店提供家居、家电、汽车优惠。
2024-04-02Macalline held 'trade-in' strategy launch in Jinan, Shandong Global Home No.1 store, promoting green upgrade and circular economy.美凯龙在济南山东全球家居1号店举办以旧换新战略发布会，推动绿色升级和循环经济。
2024-04-02Macalline's 315FUN Shopping Festival nationwide promoted trade-in for appliances and furniture, partnering with brands like Jomoo, Huida, Suofeiya, Serta, Chivas, Fotile, Midea, Hisense.美凯龙315FUN肆嗨购节全国推进家电家具以旧换新，携手九牧、惠达、索菲亚、丝涟、芝华仕、方太、美的、海信等品牌。
2024-04-12Macalline announced May Day promotion, partnering with over 100 brands and holding over 1,000 events nationwide, focusing on trade-in and M+ design centers.美凯龙宣布五一大促，联动超100家品牌，全国举办超1000场活动，聚焦以旧换新和M+设计中心。
2024-04-17Macalline Shanghai 8 stores launched 'appliance trade-in and May Day home renewal' event, offering up to 20% subsidy (max RMB 4,000) and free old appliance disposal with up to RMB 600 recycling subsidy.美凯龙上海8店启动电器以旧换新暨51焕新家活动，提供最高20%补贴（上限4000元），免费处理旧机并享最高600元回收补贴。
2024-04-28Macalline launched '55 Shopping Festival' at Pudong Hunan store, with brand ambassador Dilraba Dilmurat attending; offered government green appliance subsidy and trade-in discounts.美凯龙在浦东沪南商场启动五五购物节，品牌代言人迪丽热巴到场；提供政府绿色家电补贴和以旧换新优惠。
2024-05-19Red Star Macalline launched its '618 Mid-Year Carnival' with billion-level resources across Tmall, Xiaohongshu, and Douyin, offering trade-in subsidies and mall-specific discounts nationwide.红星美凯龙启动“618年中狂欢节”，投入亿元级资源，覆盖天猫、小红书、抖音，提供以旧换新补贴和商场专项优惠。
2024-05-27Red Star Macalline launched a trade-in program in Nanjing Jiangbei New Area, covering appliances, furniture, bathroom, and mattresses, with multiple brand partners including Midea and Jomoo.红星美凯龙在南京江北新区启动以旧换新项目，覆盖家电、两厅、卫浴、床垫多品类，合作品牌包括美的、九牧等。
2024-05-31Red Star Macalline and Sleemon jointly launched a nationwide 100-city soft bed and mattress trade-in campaign; Red Star aims to serve 20,000 households by year-end; Sleemon offered RMB 1 billion in vouchers.红星美凯龙与喜临门联合启动全国百城软床床垫以旧换新行动，红星目标年内服务2万户家庭，喜临门推出10亿元焕新消费券。
2024-06-28Red Star Macalline Beijing region reported a 52.3% year-on-year sales increase driven by the government's green intelligent consumer goods trade-in subsidy program.受北京市绿色智能消费品以旧换新补贴政策推动，红星美凯龙北京区域销售额同比增长52.3%。
2024-09-23Macalline and Noritz (China) Investment held high-level talks to jointly launch a trade-in campaign for old water heaters and kitchen appliances nationwide.美凯龙与能率（中国）投资举行高层会晤，联合推出全国性旧热水器及厨房电器以旧换新活动。
2024-10-14Red Star Macalline's trade-in program generated RMB 320M sales during National Day holiday (7 days), exceeding September total; cumulative 2024 trade-in sales reached RMB 1.095B from 98,000 orders.红星美凯龙以旧换新活动国庆7天销售额3.2亿元，超过整个9月；2024年累计销售额达10.95亿元，订单数9.8万笔。
2024-10-29Red Star Macalline announced its Double 11 trade-in program covering 223 malls across ~20 provinces, offering up to 30% subsidy (government + enterprise) on home appliances and furnishings.红星美凯龙宣布双11以旧换新活动覆盖近20个省市223家商场，政企双补至高30%，150+高端电器馆成为线下家电补贴主渠道。
2024-12-04Beijing Macalline 5 stores' 'trade-in' appliance subsidy campaign reached 30,000 orders and RMB 300 million in sales, driving category sales up 194%; subsidy ends Dec 31.北京红星美凯龙5店联动“以旧换新”家电补贴活动实现3万单、销售额3亿元，带动品类销售提升194%；补贴截止12月31日。
2025-01-06As of Dec 22, 2024, Macalline's 249 stores processed 616,000 trade-in subsidy orders worth 5.85 billion yuan, with central fiscal subsidies totaling 1 billion yuan (17% of sales).截至2024年12月22日，美凯龙249家卖场处理以旧换新补贴订单61.6万单，订单额58.5亿元，中央财政补贴总额10亿元（占销售额17%）。
2025-01-08Macalline held a trade-in special meeting; from the start of the national subsidy policy to Dec 31, 2024, 249 stores achieved 6.69 billion yuan in sales via the subsidy. In 2025, it plans to become a comprehensive platform for home appliance/furniture/building material trade-ins.美凯龙举办以旧换新专题会议；国补政策实施至2024年12月31日，249家商场实现销售66.9亿元。2025年计划成为家电家具建材以旧换新综合平台。
2025-02-13Beijing Red Star Macallion launches '315 Hi-Gou Festival' with upgraded appliance trade-in policy: single-item subsidy up to 2,000 yuan, total cap raised to 28,000 yuan, covering 12 categories of high-efficiency appliances, online-offline integration via mini-program.北京红星美凯龙启动“315嗨购节”，推出升级版电器以旧换新政策：单件补贴至高2000元，总补贴上限扩至2.8万元，覆盖12大类高能效家电，通过小程序实现线上线下融合。
2025-04-14Red Star Macalline announced it will invest over 100 million yuan in consumption subsidies nationwide for the May Day holiday, to boost domestic consumption.红星美凯龙宣布五一期间全国投入超1亿元消费补贴，以提振国内消费。
2025-09-01Trade-in sales from Jan to Jul 2025 reached about RMB 8.2 billion, with government subsidies accounting for 16%; expects full-year growth of over 10% vs 2024.2025年1-7月以旧换新销售额约82亿元，政府补贴占比16%；预计全年同比增长超10%。
2026-03-06Red Star Macalline launched the 2026 Spring '315 Hi-Gou Festival' from Mar 5 to 29, covering 46 cities with government-enterprise dual subsidies up to 35%, 9 categories including home, appliances, and auto (first time). It leverages a 320,000 sqm 'auto supermarket' for cross-sector promotion.红星美凯龙启动2026年春季'315嗨购节'，3月5日至29日在全国46城落地，政企双补最高35%，覆盖家居、家电、汽车等9大品类，首次将汽车纳入大促，依托32万方'汽车超市'实现车居联动。
Capital management & raised funds资金管理与募集资金
7 · 2024-03-01 → 2025-10-24
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Temporary use of idle raised funds for working capital, repayment cycles, and board approvals for fund utilization.暂时使用闲置募集资金补充流动资金、还款周期及董事会批准资金使用。
2024-03-01Red Star Macalline returned 350 million yuan of temporarily borrowed idle raised funds to the special account, completing the repayment.红星美凯龙将3.5亿元暂时补充流动资金的闲置募集资金足额归还至募集资金专用账户，完成还款。
2024-03-04Red Star Macalline board approved using up to 350 million yuan of idle raised funds to temporarily supplement working capital for up to 12 months.红星美凯龙董事会批准使用不超过3.5亿元闲置募集资金暂时补充流动资金，期限不超过12个月。
2024-10-23Red Star Macalline fully repaid RMB 18.5B of idle raised funds temporarily used for working capital back to the dedicated account, completing the 12-month borrowing cycle.红星美凯龙将此前用于补充流动资金的185亿元闲置募集资金全额归还至募集资金专户，完成12个月借用周期。
2024-10-24Red Star Macalline board approved using up to RMB 1.01B of idle raised funds to temporarily supplement working capital for up to 12 months.红星美凯龙董事会批准使用不超过10.1亿元闲置募集资金暂时补充流动资金，期限不超过12个月。
2025-03-03Macalline returned 350 million yuan of idle raised funds to the special account, which had been temporarily used to supplement working capital since March 2024.美凯龙将3.5亿元闲置募集资金足额归还至募集资金专用账户，该资金自2024年3月起暂时用于补充流动资金。
2025-08-29Macalline reported that as of June 30, 2025, its IPO net proceeds were RMB 3.05 billion and 2020 private placement net proceeds were RMB 3.678 billion; part of the idle proceeds were temporarily used to supplement working capital, with some amounts already repaid.美凯龙披露截至2025年6月30日，IPO募集资金净额30.50亿元，2020年非公开发行募集资金净额36.78亿元；部分闲置募集资金暂时补充流动资金，部分已归还。
2025-10-24Macalline's board approved the use of up to 1.01 billion yuan of idle raised funds to temporarily supplement working capital for a period not exceeding 12 months, to improve fund utilization efficiency and reduce financial costs.美凯龙董事会同意使用不超过10.1亿元闲置募集资金暂时补充流动资金，使用期限不超过12个月，以提高资金使用效率、降低财务成本。
New store subsidies & merchant support新店补贴与商户扶持
4 · 2024-03-19 → 2025-04-14
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Launched 100 million yuan new-store subsidy and six merchant support policies including trade-in programs.推出亿元新店补贴及六大商户扶持政策，包括以旧换新计划。
2024-03-19Red Star Macalline announced a 100 million yuan new-store subsidy policy for dealers, in collaboration with government, industry associations, and factories, with the first project being an 800 sqm national demo store in Sichuan Global Home No.1 Store.红星美凯龙宣布联动政府、行业协会、工厂共同制定首期亿元新店补贴政策，首个落地项目为四川全球家居1号店800方全国样板示范店。
2024-04-12Macalline launched 'billion-yuan new store subsidy' policy, with 29 brands responding, 483 new store demands, and total subsidy of RMB 68 million from Macalline and factories.美凯龙启动亿元新店补贴政策，29家品牌响应，新店需求483个，美凯龙与工厂合计投入6800万元补贴。
2024-05-16Red Star Macalline announced six merchant support policies including T+3 quick payment settlement, RMB 100 million new store subsidies (29 brands, 483 new stores, RMB 68 million subsidies), and trade-in programs.红星美凯龙推出六大商户提振政策，包括T+3快速返款、亿元新店补贴（29品牌483新店释放6800万补贴）及以旧换新等。
2025-04-14Red Star Macalline issued an open letter to the home furnishing industry, launching '100 million yuan new store subsidy', trade-in 'government-enterprise dual subsidy', and '533 excellent rent long-term rent-free decoration period policy' to support the industry amid US tariff impacts.红星美凯龙发布致大家居行业公开信，推出“亿元新店补贴”、以旧换新“政企双补”、“533优租长租免装期政策”等举措，以应对美国关税影响。
3+ Star Ecosystem (appliance & home strategy)3+星生态（电器与家居战略）
20 · 2024-03-20 → 2026-06-12
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Strategic expansion from home furnishing into appliances, decoration, and new energy vehicles, upgrading mall format mix and launching appliance halls.从家居向电器、家装和新能源汽车的战略扩展，升级商场业态组合并推出电器馆。
2024-03-20Red Star Macalline released the '3+ Star Ecosystem' and a new three-year plan for high-end appliances, aiming to become the optimal channel for high-end appliance selection, and signed joint operation agreements with 8 brands including Haier Smart Home, Midea, Hisense, Fotile, Robam, BSH, Entive, and Angel.红星美凯龙发布“3+星生态”及高端电器“新三年”发展规划，目标成为高端电器智选最优渠道，并与海尔智家、美的、海信、方太、老板电器、博西家电、亿田、安吉尔等8大品牌达成联合运营合作。
2024-04-30Macalline launched '3+ Star Ecosystem' Kunming strategy and '1+1 dual showroom' at Yunnan Global Home No.1 store and Kunming Fengyuan Road store, integrating home furnishings, appliances, and decoration.美凯龙在昆明发布3+星生态战略暨1+1双样板商场，云南全球家居1号店与昆明沣源路商场落地，融合家居、家电、家装。
2024-05-04Red Star Macalline released the '3+Star Ecosystem' strategy at the 3rd High-end Appliance Conference in Xiamen, promoting integrated development of home appliances, home furnishings, and home decoration.红星美凯龙在厦门第三届高端电器大会上发布“3+星生态”战略，推动家电、家居、家装三家融合一体发展。
2024-09-11C&D Group and Macalline held the 'Thousand Merchant Ecosystem Innovation Conference', announcing four core empowerment measures: capital support, business synergy, '3+ Star Ecosystem', and home furnishing overseas expansion.建发集团与美凯龙举办千商生态创新大会，宣布资金助力、业务协同、'3+星生态'、大家居出海四大核心赋能举措。
2025-01-16Macalline stated it is promoting the '3+ Star Ecology' strategy, expanding from home furnishings to home appliances, decoration, new energy vehicles, and catering, transforming into a 'people-car-home' lifestyle hub.美凯龙表示推进“3+星生态”战略，从家居拓展至家电、家装、新能源汽车、餐饮等多业态，转型为人车家生活方式聚合场。
2025-05-27Releases new 3-year appliance strategy: upgrades appliance hall to 2.0 version 'Mega-E Smart Electric Oasis', plans 40 new appliance stores nationwide in 3 years, expanding from high-end to multi-tier categories.发布电器新三年战略：电器馆升级至2.0版“Mega-E智电绿洲”，未来三年全国打造40个全新电器门店，从高端扩展至多层次电器类别。
2025-06-26Company disclosed in investor Q&A that it is implementing the '3+ Star Ecology' strategy: future mall format will be 60% building materials/furniture, 15% appliances, 15% home decoration, 10% new业态 (NEV, catering, etc.). Appliance area upgraded to 2.0 version 'Mega-E Smart Electric Oasis' on May 27; plans to build 40 high-end appliance ecology benchmarks nationwide in 3 years. M+ Design Center reached 732,000 sqm, introduced over 1,000 design studios and nearly 5,000 designers as of May end.公司在投资者互动中披露，实施'3+星生态'战略：未来商场业态为建材家具60%、电器15%、家装15%、新业态10%（新能源汽车、餐饮等）。5月27日电器馆升级为2.0版'Mega-E智电绿洲'；计划三年内全国打造40座高端电器生态标杆。截至5月底M+设计中心完成73.2万㎡，引入1000多家设计工作室、近5000位设计师。
2025-08-11Macalline announced in an investor Q&A that it is advancing the '3+ Star Ecology' strategy, expanding mall formats from home furnishings to home appliances, home decoration, new energy vehicles, and dining, targeting a new format mix of 60% building materials/furniture, 15% appliances, 15% decoration, and 10% new业态.美凯龙在投资者问答中表示，正推进“3+星生态”战略，商场业态从家居拓展至家电、家装、新能源汽车、餐饮等，目标形成建材家具60%、电器15%、家装15%、新业态10%的业态新格局。
2025-09-10Announced 'New Five-Year Business Development Strategy': keep home-furnishing core area ≥70%, upgrade from traditional mall to home commercial operator, expand '3+Star Ecosystem' to pan-home ecosystem covering home + real estate + supply chain.发布“新五年业务发展战略”：确保家居核心品类经营面积占比不低于70%，从传统卖场向家居商业运营商转型，将“3+星生态”升级为涵盖家居+地产+供应链的泛家居大生态。
2025-10-10Macalline announced a five-year strategic plan to restructure its home furnishing business, ensuring core categories occupy no less than 70% of operating area, focusing on self-operated malls, accelerating international expansion via C&D Group's global supply chain, and upgrading the '3+Star Ecosystem' to a pan-home furnishing ecosystem covering home, real estate, supply chain, food, housing, and transportation.美凯龙公布五年战略规划，重构家居业务布局，确保核心品类经营面积占比不低于70%，重点做优自营商场，借助建发集团全球供应链加速国际化，并将“3+星生态”升级为涵盖家居、地产、供应链及食住行的泛家居大生态。
2025-11-03Macalline's main business 'stops bleeding' with positive operating cash flow for two consecutive quarters, gross margin significantly improved, and cost reduction and efficiency enhancement entering the payoff period. The company proposes the '3+ Star Ecosystem' strategy extending from home furnishing to home appliances and home decoration, and releases the M+ Home Decoration Design Center 2025 strategic plan.美凯龙主业‘止血’，经营现金流量净额连续两个季度为正，毛利率大幅提升，降本增效进入兑现期；提出‘3+星生态’战略，从家居延伸至家电、家装；发布M+家装设计中心2025年战略规划。
2026-01-27Macalline and Aowei Cloud Network co-hosted the first 'MEGA-E Smart Electric Oasis · Chuangjian Tea Talk' in Shenzhen, with senior executives from TCL, Changhong, Meiling, Skyworth, Aux, Konka, Xinfei, Philips, HCK, marking accelerated rollout of the MEGA-E Smart Electric Oasis business.红星美凯龙与奥维云网在深圳联合主办首场“MEGA-E智电绿洲·创见茶叙”，汇聚TCL、长虹、美菱、创维、奥克斯、康佳、新飞、飞利浦、HCK等品牌高层，标志着MEGA-E智电绿洲业务进入落地加速期。
2026-01-27Macalline plans to upgrade and build 40 MEGA-E Smart Electric Oases and 100 city flagship stores nationwide over the next three years; it has already built over 150 smart appliance living halls, with appliance category area accounting for over 10% of total.美凯龙未来三年计划升级打造40座MEGA-E智电绿洲和100家城市旗舰店；目前已在全国打造超150家智能电器生活馆，电器品类经营面积占比超10%。
2026-03-25Red Star Macalline announced a corporate mission and vision refresh to 'Create a Better Home Life' and 'Build a World-Class Commercial Brand', and upgraded strategic positioning to 'Home Life New Commercial Operator' and 'Home Industry Ecology Service Provider'. It set a new 3-year target for M+ high-end design center: '30+10+1' — 30 city flagship models, 10 material libraries, 1 national designer club platform.红星美凯龙宣布企业使命愿景焕新为'创造美好家居生活''打造世界一流的商业品牌'，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'。提出M+高端家装设计中心未来三年'30+10+1'新目标：30个城市旗舰样板、10个材料图书馆、1个全国性设计师俱乐部平台。
2026-04-28Macalline celebrated 40th anniversary, refreshed corporate mission to 'Create a Better Home Life' and vision to 'Build a World-Class Commercial Brand', upgrading strategic positioning to 'Home Life New Commercial Operator' and 'Home Industry Ecosystem Service Provider'.美凯龙成立40周年，将企业使命愿景焕新为'创造美好家居生活'、'打造世界一流的商业品牌'，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'。
2026-05-01Red Star Macalline upgraded its corporate mission to 'Create a Better Home Life' and 'Build a World-Class Commercial Brand', and repositioned strategy as 'Home Life New Commercial Operator' and 'Home Industry Ecosystem Service Provider'.美凯龙将企业使命愿景焕新为“创造美好家居生活”“打造世界一流的商业品牌”，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”。
2026-05-11Red Star Macalline announced 2026 as the key year for its Smart Electricity 2.0 strategy, planning to complete the first batch of 'MEGA-E Smart Electricity Green Oasis' upgrades in 13 core cities nationwide.美凯龙宣布2026年为智电2.0战略关键之年，全年将在全国13个核心城市完成首批“MEGA-E智电绿洲”升级打造。
2026-05-21Red Star Macalline and Aowei Cloud (All View Cloud) jointly launched the open-style kitchen scene collection hall 'Mei Chu Fang' (Beautiful Kitchen) at a MEGA-E event in Ningbo, a 500-1,000 sqm core scene zone for kitchen appliances, as part of the MEGA-E Smart Electricity Green Oasis.美凯龙与奥维云网在宁波联合发布开放式美厨场景集合厅“美厨房”，作为MEGA-E智电绿洲六大创新场景之一，每座面积500-1000平方米，聚焦厨房电器。
2026-05-28The first MEGA-E Smart Electricity Green Oasis in Southwest China opened at Red Star Macalline Chongqing Supreme Mall on May 28, 2026, covering over 15,000 sqm with 72 brands, including 5 first stores and 12 flagship stores.西南首座MEGA-E智电绿洲于2026年5月28日在红星美凯龙重庆至尊Mall开业，面积超1.5万平方米，品牌总数72个，含5大首店12大旗舰店。
2026-06-12Macalline executive president Zhu Jiagui stated that the company's electrical appliance business now contributes about 85% of performance, transitioning from appliance store 1.0 to smart electrical 2.0, focusing on scenario-based solutions.美凯龙执行总裁朱家桂表示电器业务贡献约85%业绩，完成从电器馆1.0到智电2.0跨越，聚焦场景化解决方案。
C&D Light Industry & Chao Dian Hui appliance stores建发轻工与潮电荟电器店
6 · 2024-03-20 → 2026-05-11
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Joint venture with C&D Light Industry to launch 'Chao Dian Hui' high-end appliance stores and expand into small home appliances.与建发轻工合资推出“潮电荟”高端电器店，并拓展小家电业务。
2024-03-20Red Star Macalline and C&D Light Industry held a closed-door meeting on high-end living appliances, planning to jointly build 100 high-end living appliance halls nationwide over two years, and signed agreements with 6 brands including Tineco, Ecovacs, Mofei, Dreame, Panasonic, and Tiger.红星美凯龙与建发轻工举行高端生活电器共创闭门会议，计划未来两年联手在全国布局100家高端生活电器馆，并与添可、科沃斯、摩飞、追觅、松下、虎牌等6大品牌签约。
2024-06-22C&D Light Industry and Red Star Macalline jointly opened the first 'ChaoDianHui' high-end living appliance store in Zhengzhou, covering 750 sqm with 14 brands and 300+ products, aiming for 100-store expansion.建发轻工与红星美凯龙联合在郑州开设首家'潮电荟'高端生活电器馆，面积750平方米，入驻14个品牌300余款产品，计划拓展百店。
2024-07-04Macalline and C&D Light Industry jointly launch 'Chao Dian Hui' (Trendy Electric) high-end home appliance store at Macalline Zhengzhou Central Global Home Furnishing Store No.1; plans to open 100 stores nationwide within two years.美凯龙与建发轻工联合打造的高端生活电器馆“潮电荟”在红星美凯龙郑州中原全球家居1号店开业；计划两年内在全国开设100家门店。
2024-07-31Hangzhou Jianmei Scene Technology Co., Ltd. established with registered capital of RMB 10 million, jointly held by Macalline and C&D Light Industry (a subsidiary of C&D Shares); business scope includes cultural and art exchange activities.杭州建美场景科技有限公司成立，注册资本1000万元，由美凯龙与建发股份旗下厦门建发轻工有限公司等共同持股；经营范围包括组织文化艺术交流活动等。
2024-08-30Macalline partnered with C&D Light Industry to enter the small home appliances sector, and with Luckin Coffee and Ting Hsin Group for dining and lifestyle业态.美凯龙与建发轻工合作进入生活电器赛道，并与瑞幸、顶新集团等连锁品牌合作餐饮及生活业态。
2026-05-11Red Star Macalline has scaled its 'Chao Dian Hui' (Trendy Electronics) format to 50 stores nationwide, including 5 zero-carbon green energy terminals and 11 mobile phone/digital stores, and plans to open over 100 'Chao Dian Hui' stores across China.美凯龙已规模化落地“潮电荟”业态，在全国开设50家门店，包括5家零碳绿能终端及11家手机数码门店，计划在全国打造超过100家“潮电荟”。
Light-asset expansion & entrusted management轻资产扩张与委托管理
4 · 2024-03-25 → 2026-03-05
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Signed new light-asset projects and entrusted management agreements for malls in multiple cities.在多个城市签署新轻资产项目及商场委托管理协议。
2024-03-25Red Star Macalline subsidiary signed a supplementary agreement for the Zhanjiang Aegean Sea International Plaza project, extending the completion date from September 15, 2022 to December 15, 2025 due to commercial leasing delays.红星美凯龙子公司就湛江爱琴海国际广场项目签订补充协议，因商业招商导致工期延长，完工日期由2022年9月15日调整为2025年12月15日。
2025-07-01Macalline Brand Management signed a new entrusted management agreement with Changzhou Decoration City, effective July 1, 2025 to March 31, 2028, with total management fees of 180 million yuan.美凯龙品牌管理与常州装饰城签订新委管协议，自2025年7月1日起至2028年3月31日止，管理费总额1.8亿元。
2025-09-10Signed supplementary entrusted management agreement with Jining Hongrui Real Estate for a 61,790 sqm mall in Shandong; annual management fee fixed at RMB 1.5 million from Sep 29, 2025 to Aug 31, 2026.与济宁鸿瑞置业订立补充委管协议，为山东济宁一处61,790平方米商场提供委管服务，年管理费固定150万元，期限2025年9月29日至2026年8月31日。
2026-03-05Red Star Macalline signed three light-asset projects in Jiuquan, Huludao, and Quzhou, all planned to open in H2 2026. Jiuquan project is a mid-to-high-end furniture mall; Huludao project is nearly 30,000 sqm with smart appliance hall and M+ design center; Quzhou project is 60,000 sqm, the 8th-generation Macalline home mall with over 150 brands and a European hall.红星美凯龙签约酒泉、葫芦岛、衢州三个轻资产项目，均计划于2026年下半年开业。酒泉项目为中高端时尚家居卖场；葫芦岛项目近3万方，引入智能电器馆和M+设计中心；衢州项目6万方，为第八代家居Mall，引入超150个品牌及欧洲馆。
Asset impairment & writedowns资产减值与减记
2 · 2024-03-29 → 2024-08-30
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Large-scale impairment provisions on investment properties and financial assistance, significantly impacting reported profits.对投资性房地产和财务资助进行大规模减值准备，严重影响报告利润。
2024-03-29Red Star Macalline announced 2023 asset impairment provisions totaling approximately 1.934 billion yuan, reducing consolidated profit by about 1.877 billion yuan.红星美凯龙公告2023年度计提各类资产减值准备约19.34亿元，减少合并报表利润总额约18.77亿元。
2024-08-30Macalline recorded asset impairment provisions of about CNY 551 million and reversals/write-offs of about CNY 747 million in H1 2024, reducing consolidated profit by about CNY 547 million.美凯龙2024年上半年计提各类资产减值准备约5.51亿元，转回及核销约7.47亿元，减少合并报表利润总额约5.47亿元。
Executive & board changes高管与董事会变更
26 · 2024-03-29 → 2026-06-24
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Resignations, appointments, and role changes of directors, general managers, and other senior executives.董事、总经理及其他高管的辞职、任命和职务变更。
2024-03-29Red Star Macalline held a general Party members' meeting to elect a new Party committee and discipline inspection committee; Shi Yaofeng was elected Party secretary, Tang Rongzhen deputy secretary, and Li Li discipline inspection secretary.红星美凯龙召开党员大会选举产生新一届党委和纪委，施姚峰当选党委书记，唐荣镇当选党委副书记，李黎当选纪委书记。
2024-12-27Li Jianhong was re-designated from executive director to non-executive director effective 2024-12-27; Yang Yingwu was appointed as authorized representative under HK Listing Rules.李建宏由执行董事调任为非执行董事，自2024-12-27生效；杨映武被委任为联交所授权代表。
2025-01-26Macalline announced that Vice General Manager Jiang Xiaozhong will resign effective Feb 1, 2025, holding 1.7948 million A-shares; departure will not affect production and operations.美凯龙公告副总经理蒋小忠将于2025年2月1日起离职，持有A股179.48万股；离职不影响生产经营。
2025-01-27Macalline's board approved the nomination of Li Yupeng as a non-executive director, to be voted on at the first extraordinary general meeting of 2025 on Feb 19.美凯龙董事会审议通过增补李玉鹏为非执行董事的议案，将于2025年2月19日第一次临时股东大会审议。
2025-02-19Shareholders' meeting approves appointment of Li Yupeng as non-executive director and member of Strategy and Investment Committee; Wang Wenhuai resigns as non-executive director and committee member effective same day.股东大会审议批准委任李玉鹏为非执行董事及战略与投资委员会委员；王文怀辞任非执行董事及战略与投资委员会委员职务，同日生效。
2025-03-21Chairman Zheng Yongda resigned due to work reasons; Li Yupeng was elected as the new chairman and chairman of the Strategy and Investment Committee, transitioning from non-executive to executive director.董事长郑永达因工作原因辞任；李玉鹏由非执行董事调任为执行董事，并当选为公司董事长及战略与投资委员会主席。
2025-03-28Macalline completed industrial and commercial registration change, with legal representative updated to Li Yupeng following his election as chairman.美凯龙完成工商变更登记，法定代表人变更为李玉鹏，与其当选董事长一致。
2025-05-16Non-executive director Zheng Yongda resigns due to work adjustment, effective May 16, 2025.非执行董事郑永达因工作调动辞任，自2025年5月16日起生效。
2025-06-11Board approved nomination of Ye Yanliu (recommended by shareholder Xiamen C&D Inc.) as non-executive director candidate, to also serve on Strategy & Investment, Nomination, and Remuneration & Appraisal committees; appointment subject to EGM approval.董事会审议通过提名叶衍榴（由股东厦门建发股份有限公司推荐）为非执行董事候选人，当选后将兼任战略与投资、提名、薪酬与考核委员会委员；任职需经股东大会批准。
2025-06-18Executive Director and General Manager Che Jianxing placed under investigation and custodial measures by Yunnan Provincial Supervision Commission; Chairman Li Yupeng will temporarily assume GM duties; company states daily operations are normal.执行董事兼总经理车建兴被云南省监察委员会立案调查并实施留置措施；董事长李玉鹏暂代总经理职责；公司称日常经营正常。
2025-07-18Founder and GM Che Jianxing resigned as GM for personal reasons, remains executive director; non-executive director Li Jianhong also resigned. Shi Yaofeng appointed as new GM; Xu Guofeng nominated as non-executive director.创始人兼总经理车建兴因个人原因辞去总经理职务，仍任执行董事；非执行董事李建宏辞职。聘任施姚峰为总经理，提名徐国峰为非执行董事。
2025-08-12Changzhou World Furniture Home Plaza Co., Ltd., a wholly-owned subsidiary of Macalline, underwent management changes: founder Che Jianxing resigned as supervisor, Chen Shuhong resigned as legal representative/chairman/general manager, and Liu Zemin took over as legal representative, director, and manager.美凯龙全资子公司常州世界家具家居广场有限公司发生工商变更，创始人车建兴卸任监事，陈淑红卸任法定代表人/董事长/总经理，刘泽敏接任法定代表人、董事、经理。
2025-08-16Macallion's fifth extraordinary general meeting of 2025 approved 9 proposals, including appointing Xu Guofeng as non-executive director, abolishing the board of supervisors (98.07% approval), and amending multiple internal governance rules.美凯龙2025年第五次临时股东大会通过9项议案，包括增补徐国峰为非执行董事、取消监事会（赞成率98.07%），并修订多项内部管理制度。
2025-08-21Macalline elected Zheng Jianjie as a职工 director on the fifth board of directors; Zheng joined the company in July 2025 as vice president overseeing internal audit and supervision.美凯龙选举郑建杰为第五届董事会职工董事；郑建杰于2025年7月加入公司任副总裁，分管内部审计及监察工作。
2025-08-31Macalline announced that Vice President Che Guoxing resigned due to personal reasons, effective upon delivery of the resignation report to the board.美凯龙公告，副总经理车国兴因个人原因辞去职务，辞任报告自送达董事会之日起生效。
2025-09-01Vice general manager Che Guoxing resigned due to personal reasons, confirmed no disagreement with the board.副总经理车国兴因个人原因辞职，确认与董事会无意见分歧。
2025-09-04Non-executive directors Xu Di (resigned Sep 3) and Song Guangbin (resigned Sep 14) stepped down due to work reassignment.非执行董事许迪（9月3日离任）和宋广斌（9月14日离任）因工作调动辞职。
2025-09-04Che Jianxing resigned as director of Chongqing Xingke Home Co., Ltd. (a wholly-owned subsidiary); company registered capital ~RMB 680 million.车建兴卸任重庆星凯科家居有限公司（全资子公司）董事职务；该公司注册资本约6.8亿元。
2025-10-13Macalline's board appointed Zhu Jiagui as Vice General Manager, effective from the board meeting date until the end of the fifth board term. Zhu previously served at Suning Appliance Group and joined Macalline in 2013.美凯龙董事会聘任朱家桂为公司副总经理，任期自董事会审议通过之日起至第五届董事会届满之日止。朱家桂曾任职于苏宁电器集团，2013年加入美凯龙。
2025-10-13Founder Che Jianxing was re-designated from Executive Director to Non-executive Director, effective October 13, 2025, with no change in term and no salary during the tenure.创始人车建兴由执行董事调任为非执行董事，自2025年10月13日起生效，任期不变，任期内不领取薪酬。
2025-11-19Macalline announced the replacement of its continuous supervision sponsor representative from CICC: Xing Ke was replaced by Zeng Qinglin due to job changes. The new sponsor representatives for the IPO and 2020 private placement are Xie Jingxin and Zeng Qinglin.美凯龙公告更换持续督导保荐代表人，中金公司原保荐代表人幸科因工作变动由曾庆霖接替，变更后保荐代表人为谢晶欣和曾庆霖。
2025-12-15Macalline announced that Chairman Li Yupeng will temporarily assume the role of board secretary, as the position has been vacant for over three months; the company will expedite the formal appointment.美凯龙公告，因董事会秘书空缺超过三个月，由董事长李玉鹏代行董事会秘书职责，公司将尽快完成正式聘任。
2026-01-29Macalline appointed Cao Shu as Board Secretary (Joint Company Secretary) and authorized representative under HK Listing Rules, effective January 29, 2026; Chairman Li Yupeng resigned as authorized representative.美凯龙聘任曹澍为董事会秘书（联席公司秘书）及香港联交所上市规则授权代表，自2026年1月29日起生效；董事长李玉鹏辞去授权代表职务。
2026-03-10Li Duo resigned as Securities Affairs Representative and authorized person for HKEX ESS due to personal career planning, effective immediately. She held no shares. The company will appoint a successor soon.李朵因个人职业规划辞去公司证券事务代表及香港联交所披露易系统授权人士职务，辞职即日生效。其未持有公司股份，公司将尽快聘任继任者。
2026-06-23Macalline founder Che Jianxing announced a 'second startup', redefining his age as 48 and aiming for 800 Aegean Shopping Malls by 2050, making it a global commercial brand.红星美凯龙创始人车建兴宣布“二次创业”，将年龄重新定义为48岁，目标2050年达到800家爱琴海购物中心，成为世界商业品牌。
2026-06-24Macalline clarified that founder Che Jianxing serves as a non-executive director and does not participate in daily management, with the company remaining independent from the second-largest shareholder Hongxing Holdings.美凯龙澄清创始人车建兴为非执行董事，不参与日常经营，公司与第二大股东红星控股保持独立。
Performance briefings & investor communication业绩说明会与投资者沟通
6 · 2024-03-29 → 2026-04-07
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Annual and semi-annual results briefings, institutional investor surveys, and Q&A sessions.年度和半年度业绩说明会、机构投资者调研及问答交流。
2024-03-29Red Star Macalline held its 2023 annual performance briefing via online interaction on the Shanghai Stock Exchange Roadshow Center.红星美凯龙通过上证路演中心网络互动形式举行2023年年度业绩说明会。
2024-10-11Red Star Macalline held H1 2024 results briefing; disclosed Shanghai 8 stores' National Day sales of RMB 143M, up 112% YoY, and car visits up 24% YoY.红星美凯龙举行2024年半年度业绩说明会；披露上海8家商场国庆期间销售额1.43亿元，同比增长112%，到店车次同比增长24%。
2025-06-26Company stated in investor Q&A that it has no sales revenue from EU countries.公司在投资者互动中表示，暂时没有欧盟国家的销售收入。
2025-08-11Macalline stated in an investor Q&A that it is continuously reviewing assets, closing or restructuring underperforming malls, and has no current plans for cross-industry M&A, focusing on main business and digital upgrade.美凯龙在投资者问答中表示，持续梳理资产，对长期经营不善的商场进行闭店或转型，目前无跨行转型并购计划，聚焦主业和数智化升级。
2025-09-01Institutional investor call: high-end电器 (appliances) floor area share rose to 9.4% in H1 2025 from ~1% four-five years ago; M+ design center area reached 700,000 sqm; target to lift overall occupancy above 95% in 3 years.机构调研纪要：高端电器经营面积占比从四五年前的约1%升至2025年上半年的9.4%；M+高端家装设计中心面积达70万方；目标三年内出租率重回95%以上。
2026-04-07Macalline held institutional investor survey; chairman Li Yupeng, GM Shi Yaofeng attended. Company outlined 2026 plans: high-quality development of core home furnishing, asset revitalization, organizational optimization, and new valuation enhancement plan.美凯龙举办机构调研，董事长李玉鹏、总经理施姚峰等出席。公司阐述2026年计划：家居主业高质量发展、盘活存量资产、优化组织架构，并发布新的估值提升计划。
Other其他
11 · 2024-03-29 → 2026-06-02
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Miscellaneous events including no cross-border e-commerce plan, no ST risk, guarantee disclosure, and service platform upgrades.杂项事件，包括无跨境电商计划、无ST风险、担保披露及服务平台升级。
2024-03-29Red Star Macalline announced the conclusion, postponement, suspension, or termination of some A-share raised fund investment projects, including the IPO and 2020 private placement projects.红星美凯龙公告部分A股募集资金投资项目结项、延期、中止及终止，涉及首次公开发行和2020年非公开发行项目。
2025-01-03Macalline stated that its controlling shareholder is Xiamen C&D Inc. (29.95% stake), with Xiamen SASAC as the actual controller; the second shareholder's bankruptcy restructuring does not affect normal operations.美凯龙表示控股股东为厦门建发股份（持股29.95%），实控人为厦门市国资委；第二大股东破产重整不影响正常经营。
2025-01-16Macalline confirmed it has no plans for cross-border e-commerce, no share buyback or restructuring plan, and no acquisition of Wushang Group.美凯龙确认暂无跨境电子贸易、回购重组计划，也无收购武商集团计划。
2025-01-16Macalline stated it has not triggered the risk of ST designation or delisting under current exchange rules.美凯龙表示根据现行交易所规则，公司未触发ST风险警示或退市风险。
2025-06-26Beijing 5 home furnishing malls upgraded service steward platform: publicly display consumer complaints and brand satisfaction data; after implementation, 5-day agreement rate up 3%, overall case closure rate up 5%, 7-day closure rate up 7%.北京5家家居卖场升级服务管家平台：公示消费者诉求和品牌满意度数据；实施后5天达成一致率提升3%，整体结案率提升5%，7天结案率提升7%。
2025-12-26Macalline upgraded its service butler platform to version 2.0 at 8 Shanghai malls, publicly displaying merchant complaint records, credit ratings, sales performance, and comprehensive scores on公示 boards to enhance consumer transparency.美凯龙在上海8家商场将服务管家平台升级至2.0版本，通过公示牌公开商户投诉、信用评级、销售业绩及综合评分等信息，提升消费透明度。
2025-12-28Macalline disclosed that its cumulative total guarantees (approved) for itself and subsidiaries reached approximately 15.83 billion yuan as of the report date, accounting for 34.06% of net assets attributable to the parent as of Dec 31, 2024.美凯龙披露截至公告日，公司及控股子公司已批准的累计担保总额约158.32亿元，占2024年末归属于母公司净资产的34.06%。
2026-04-13Macalline chairman Li Yupeng visited Shenyang mayor Lyu Zhicheng; both sides discussed optimizing commercial layout, promoting home furnishing consumption upgrade, extending trade-in policy to home categories, and revitalizing idle assets.美凯龙董事长李玉鹏拜访沈阳市市长吕志成，双方就优化商业布局、推动家居消费提质、将以旧换新政策延展至家居品类、盘活闲置资产等交换意见。
2026-04-27Macalline held 6th 'Top Ten Young Merchants' award ceremony in Shanghai, first incorporating 'AI-empowered store operation' training, and organized visits to MEGA-E smart electric oasis and M+ design center.美凯龙在上海举办第六届'十佳青年商户'颁奖典礼，首次将'AI赋能门店运营'培训作为核心赋能环节，并组织探访MEGA-E智电绿洲、M+设计中心等业态。
2026-05-28Huawei Kunling (Kunpeng) released 45 new data communication products at its innovation summit in Shanghai, and Red Star Macalline's smart store demonstration site was officially unveiled, showcasing Huawei's smart commercial scene solution.华为坤灵数通在数据通信创新峰会上发布45款新品，上海红星美凯龙智能门店样板点正式发布，展示华为坤灵智能商业场景方案。
2026-06-02Huawei Kunling and Shanghai Macalline jointly launched a smart store model at the Huawei Data Communication Innovation Summit 2026, showcasing the 'Extreme Simplification, Inclusive Intelligence' smart commercial scenario solution.华为坤灵与上海红星美凯龙在2026华为数据通信创新峰会上联合发布智能门店样板点，展示“极简融合，普惠智能”智能商业场景方案。
Digital & AI initiatives数字化与人工智能举措
6 · 2024-04-08 → 2025-11-05
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Deployment of AI tools, software copyrights, and digital marketing platforms like Xiaohongshu and Douyin.部署AI工具、软件著作权以及小红书、抖音等数字营销平台。
2024-04-08Macalline stated it will deepen Alibaba cooperation on Tmall City Station, expand Douyin local life business, and partner with Zhuxiaobang and Xiaohongshu for online-offline integration.美凯龙表示将深化与阿里巴巴合作深耕天猫同城站，拓展抖音本地生活业务，并与住小帮、小红书合作实现线上线下融合。
2025-01-16Macalline stated it is leveraging Xiaohongshu (Little Red Book) social e-commerce platform for marketing to boost brand awareness and sales.美凯龙表示利用小红书社交电商平台进行营销推广，提升品牌知名度和销售业绩。
2025-04-24Macalline disclosed in investor interaction that it has deployed DeepSeek in internal office systems and is exploring application agents for consumer scenarios.美凯龙在互动平台披露，已在内部办公系统部署DeepSeek，并探讨将应用agent用于用户消费场景。
2025-09-02Registered new software copyright 'Macalline Component Library Platform V1.0.0'; R&D spending in H1 2025 was RMB 3.2472 million, down 55.76% YoY.新注册《美凯龙组件库平台V1.0.0》软件著作权；2025年上半年研发投入324.72万元，同比减少55.76%。
2025-10-28Macalline newly registered two software copyrights: 'Red Star Macalline Mini Program V1.0' and 'Macalline Data Warehouse System V1.0'. In 2025, it registered 4 software copyrights, down 63.64% year-on-year; R&D investment in H1 2025 was 3.2472 million yuan, down 55.76% year-on-year.美凯龙新注册2项软件著作权：《红星美凯龙小程序V1.0》和《美凯龙数据仓库系统V1.0》。2025年共注册4项，同比减少63.64%；2025年上半年研发投入324.72万元，同比减少55.76%。
2025-11-05Macalline registered 2 new software copyrights, including 'Hongxing Macalline Linglong AI Software V1.0' and 'Macalline E-Name Card App V1.0'. Year-to-date total is 8, down 27.27% YoY; R&D spending in H1 2025 was 3.2472 million yuan, down 55.76% YoY.美凯龙新注册2项软件著作权，包括《红星美凯龙灵龙AI软件V1.0》、《美凯龙电子名片应用V1.0》；今年以来共8个，同比减少27.27%；上半年研发投入324.72万元，同比减少55.76%。
Legal disputes & regulatory penalties法律纠纷与监管处罚
17 · 2024-04-13 → 2026-06-07
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Lawsuits, enforcement actions, arbitration rulings, and penalties from regulators for accounting and compliance issues.诉讼、强制执行、仲裁裁决以及监管机构对会计和合规问题的处罚。
2024-04-13Macalline became an enforcement target (zhixing beizhixing ren) with execution amount RMB 20.51 million by Weihai Intermediate People's Court.美凯龙新增被执行人信息，执行标的2050.97万元，执行法院为威海市中级人民法院。
2024-04-15Macalline received Ministry of Finance administrative penalty of RMB 50,000 for accounting violations; former head Che Jianxing fined RMB 20,000, former CFO Xi Shichang fined RMB 10,000.美凯龙收到财政部行政处罚决定书，罚款5万元；原负责人车建兴罚款2万元，原财务负责人席世昌罚款1万元。
2024-08-19Macalline was added as a new enforcement target with an execution标的 of CNY 31,160 by Shanghai Pudong New Area People's Court.美凯龙新增一条被执行人信息，执行标的3.116万元，执行法院为上海市浦东新区人民法院。
2024-10-11Red Star Macalline was involved in a contract dispute lawsuit (case no. (2024) Su 1003 Min Chu 9214) filed by an individual plaintiff against Yangzhou Red Star Macalline and the parent company.红星美凯龙新增一起合同纠纷诉讼（案号(2024)苏1003民初9214号），原告徐某某起诉扬州红星美凯龙及母公司。
2024-10-21Red Star Macalline filed a lawsuit (case no. (2024) Liao 0303 Min Chu 5047) against Liaoning Dongbei Maore Real Estate for entrustment contract dispute; also named in a sales contract appeal in Shenyang.红星美凯龙起诉辽宁东北摩尔置业有限公司委托合同纠纷（案号(2024)辽0303民初5047号）；另涉沈阳买卖合同纠纷上诉案。
2024-11-03Red Star Macalline (601828) was added as a defendant in a lease dispute lawsuit filed on October 28, 2024, at Yangzhou Hanjiang District People's Court (Case No. (2024) Su 1003 Min Chu 9924).美凯龙(601828)新增一件作为被告的租赁合同纠纷诉讼，于2024年10月28日在扬州市邗江区人民法院立案（案号：(2024)苏1003民初9924号）。
2025-01-26Macalline issued a statement clarifying it lawfully terminated parking lot lease contracts with Sunshine Haite's subsidiary Shanghai Hongjing (36 malls) due to breaches, denying allegations of 'violent contract breach'.美凯龙发布声明，因阳光海天子公司上海鸿景违约，依法解除36个商场停车场租赁合同，否认“暴力毁约”指控。
2025-01-28Sunshine Haite issued a statement claiming Macalline had no right to terminate the parking lot contracts and that Shanghai Hongjing has filed a lawsuit against Macalline, alleging violent equipment removal on Jan 24.阳光海天发布声明称美凯龙无权解除停车场合同，上海鸿景已对美凯龙提起诉讼，指控1月24日暴力拆除设备。
2025-02-08Ministry of Finance penalizes Red Star Macalline for accounting errors in 2022 consolidated financial statements, misstating investment property, deferred tax liabilities, retained earnings, income tax expense, fair value changes, and understating fixed assets and accumulated depreciation.财政部对红星美凯龙2022年合并财务报表的会计错误进行处罚，涉及多计投资性房地产、递延所得税负债、年初未分配利润、所得税费用、公允价值变动损益，少计固定资产和累计折旧。
2025-04-24Donggang City People's Government filed a real estate development contract dispute lawsuit against Red Star Macalline Home Group Co., Ltd., case (2025) Liao 0681 Min Chu 2901, filed on April 24, 2025.东港市人民政府对红星美凯龙家居集团股份有限公司提起房地产开发经营合同纠纷诉讼，案号（2025）辽0681民初2901号，立案日期2025年4月24日。
2025-04-28China Judgments Online disclosed that former executive president of Macalline, Gao Shuang, was convicted of duty encroachment (职务侵占罪) and sentenced to 3 years in prison with 5 years probation and fined 200,000 yuan; accomplice Xie received 2 years actual prison and 100,000 yuan fine, involving a $1 million foreign investment project fraud.中国裁判文书网披露，美凯龙原执行总裁高爽因职务侵占罪被判有期徒刑三年缓刑五年并处罚金20万元，同案谢某获实刑二年并处罚金10万元，涉及100万美元外资引入项目欺诈。
2025-05-02Former executive president Gao Shuang sentenced to 3 years (suspended 5 years) and fined 200,000 yuan for embezzling 5.01 million yuan via inflated service fees in 2021 foreign capital introduction.原执行总裁高爽因2021年外资引入中虚增服务费侵占501万元，被判有期徒刑三年缓刑五年并处罚金20万元。
2025-05-07Withdraws all arbitration claims against Nantong Saige regarding lease dispute and 4.15 million yuan rent refund request.撤回对南通赛格的全部仲裁请求，涉及租赁纠纷及415万元租金返还诉求。
2025-08-18An arbitration ruling by the Shenzhen Court of International Arbitration ordered Macalline and Nantong Longmei International Home Life Plaza Co., Ltd. to pay Nantong Saige违约金 of RMB 23.67 million, rent of RMB 1.04 million, and other fees, totaling approximately RMB 26.26 million, expected to increase Nantong Saige's net profit by about RMB 23 million.深圳国际仲裁院裁决美凯龙和南通龙美国际家居生活广场有限公司向南通赛格支付违约金2367万元、租金104万元等合计约2626万元，预计增加南通赛格归母净利润约2300万元。
2026-03-14Red Star Macalline was listed on the 'black list' of Heimao投诉 platform's 2025 home furnishing red-black榜单, with a 0% complaint response rate. Issues include merchant fund security, material fraud, and after-sales shirking.红星美凯龙登上黑猫投诉平台2025年度家居家装红黑榜黑榜，投诉回复率为0%，问题涉及入驻商户资金安全、材质欺诈、售后推诿等。
2026-03-18Red Star Macalline was sued by Fujian Yingxin International Trade Co., Ltd. for contract dispute at Pingtan County People's Court (case No. (2026) Min 0128 Min Chu 1351). Other defendants include Haikou Haihongda Management Consulting and Geng Moumou.红星美凯龙被福建英鑫国际贸易有限公司以合同纠纷起诉至平潭县人民法院（案号(2026)闽0128民初1351号），其他被告包括海口海闳达管理咨询服务有限公司及耿某某。
2026-06-07Macalline was involved in an unjust enrichment dispute as defendant; the court ruled that the plaintiff withdrew the lawsuit, closing the case.美凯龙作为被告涉及不当得利纠纷，法院裁定原告撤回起诉，案件结案。
Strategic cooperation MoUs战略合作备忘录
2 · 2024-04-15 → 2024-06-07
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Signed strategic cooperation agreements with Lianfa Group for home furnishing and decoration projects.与联发集团签署家居装饰项目战略合作协议。
2024-04-15Macalline and Lianfa Group Tianjin signed strategic cooperation to launch 'Meijiang Heyue' project, providing customized decoration packages for home buyers.美凯龙与联发集团天津公司签署战略合作，启动梅江和悦项目，为购房者提供定制精装包。
2024-06-07Red Star Macalline and Lianfa Nanjing signed a strategic brand cooperation to integrate home furnishing, decoration, and appliances, offering one-stop solutions for homebuyers.红星美凯龙与联发南京签署品牌战略合作，整合家居、家装、家电，为购房者提供一站式解决方案。
Sponsorship & brand events赞助与品牌活动
4 · 2024-04-20 → 2026-04-24
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Title sponsorship of Diamond League Xiamen station and other brand-building events.冠名赞助钻石联赛厦门站及其他品牌建设活动。
2024-04-20Macalline sponsored 2024 Wanda Diamond League Xiamen station as title sponsor, partnering with LAZBOY, MLILY, JOMOO, HTL.美凯龙冠名赞助2024世界田联钻石联赛厦门站，携手LAZBOY、梦百合、九牧、HTL。
2025-04-30Red Star Macalline sponsored the 2025 World Athletics Diamond League Xiamen station for the second consecutive year, with total prize money raised to $500,000, attracting nearly 200 athletes from 52 countries; the 2024 event generated over 3 billion brand exposures.红星美凯龙连续第二年冠名2025世界田联钻石联赛厦门站，总奖金提升至50万美元，吸引52个国家近200名运动员参赛；2024年赛事带来超30亿人次品牌曝光。
2026-01-21Xinhuanet and Macalline signed a cooperation agreement for the 'Dianzan Guomin Pinpai' (Thumbs-up National Brands) IP, focusing on green, smart, and personalized consumption trends to promote high-quality development of the home furnishing industry.新华网与红星美凯龙就《点赞国民品牌》IP签署合作协议，聚焦绿色、智能、个性化消费趋势，推动家居行业高质量发展。
2026-04-24Macalline co-hosted IP image design competition with Sichuan Fine Arts Institute and Chongqing Copyright Association, aiming to create brand-specific IP symbol and promote brand youth strategy.美凯龙与四川美术学院、重庆市版权协会联合主办IP形象设计大赛，旨在打造品牌专属IP符号，落地品牌年轻化战略。
Awards & certifications奖项与认证
1 · 2024-05-10
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Ranked 15th on '2024 New Quality Home Furnishing Brand Value TOP100' list.入选'2024新质家居品牌价值TOP100'榜单第15名。
2024-05-10Red Star Macalline ranked 15th on the '2024 New Quality Home Furnishing Brand Value TOP100' list released by Leju Finance.红星美凯龙荣登乐居财经“2024年新质家居品牌价值TOP100”榜单第15名。
New store openings & mall upgrades新店开业与商场升级
9 · 2024-05-22 → 2026-05-01
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Opening of new Macalline malls, upgraded appliance halls, and elderly-adapted experience centers across various cities.在多个城市开设新的美凯龙商场、升级电器馆和适老化体验中心。
2024-05-22Red Star Macalline Beijing East Fifth Ring store held 'Starlight Music Festival' and reopened its upgraded Smart Appliance Hall (13,000 sqm), co-sponsored by Casarte and German Langeford mattress.红星美凯龙北京东五环商场举办“星光音乐节”，重装升级的智能电器馆（13000平米）开业，由卡萨帝和德国朗乐福床垫联合冠名。
2024-06-06Red Star Macalline opened its first 'Elderly-Adapted Home Experience Center' in Beijing, covering 1,000 sqm, featuring brands like Haier, Panasonic, and SanYiNiao, and launched the 'Elderly-Friendly Livable Care Plan'.红星美凯龙在北京开设首个'适老化家居体验中心'，面积1000平方米，入驻海尔、松下、三翼鸟等品牌，并启动'适老宜居关爱计划'。
2024-10-01Red Star Macalline opened Chizhou Huishang Mall (69,000 sqm) in Anhui, a one-stop home shopping center with 76 brands including TOTO, COLMO, Casarte, Arrow, and Cheers.红星美凯龙在安徽池州开业徽商城商场（建筑面积69000平方米），一站式家居购物中心，引入TOTO、COLMO、卡萨帝、箭牌卫浴、芝华仕等76家品牌。
2024-10-29Red Star Macalline held 'Elderly-Adapted & Enjoyable Aging' seminar and announced its health-care category layout; plans to open a 2,000 sqm 'Health-Care Pavilion' at Shanghai Global Home No.1 Store by year-end.红星美凯龙举办'适老适宜 乐享乐龄'研讨会并发布康养品类布局，计划年内于上海全球家居1号店落地2000平方米'康养馆'。
2024-11-03Red Star Macalline held a 'Senior-Friendly Living' seminar and announced the launch of a 2,000 sqm 'Elderly Care Pavilion' at its Shanghai Global Home No.1 store, with Haier Smart Health, Jomoo, Panasonic, TOCLAS, and others signing initial intent letters.红星美凯龙举办“适老适宜 乐享乐龄”研讨会，发布上海全球家居1号店2000平米“康养馆”规划，海尔智慧康养、九牧、松下等品牌签约入驻意向。
2025-03-10Macalline held a policy launch for Shanghai home appliance and aging-friendly product consumption subsidies, and announced plans to build the city's first aging-friendly experience center 'Shanqiu Silver Life Hall' (approx. 2,000 sqm) at its Global Home No.1 store, targeting completion by end-March and opening on May Day.美凯龙举办上海市家电家居及适老化产品消费补贴政策首发会，并宣布在上海全球家居1号店打造沪上首个适老产品体验中心——山丘银发生活馆（约2000平方米），计划3月底建成、五一正式营业。
2026-04-02Gree 'Dong Mingzhu Health Home' first store in Xi'an opened at Macalline No.1 store, releasing 'Zhenai' series new products, marking transformation from traditional home appliance sales to health lifestyle service provider.格力'董明珠健康家'西安首店在红星美凯龙1号店开业，发布'真爱'系列新品，标志着从传统家电销售向健康生活服务商转型。
2026-04-30Macalline announced that the second national and first southwest 'MEGA-E Smart Electric Oasis' will open on May 28, 2026 at Chongqing Supreme Mall, covering over 15,000 sqm with 72 brands, 60% newly upgraded.美凯龙宣布全国第二座、西南首座'MEGA-E智电绿洲'将于2026年5月28日在重庆至尊Mall开业，面积超1.5万平方米，品牌增至72个，60%为新升级入驻。
2026-05-01Red Star Macalline Global Home Life Plaza (Development Zone store) opened in Qingdao West Coast New Area on May 1, 2026, as a new high-end home shopping destination.红星美凯龙全球家居生活广场（开发区店）于2026年5月1日在青岛西海岸新区开业，成为该区域高端家居购物新地标。
Industry standards & policy行业标准与政策
2 · 2024-06-25 → 2025-04-30
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Elected vice-president of Shanghai Service Consumption Promotion Association; participated in CIIE promotion event.当选上海服务消费促进协会副会长单位；参与进博会促消费活动。
2024-06-25Red Star Macalline was elected as vice-president unit of the Shanghai Service Consumption Promotion Association.红星美凯龙当选上海市服务消费促进会副会长单位。
2025-04-30Red Star Macalline participated in the CIIE (China International Import Expo) Service & Consumption Season promotion event as a key partner of the home appliance and home furnishing zone, bringing international brands including HAY, EMU, Giovanni, JAB, Duravit, Fisher & Paykel, Actona, and Versace.红星美凯龙作为进博会消费品展区家电家居专区重要合作伙伴，携手HAY、EMU、乔瓦尼、JAB、杜拉维特、斐雪派克、Actona、范思哲等国际品牌参加推介会。
Overseas expansion & international partnerships海外扩张与国际合作
3 · 2024-06-26 → 2026-03-25
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Exploration of overseas markets starting with Malaysia, partnerships with Greek companies, and cautious 'going global' strategy.从马来西亚开始探索海外市场，与希腊公司合作，以及谨慎的“走出去”战略。
2024-06-26Red Star Macalline signed a strategic cooperation with Shanghai Lumaotong Group to jointly explore overseas markets, starting with Malaysia for 'exhibition-warehouse-trade-integration' model.红星美凯龙与上海路贸通集团达成战略合作，以马来西亚为首站，共同打造'展仓贸一体化'出海模式。
2025-04-29Red Star Macalline signed strategic cooperation agreement with Greek Alpha Alexander S.A. and Alexander Corfu S.A., to phase-wise cooperate: first phase supply Chinese home furnishing products to Greek projects; second phase build Greece's first 'China Home Products Exhibition and Sales Center'.红星美凯龙与希腊阿尔法集团（Alpha Alexander S.A.）及Alexander Corfu S.A.签署战略合作协议，分阶段合作：第一阶段为希腊在建项目供应中国家居建材产品，第二阶段打造希腊首个“中国家居产品展销中心”。
2026-03-25Red Star Macalline executive president Zhu Jiagui stated the company is cautiously exploring overseas expansion paths, responding to strong demand from domestic home furnishing brands to 'go global'. Specific implementation methods are still being incubated.红星美凯龙执行总裁朱家桂表示公司正谨慎探索'出海'可行路径，回应国内家居品牌强烈的抱团出海意愿，具体落地方式仍在孵化探索中。
Corporate governance & shareholder actions公司治理与股东行动
9 · 2024-07-12 → 2026-06-22
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Waiver of voluntary commitments, abolition of supervisory board, related-party transaction approvals, and valuation enhancement plans.豁免自愿性承诺、取消监事会、关联交易审批及估值提升计划。
2024-07-12Board approves proposal to waive certain voluntary commitments by the company, second-largest shareholder Red Star Holding, and former actual controller Che Jianxing; to be voted at EGM on August 6, 2024.董事会审议通过豁免公司、第二大股东红星控股及原实际控制人车建兴部分自愿性承诺的议案；将于2024年8月6日临时股东大会表决。
2024-08-06Macalline's extraordinary general meeting approved the waiver of certain voluntary commitments from the company, the second-largest shareholder, and former actual controller.美凯龙临时股东大会审议通过豁免公司、第二大股东及原实际控制人的部分自愿性承诺的议案。
2024-12-27Macalline's board approved a resolution on 2025 annual related-party transaction estimates.美凯龙董事会审议通过《关于公司2025年度预计日常关联交易的议案》。
2025-03-05Macalline board approved a proposal to waive a voluntary commitment not to engage in real estate development, to revitalize assets and resolve project stoppages; subject to shareholder vote on April 2.美凯龙董事会审议通过豁免不从事房地产开发业务的自愿性承诺的议案，以盘活资产、解决在建项目停工问题；该议案需提交4月2日股东大会审议。
2025-03-27Macalline board approved a valuation enhancement plan, as its stock price had traded below net asset value per share for 12 consecutive months, covering operational improvement, dividends, and investor relations.美凯龙董事会审议通过估值提升计划，因公司股票连续12个月每个交易日收盘价均低于每股净资产，计划涵盖经营提升、现金分红和投资者关系管理。
2025-07-25Board resolved to abolish the supervisory board and amend the articles of association and related governance rules, subject to shareholder approval.董事会决议取消监事会并修订公司章程及相关治理制度，尚需股东大会审议。
2025-12-23Macalline scheduled its first 2026 extraordinary general meeting for Jan 16, 2026, to vote on four proposals including share cancellation, capital reduction, and related-party financial transactions.美凯龙公告将于2026年1月16日召开2026年第一次临时股东会，审议注销回购股份、减少注册资本及关联交易等四项议案。
2025-12-29Macalline's board approved 2026 related-party daily transaction caps totaling no more than 335.8 million yuan, covering service provision, procurement, and property leasing with related parties.美凯龙董事会批准2026年度日常关联交易预计总额不超过33.58亿元，涵盖向关联方提供劳务、采购商品及接受劳务、出租物业等类别。
2026-06-22Macalline's 2025 annual general meeting approved multiple proposals including the 2025 board work report and director compensation plans for 2025 and 2026.美凯龙2025年年度股东会审议通过多项议案，包括2025年度董事会工作报告及董事薪酬方案。
Employee stock ownership plan员工持股计划
2 · 2024-07-25 → 2025-07-29
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Extension and eventual termination of the third employee stock ownership plan, including share sales.第三期员工持股计划的展期和最终终止，包括股份出售。
2024-07-25Third employee stock ownership plan extended to September 26, 2025; plan holds about 9.62 million shares (0.22% of total shares).第三期员工持股计划存续期延长至2025年9月26日；该计划持有约962万股，占总股本0.22%。
2025-07-29The third employee stock ownership plan (2021) sold all its 5.816 million shares (0.13% of total) and will terminate after asset settlement.2021年实施的第三期员工持股计划所持582万股（占总股本0.13%）已全部出售完毕，待清算后终止。
Asset restructuring & SPV setup资产重组与SPV设立
1 · 2024-08-06
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Planned SPVs with Cinda to acquire Yantai Red Star mall and repay loans; reviewed underperforming mall closures.计划与信达设立SPV收购烟台红星商场并偿还贷款；评估关闭低效商场。
2024-08-06Macalline plans to set up Tianjin Xinmei and Xiamen Xinmei SPVs with China Cinda Asset Management and Cinda Capital to acquire 100% of Yantai Red Star for CNY 980 million and repay its CNY 1.3 billion existing loan, total payment CNY 2.28 billion.美凯龙拟与中国信达、信达资本共同设立天津信美及厦门信美SPV，以9.8亿元收购烟台红星国际家居100%股权并清偿其13亿元存量贷款，总支付金额22.8亿元。
Financial assistance & related-party loans财务资助与关联方贷款
6 · 2024-08-30 → 2025-12-19
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Provision of financial assistance to managed mall partners and related-party loan arrangements with Xiamen International Bank.向委托管理商场合作伙伴提供财务资助，以及与厦门国际银行的关联方贷款安排。
2024-08-30As of June 30, 2024, Macalline's outstanding financial assistance to external units totaled CNY 2.595 billion, with CNY 1.823 billion overdue; no new assistance was provided in Q2 2024.截至2024年6月30日，美凯龙对合并报表外单位提供财务资助本金总余额25.95亿元，其中逾期18.23亿元；2024年第二季度无新增对外财务资助。
2024-12-05Macalline announced it will provide financial assistance of up to RMB 100 million to opened entrusted-management mall partners, with interest rate not exceeding 4 times the 1-year LPR.美凯龙公告拟向开业委管商场合作方提供不超过1亿元的财务资助，利率不超过一年期LPR的四倍。
2024-12-05Macalline adjusted the related-party loan limit with Xiamen International Bank (a C&D Group investee) to a maximum balance of RMB 4.2 billion for 2024, up from the previous RMB 2.2 billion.美凯龙调整与厦门国际银行（建发集团参股公司）的关联贷款额度，2024年最高余额由22亿元上调至42亿元。
2025-10-30As of September 30, 2025, Macalline's outstanding financial assistance to entities outside the consolidation scope totaled 2.402 billion yuan, of which 1.738 billion yuan was overdue. Accumulated impairment provisions on overdue principal reached 577.6 million yuan.截至2025年9月30日，美凯龙对合并报表外单位提供财务资助本金总余额24.02亿元，其中逾期未收回本金17.38亿元。逾期本金已累计计提资产减值准备5.78亿元。
2025-12-19Macalline's board approved a plan to provide up to 10 million yuan in financial assistance to partners of opened managed malls in 2026, with interest rates capped at four times the one-year LPR; the outstanding balance as of Nov 30, 2025 was 92.44 million yuan.美凯龙董事会批准2026年度向开业委管商场合作方新增提供不超过1000万元财务资助，利率上限为一年期LPR四倍；截至2025年11月30日余额为9243.94万元。
2025-12-19Macalline's board approved 2026 related-party financial transaction caps: up to 200 million yuan in deposits and 2 billion yuan in loans with Xiamen International Bank, and up to 500 million yuan in finance leasing with C&D Leasing (a subsidiary of controlling shareholder C&D Inc.).美凯龙董事会批准2026年度关联金融交易额度：与厦门国际银行存款最高余额2亿元、贷款最高余额20亿元，与控股股东建发股份子公司建发租赁开展融资租赁最高余额5亿元。
REITs & asset-backed securitiesREITs与资产支持证券
6 · 2024-09-20 → 2026-06-01
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Plans to issue commercial mortgage ABS and explore commercial real estate REITs using flagship mall properties.计划发行商业抵押贷款ABS，并探索以旗舰商场物业为基础资产的商业地产REITs。
2024-09-20Macalline disclosed that it has preliminarily completed due diligence and asset screening for the REITs issuance of Shanghai Global No.1 Store.美凯龙披露已初步完成上海全球1号店REITs发行的项目尽调和资产筛选工作。
2024-11-08Red Star Macalline announced a plan to set up a commercial mortgage asset-backed securities (CMBS) plan of up to RMB 2.75 billion, with an 18-year term, using Beijing至尊MALL and Yantai Red Star Macalline Building Materials Living Mall as underlying assets, with China Life Investment as trustee and C&D Inc. as guarantor.美凯龙公告拟设立不超过27.5亿元、期限18年的商业抵押贷款资产支持计划，底层资产为北京至尊MALL和烟台红星美凯龙建材生活商场，国寿投资为受托人，厦门建发提供担保。
2025-05-28Plans to set up a commercial mortgage ABS of up to 1.768 billion yuan, 15-year term, using properties of Tianjin Home Furnishing and Chongqing Xingkaike as underlying assets; Jianfa Co. provides credit enhancement.拟设立不超过17.68亿元商业抵押贷款资产支持专项计划，期限15年，以天津家居家饰和重庆星凯科物业为底层资产，建发股份提供增信。
2025-08-19Macalline's 'CSC-Fujian-Jianmei-Southwest Global Home No.1 Store and Tianjin Binhai Mall Asset-Backed Special Plan' for RMB 1.658 billion in ABS was accepted for review by the Shanghai Stock Exchange.美凯龙“中信建投-建美-西南全球家居1号店及天津滨海商场资产支持专项计划”拟发行16.58亿元ABS，获上交所受理。
2026-01-05Macalline is working with intermediaries to select suitable commercial property projects to promote the launch of commercial real estate REITs, following the CSRC's release of key documents on December 31, 2025.美凯龙正会同中介机构遴选适合的商业地产项目，推动商业不动产REITs落地，此前证监会于2025年12月31日发布相关重要文件。
2026-06-01Macalline disclosed that it has selected a REITs asset package, intermediaries have entered, and the project is in the due diligence stage, aiming to accelerate the commercial real estate REITs project.美凯龙披露已选定REITs资产包，中介机构已入场，项目处于尽调阶段，将尽快推动商业地产REITs项目落地。
ESG & green initiativesESG与绿色倡议
2 · 2024-09-29 → 2025-05-23
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Upgraded Green Environmental Protection Week to month-long campaign, and opened first Zero-Carbon Life Home exhibition hall.将绿色环保周升级为月活动，并开设首个零碳生活家居体验馆。
2024-09-29Macalline upgraded its annual 'Green Environmental Protection Week' to 'Environmental Protection Quality Month', conducting over 300 events nationwide with government and industry partners.美凯龙将年度'绿色环保周'升级为'环保质量月'，在全国开展超300场活动，联动政府及产业端。
2025-05-23Opens first 'Zero-Carbon Life Home' exhibition hall in Shanghai Global Home No.1 store, co-built with Jianfa Residential Technology and Star Charge, focusing on home energy management.与建发居住科技、星星充电联合打造的全国首家“零碳生活家”展厅在上海全球家居1号店落户，聚焦家庭能源管理。
Sales campaigns & promotional events销售活动与促销活动
4 · 2024-10-13 → 2025-11-15
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Major shopping festivals, Double 11, 618, and May Day campaigns with brand ambassadors and cross-platform resources.大型购物节、双11、618和五一活动，邀请品牌代言人并投入跨平台资源。
2024-10-13Red Star Macalline launched Double 11 Global Carnival (Oct 13 – Nov 11) with billion-level resources, 100% mall participation, and Tmall support including 88VIP, brand days, and live-streaming.红星美凯龙启动双11全球狂欢季（10月13日至11月11日），投入亿级资源，全国商场100%参与，获天猫88VIP内购会、天猫大牌日等平台IP支持。
2025-05-21Launches '618 Life Renewal Season' campaign from May 23 to June 22, investing billions-level resources across 400+ malls, partnering with 50+ brands, Jianfa Real Estate, Lianfa Group, Xiaohongshu, Douyin.启动5月23日至6月22日“618生活焕新季”，投入亿级资源联动全国400+商场，与50余家品牌及建发房产、联发集团、小红书、抖音等合作。
2025-06-27618 Life Renewal Season campaign concluded: total online consultations exceeded 100,000, up 78% YoY; Beijing 5 malls collaborated with 180+ brands across 37 communities, achieving sales conversion of RMB 19.48 million.618生活焕新季收官：线上总咨询人次超10万，同比增长78%；北京5大商场联动180+品牌深入37个社区，实现销售转化1948万元。
2025-11-15Macalline held the 'Star Selection Good Things Festival' at its Jiangsu Global Home No.1 Store, with brand ambassador Dilraba attending. The company announced a youth-oriented strategy, introducing new trendy home furnishings, 3C digital products, ACG toys, and pet-friendly home categories, and launching the M+ high-end home decoration design center's 'design + product + scene' integrated model.美凯龙在江苏全球家居1号店举办‘星选好物节’，品牌代言人迪丽热巴出席；宣布年轻化战略，引入新潮流家居、3C数码、二次元潮玩、萌宠家居等品类，推出M+高端家装设计中心‘设计+产品+场景’一体化模式。
New subsidiary & SPV setup新子公司与SPV设立
19 · 2024-10-29 → 2026-06-15
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Establishment of new wholly-owned or joint venture subsidiaries for technology, trading, and management services.设立新的全资或合资子公司，从事技术、贸易和管理服务。
2024-10-29Red Star Macalline incorporated Red Star Macalline Green Energy (Shanghai) Technology Co., Ltd. (RMB 6M registered capital) to engage in carbon reduction, carbon capture, and energy storage technology R&D.红星美凯龙投资成立红星美凯龙绿能（上海）科技有限公司（注册资本600万元），经营范围包括碳减排、碳捕捉、储能技术研发等。
2025-01-23Macalline invested in the establishment of Xiamen Macalline Home Decoration Engineering Co., Ltd., with registered capital of 2 million yuan, covering AI industry application system integration services.美凯龙投资成立厦门美凯龙家居装饰工程有限公司，注册资本200万元，经营范围含人工智能行业应用系统集成服务。
2025-03-24Macalline wholly established Shanghai Macalline Enterprise Management Co., Ltd., with registered capital of 10 million yuan, legal representative Shi Yao Feng, covering IT consulting and commercial complex management.美凯龙全资设立上海美凯龙企业管理有限公司，注册资本1000万元，法定代表人为施姚峰，经营范围包括信息技术咨询和商业综合体管理服务。
2025-04-07Red Star Macallion established Tianjin Hongxing Macalline Tonghui Technology Co., Ltd., with registered capital of 2 million yuan, covering AI system integration and new energy vehicle sales, wholly owned indirectly by Macalline (601828).红星美凯龙成立天津红星美凯龙通惠科技有限公司，注册资本200万元，经营范围含人工智能行业应用系统集成服务和新能源汽车整车销售，由美凯龙（601828）间接全资持股。
2025-04-07Red Star Macalline established Beijing Macalline Tonghui Trading Co., Ltd., with registered capital of 2 million yuan, covering AI system integration and new energy vehicle accessory sales, wholly owned indirectly by Macalline (601828).红星美凯龙成立北京美凯龙通惠贸易有限公司，注册资本200万元，经营范围含人工智能行业应用系统集成服务和新能源汽车电附件销售，由美凯龙（601828）间接全资持股。
2025-04-10Red Star Macalline established Jinan Hongxing Macalline Tonghui Trading Co., Ltd., with registered capital of 2 million yuan, covering AI system integration, new energy vehicle sales, and auto parts wholesale, wholly owned indirectly by Macalline (601828).红星美凯龙成立济南红星美凯龙通惠贸易有限公司，注册资本200万元，经营范围含人工智能行业应用系统集成服务、新能源汽车整车销售和汽车零配件批发，由美凯龙（601828）间接全资持股。
2025-04-14Red Star Macalline established Wuhan Hongxing Macalline Tonghui Trading Co., Ltd., with registered capital of 2 million yuan, covering new energy vehicle sales and charging facility sales, wholly owned indirectly by Macalline (601828).红星美凯龙成立武汉红星美凯龙通惠贸易有限公司，注册资本200万元，经营范围含新能源汽车整车销售和换电设施销售，由美凯龙（601828）间接全资持股。
2025-04-17Red Star Macalline established Hangzhou Hongxing Macalline Tonghui Technology Co., Ltd., with registered capital of 2 million yuan, covering AI system integration, new energy vehicle sales, and property management, wholly owned indirectly by Macalline (601828).红星美凯龙成立杭州红星美凯龙通惠科技有限公司，注册资本200万元，经营范围含人工智能行业应用系统集成服务、新能源汽车整车销售和物业管理，由美凯龙（601828）间接全资持股。
2025-04-29Red Star Macalline established Chongqing Hongxing Macalline Tonghui Home Furnishing Co., Ltd., with registered capital of 2 million yuan, covering new energy vehicle sales and accessory sales, wholly owned indirectly by Macalline (601828).红星美凯龙成立重庆红星美凯龙通惠家居有限公司，注册资本200万元，经营范围含新能源汽车整车销售和电附件销售，由美凯龙（601828）间接全资持股。
2025-07-02Macalline established a new wholly-owned subsidiary, Shanghai Macalline Pinzhu Decoration Engineering Co., Ltd., with registered capital of 15 million yuan, covering AI system integration services.美凯龙新设全资子公司上海美凯龙品筑装饰工程有限公司，注册资本1500万元，经营范围含人工智能行业应用系统集成服务。
2025-08-29Macalline established Changzhou Hongxing Macalline Tonghui Technology Co., Ltd. in Changchun, with registered capital of RMB 2 million, wholly owned indirectly, covering AI system integration services and new energy vehicle sales.美凯龙在长春成立长春红星美凯龙通惠科技有限公司，注册资本200万元，由美凯龙间接全资持股，经营范围包括人工智能行业应用系统集成服务和新能源汽车销售。
2025-09-03Established Changchun Macalline Tonghui Technology Co., Ltd. (registered capital RMB 2 million) for AI system integration and NEV sales; second such company in 2025 after Hangzhou one in April.成立长春红星美凯龙通惠科技有限公司（注册资本200万元），经营范围包括人工智能系统集成和新能源汽车销售；为2025年第二家同类公司。
2025-09-09Established two wholly-owned management companies in Shanghai: Shanghai Zhuohuihang Enterprise Management Co., Ltd. and Shanghai Hengdaxin Enterprise Management Co., Ltd., each with registered capital of RMB 10 million.在上海新设两家全资企业管理公司：上海卓慧航企业管理有限公司和上海衡达信企业管理有限公司，注册资本各1000万元。
2025-11-11Macalline indirectly wholly owned subsidiary Xiamen Yingtaixin Enterprise Management Co., Ltd. was established, with legal representative Lin Shaohua, covering business management, consulting, and commercial complex management services.美凯龙间接全资持股的厦门盈泰信企业管理有限公司成立，法定代表人为林少华，经营范围包括企业管理、咨询及商业综合体管理服务。
2025-11-19Macalline indirectly wholly owned subsidiary Shanghai Macalline Commercial Management Co., Ltd. was established, covering commercial complex management, business consulting, and corporate image planning.美凯龙间接全资持股的上海美凯龙商业管理有限公司成立，经营范围包括商业综合体管理服务、企业管理咨询、企业形象策划。
2025-12-05Macalline indirectly wholly owned a new subsidiary, Shanghai Meiheying Enterprise Management Co., Ltd., with registered capital of 500,000 yuan, covering business management and consulting services.美凯龙间接全资持股成立上海美合盈企业管理有限公司，注册资本50万元，经营范围包括企业管理及咨询服务。
2025-12-25Macalline indirectly wholly owned a new subsidiary, Shanghai Macalline Yibo Parking Management Co., Ltd., with registered capital of 5 million yuan, covering system integration and digital technology services.美凯龙间接全资持股成立上海美凯龙易泊停车管理有限公司，注册资本500万元，经营范围包括信息系统集成和数字技术服务。
2026-06-03Macalline made a new outward investment, establishing Shanghai Macalline Commercial Management Co., Ltd. with a registered capital of 5 million RMB, engaged in business services.美凯龙新增对外投资，成立上海美凯龙商业经营管理有限公司，注册资本500万元，从事商务服务业。
2026-06-15Macalline made a new outward investment, establishing Hunan Macalline Commercial Management Co., Ltd. with a 95% stake and registered capital of 5 million RMB, engaged in business services.美凯龙新增对外投资，成立湖南美凯龙商业管理有限公司，持股95%，注册资本500万元，从事商务服务业。
Executive & governance高管与公司治理
3 · 2025-05-13 → 2026-01-23
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Director and GM placed under investigation; board secretary reduced shares; SSE issued regulatory letter on performance forecast.董事总经理被调查；董事会秘书减持股份；上交所就业绩预告发出监管函。
2025-05-13Director and GM Che Jianxing placed under investigation and detention by Yunnan Provincial Supervision Commission; chairman Li Yupeng temporarily assumes GM duties.董事兼总经理车建兴被云南省监察委员会立案调查并实施留置；董事长李玉鹏代行总经理职责。
2025-09-10Board secretary Qiu Zhe completed减持 (share reduction) of 46,800 shares (0.0011% of total) via block trade for personal funding needs.董事会秘书邱喆因个人资金需求通过集中竞价减持4.68万股（占总股本0.0011%），减持计划已实施完毕。
2026-01-23Shanghai Stock Exchange issued a regulatory work letter to Macalline regarding its FY2025 performance forecast, involving the listed company, directors, senior management, controlling shareholder, and actual controller.上交所就美凯龙2025年度业绩预告相关事项下发监管工作函，涉及上市公司、董事、高管、控股股东及实际控制人。
Share buyback & cancellation股份回购与注销
6 · 2025-06-05 → 2026-04-22
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Holding and eventual cancellation of treasury shares originally intended for employee stock ownership plans.持有并最终注销原计划用于员工持股计划的库存股。
2025-06-05Monthly report shows Macalline held 1,044,800 A-share treasury shares (approx. 1.0448 million shares) as of May 31, 2025, all planned for employee stock ownership or equity incentive plans; if not used within the statutory period, shares will be cancelled.月报显示，截至2025年5月31日，美凯龙持有A股库存股1,044,800股（约104.48万股），全部计划用于员工持股或股权激励；若未在法定期限内使用，股份将被注销。
2025-08-07Macalline disclosed that as of July 31, 2025, it held 1,044,800 A-share treasury shares, all planned for use in employee stock ownership or equity incentive plans.美凯龙披露截至2025年7月31日，公司持有A股库存股1,044,800股，计划全部用于员工持股计划或股权激励。
2025-12-19Macalline's board approved the cancellation of 1,044,800 A-shares held in the repurchase account, reducing total share capital from 4,354,732,673 to 4,353,687,873 shares and registered capital accordingly.美凯龙董事会批准注销存放于回购专用证券账户的104.48万股A股股份，总股本由4,354,732,673股减少至4,353,687,873股，注册资本相应减少。
2026-01-16Macalline's board and shareholders approved the cancellation of 1,044,800 repurchased shares and a corresponding reduction in registered capital from RMB 4,354,732,673 to RMB 4,353,687,873.美凯龙董事会及股东会批准注销回购专用账户中的1,044,800股股份，注册资本从4,354,732,673元减少至4,353,687,873元。
2026-04-22Macalline announced cancellation of 1,044,800 A-share treasury shares held in the repurchase special account, reducing treasury shares to zero.美凯龙公告注销存放于回购专用证券账户的1,044,800股A股库存股，库存股份变为0股。
2026-04-22Red Star Macalline completed the cancellation of 1.0448 million repurchased A-shares on April 22, 2026, reducing total share capital from 4.355 billion to 4.354 billion shares.美凯龙于2026年4月22日完成注销104.48万股已回购A股股份，总股本由43.55亿股减少至43.54亿股。
Alibaba & concert party stake reduction阿里巴巴及一致行动人减持
10 · 2025-07-25 → 2026-03-24
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Hangzhou Haoyue and Alibaba affiliates progressively reducing their combined stake in Macalline through A-share and H-share sales.杭州灏月及阿里巴巴关联方通过A股和H股出售逐步减持其在美凯龙的合计持股。
2025-07-25Shareholder Hangzhou Haoyue (Alibaba affiliate) plans to reduce stake by up to 130.64 million shares (3% of total) via block and open market trades from Sep 1 to Nov 30, 2025; board secretary Qiu Zhe also plans minor sale.股东杭州灏月（阿里关联方）计划于2025年9月1日至11月30日通过集中竞价和大宗交易减持不超过1.3064亿股（占总股本3%）；董秘邱喆亦计划小幅减持。
2025-11-05Shareholder Hangzhou Haoyue reduced its stake by 14.2976 million A-shares (0.3283% of total share capital) via centralized竞价 and block trades from Sep 10 to Nov 4, 2025, reducing its holding ratio from 9.31% to 8.98%.股东杭州灏月于2025年9月10日至11月4日通过集中竞价和大宗交易合计减持1429.76万股A股（占总股本0.3283%），持股比例从9.31%降至8.98%。
2025-12-01Shareholder Hangzhou Haoyue completed a reduction of 55.67 million shares (1.28% of total equity) via block and centralized竞价 trades between Sep 10 and Nov 18, 2025, at a price range of 2.48-2.85 yuan/share, totaling about 153.58 million yuan.股东杭州灏月于2025年9月10日至11月18日通过集中竞价和大宗交易合计减持5567.33万股（占总股本1.28%），减持价格区间2.48-2.85元/股，减持总金额约1.54亿元。
2025-12-03Shareholder Hangzhou Haoyue announced a new plan to reduce up to 130.64 million shares (3% of total equity) via block and centralized竞价 trades from Dec 25, 2025 to Mar 24, 2026, citing capital needs.股东杭州灏月公告新减持计划，拟于2025年12月25日至2026年3月24日通过集中竞价和大宗交易减持不超过1.31亿股（占总股本3%），原因为资金需求。
2025-12-11Taobao China Holding and New Retail Strategic Opportunities Investments 4, acting in concert with Hangzhou Haoyue, reduced 30.616 million H-shares (0.70% of total equity) via centralized竞价 trades on Dec 10-11, 2025, lowering their combined stake from 8.98% to 7.33%.淘宝控股及新零售基金作为杭州灏月一致行动人，于2025年12月10日至11日通过集中竞价合计减持3061.6万股H股（占总股本0.70%），合计持股比例由8.98%降至7.33%。
2025-12-15Alibaba reduced its stake in Macalline H-shares by approximately 120 million shares on Dec 10, 2025, at an average price of 2.15 HKD per share, cashing out about 260 million HKD; its H-share holding dropped from 14.53% to 11.33%.阿里巴巴于2025年12月10日场内减持红星美凯龙H股约1.2亿股，每股均价2.15港元，套现约2.6亿港元，H股持股比例由14.53%降至11.33%。
2025-12-16Taobao China Holding and New Retail Strategic Opportunities Investments 4 reduced an additional 41.6466 million H-shares (0.96% of total equity) via centralized竞价 trades on Dec 12-16, 2025, lowering the combined stake of Hangzhou Haoyue and its concert parties from 7.33% to 6.37%.淘宝控股及新零售基金于2025年12月12日至16日通过集中竞价再减持4164.66万股H股（占总股本0.96%），杭州灏月及其一致行动人合计持股比例由7.33%降至6.37%。
2025-12-17Alibaba's H-share stake in Macalline further dropped from 10.30% to 8.57% as per HKEX filings.据港交所权益披露，阿里巴巴对红星美凯龙H股持股比例从10.30%降至8.57%。
2025-12-19Alibaba's H-share stake in Macalline dropped to 4.55%.阿里巴巴对红星美凯龙H股持股比例降至4.55%。
2026-03-24Shareholder Hangzhou Haoyue Enterprise Management completed its A-share reduction plan, selling 43,547,250 shares (1% of total股本) via centralized竞价 from Feb 3 to Mar 6, 2026, at RMB 2.48-2.67/share, cashing out approx RMB 113 million. Post-reduction, Haoyue holds 4.40% (no longer a 5%+ shareholder). Its concert parties Taobao China Holding and New Retail Strategic Opportunities have fully exited H-shares.股东杭州灏月企业管理有限公司完成减持计划，于2026年2月3日至3月6日通过集中竞价减持43,547,250股A股（占总股本1%），减持价格区间2.48-2.67元/股，套现约1.13亿元。减持后杭州灏月持股4.40%，不再是持股5%以上股东；其一致行动人淘宝控股及新零售基金已全部减持H股。
New retail furniture & brand partnerships新零售家具与品牌合作
4 · 2026-04-09 → 2026-05-01
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Expanded new retail furniture area to 217,000 sqm with over 35 brands, and co-created exhibition at CIFF.新零售家具面积扩至21.7万平方米，合作品牌超35个，并在家博会共创展区。
2026-04-09Macalline announced that at the 58th CIFF (Shanghai) in September 2026, it will co-create an 8,000 sqm new retail furniture exhibition area, expected to gather 15 leading brands, further expanding new retail furniture presence.美凯龙宣布在2026年9月第58届中国家博会（上海）联合打造8000㎡新零售家具主题展区，预计汇聚15个头部品牌，持续加码新零售家具赛道。
2026-04-12Macalline disclosed that it has partnered with over 35 new retail furniture brands, with total new retail furniture area reaching 217,000 sqm, up 60% from 2024. In Q1 2026 alone, 9 new brands including Shiyu, Yueying, Yijuyijia were introduced.美凯龙披露已与超35个新零售家具品牌合作，新零售家具总面积达21.7万㎡，较2024年增长60%。仅2026年一季度新引入时余、越映、一具一家等9个品牌。
2026-04-30Red Star Macalline held city dual-selection meetings in Chongqing, Jinan, Langfang, Chengdu, and Wuhan in April 2026, covering appliances, new retail furniture, bathroom, sofa, and soft furnishings, with on-site signed and intended cooperation area exceeding 20,000 sqm.美凯龙于2026年4月在重庆、济南、廊坊、成都、武汉五城举办城市双选会，覆盖电器、新零售家具、卫浴、沙发、软装等品类，现场签约及意向合作总面积超2万平方米。
2026-05-01Red Star Macalline has partnered with over 35 new retail furniture brands, with total new retail furniture area across its malls reaching 217,000 sqm, up 60% from 2024.美凯龙已与超35个新零售家具品牌达成合作，全国商场新零售家具总面积达21.7万平方米，较2024年增长60%。
Elderly-adapted & silver economy适老化与银发经济
1 · 2026-06-11
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Launch of elderly-adapted home experience centers and expansion into senior-friendly living products and services.推出适老化家居体验中心，拓展老年友好型生活产品和服务。
2026-06-11Macalline Beijing stores expanded elderly-adaptive home services, building a product, scenario, and service ecosystem for the silver economy, in response to national aging policies.红星美凯龙北京门店加码适老家居业务，构建集产品、场景、服务于一体的适老家居生态，响应国家老龄化政策。
