Red Star Macalline(01528)In 2025, the revenue from self-operated stores was 4.94 billion yuan, a decrease of 9.6% year-on-year.

Red Star Macalline (01528) released an announcement. As of December 31, 2025, the company operates 74 self-managed malls, 218 delegated-managed malls with varying levels of management, operates 7 home furnishing malls through strategic cooperation, and in addition, authorizes 19 franchise home furnishing and building materials projects through franchising arrangements, which include 345 home furnishing and building materials stores/industry streets.

During the reporting period, the company closed 4 self-managed malls located in Chongqing, Guangzhou, Guangdong, Chengdu, Sichuan, and Changsha, Hunan. There were 3 malls that were converted from delegated management to self-management, located in Tangshan, Hebei, and Tianjin (two). There were 2 malls that were converted from self-management to delegated management, located in Baotou, Inner Mongolia, and Changzhou, Jiangsu. 1 new delegated-managed mall was opened, located in Taizhou, Jiangsu. The company closed 38 malls located in Yueqing, Zhejiang; Handan, Hebei; Qinhuangdao, Hebei; Zhoukou, Henan; Lu’an, Anhui; Mianyang, Sichuan; Leshan, Sichuan; Heyuan, Guangdong; Benxi, Liaoning; Huaian, Jiangsu; Jishou, Hunan; Changsha, Hunan; Wuhu, Anhui; Xingtai, Hebei; Baiyin, Gansu; Zhangjiakou, Hebei; Linyi, Shandong; Zhuhai, Guangdong; Tangshan, Hebei; Neijiang, Sichuan; Xincai, Henan; Hefei, Anhui; Qingyang, Gansu; Pingxiang, Jiangxi; Chongqing (two); Zhuzhou, Hunan; Yingkou, Liaoning; Suzhou, Jiangsu; Wuxi, Jiangsu; Anshan, Liaoning; Tongliao, Inner Mongolia; Yixing, Jiangsu; Yancheng, Jiangsu; Yulin, Guangxi; Baoji, Shaanxi; Kunming, Yunnan; Lanzhou, Gansu. There was 1 mall converted from delegated management to franchising, located in Liaocheng, Shandong.

As of December 31, 2025, the company has 16 self-managed malls under preparation (including 13 owned and 3 leased), with a planned gross floor area of approximately 2.63 million square meters (final gross floor area subject to the gross floor area approved by government licensing documents); among the delegated-managed malls under preparation, 246 delegated-managed contract projects have obtained land use right certificates/are in possession of the land parcels.

For the self-managed malls already in operation, the company obtained operating revenue of RMB 4.94 billion during the reporting period, a decrease of 9.6% year over year, with a gross margin of 69.8%. Compared with the same period in 2024, the gross margin increased by 1.1 percentage points.

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