红星美凯龙2025中期报告

（一家於中華人民共和國註冊成立的中外合資股份有限公司）股票代號: 1528 247284648515356 (ACG; HKACG) 5186F801 146625 221901-22901-26 1231 H 183171712-1716 893203A-5 99917 24 1033 2000 1528601828 www.chinaredstar.com (2) (1)(1) 20255.3%0.320255.3%5.4%5.2%5.3%2025 20255.0%5.1%22.9%30.7%2.6%2025202552.0%GDP2.8 2025 810 1. 3,337.120244,224.921.0%15.6%202426.4%2024 2. 1,127.120241,427.521.0% 3. 2,210.020242,797.421.0%66.2%2024 4. 366.311.0%2024463.211.0%20.9%2025 5. 596.217.9%2024700.416.6%14.9%2025 6. 1,095.320241,300.515.8% 7. 37.62024113.2133.2% 8. 1,954.820241,336.846.2%393.92024383.82.6% 0.4520240.31 9. 556.82,145.21,588.42024585.228.4 10. 95,609.2202495,104.2505.02,454.72,274.0 11. 137.92024194.92025202429.2% 12. 3,222.03,181.920243,154.03,111.868.070.1 201.92024821.31,023.2 946.42024113.1833.3 12. 814.62024781.033.6 13. 31,960.930,174.41,786.5 7,158.47,748.212,213.64,840.7 13. (1)(2)(3) 14. 82,618.9507.131,950.9410.6 15. 16. 17. 18. 720.569.2 19. 20. 21. 10,037202413,145858.620241,116.6 22.A 2021262021319 800 30,000.001.000.1% 2021513•15,780,0000.36%9.5014,994.30 22.A 1220215132022512202251212 20241282025926 20235820231229202491820249309,963,800A5,816,200A 1. 1. 2025 20256307684.2%23581.3%7233693018919,361,762 2.3+ M+ 202569.4%40Mega-E+2025Mega-EMega-E 2.3+ 20256M+73.11,0005,000M+533533M+ 3100310050443026.120249.7 3. 11+74.373.111.716% 4. 2025AI SCRM202561473.6+65% 4. ROI AIAIAIAPIChatBot-H5OAAIAI7×24AIAIAI 5. 5. 11M+ 1.2.3.4.5. 201116H2015626A2018117 C1 C32025630 213.10(2)3.21 20252025630 20251272025220202532220255172025126202521920253212025516http://www.hkexnews.hk 13.51B 202563020256301,044,800AAAA XV(a)XV78(b)352(c) (i) (i) 20256304,354,732,6733,613,447,039A741,285,634H 92.00%23.50%1,023,348,353A (ii) (1)92%XV20256301,023,348,353A23.50% (a)XV78(b)352(c) XV233365% (1)20256304,354,732,6733,613,447,039A741,285,634H(2)(3)New Retail Strategic Opportunities Investments 4 Limited42,311,481HNew Retail Strategic Opportunities Fund, L.P.New Retail Strategic Opportunities Investments 4 Limited100%New Retail Strategic Opportunities Fund GP, L.P.New Retail Strategic Opportunities Fund, L.P.New Retail StrategicOpportunities GP LimitedNew Retail Strategic Opportunities Fund GP, L.P.Alibaba Investment LimitedNew Retail Strategic Opportunities Fund GP, L.P.New Retail Strategic Opportunities FundGP, L.P.100%Alibaba Investment LimitedNew Retail Strategic Opportunities GP Limited100%Alibaba GroupHolding LimitedAlibaba Investment Limited100%Alibaba Group Holding Limited42,311,481HTaobao China Holding Limited72,311,482HTaobao Holding LimitedTaobao China Holding Limited100%Alibaba Group Holding LimitedTaobao Holding Limited100%Alibaba Group Holding Limited72,311,482HAlibaba Group Holding Limited114,622,963H(4)57.59%35.75%290,747,243A(5)Man Wah Investments Limited80%Man Wah Investments Limited47,904,600HMan Wah Investments Limited47,904,600H(6)UBS Trustees (B.V.I.) LimitedXi Xi Development LimitedXi Xi DevelopmentXi Xi DevelopmentNew FortuneStar LimitedNew Fortune StarNew Fortune Star68.28%2017322UBS Trustees (B.V.I.) LimitedXi Xi DevelopmentNew Fortune Star XV23336 202518 2025630 A A201811760182810.23315,000,0003,222,450,000.00A172,442,150.373,050,007,849.639.6814.4220181220181162018272018972024412024429 2025630A 3,222,450172,4423,050,008 A (1) (2)202441202452320244292023A20232023 (3)2025630A373,000311,89361,10716,943124 (4) A 20219449,732,673A8.233,701,299,898.7922,936,099.503,678,363,799.292020532020632020623202141920215182021102120244120206320214262024429 2025630A 3,701,299.922,936.13,678,363.8 A (1)202441202452320244292023A3D2023(2)2030(3)(4)20256302020845,367,000(5) 2025630 20256112025742025 20257182025718 202571820258152025 12025821 2025831 202593 2025612757198168229520256117471872481582194http://www.hkexnews.hk2025613728 2025202572520258152025 20257268162025725815http://www.hkexnews.hk2025728 202572620259120251130202591020257269112025725910http://www.hkexnews.hk 5% (2025)01151893043,023,000A4520258222025821http://www.hkexnews.hk 155,493,495A3.57%17,329,143A137,788,613A155,117,756A375,739A 202561195202561094http://www.hkexnews.hk 20259153.056221619A.13(2) 2025915(ESS) 3.05 20259162025915http://www.hkexnews.hk 20256 30 20256 30 (a)9 (b)1616 (d)10%50%25% (e)300,000300,000202428 20256 30 20256 30 1. 201116A600153 H20156A20181 2. 2.1 3434 2.2 20256302,108,206202563019,252,602 2025711220256302025630 3. 202563020241231 202511 21 4. 8 4. 4. 5. 6. 7. 8. 8. 25% 20202315% 2 0 2 21 2GR202231004738315% 9. 10. 20256302024630 11. 20252024630 202563020246302025630 20252024630 12. 20241231 12. 12. 12. 12. 20252024630 20256302,274,00120246301,177,523 20256302,169,000202412312,198,000 2025630192,00020241231209,000 202563020241231815,0001,185,000 80,607,2002024123180,746,20019 13. 202563019,7221,460491202463022,7530337 6302,338 14. 202563020241231 15. (a)(b)1,456