Red Star Macalline: Operating Stats Confirm Q3 Revenue Decline

As of September 30, 2025, Red Star Macalline operated a total of 74 Portfolio Shopping Malls, 228 Managed Shopping Malls, and 7 home furnishing malls via strategic cooperation, alongside 22 franchised home improvement material projects, encompassing 358 stores/industry streets. During the reporting period, 4 Portfolio Shopping Malls closed, 3 were transferred from Managed to Portfolio, and 2 moved from Portfolio to Managed. Additionally, 1 Managed Shopping Mall opened, while 29 closed.

The company's Portfolio Shopping Malls generated RMB3,711,849,891.96 in revenue for the first three quarters of 2025, marking a 14.6% decrease compared to the same period last year. Despite this, the gross profit margin improved by 1.2 percentage points to 71.4%. Owned Portfolio Shopping Malls contributed RMB3,372,902,131.15 in revenue with a 74.5% gross profit margin.

As of the end of Q3 2025, Red Star Macalline had 16 pipeline Portfolio Shopping Malls in preparation, comprising 13 Owned and 3 Leased Portfolio Shopping Malls, with a planned construction area of approximately 2.63 million sq.m. The company also secured land use rights for 250 managed contractual projects in its pipeline.