Red Star Macalline Swings to Massive 2025 Loss as Mall Network Shrinks but Occupancy Improves

Red Star Macalline Group Corporation Ltd Class H ( (HK:1528) ) just unveiled an update.

Red Star Macalline reported a sharp deterioration in 2025 results, with revenue falling to RMB 6.58 billion from RMB 7.82 billion and loss attributable to owners widening dramatically to RMB 24.09 billion, while core net loss also deepened and no dividend was declared. The group continued to scale down its physical footprint, with the total number of shopping malls dropping from 334 to 292 and the number of cities covered declining, though occupancy rates for both portfolio and managed malls improved modestly, highlighting a strategic shift toward efficiency and utilization over network expansion.

Despite the reduction in operating area across both portfolio and managed shopping malls, average occupancy in portfolio malls rose to 85.0% and managed malls to 82.9%, suggesting better space utilization amid consolidation. The combination of heavy losses, shrinking revenue and footprint, and slightly higher occupancy underscores ongoing operational and financial pressures as the company restructures its mall portfolio, with significant implications for landlords, tenants, and investors tracking the resilience of China’s home improvement retail infrastructure.

The most recent analyst rating on (HK:1528) stock is a Hold with a HK$1.50 price target. To see the full list of analyst forecasts on Red Star Macalline Group Corporation Ltd Class H stock, see the HK:1528 Stock Forecast page.

More about Red Star Macalline Group Corporation Ltd Class H

Red Star Macalline Group Corporation Ltd is a PRC-based, sino-foreign joint stock company listed in Hong Kong that operates a large network of home-improvement and furniture shopping malls. Its portfolio and managed malls span dozens of cities, providing retail space to home furnishing brands and focusing on occupancy-driven rental and management income in China’s home décor and home improvement retail sector.

YTD Price Performance: 6.56%

Average Trading Volume: 6,443,081

Technical Sentiment Signal: Sell

Current Market Cap: HK$10.83B

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