Red Star Macalline Group Corporation Ltd. (Stock Code: 1528) reported that, as of 30 September 2025, it operated 74 Portfolio Shopping Malls, 228 Managed Shopping Malls, and 7 home furnishing malls through strategic cooperation. Additionally, 22 franchised home improvement material projects were authorized, covering a total of 358 home improvement material stores or industry streets.

During the reporting period, the company closed 4 Portfolio Shopping Malls and saw a net adjustment in business modes with 3 malls transferred from Managed to Portfolio Shopping Malls, while 2 were shifted the other way. In the Managed segment, 1 new mall was opened and 29 were closed. As of the end of the third quarter, there were 16 pipeline Portfolio Shopping Malls—13 owned and 3 leased—covering a planned construction area of approximately 2.63 million square meters.

For the first three quarters of 2025, revenue from Portfolio Shopping Malls reached RMB3,711,849,891.96, reflecting a 14.6% decrease from the same period in 2024, while the overall gross profit margin climbed by 1.2 percentage points to 71.4%. Owned Portfolio Shopping Malls generated RMB3,372,902,131.15 (down 10.2%), and Leased Portfolio Shopping Malls posted RMB244,100,661.21 (down 46.1%). JV/Associate Portfolio Shopping Malls contributed RMB94,847,099.60 (down 30.7%). The revenue breakdown by region showed declines in most areas, with notable drops in South China (53.8%) and North China excluding Beijing and Tianjin (25.3%), while Tianjin recorded an 18.7% increase.