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Operates China's largest network of home-furnishing and building-materials malls, leasing space to furniture and decor retailers.
Operates China's largest network of home-furnishing and building-materials malls, leasing space to furniture and decor retailers.
Earns rent and management fees from furniture and building-material brands that lease booths in its malls, plus fees for running malls owned by others under its name, so tenant occupancy and what brands can afford to pay drive revenue. A housing slowdown reduces furniture spending and pressures tenants.
In one line: A Chinese IKEA-mall-landlord / Home Depot-mall hybrid.
Moat: narrow (scale, brand). Largest national home-furnishing mall network gives it landlord scale and tenant relationships.
Headquarters: Shanghai, China · Founded: 1986 · Employees: 9,012
Size Red Star Macalline (601828.SS) is a China Real Estate company (Real Estate Development) with a market value of $1.18B, the 1997th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥2.01 on 6 Nov 2026.
Performance Over six months the shares fell 24.7%, against -8.2% for the median peer and -16.4% for the China market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue fell 7.4% over the last twelve months (peer median -2.1%); the operating margin is -26.6% (peer median 19.6%).
Valuation It trades at 0.39× book value against a peer median of 1.12× (2nd cheapest of 21).
Price implies The share price implies a return on equity of about 5.4%; Red Star Macalline delivers -62.4%, so the price asks more than the business earns today.
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥6.19B | CN¥6.54B | CN¥7.77B | CN¥11.5B | CN¥13.7B |
| Revenue growth | — | -16% | -32% | -16% | — |
| Gross profit | CN¥4.08B | CN¥3.81B | CN¥4.39B | CN¥7.03B | CN¥7.65B |
| EBITDA | n/a | CN¥1.54B | CN¥1.66B | CN¥2.69B | CN¥5.45B |
| Net income | -CN¥20.5B | -CN¥23.7B | -CN¥2.98B | -CN¥2.41B | CN¥559M |
| Free cash flow | CN¥1.57B | CN¥597M | -CN¥83.3M | CN¥203M | CN¥3.00B |
| Capital expenditure | CN¥236M | CN¥267M | CN¥370M | CN¥41.6M | CN¥1.05B |
| Total debt | CN¥27.1B | CN¥45.0B | CN¥31.6B | CN¥38.2B | CN¥38.4B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Red Star Macalline 601828.SS | $1.18B | -25% | -7% | -62% | 0.39× | 5.4% |
| Shenzhen Heungkong 600162.SS | $1.48B | +63% | -25% | -2% | 1.76× | 14.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 601828.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.4% | -3.5% | 9th lowest of 21 |
| 6-month return | -24.7% | -8.2% | 4th lowest of 21 |
| Return on equity | -62.4% | 7.1% | 3rd lowest of 21 |
| Price / book | 0.39× | 1.12× | 2nd cheapest of 21 |
| ROE the price implies | 5.4% | 8.2% | 4th least demanding of 20 |
| ROE delivered | -62.4% | 7.1% | 3rd lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Red Star Macalline 601828.SS | China | $1.18B | -25% | -7% | -62% | 0.39× | 5.4% | -62.4% |
| Tosei 8923.T | Japan | $1.18B | +17% | +14% | 14% | 1.65× | 7.6% | 14.5% |
| Mainstreet Equity MEQ.TO | Canada | $1.19B | +1% | +5% | 10% | 0.90× | 7.1% | 9.8% |
| Beijing Urban Construction Investment & Development Co 600266.SS | China | $1.16B | -21% | -31% | -7% | 0.47× | 5.2% | -7.2% |
| Forestar FOR | United States | $1.21B | -14% | -2% | 8% | 0.63× | 8.7% | 7.7% |
| Sri Lotus Developers and Realty LOTUSDEV.NS | India | $1.21B | +59% | +40% | 15% | 5.62× | 114.8% | 15.5% |
| Shenzhen Zhenye (Group) 000006.SZ | China | $1.24B | -37% | -56% | -3% | 1.58× | 15.8% | -2.8% |
| Frey FREY.PA | France | $1.24B | 0% | +45% | 12% | 1.06× | 6.6% | 12.1% |
| IRSA Inversiones y Representaciones SA Sponsored ADR IRS | United States | $1.12B | -10% | +4% | 18% | 0.69× | 8.2% | 18.2% |
| Signatureglobal (India) SIGNATURE.NS | India | $1.11B | -17% | -23% | 85% | 5.68× | 106.1% | n/a |
| Cibus Real Estate AB (publ) CIBUS.ST | Sweden | $1.11B | -12% | +20% | 9% | 1.03× | 8.6% | 8.9% |
| AEDAS Homes AEDAS.MC | Spain | $1.10B | +1% | -25% | 6% | 1.17× | 7.9% | 6.5% |
| Shenzhen Kingkey Smart Agriculture Times 000048.SZ | China | $1.10B | -7% | -17% | -22% | 2.14× | 13.5% | -22.0% |
| Tibet Urban Development & Investment 600773.SS | China | $1.27B | -67% | -78% | -12% | 2.02× | 23.5% | -12.3% |
| Vivenio Residencial SOCIMI YVIV.MC | Spain | $1.09B | -1% | +34% | 6% | 0.80× | 5.1% | n/a |
| Ichigo 2337.T | Japan | $1.09B | -13% | -17% | 14% | 1.48× | 7.4% | 14.4% |
| Art 0565.HK | Hong Kong | $1.28B | +38% | +51% | -66% | 532.05× | 1,228.3% | -65.6% |
| Cinda Real Estate 600657.SS | China | $1.08B | -19% | -44% | -32% | 0.49× | 4.9% | -31.6% |
| Zhuhai Zhumian 600185.SS | China | $1.08B | -27% | -49% | -148% | 273.59× | 1,984.1% | -148.0% |
| PLAZZA PLAN.SW | Switzerland | $1.08B | -4% | +6% | 10% | 1.08× | n/a | 9.9% |
| China Overseas Grand Oceans 0081.HK | Hong Kong | $1.30B | -7% | -3% | 1% | 0.28× | 5.8% | 1.1% |