今年上半年，华润置地、华润万象生活分别录得收入949.21亿元、85.24亿元，增速分别为19.9%、 6.5%；归母净利润方面，期内华润置地实现118.8亿元，同比增长16.2%。华润万象生活则是录得20.11 亿元，同比增长15.0%。 整体来看，两家华润系企业均保持着稳定的业绩增速，但从资本市场角度，两家"高分"中期答卷却未赢 得短线资金的关注。 自8月27日开盘，华润置地、华润万象生活股价持续阴跌，至收盘时，前者录得30.4港元每股，较开盘 跌去2.25%；后者则报37.84港元每股，较开盘跌去9.08%。 "房开"基本面：以价换量 李欣于会中坦言，从2022年地产行业进入下行周期以来，整体市场面临需求承压、信心波动等多重挑 战。 他指出，虽然今年以来稳楼市政策密集出台，对核心城市的改善型需求形成一定拉动，但进入二季度后 市场动力再度放缓，行业整体虽有企稳迹象，但复苏基础依旧脆弱。 中期数据显示，业绩期内华润置地实现营业收入人民币949.2亿元，同比增长19.9%；股东应占溢利人民 币118.8亿元，同比增长16.2%。其中，经常性收入人民币205.6亿元，同比增长2.5%，占总营收比重 21.7%， ...

Core Viewpoint - China Resources Land (华润置地) reported a strong performance for the first half of 2025, achieving a revenue of RMB 949.2 billion, a year-on-year increase of 19.9%, and a net profit attributable to shareholders of RMB 118.8 billion, up 16.2% [1] Group 1: Financial Performance - The company achieved a recurring revenue of RMB 205.6 billion, reflecting a growth of 2.5%, which accounted for 21.7% of total revenue [1] - The core net profit contribution increased to 60.2% [1] - The board proposed an interim dividend of RMB 0.2 per share, unchanged from the previous year [1] Group 2: Business Segments - The operational real estate and asset management sectors became new growth engines, with operational real estate revenue reaching RMB 121.1 billion, a 5.5% increase [2] - Shopping centers generated retail sales of RMB 1,101.5 billion, up 20.2%, with an operating profit margin of 65.9%, a historical high [2] - The asset management scale reached RMB 483.5 billion, an increase of RMB 21.4 billion from the end of 2024 [2] Group 3: Light Asset Management - China Resources Land's subsidiary, China Resources Mixc Lifestyle, reported a revenue increase of 6.5% to RMB 85.2 billion, with core net profit rising 15% to RMB 20.1 billion [3] - The company managed 125 shopping centers, with 104 projects ranking in the top three locally, achieving a retail sales growth of 20.9% [3] - The membership program saw a total of 72.37 million members, an 18.5% increase from the end of 2024 [3] Group 4: Ecosystem Business - The ecosystem business generated RMB 5.1 billion in revenue, with significant contributions from events and performances [4] - The company secured major projects in the Greater Bay Area, managing 19 projects with a total area of 4.37 million square meters [4] Group 5: Rental Housing and Urban Construction - The rental housing business achieved revenue of RMB 4.15 billion, managing 85,000 rooms across 15 cities [5] - Urban construction projects generated RMB 4.8 billion in revenue, with a managed area of 79.92 million square meters [5] Group 6: Development and Sales - The company recorded a sales volume of RMB 1,103 billion, maintaining a top-three position in the industry [5] - The company acquired 18 projects with an investment of RMB 32.28 billion, focusing on first- and second-tier cities [5] Group 7: ESG and Financial Management - The company maintained a cash reserve of RMB 120.24 billion, with the lowest levels of total and net interest-bearing debt in the industry [7] - The average financing cost dropped to a historical low of 2.79% [7] - The company continues to enhance its ESG performance, recognized in both domestic and international capital markets [6][7] Group 8: Strategic Outlook - The company aims to strengthen its development and sales business while expanding its operational real estate and light asset management sectors [8] - The focus is on creating new growth momentum through the ecosystem business as a transformation accelerator [8]

曾经的三巨头现在怎么样了？ 毫无疑问这几个都是实打实的大央企，也是当前这个环境下，最有优势的一个群体，原因是什么，这个不必多说，懂得都懂。 市面上对保利重回第一有种看法——从万科，到恒大，再到碧桂园，这些劲敌都黯然失色了，所以保利发展上来了，如果行业风向没变，肯定也轮不到保 利。直白一点也就是，你保利之所以能到第一，是靠同行衬托，自己没什么真本事。 这种看法多少是带了点恩怨了，当然肯定也有不少的偏见。 退一千步，一万步说，保利要真是阿斗，为什么只有保利到第一了？ 恒大的神话灭了，资本市场也再也不会有恒大的身影，它已经不止是一家企业，而是全行业通用的负面符号，大家都很清楚，它也很难再回来了；碧桂园 还在求生的路上，日子很不好过；万科也还在水深火热里，卖身求存，卖卖卖，借借借…… 从恒万碧到保中华，这一切变化的是如此之快，很多人来不及反应，就已经错过了时代的列车，教训很深刻！ 现在大家都明白了，不能低估行业调整的力量，更不要低估行业阵痛的影响，能活到现在，必然都有过人之处。 现在的三巨头又如何？ 三巨头已经换了面貌，保利发展、中海地产、华润置地（保中华）已经掌握了绝对的话语权。（保利发展、中海地产、华润置地下文分 ...

智通财经APP获悉，国信证券发布研报称，当前楼市景气度未有显著回暖，地产基本面仍在磨底，8月 京沪先后出台需求端边际放松政策，在宏观经济承压和美元降息预期之下，政策加码空间打开，建议关 注地产板块博弈机会。9月推荐中国金茂(00817)、华润置地(01109)、招商蛇口(001979.SZ)、滨江集团 (002244.SZ)、绿城中国(03900)。 国信证券主要观点如下： 行业：京沪政策边际放松，基本面延续磨底。从统计局数据看，2025年1-7月，全国商品房销售额同 比-6.5%，降幅较1-6月扩大了1.0个百分点;商品房销售面积同比-4.0%，降幅较1-6月扩大了0.5个百分 点。观察相对历史同期的销售规模，2025年7月，商品房的销售额和销售面积分别相当于2019年同期的 43%和44%，均创下2022年以来历史同期新低。 新建商品房销售均价9613元/㎡，同比-2.6%，降幅较1-6月扩大了0.5个百分点。从城市维度看，新房 端，2025年7月，70城新建商品住宅销售价格同比-3.4%，降幅较6月收窄了0.3个百分点，自2024年11月 以来已连续9个月收窄;70城新房销售价格环比-0.3%，降幅与6 ...

Core Viewpoint - China Resources Land's shopping center openings will slow down significantly in the next three years, with an average of 6-8 new openings per year, compared to previous years [1][10]. Financial Performance - In the first half of 2025, China Resources Land achieved a total revenue of RMB 94.92 billion, a year-on-year increase of 19.9%, while core net profit was approximately RMB 10 billion, a decrease of about 6.6% [2][8]. - The development and sales business generated a core net profit of RMB 3.98 billion, down 23.8% year-on-year, contributing 78.3% to total revenue [4][8]. - Regular business segments, including rental income from shopping centers and property services, contributed over 60% of core net profit, indicating a shift towards more stable income sources [3][9]. Development Business Insights - The development business's revenue was RMB 74.36 billion, up 25.8% year-on-year, but its core net profit fell significantly, reflecting ongoing challenges in profitability [4][8]. - The gross profit margin for the development business was approximately 15.6%, showing a slight recovery but still at a historically low level, down from 29.1% in 2020 [5][6]. Investment and Land Acquisition - In the first half of 2025, China Resources Land acquired 18 new projects, with a total construction area of 1.48 million square meters, although this represented a decrease of over 20% year-on-year [5][6]. - The company spent RMB 488 billion on land acquisitions this year, nearing the total of RMB 526 billion for the entire previous year [7]. Shopping Center Operations - The rental income from shopping centers reached approximately RMB 104.2 billion, a year-on-year increase of 9.9%, with an occupancy rate of 97.3% [10]. - The company plans to open fewer shopping centers in the coming years, with a projected average of 6-8 openings annually, down from 10 and 16 in 2023 and 2024, respectively [10][11]. Future Outlook - Management remains optimistic about the real estate development business, expecting continued support from market policies and strong sales performance in core cities [3][4]. - The company holds a significant amount of commercial land reserves, with 515 million square meters designated for commercial use, indicating potential for future growth despite concerns about market saturation in lower-tier cities [11].

交银国际发布研报称，华润置地(01109)上半年物业交付增加带动公司收入同比上升20%至949亿元人民 币。整体毛利率同比上升1.7个百分点至24.0%，毛利同比上升29.3%至228亿元人民币。扣除一次收益的 影响，核心利润约同比下降6.6%至100亿元人民币。该行预计，集团全年合同销售约为2,660亿至3,050 亿元人民币，并将其目标价上调至35.3港元，其评级为"买入"。 ...

智通财经APP获悉，交银国际发布研报称，华润置地(01109)上半年物业交付增加带动公司收入同比上升 20%至949亿元人民币。整体毛利率同比上升1.7个百分点至24.0%，毛利同比上升29.3%至228亿元人民 币。 扣除一次收益的影响，核心利润约同比下降6.6%至100亿元人民币。该行预计，集团全年合同销售 约为2,660亿至3,050亿元人民币，并将其目标价上调至35.3港元，其评级为"买入"。 ...

Core Viewpoint - The "Run BA 2025 National Homeowner Basketball League" initiated by China Resources Land aims to promote community fitness and align with national health strategies, culminating in a successful championship event in Chengdu [1][3]. Group 1: Event Overview - The league, which started in April, has covered 48 cities and 196 communities, hosting over 500 matches and attracting approximately 24,500 homeowners [3]. - The championship was held at the Dong'an Lake Sports Park, with the Chengdu Phoenix City Sun team winning the title [1]. Group 2: Strategic Alignment - The event aligns with the "Healthy China 2030" and "Sports Power" strategies, showcasing an innovative model of government guidance, corporate support, and community collaboration [1][3]. - It serves as a practical implementation of China Resources Land's philosophy of "good houses, good communities, good services" [5]. Group 3: Community Engagement - Participants have praised the league for fostering community connections and providing valuable experiences [3]. - The event has been recognized for its professional organization, comparable to professional sports events, enhancing community spirit [3]. Group 4: Business Collaboration - The event exemplifies the synergy among various China Resources businesses, with support from brands like China Resources Yibao and China Resources Beer [5]. - The total championship live broadcast reached over 6.83 million views, with more than 1.41 million viewers across platforms [5]. Group 5: Future Initiatives - China Resources Land plans to continue building community engagement through initiatives like the "National Health and Happy Summer" sports carnival in over 2,000 communities [5]. - The company aims to translate national health strategies into tangible benefits for homeowners, enhancing urban vitality [5].

智通财经APP获悉，里昂发布研报称，华润置地(01109)上半年核心利润同比下降6.9%，主要由于一次 性收益减少，但中期股息保持稳定，显示股东回报稳健。在整体利润下降的情况下，发展物业的利润率 多年来首次改善，经常性业务的利润贡献在2025年上半年升至60%。该行认为，随着经常性业务贡献增 加及发展物业利润率改善，公司2026年有望实现盈利复苏。将估值基准转为2026年预测每股盈利，保持 不变的市盈率倍数，目标价从32.2港元上调至35.4港元，隐含2026年市盈率8.5倍。华润置地仍是该行首 选股，评级跑赢大市。 该信息由智通财经网提供 ...

里昂发布研报称，华润置地(01109)上半年核心利润同比下降6.9%，主要由于一次性收益减少，但中期 股息保持稳定，显示股东回报稳健。在整体利润下降的情况下，发展物业的利润率多年来首次改善，经 常性业务的利润贡献在2025年上半年升至60%。该行认为，随着经常性业务贡献增加及发展物业利润率 改善，公司2026年有望实现盈利复苏。将估值基准转为2026年预测每股盈利，保持不变的市盈率倍数， 目标价从32.2港元上调至35.4港元，隐含2026年市盈率8.5倍。华润置地仍是该行首选股，评级跑赢大 市。 ...