Core Viewpoint - UBS has issued a "Buy" rating for China Resources Land (01109) with a target price of HKD 42, despite the resignation of key executive Guo Shiqing [1] Group 1: Company Strategy - The resignation of the Chief Financial Officer and other key positions will not alter the company's strategy, which is focused on transitioning its business model towards asset management [1] - The company aims to separate between RMB 50 million to 100 million of assets annually into real estate investment trusts, and this goal remains on track [1]

Group 1 - The core point of the news is the announcement of executive changes at China Resources Beer and China Resources Land, effective September 23, 2025, with Zhao Wei resigning from China Resources Beer and Guo Shiqing resigning from China Resources Land due to other work commitments [2][5]. Group 2 - Zhao Wei has been appointed as an executive director, executive committee member, chief financial officer, board secretary, and authorized representative of China Resources Land, effective September 23, 2025 [8]. - Guo Shiqing's resignation includes his roles as executive director, executive committee member, chief financial officer, and board secretary of China Resources Land [5][17]. Group 3 - Zhao Wei's background includes over 20 years of experience in financial management, having held various significant positions within China Resources Beer and its subsidiaries [10][11]. - Guo Shiqing has been with China Resources Land since 2001 and has held multiple key positions, including chief financial officer since June 2020 [15][17]. Group 4 - Zhao Wei's annual remuneration at China Resources Beer for 2024 was reported to be 2.90 million RMB, which includes a basic salary and allowances of 1.05 million RMB, provident fund contributions of 0.16 million RMB, and a bonus of 1.69 million RMB [13]. - Guo Shiqing's annual remuneration for 2024 was reported to be 3.145 million RMB, which includes a salary and allowances of 1.104 million RMB, defined contribution plan contributions of 0.217 million RMB, and a discretionary bonus of 1.824 million RMB [17].

据悉，郝忠明，现年五十四岁，于2022年10月加入华润置地。1993年7月至2018年九月任职于国家机 关。2018年至2022年，分别担任华润医药商业集团有限公司党委副书记、华润(集团)有限公司人力资源 部副总经理、华润集团党委组织部副部长。 公告称，华润置地董事会宣布郭世清因其他工作安排，自2025年9月23日起辞任执行董事、执行委员会 成员、首席财务官和董事会秘书。 同时，郝忠明获委任为执行董事及执行委员会成员；赵伟获委任为执行董事、执行委 员会成员、首席 财务官、董事会秘书及授权代表。 （原标题：华润置地：郭世清辞任执行董事等职务） 9月23日，华润置地有限公司（股票代码：01109.HK，以下简称"华润置地"）发布董事变更等公告。 ...

Core Viewpoint - China Resources Land announced a series of management changes, including the resignation of CFO Guo Shiqing and the appointment of Hao Zhongming and Zhao Wei to key executive positions [2][5][6] Management Changes - Guo Shiqing will resign as Executive Director, Executive Committee member, CFO, and Company Secretary effective September 23, 2025, due to other work commitments [2] - Hao Zhongming has been appointed as Executive Director and Executive Committee member starting September 23, 2025 [2] - Zhao Wei will take over as Executive Director, Executive Committee member, CFO, Company Secretary, and Authorized Representative from September 23, 2025 [2] Background of Key Personnel - Guo Shiqing joined China Resources Land in 2001 and has held various financial management roles, including CFO since June 2020 [5][6] - Hao Zhongming, 54, joined China Resources Land in October 2022, previously serving in various roles within the government and the China Resources Group [6][7] - Zhao Wei, 53, has over 20 years of financial management experience within the China Resources Group and will assume the CFO role [6][7] Compensation and Terms - Both Hao Zhongming and Zhao Wei have signed a three-year appointment letter with a pre-tax basic monthly salary of RMB 62,800, along with performance-based bonuses [7] Company Overview - China Resources Land is a core business unit of China Resources Group, established in 1994 and listed on the Hong Kong Stock Exchange in 1996 [8] - The company reported a revenue of RMB 94.92 billion for the first half of 2025, a year-on-year increase of 19.9%, with a net profit attributable to shareholders of RMB 11.88 billion, up 16.2% [8]

9月23日，华润置地发布董事会变更公告，宣布核心管理层迎来系列调整。 公告显示，华润置地宣布，郭世清先生因其他工作安排，自2025年9月23日起辞任执行董事、执行委员 会成员、首席财务官及董事会秘书，不再担任香港联合交易所有限公司证券上市规则第3.05条所规定的 公司授权代表。郭先生已确认，彼与董事会概无意见分歧，亦无任何有关彼辞任的事宜须提呈公司股东 及联交所垂注。董事会藉此衷心感谢郭先生于任职期间所作出的宝贵贡献。 华润置地进一步宣布，自2025年9月23日起，郝忠明先生获委任为执行董事及执行委员会成员；赵伟先 生获委任为执行董事、执行委员会成员、首席财务官、董事会秘书及授权代表。 2025年上半年，华润置地营业收入为949.2亿元，同比增长19.9%；华润置地股东应占溢利为118.8亿 元，同比增长16.2%；股东应占核心溢利（核心净利润）为100.0亿元。期内，华润置地新增土储储备 148万平方米。截至2025年6月30日，该集团总土地储备约为4895万平方米。 资料显示，郭世清于2001年加入华润置地，于2017年获委任为公司东北大区副总经理，负责公司在东北 大区的财务管理工作，于2018年10月获 ...

Group 1 - The company announced that Mr. Guo Shiqing will resign from his positions as Executive Director, Executive Committee Member, Chief Financial Officer, Board Secretary, and Authorized Representative effective September 23, 2025 [1] - Mr. Hao Zhongming has been appointed as an Executive Director and Executive Committee Member [1] - Mr. Zhao Wei has been appointed as an Executive Director, Executive Committee Member, Chief Financial Officer, Board Secretary, and Authorized Representative [1]

格隆汇9月23日丨华润置地(01109.HK)宣布，郭世清因其他工作安排，自2025年9月23日起辞任执行董 事、公司执行委员会成员、公司首席财务官及公司董事会秘书，及不再担任香港联合交易所有限公司证 券上市规则第3.05条所规定的公司授权代表。 ...

（於開曼群島註冊成立的有限公司） 孫哲 陳帆 梁國權 秦虹 （股份代號：1109） 董事名單與其角色和職能 華潤置地有限公司董事（「董事」）會（「董事會」）成員載列如下： | 執行董事 | | | | 非執行董事 | | --- | --- | --- | --- | --- | | 李欣 （ | 主席 | ） | | 黃挺 | | 張大為 | （ | 副主席 | ） | 魏成林 | | 徐榮 （ | 總裁 | ） | | 王宇航 | | 陳偉 | | | | | | 郝忠明 | | | | | | 趙偉 | | | | | 獨立非執行董事 鐘偉 董事會設立六個委員會。下表提供各董事會成員在該等委員會中所擔任的職位資 料： | | | | 委 員 會 | | | | --- | --- | --- | --- | --- | --- | | 董 事 | 審 核 薪 酬 | 提 名 | 企 業 管 治 | 執 行 | 可 持 續 發 展 | | | 委 員 會 委 員 會 | 委 員 會 | 委 員 會 | 委 員 會 | 委 員 會 | | 李 欣 | | C | M | C | C | | 張 大 為 | ...

Group 1 - The company announced that Mr. Guo Shiqing will resign from his positions as Executive Director, Executive Committee Member, Chief Financial Officer, Board Secretary, and Authorized Representative effective September 23, 2025 [1] - Mr. Hao Zhongming has been appointed as an Executive Director and Executive Committee Member [1] - Mr. Zhao Wei has been appointed as an Executive Director, Executive Committee Member, Chief Financial Officer, Board Secretary, and Authorized Representative [1]

Group 1 - The company announced that Mr. Guo Shiqing will resign from his positions as Executive Director, Executive Committee Member, Chief Financial Officer, Board Secretary, and Authorized Representative effective September 23, 2025 [1] - Mr. Hao Zhongming has been appointed as an Executive Director and Executive Committee Member [1] - Mr. Zhao Wei has been appointed as an Executive Director, Executive Committee Member, Chief Financial Officer, Board Secretary, and Authorized Representative [1]