Core Viewpoint - The performance report for listed property companies in the first half of 2025 shows a slowdown in growth and further industry differentiation, with 63 companies having released their mid-year results, except for two that delayed their reports [1] Group 1: Company Performance Metrics - Country Garden Services leads in managed area with 1.063 billion square meters, earning the title of "scale king" [2][5] - Poly Property ranks first in contracted area with 996 million square meters, while Country Garden Services tops in revenue at 23.185 billion yuan [2][4] - China Resources Vientiane Life achieved the highest net profit at 2.068 billion yuan, marking it as the most profitable property company [2][4] Group 2: Industry Growth Trends - The total managed area of 53 listed property companies reached approximately 7.79 billion square meters, reflecting a year-on-year growth of 3.8%, but a decline of 5.3 percentage points compared to the previous year [5] - The fastest growth in managed and contracted areas was seen in Su Xin Services, with increases of 62.81% and 57.20% respectively [8] - The proportion of third-party managed area decreased to about 65.0%, down 0.4 percentage points from the previous year [9] Group 3: Revenue Insights - The total revenue of 63 listed property companies grew to 148.79 billion yuan, a year-on-year increase of 4.1%, but a decline of 0.5 percentage points compared to the previous year [10] - Basic property services accounted for 72.4% of revenue, indicating a stronger emphasis on core services, while community value-added services saw a decline [10] - Country Garden Services reported a revenue increase of 2.139 billion yuan, maintaining its leading position in the industry [10] Group 4: Profitability Analysis - The average net profit for 63 listed property companies reached 170 million yuan, a year-on-year increase of 20%, with a net profit margin of 7.2% [14] - China Resources Vientiane Life led in net profit at 2.068 billion yuan, while Zhujiang Shares experienced the highest growth rate in net profit at 857.31% [14] - The overall decline in gross profit and gross margin reflects ongoing pressures in the industry, with the average gross margin dropping to 19.4% [14][17]

Investment Rating - The report maintains an "Outperform" rating for China Resources Vientiane Life [6][77]. Core Views - The company achieved a core net profit of 2.01 billion yuan in H1 2025, representing a year-on-year increase of 15%. The operating revenue reached 8.5 billion yuan, up 7% year-on-year, with a core net profit margin of 23.6%, an increase of 1.7 percentage points [1][10]. - The company has prioritized shareholder returns, achieving a dividend payout ratio of 100% for the first time in the mid-term, with a total dividend of 0.881 yuan per share [1][10]. Revenue and Profitability - In H1 2025, the commercial channel revenue was 3.3 billion yuan, a 15% increase year-on-year, contributing 38% to the company's overall revenue [2][19]. - The shopping center segment saw a revenue of 2.3 billion yuan, up 20% year-on-year, with a gross margin of 78.7%, an increase of 6.2 percentage points [2][19]. - The property management segment's revenue was 5.2 billion yuan, a 1% increase year-on-year, with community space revenue accounting for 82% of the property management segment [3][51]. Financial Forecasts - The report forecasts the company's net profit attributable to shareholders for 2025 and 2026 to be 4.08 billion yuan and 4.56 billion yuan, respectively, with corresponding earnings per share of 1.79 yuan and 2.00 yuan [3][77]. - The projected price-to-earnings (P/E) ratios for 2025 and 2026 are 19.7 and 17.7, respectively [3][77]. Business Segmentation - The commercial channel's gross margin improved to 66.1%, while the property management segment's gross margin was 18.8% [1][10]. - The company managed 125 shopping center projects with a total managed area of 13.56 million square meters, a 14% year-on-year increase [2][19].

Core Insights - The report from the China Index Academy highlights the expansion of the top 50 property service companies in China, with a total new contract area of approximately 54.9 million square meters in August 2025, averaging 1.1 million square meters per company [1][2]. Group 1: Top 50 Companies by New Contract Area - China Resources Vientiane Life Co., Ltd., Shanghai Yongsheng Property Management Co., Ltd., and Shimao Service Holdings Co., Ltd. are leading the expansion, each exceeding 5 million square meters in new contract area [1][2]. - The average new contract area for the top 50 companies is 1.1 million square meters, indicating a robust growth trend in the property service sector [1][2]. Group 2: Third-Party Market Expansion - The total third-party market expansion area for the top 50 property service companies reached 47.14 million square meters in August 2025, with an average of 940,000 square meters per company [6][7]. - Shanghai Yongsheng Property Management Co., Ltd. and China Resources Vientiane Life Co., Ltd. led the third-party market expansion with areas of 563,000 square meters and 557,000 square meters, respectively [6][7]. Group 3: Associated Area Analysis - The total area contracted from associated developers by the top 50 companies was approximately 9.86 million square meters, with an average of 200,000 square meters per company [12]. - Companies like Wuhan Urban Services Group Co., Ltd., China Overseas Property Management Co., Ltd., and Poly Property Services Co., Ltd. are expected to add over 700,000 square meters to their managed area due to support from parent companies [12]. Group 4: City Service Bidding - In August 2025, the top five companies in city service bidding included Shenzhen Jindi Property Management Co., Ltd. with a winning bid of 47.48 million yuan, followed by Shenzhen Xinghe Zhishan Life Co., Ltd. and China Overseas Property Management Co., Ltd. [13][14]. - The report notes significant wins in city service projects, particularly for Shenzhen Jindi Property Management Co., Ltd. in the public affairs center project in Pingshan District, Shenzhen [14].

Core Insights - The report from the China Index Academy indicates that in August 2025, the top 50 property service companies in China added approximately 54.9 million square meters of new contract area, reflecting continuous expansion among leading firms [1] - The average new contract area for these companies was 1.1 million square meters [1] - Notable companies such as China Resources Vientiane Life Co., Shanghai Yongsheng Property Management Co., and Shimao Services Holdings Ltd. experienced rapid growth, each adding over 5 million square meters of new contract area [1]

Core Viewpoint - Morgan Stanley indicates that Chinese property developers' performance in the first half of the year was as expected, but they maintain a generally positive outlook for the second half and beyond, particularly regarding the recovery of development profit margins and rental growth [1] Industry Summary - Major developers experienced an average core profit decline of 17% year-on-year in the first half, while dividend payout ratios remained stable [1] - Liquidity risks in the industry appear to have been largely mitigated, although differentiation among companies persists; state-owned enterprises continue to perform well with improvements in profit margins and balance sheets [1] - The fourth quarter is expected to see accelerated real estate sales, driven by state-owned enterprises having ample sellable resources in high-tier cities; however, the average sales for the remaining year are still projected to decline by 2% year-on-year [1] - Company management anticipates a decrease in development gross margins by 1-2 percentage points this year, with a potential recovery starting in 2026; destocking remains a primary task for the coming years [1] Company Recommendations - Morgan Stanley continues to recommend focusing on high-quality state-owned enterprises with good prospects, such as China Resources Land (01109) and China Resources Mixc Lifestyle (01209), as well as high-dividend stocks like Jianfa International Group (01908) [1]

致：香港交易及結算所有限公司 公司名稱: 華潤萬象生活有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01209 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | 本月底法定/註冊股本總額 ...

Core Viewpoint - The report from CICC indicates that the performance of key commercial operators in the retail sector has shown differentiation in the first half of 2025, with expectations for leading companies to strengthen their competitive advantages in the medium to long term due to location, customer loyalty, and operational capabilities [1][5]. Group 1: Performance Overview - Key commercial operators reported their 1H25 performance, with China Resources Vientiane Life's core net profit increasing by 15%, while major Hong Kong developers saw a core net profit decline of 4-9%, aligning with market expectations [1]. - High-end commercial operators experienced an average same-store sales growth of 2.2% in 1H25, an increase of 8.6 percentage points compared to the full year of 2024, while mass-market operators saw a slight increase of 0.1 percentage points to 7.6% [2]. Group 2: Rental and Operational Efficiency - Rental income for major operators in mainland China showed resilience, with average rental growth of 0.5% in both 2024 and 1H25, which is significantly better than retail sales performance [3]. - Heavy asset operators reported a gross profit margin increase of 0.3 percentage points to 73.9%, indicating ongoing operational efficiency improvements [4]. Group 3: Future Trends - The industry is expected to benefit from a "Matthew Effect," with leading commercial operators likely to solidify their competitive barriers in the medium to long term [5]. - The second half of the year is anticipated to have positive catalysts, including low base effects from last year's retail sales and continued supportive consumption policies [5]. Group 4: Investment Recommendations - The report recommends China Resources Vientiane Life and Swire Properties for their dual returns of growth and dividends, while suggesting to accumulate Hongkong Land at lower prices to capitalize on the Federal Reserve's interest rate cut window [6].

Core Insights - The report by the China Index Academy highlights the performance of listed property companies in the first half of 2025, focusing on market capitalization, operational performance, and management scale [1] Market Capitalization - China Resources Vientiane Life has the highest market capitalization at 80.605 billion yuan, significantly ahead of other listed companies. As of August 29, seven property service companies have a market capitalization exceeding 10 billion yuan [3] Valuation Levels - Zhujiang Holdings has the highest price-to-earnings (PE) ratio at 178.99 times, followed closely by Zhongtian Service at 176.50 times. The top ten listed companies have PE ratios all above 20 times [3] Operational Performance - In H1 2025, the highest revenue was generated by Country Garden Services, amounting to 23.185 billion yuan, while the fastest revenue growth was seen in Binjiang Services with a year-on-year increase of 22.70%. The highest proportion of diversified operating income was reported by Jingfa Property at 73.15% [4] - Country Garden Services also reported the highest gross profit of 4.299 billion yuan, with Songdu Services showing the highest gross profit growth at 40.94%. Xing Sheng Commercial achieved the highest gross profit margin at 52.31% [4] - The leading net profit was recorded by China Resources Vientiane Life at 2.068 billion yuan, while Zhujiang Holdings exhibited the fastest net profit growth rate at 857.31%. The highest net profit margin was reported by Qifu Life Services at 46.62% [4] Strategic Focus - Property companies are shifting their strategic focus from "scale expansion" to "quality growth." They are conducting careful evaluations based on operational factors and selectively expanding while actively divesting underperforming projects to optimize their project portfolios and stabilize revenue [4] Management Scale - Among the disclosed data companies, Country Garden Services manages an area of approximately 1.063 billion square meters, ranking first. Poly Property, Evergrande Property, Greentown Services, and Yalife Services each manage over 500 million square meters. The fastest growth in managed area was reported by Suxin Services at 62.81% [4] - In terms of contracted area, Poly Property leads with 996 million square meters, followed by Yalife Services at 692 million square meters. Suxin Services also reported the fastest growth in contracted area at 57.20% [5]

Core Viewpoint - China Resources Vientiane Life demonstrated a robust performance in the first half of 2025, achieving a 15% year-on-year growth in core net profit and a 100% dividend payout for the first time, despite a challenging consumer market [1][2] Financial Performance - The company reported a total revenue of 8.52 billion yuan, representing a 6.5% year-on-year increase, and a profit attributable to shareholders of 2.03 billion yuan, up 18.9% [1] - Revenue from the commercial channel increased by 14.6%, while the property channel saw a modest growth of 1.1% [1] - The core growth driver was the shopping center business, which experienced a year-on-year growth of 19.8% [1] Business Strategy - The company has shifted its business focus by exiting low-efficiency value-added services and moving towards high-value areas, emphasizing quality over blind expansion [2] - The "2+1" business model, which integrates commercial operations, property management, and a large membership system, has strengthened the company's core competitiveness [4][5] Operational Highlights - The commercial channel has become a high-margin engine, with an operating profit margin of 68.2% across 120 shopping centers [1] - The membership system has expanded significantly, with over 72 million members, enhancing customer engagement and driving revenue growth [1][3] Future Outlook - The company plans to enhance cash flow management and strengthen property collection to support dividend distribution and long-term investments [3] - The unique "2+1" business model is expected to continue releasing development potential, providing stable value returns to the capital market [7]

Core Viewpoint - The company reported its 1H25 performance, which met expectations with a revenue of 8.52 billion yuan, a year-on-year increase of 6.5%, and a core net profit of 2.01 billion yuan, up 15.0% year-on-year [1] Group 1: Financial Performance - The reported net profit attributable to shareholders increased by 7.4% year-on-year to 2.03 billion yuan, affected by a high base from fair value changes in the previous year [1] - The company declared an ordinary dividend of 0.529 yuan per share and a special dividend of 0.352 yuan per share, corresponding to a payout ratio of 60% and 40% based on core net profit [1] Group 2: Shopping Center Performance - The retail sales of managed shopping centers grew by 21.1% year-on-year in 1H25, with same-store sales growth of 9.7%, significantly outperforming the overall retail sales growth [1] - The luxury shopping center segment achieved a same-store sales growth of 9.6%, demonstrating resilience [1] - The shopping center segment's revenue increased by 20% year-on-year, with an improvement in operational efficiency, as gross margin rose by 6.2 percentage points to 78.7% [1] Group 3: Office and Community Space Performance - In a challenging industry environment, the office and community space segments maintained stable or slightly increased revenues, with office occupancy rates rising by 0.5 percentage points [2] - The community space business saw a slight increase in gross margin by 0.2 percentage points and a year-on-year collection rate improvement of approximately 0.6 percentage points [2] - The urban space segment achieved a revenue growth of 15% year-on-year, with gross profit increasing by 8% [2] Group 4: Growth Outlook - The company aims to maintain its annual growth guidance and cash flow targets, with over 40% of its 125 operational projects ranking first in local market retail sales [2] - The company has a robust project pipeline, with 75 projects not yet opened as of 1H25, and plans to open 14 new projects in 2025, providing ongoing growth momentum [2] - The company targets a double-digit core net profit growth for the full year, supported by strong cash flow [2] Group 5: Profit Forecast and Valuation - The profit forecast remains largely unchanged, with expected core net profit growth of 15% and 11% for 2025 and 2026, reaching 4.04 billion yuan and 4.50 billion yuan respectively [3] - The company maintains an outperform rating and a target price of 40 HKD, corresponding to a 21 times core P/E ratio for 2025, implying a 6% upside potential [3] - The company is trading at a 20 times core P/E ratio for 2025, with an expected dividend yield of 5.1% based on a 100% core net profit payout [3]