Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady growth in revenue and profit, with an increase in gross margin and management efficiency. The project reserves are of high quality, and the company is actively expanding in urban space services. As a leading player in commercial management, the operational efficiency of managed shopping centers and office buildings has improved, maintaining stable profitability. The profit forecasts for 2025-2027 have been raised, with expected net profits of 4.27 billion, 4.89 billion, and 5.50 billion respectively, corresponding to EPS of 1.87, 2.14, and 2.41. The current stock price corresponds to P/E ratios of 17.0, 14.9, and 13.2, thus maintaining the "Buy" rating [6][7][10] Summary by Sections Financial Performance - In 2024, the company reported revenue of 17.04 billion, a year-on-year increase of 15.4%. The net profit attributable to shareholders was 3.63 billion, up 23.9%, while the core net profit was 3.51 billion, reflecting a 20.1% increase. The improvement in profitability is attributed to a gross margin increase of 1.1 percentage points to 32.9%, and a decrease in expense ratios by 1.0 percentage points. The operating cash ratio increased by 4.4 percentage points to 25.0%, and the ratio of operating net cash flow to core net profit rose by 17.2 percentage points to 121.4%. The dividend per share increased by 31.0% to 0.922, with a special dividend of 0.614, maintaining a 100% distribution of core net profit [7][10] Property Management - The property management segment generated revenue of 6.66 billion, a year-on-year increase of 10.7%, with a gross margin of 14.4%. As of the end of 2024, the company had a contracted area of 302 million square meters and a managed area of 271 million square meters, reflecting an 8.1% year-on-year increase, with 55.6% from related parties [8] Urban Space Services - The urban space service segment reported revenue of 1.82 billion, a significant year-on-year increase of 36.3%, with a gross margin of 12.9%. The managed area in this segment reached 125 million square meters, up 19.8% year-on-year [8] Commercial Management - The commercial management segment, which includes shopping centers, generated revenue of 4.21 billion, a year-on-year increase of 30.0%, with a gross margin of 72.6%. By the end of 2024, the company managed 118 opened projects with a total built area of 12.7 million square meters. The retail sales in shopping centers reached 215 billion, up 18.7%, with a net operating income margin of 65.1% and an occupancy rate of 96.7% [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady revenue and profit growth, with an increase in gross margin and management efficiency. The project reserves are of high quality, and the company is actively expanding in the urban space sector. As a leading player in commercial management, the operational efficiency of managed shopping centers and office buildings has improved, maintaining stable profitability. The profit forecasts for 2025-2027 have been raised, with expected net profits of 4.27 billion, 4.89 billion, and 5.50 billion yuan respectively, corresponding to EPS of 1.87, 2.14, and 2.41 yuan. The current stock price corresponds to P/E ratios of 17.0, 14.9, and 13.2 times, thus maintaining the "Buy" rating [6][10] Summary by Sections Financial Performance - In 2024, the company reported revenue of 17.04 billion yuan, a year-on-year increase of 15.4%. The net profit attributable to shareholders was 3.63 billion yuan, up 23.9% year-on-year, while the core net profit was 3.51 billion yuan, reflecting a 20.1% increase. The improvement in profitability is attributed to a gross margin increase of 1.1 percentage points to 32.9%, and a decrease in expense ratios by 1.0 percentage points. The operating cash ratio increased by 4.4 percentage points to 25.0%, and the ratio of operating net cash flow to core net profit rose by 17.2 percentage points to 121.4%. The dividend per share increased by 31.0% to 0.922 yuan, with a special dividend of 0.614 yuan, maintaining a 100% distribution of core net profit [7] Business Segments - Property Management: Revenue reached 6.66 billion yuan, a year-on-year increase of 10.7%, with a gross margin of 14.4%, up 0.4 percentage points. As of the end of 2024, the company had a contracted area of 302 million square meters and a managed area of 271 million square meters, an increase of 8.1% year-on-year, with related party revenue accounting for 55.6% - Non-owner Value-added Services: Revenue was 718 million yuan, down 12.5% year-on-year, with a gross margin of 33.0%, down 1.3 percentage points - Owner Value-added Services: Revenue was 1.52 billion yuan, up 6.3% year-on-year, with a gross margin of 25.6%, down 1.6 percentage points - Urban Space Services: Revenue was 1.82 billion yuan, a significant increase of 36.3% year-on-year, with a gross margin of 12.9%. The managed area increased by 19.8% year-on-year to 125 million square meters [8] Commercial Management - Shopping Centers: Revenue was 4.21 billion yuan, up 30.0% year-on-year, with a gross margin of 72.6%, up 0.7 percentage points. By the end of 2024, the company managed 118 opened projects with a total built area of 12.7 million square meters. The retail sales of shopping centers reached 215 billion yuan, an increase of 18.7% year-on-year, with a NOI margin increase of 0.4 percentage points to 65.1% and an occupancy rate of 96.7% - Office Buildings: Revenue was 2.07 billion yuan, up 7.1% year-on-year, with a gross margin of 34.9%, down 0.7 percentage points. By the end of 2024, the company managed 221 projects with a managed area of 16.69 million square meters, with an overall occupancy rate down 2.7 percentage points to 80.8% [9]

华润万象生活：计划今年拓展10个以上轻资产管理 项目 2024年，华润万象生活新签约商业轻资产外拓项目12个，8个为重点城市TOD项目，中标深圳湾文 化广场空间运营特许经营权，承接广州黄埔区双沙项目，实现广州轻资产业务新突破。截至年末，尚有 未开业项目77个，其中母公司项目39个，第三方项目38个。 购物中心来看，华润万象生活全年新开21座购物中心，开业数量创历年新高。截至年末，公司旗下 在营购物中心规模跃升至122座，其中50座零售额居当地市场榜首，86座位列当地市场前三。 截至报告期末，华润万象生活总在管面积为4.13亿平方米，同比增长11.6%，合约面积4.5亿平方 米，同比增长5.9%，覆盖全国173个城市；全年新增第三方合约面积3485万平方米，超八成位于一二线 城市，年内新拓展城市公共空间项目91个。 业绩层面，去年华润万象生活实现综合收入170.43亿元，同比增长15.4%，核心净利润增长20.1%至 35.07亿元，年内总零售额同比增长18.7%至2150亿元。 3月26日，华润万象生活召开线上业绩发布会，关于新一年的拓展计划，管理层表示，华润万象生 活一直在持续推进商管业务的市场化拓展，公司 ...

Core Viewpoint - China Resources Vientiane Life is committed to long-termism and strategic consistency, aiming to leverage policy opportunities to enhance sustainable growth and shareholder value in the context of the 14th Five-Year Plan and the upcoming 15th Five-Year Plan [1] Financial Performance - In 2024, China Resources Vientiane Life achieved a total revenue of 17.043 billion yuan, representing a year-on-year increase of 15.4%, while core net profit grew by 20.1% to 3.507 billion yuan [3] - The company declared a final dividend of 0.643 yuan per share, up 33.7% year-on-year, and a special dividend of 0.614 yuan per share, maintaining a total payout ratio of 100% for 2024 [3] - Cumulatively, the company has distributed dividends totaling 9.189 billion yuan since its listing, accounting for 82.3% of the core net profit during the same period [3] Business Operations - Vientiane Commercial achieved a retail sales growth of 18.7% year-on-year, totaling 215 billion yuan, and opened 21 new shopping centers, the highest number in its history [4] - The total number of operational shopping centers reached 122 by year-end, with 50 centers leading their local markets in retail sales [4] - The company signed 12 new commercial light-asset expansion projects, including key city TOD projects, and secured the operating rights for the Shenzhen Bay Cultural Plaza [4] Urban Space Operation Transformation - The management area of Vientiane Services reached 413 million square meters, a year-on-year increase of 11.6%, while contracted area grew by 5.9% to 450 million square meters, covering 173 cities [5] - Membership numbers increased by 32.0% to 61.07 million, with significant growth in commercial membership and repeat customers, contributing to shopping center performance [5] ESG Strategy - The company published its first community prosperity report and made progress in energy efficiency and clean energy usage, with 8 entities certified under the ISO14001 environmental management system [6] - The company focuses on rural revitalization, low-carbon environmental protection, community care, and public responsibility, being recognized as an ESG pioneer by the State-owned Assets Supervision and Administration Commission [6] Technological Empowerment - China Resources Vientiane Life has invested an average of 2% of its annual revenue in digital transformation over the past five years, establishing a digital ecosystem that supports business growth and efficiency [7] - The company is implementing AI technologies to enhance operational efficiency and customer experience, with plans to expand AI applications into legal, financial, human resources, and marketing areas [7] - The management indicated a cautious approach to mergers and acquisitions, focusing on high-quality targets that align with the company's strategic goals [8]

Core Viewpoint - China Resources Vientiane Life reported a revenue of approximately 17.04 billion yuan for 2024, reflecting a year-on-year growth of 15.4% despite a challenging consumer market [1] Group 1: Financial Performance - The total revenue for 2024 was 17.04 billion yuan, with commercial channel revenue at 6.27 billion yuan (up 21.4%) and property channel revenue at 10.72 billion yuan (up 11.6%) [1] - Gross profit reached 5.61 billion yuan, a 19.5% increase, with the gross margin rising from 31.8% in 2023 to 32.9% in 2024 [5] - The profit attributable to shareholders was 3.63 billion yuan, up 23.9%, and the core net profit was 3.51 billion yuan, reflecting a 20.1% increase [5] Group 2: Business Segments - In the commercial channel, revenue from shopping center management services was 4.21 billion yuan, a 30% increase, contributing 24.7% to total revenue [1] - The office segment generated 2.07 billion yuan in revenue, a 7.1% increase, accounting for 12.1% of total revenue [3] - Revenue from community property management services was approximately 6.66 billion yuan, up 10.7%, representing 39.1% of total revenue [3] Group 3: Consumer Trends - The consumer market is experiencing significant differentiation, with high-net-worth consumers showing resilience while mid-tier consumer groups are underperforming [2] - Young consumers (under 25) are rapidly increasing, with a 20% growth in membership and rising average spending [2] - Service-oriented consumption is outperforming traditional retail, with lifestyle categories growing by 25% to 30% [3] Group 4: Expansion and Acquisition Strategy - The company has successfully completed its initial goal of expanding 50 third-party commercial projects ahead of schedule and aims to add over 10 more light-asset management projects by 2025 [6] - The management emphasizes a focus on light-asset acquisitions due to the scarcity of suitable targets in the current market [6] - Future expansion will prioritize high-quality projects in key cities, with attention to both new and existing market opportunities [7]

港股异动 | 物管股涨幅居前 华润万象生活(01209)绩 后大涨8% 机构指板块有望兑现可持续高分红 中信证券近日表示，困扰民企物业服务公司的历史问题已经消散，企业的分红普遍具备很强吸引力，现 金资产具备安全边际。而且，绝大多数民企物业服务公司经营性现金持续净流入，高分红是完全可持续 的。和2024年秋天不同，当前物业服务板块可能的催化剂，并不是地产领域信用的好转(当然地产信用 也是平稳的)，而是即将公布的2024年年报有望兑现可持续的高分红，以及长期稳健发展的愿景。 消息面上，今日，华润万象生活公布2024年度业绩后大涨。公告显示，期内，集团商业航道收入为 62.74亿元，同比增长21.4%；物业航道收入107.15亿元，同比增长11.6%，生态圈业务收入5400万元。 另外，去年毛利润为56.09亿元，同比增长19.5%；毛利率由2023年的31.8%增长至32.9%。此前，中信证 券指出，物业服务板块是典型的红利板块，具有合约定价稳定、经营性现金流持续正流入、资本开支低 等共同特点。红利价值显著的物业服务公司，目前具备良好的投资价值。 智通财经APP获悉，物管股涨幅居前，截至发稿，华润万象生活(012 ...

Financial Performance - For the fiscal year ending December 31, 2024, total revenue reached RMB 17.043 billion, representing a year-on-year growth of 15.4%[2] - The gross profit for the same period was RMB 5.609 billion, with a gross margin increase from 31.8% to 32.9%[2] - The profit attributable to shareholders was RMB 3.629 billion, reflecting a year-on-year increase of 23.9%[3] - The core net profit attributable to shareholders (non-HKFRS) was RMB 3.507 billion, up 20.1% year-on-year[3] - The earnings per share for the year was RMB 1.590, with core net profit per share at RMB 1.536[3] - The company reported other income of RMB 704.7 million, an increase from RMB 576.5 million in the previous year[5] - Total revenue for the year ended December 31, 2023, was RMB 17,042,658,000, compared to RMB 14,766,952,000 in 2022, representing a growth of approximately 15.4%[21] - The company reported a pre-tax profit of RMB 3,912,124,000 for the year ended December 31, 2023[21] - The group's revenue for the fiscal year ending December 31, 2024, was RMB 17,042.7 million, representing a 15.4% increase year-on-year, primarily due to the continuous expansion of management scale[76] Dividends - The proposed final dividend is RMB 0.643 per share, along with a special dividend of RMB 0.614 per share[4] - The board proposed a final dividend of RMB 0.643 per share, up 33.7% year-on-year, with an annual payout ratio increased by 5 percentage points to 60%[49] - The interim dividend declared for the current year is RMB 0.279 per share, compared to RMB 0.223 per share in the previous year, representing a 25.1% increase[37] - A special dividend of RMB 0.614 per share is also proposed for the year ending December 31, 2024, whereas there was no special dividend in the previous year[110] - The total dividend for the year ending December 31, 2024, amounts to RMB 2.111 per share, which includes interim dividends paid earlier in the year[110] Assets and Liabilities - Total non-current assets increased to RMB 12,651,798 thousand in 2024 from RMB 8,265,067 thousand in 2023, representing a growth of 53.5%[6] - Current assets decreased to RMB 16,256,337 thousand in 2024 from RMB 19,518,415 thousand in 2023, a decline of 16.5%[6] - Total liabilities increased to RMB 8,827,939 thousand in 2024 compared to RMB 8,339,707 thousand in 2023, reflecting a rise of 5.9%[6] - The net asset value increased to RMB 20,080,196 thousand in 2024 from RMB 19,443,775 thousand in 2023, an increase of 3.3%[6] - The company's cash and cash equivalents decreased to RMB 9,570,816 thousand in 2024 from RMB 11,580,159 thousand in 2023, a decrease of 17.3%[6] - Total equity increased to RMB 16,721,156 thousand in 2024 from RMB 16,036,050 thousand in 2023, showing an increase of 4.3%[7] - The company's total current liabilities rose to RMB 8,827,939 thousand in 2024 from RMB 8,339,707 thousand in 2023, indicating a growth of 5.9%[6] - The company's long-term debt decreased to RMB 2,279,382 thousand in 2024 from RMB 2,171,612 thousand in 2023, a decrease of 5.0%[7] Operational Highlights - The number of operational shopping centers increased to 118, with 27 office buildings in operation[3] - The company managed a total building area of 413 million square meters for property management services[3] - The company operates primarily in mainland China, focusing on commercial channels, property channels, and ecological circle businesses[9] - The company provided commercial operation services for 118 shopping center projects, with a total construction area of 12.7 million square meters[60] - The total managed area reached 413 million square meters, covering 173 cities nationwide[43] Market and Strategic Focus - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming fiscal year[6] - The company is advancing digital transformation and enhancing operational efficiency through the integration of seven core systems[45] - The company is committed to sustainable development, integrating ESG strategies into its business and management practices[48] - The company aims for stable growth, focusing on "internal growth + external growth" strategies to enhance performance and shareholder value[50] - The company plans to focus on high-end residential projects and expand urban space management services, accelerating transformation in urban space operations[50] Employee and Governance - The company employed 42,046 full-time employees as of December 31, 2024, an increase from 40,977 employees as of December 31, 2023[105] - The company has adhered to all applicable corporate governance codes as of December 31, 2024, ensuring high standards of governance[106] - The audit committee, consisting of three independent non-executive directors, has reviewed the financial performance for the year ending December 31, 2024[109] Future Outlook - The company anticipates a complex and challenging domestic and international environment for the Chinese economy through 2025, but believes that proactive macro policies will drive economic improvement[50] - The long-term strategy includes creating a world-class enterprise and becoming the most influential light asset management company in China[51] - The company plans to continue expanding its property management services and enhance operational efficiency to drive future growth[63]

Investment Rating - The report assigns an "Accumulate" rating to the company for the first time [4][6]. Core Insights - The company is a leading property management and commercial operation service provider in China, employing a comprehensive "2+1" business model that integrates commercial management, property management, and a large membership system [1][17]. - Revenue has grown from 3.129 billion in 2017 to 14.767 billion in 2023, with a CAGR of approximately 30% [1][23]. - The company has achieved a strong average gross margin of around 31%, net margin of 19%, and ROE of 15% from 2021 to 2023 [1][23]. Summary by Sections Company Overview - The company focuses on creating an integrated ecosystem for property management and commercial operations, emphasizing "space," "customers," and "products and services" [17]. - It has expanded its operations across various business segments, including residential property management and commercial property management [17][18]. Industry Situation - The overall property management and commercial operation market in China has seen steady growth, with total revenue increasing from 282.8 billion in 2014 to 714.6 billion in 2023, reflecting a CAGR of 10.8% [45]. - The market is expected to reach 955.4 billion by 2028, with a projected CAGR of 6.0% from 2023 to 2028 [45]. Financial Performance - The company forecasts revenues of 17.453 billion, 19.932 billion, and 22.577 billion for 2024, 2025, and 2026, respectively, with corresponding net profits of 3.440 billion, 3.975 billion, and 4.585 billion [4][12]. - The company has maintained a strong financial performance, with a net profit margin that has improved from 6% in 2020 to 20% in 2023 [30]. Competitive Advantages - The company benefits from a diversified service offering and strong brand resources, which have enabled it to achieve growth rates significantly above the industry average [2][3]. - The company has a strategic focus on high-quality customized services and digital transformation, which are expected to drive future growth [2][3].

Investment Rating - The investment rating for the company is "Buy" (首次) [6] Core Views - The company, backed by China Resources Group, has shown impressive performance with a focus on property management and commercial management, leading to a robust growth in profits. The projected net profits for 2024-2026 are estimated at 3.5 billion, 4.1 billion, and 4.7 billion CNY respectively, with corresponding EPS of 1.54, 1.81, and 2.07 CNY. The current stock price corresponds to PE ratios of 17.7, 15.1, and 13.2 times for the respective years [6] Summary by Sections Company Overview - The company is a leading property management and commercial operation service provider in China, focusing on community living spaces, office production spaces, and urban public spaces. It aims to become the most influential urban space operation service provider [26][28] Financial Performance - For the first half of 2024, the company achieved a revenue of 7.96 billion CNY, a year-on-year increase of 17.1%. The property management and commercial management revenues accounted for 64% and 36% of total revenue, respectively [33][36] - The net profit attributable to shareholders for the first half of 2024 was 1.91 billion CNY, reflecting a year-on-year growth of 36.0% [35] Property Management - As of the first half of 2024, the company managed an area of 398 million square meters, with a contract area of 446 million square meters, representing growth of 7.5% and 4.9% respectively since the beginning of the year. The third-party management ratio increased to 61.9% [7][89] Commercial Management - The commercial management segment generated a revenue of 2.85 billion CNY in the first half of 2024, marking a year-on-year increase of 23.4%. The gross profit margin for this segment reached 60.9%, an increase of 2.4 percentage points [8][39] Growth Strategy - The company has been actively expanding its urban space management segment, with a focus on enhancing service quality and customer satisfaction, which has reached a score of 93.66 [100]

Operational Performance - As of June 30, 2024, the number of contracted shopping malls under commercial operational services is 1,960[15] - The number of opened shopping malls under commercial operational services is 108[15] - The total gross floor area (GFA) under management is 382.8 million square meters[15] - The number of contracted office projects under commercial operational services is 31[15] - The number of opened office projects under commercial operational services is 25[15] - The company has a total of 170 contracted shopping mall projects, including subleasing projects[15] - The Group opened 7 new shopping malls during the period, ranking first in the industry, increasing the total number of operational shopping malls to 108[19] - The Group's retail sales from operational shopping malls reached RMB 100.71 billion, representing a year-on-year growth of 19.7%[21] - The property management business's contracted gross floor area (GFA) increased by 24.33 million sq.m., with a total of 398 million sq.m. under management as of June 30, 2024[20] - The Group's owner-side rental income was RMB 12.57 billion, also showing a year-on-year growth of 19.7%[21] - The owner-side operating profit margin improved by 0.6 percentage points to 67.8%[21] - The Group's cash flow management improved, with the operating cash ratio increasing by 4.9 percentage points to 19.9%[21] Financial Performance - Consolidated revenue amounted to RMB7.957 billion, representing a YoY increase of 17.1%, while core net profit (non-HKFRS measure) was RMB1.766 billion, up by 24.2% YoY[27] - The interim dividend declared was RMB0.279 per share, a YoY increase of 25.1%, with a stable payout rate of 36.0%[27] - The selling and administrative expense ratio decreased by 1.5 percentage points YoY to 6.5%[22] - The operating cash flow coverage multiple of core net profit rose by 17.9 percentage points YoY to 89.6%[22] - The Group's net profit was RMB1,922.0 million, representing a growth of 36.4% compared to the prior period[94] - The profit attributable to equity shareholders of the Company amounted to RMB1,907.9 million, reflecting an increase of 36.0% year-on-year[94] - The Group's core net profit (non-HKFRS measure) was RMB1,766.5 million, which increased by 24.2% compared to the prior period[96] Market Expansion and Strategic Initiatives - The company is focused on expanding its market presence through new project contracts and operational services[15] - Future outlook includes continued growth in both commercial and property management sectors[15] - Strategic initiatives include potential mergers and acquisitions to strengthen market position[15] - The Group signed 7 new commercial asset-light expansion projects, all located in first and second-tier cities[20] - The Group anticipates steady growth in the second half of the year, driven by government policies and an increasing domestic consumer market[28] - The Group plans to continue high-quality growth by exploring high-quality projects in key cities and pursuing market-oriented expansion in property management[29] Customer Engagement and Satisfaction - The total number of "MIXC Star" members reached 52.20 million, a 12.9% increase compared to the end of 2023[20] - The amount of "MIXC Star" points issued and redeemed totaled RMB 840.0 million, reflecting a year-on-year increase of 20.0%[20] - Customer satisfaction increased by 5.34 points to 93.66 compared to 2023[21] - Daily active users of the E-MIXC platform reached 1.23 million, achieving a 44% YoY growth[24] - The Group aims to enhance customer experience across platforms and facilitate cross-segment customer diversion through its membership programs[76] Technology and Digital Transformation - The company is investing in new technologies to enhance operational efficiency and customer experience[15] - The Group emphasizes the importance of digital transformation to improve organizational capacity and business management efficiency[30] - The Group is promoting a digital strategy focusing on "production technologisation, operation digitalisation, space intelligentisation, and data capitalisation" to enhance operational efficiency and user experience[77] Corporate Governance and Compliance - The Company has complied with all applicable code provisions set out in the Corporate Governance Code throughout the reporting period[196] - The Company recognizes the importance of good corporate governance in its management structures and internal control procedures[195] - The Company continues to comply with regulatory requirements for maintaining a register of interests in shares[130] Shareholder Information - The total number of issued shares was 2,282,500,000[117] - The controlling shareholder, China Resources Group, holds approximately 73.72% of the issued share capital of the company[188] - The Company declared an interim dividend of RMB0.279 per share (equivalent to HKD0.305) for the six months ended June 30, 2024[198] - A special dividend of RMB0.575 per share (equivalent to HKD0.629) will be paid on or around December 20, 2024[198] Connected Transactions - The Group has entered into a property leasing framework agreement with CR Land, allowing it to lease properties for office and employee quarters from connected persons, effective from January 1, 2023, to December 31, 2025[137] - The annual cap for leasing properties from CR Land Connected Persons in 2024 is set at RMB 132,000, with actual transaction amounts for the first half of 2024 reported at RMB 17,000[139] - The Group's transactions with connected persons are part of its ongoing business operations and are regulated under the Listing Rules[136]