公司公布1H25业绩：收入85.2亿元，同比增长6.5%;核心归母净利润20.1亿元，同比增长15.0%，符合该 行预期;由于去年同期公允价值变动收益高基数，报表归母净利润增速低于核心，同比增长7.4%至20.3 亿元。公司中期宣派0.529元/股的普通股息和0.352元/股的特别股息，对应基于核心净利润的派息比例 分别为60%和40%。 中金发布研报称，维持华润万象生活(01209)盈利预测基本不变(主要反映物管收入增速放缓及提质增效 带来利润率改善)，预计公司2025年和2026年核心净利润分别增长15%和11%至40.4亿元和45.0亿元。维 持跑赢行业评级和目标价40港元不变，对应21倍2025年核心市盈率、隐含6%上行空间。公司交易于20 倍2025年核心市盈率和基于100%核心净利润派息预期下5.1%2025年股息收益率。 中金主要观点如下： 1H25业绩符合该行预期 公司购物中心竞争力强，截至中期125个在营项目中，四成以上为当地市场零售额排名第一、八成以上 为前三。该行认为通过持续精细化运营，公司有望保持较强内生增长动能。同时，公司项目储备丰富， 截至1H25未开业项目75个，预计2025年全 ...

业绩简评 2025 年 8 月 27 日早晨，公司发布 2024 中期业绩：实现营收 85.2 亿元，同比+6.5%；归母净利润 20.3 亿元，同比+7.4%；核心净利 润 20.1 亿元，同比+15.0%。 经营分析 毛利率水平持续提升，两费费率下降，提质增效带动业绩高质量 增长。2024 年①收入同比+6.5%，其中商业航道同比+14.6%，物业 航道同比+1.1%。②毛利率：综合 37.1%，同比+3.1pct，其中商业 航道 66.1%，同比+5.2pct；物业航道 18.8%，同比-0.1pct。③两 费费率 6.3%，同比-0.6pct。 提升中期派息率并宣派特别股息，首次实现中期核心净利润 100% 分派。1H25 公司中期每股股息 0.529 元，同比+89.6%；同时宣派 特别股息每股 0.352 元。公司以股东价值最大化为导向，首次在 中期实现 100%核心净利润分派。 盈利预测、估值与评级 考虑到公司在商业航道持续领跑市场，构筑广阔壁垒，近年来购 物中心开业持续放量；在物业航道实现有质量的规模增长。我们 预计公司2025-2027年归母净利润分别为41.0亿元、45.0元、48.9 亿 ...

A 華潤萬象生活有限公司 China Resources Mixc Lifestyle Services Limited (Stock Code 股份代號: 01209.HK) INTERIM RESULTS ANNOUNCEMENT Two Decades of Heritage A New Horizon of Legacy CONTENTS R Results Highlights 2 Financial Review 3 Business Review 4 ESG 2 2 Results Highlights Advanced to consolidate stability, achieved resilient growth, and fulfilled our commitment to value creation for shareholder. Commercial Management Business Overall RMB 8.524 billion Revenue YoY +6.5 % 37.1% Overall Gross Profit Margin YoY +3.1 pt RM ...

Investment Rating - The investment rating for China Resources Vientiane Life is "Buy" (maintained) [1][6] Core Views - The company has demonstrated steady growth in revenue and profit, with an increase in gross margin and management efficiency. The value-added service business is being optimized, and the company is actively expanding in urban space sectors. The operational efficiency in the commercial management sector has also improved, leading to enhanced profitability. The profit forecast remains unchanged, with expected net profits for 2025-2027 at 4.27 billion, 4.89 billion, and 5.50 billion CNY, respectively, corresponding to EPS of 1.87, 2.14, and 2.41 CNY. The current stock price corresponds to P/E ratios of 20.4, 17.8, and 15.9 times [6][7] Financial Performance - For the first half of 2025, the company reported revenue of 8.524 billion CNY, a year-on-year increase of 6.5%. The net profit attributable to shareholders was 2.030 billion CNY, up 7.4% year-on-year, while the core net profit attributable to shareholders was 2.011 billion CNY, reflecting a 15.0% increase. The improvement in profitability is attributed to a gross margin increase of 3.1 percentage points to 37.1% and a decrease in expense ratios by 0.6 percentage points to 6.3%. The interim dividend per share increased by 89.6% to 0.529 CNY, marking the first time the company has achieved a 100% distribution of core net profit for the interim period [7][8] Business Segments - Property Management: Revenue reached 3.501 billion CNY, up 8.8% year-on-year, with a gross margin of 16.6%, an increase of 1.4 percentage points. The managed area was 276 million square meters, with a contract area of 302 million square meters, of which 55.6% was from related parties [8] - Non-owner Value-added Services: Revenue was 220 million CNY, down 34.6% year-on-year, with a gross margin of 26.0%, a decrease of 11.8 percentage points [8] - Owner Value-added Services: Revenue was 487 million CNY, down 32.7% year-on-year, with a gross margin of 40.4%, an increase of 9.5 percentage points [8] - Urban Space: Revenue was 949 million CNY, up 15.1% year-on-year, with a gross margin of 14.2%, a decrease of 0.9 percentage points [8] Shopping Center and Office Performance - Shopping Centers: Revenue was 2.264 billion CNY, up 19.8% year-on-year, with a gross margin of 78.7%, an increase of 6.2 percentage points. The average occupancy rate improved to 97.1%, up 0.4 percentage points year-on-year [9] - Office Buildings: Revenue was 2.065 billion CNY, up 7.1% year-on-year, with a gross margin of 34.9%, a decrease of 0.7 percentage points. The occupancy rate increased to 74.1%, up 0.5 percentage points from the beginning of the year [9] Financial Summary and Valuation Metrics - The company’s projected financial metrics for 2023A to 2027E include: - Revenue growth from 14.798 billion CNY in 2023 to 22.561 billion CNY in 2027, with a CAGR of 8.8% - Net profit growth from 2.929 billion CNY in 2023 to 5.499 billion CNY in 2027, with a CAGR of 12.5% - EPS growth from 1.28 CNY in 2023 to 2.41 CNY in 2027, with a corresponding decrease in P/E from 29.8 to 15.9 times [10]

Investment Rating - The report maintains a "Buy" rating for the company [6][2][1] Core Insights - The company reported a revenue of 8.52 billion RMB for the first half of 2025, reflecting a year-on-year growth of 7%, with a net profit of 2.03 billion RMB, also up 7% year-on-year. The core net profit increased by 15% year-on-year, aligning with the company's guidance for double-digit growth for the full year [1][2] - The interim dividend payout ratio based on core net profit reached 100%, exceeding the company's guidance of a 60% base payout ratio for the year, indicating enhanced shareholder returns [1][2] - The shopping center segment continues to show strong operational and performance metrics, with retail sales increasing by 21% year-on-year to 122 billion RMB, and rental income from owners rising by 17% year-on-year [3][2] Summary by Sections Revenue and Profitability - The company achieved a steady revenue growth with property and commercial channels showing year-on-year increases of 1% and 15% respectively. The overall gross margin improved by 3.1 percentage points to 37.1% [2][3] - The gross margin for the property channel slightly decreased by 0.1 percentage points to 18.8%, while the commercial channel's gross margin increased by 5.2 percentage points to 66.1% due to cost reductions from digital strategies [2][3] Shopping Center Performance - The company opened 4 new shopping centers and signed contracts for 6 third-party shopping centers, bringing the total to 125 operational centers, with 53 ranking first in local retail sales [3][2] - The company anticipates a revenue growth of 19% for shopping centers in 2025, with an expected gross margin increase of 4.4 percentage points to 77.0% [3][2] Property Management Segment - The basic property management segment saw revenue growth of 9% and 15% for residential and urban space respectively, focusing on high-quality projects and exiting loss-making ones [4][2] - Community value-added services revenue decreased by 33% year-on-year, but the gross margin improved by 9.5 percentage points to 40.4% due to a shift towards a platform-based, light-asset model [4][2] Earnings Forecast and Valuation - The report adjusts revenue forecasts for non-owner value-added services downwards while increasing the gross margin forecast for shopping centers. The core EPS estimates for 2025-2027 are maintained at 1.77, 2.01, and 2.28 RMB respectively [5][2] - The target price is set at 46.60 HKD, reflecting an increase from the previous target of 39.81 HKD, based on a 25 PE ratio [5][2]

Market Performance - The Hang Seng Index closed down by 1.27% [1] - The Hang Seng Tech Index decreased by 1.47% [1] - The Hong Kong Tech ETF (159751) fell by 2.14% [1] - The Hang Seng Hong Kong Stock Connect ETF (159318) dropped by 1.5% [1] Sector Performance - The construction products and personal care products sectors showed the highest gains [1] - The aerospace and defense, as well as pharmaceutical sectors, experienced the largest declines [1] Individual Stock Performance - Lens Technology saw an increase of 7.78% [1] - Nongfu Spring rose by 7.11% [1] - NIO Inc. (SW) increased by 4.26% [1] - China Resources Mixc Lifestyle Services fell by 9.08% [1] - Country Garden Services dropped by 11.11% [1] - October Rice Field rose by 9.71% [1] - SenseTime (W) increased by 8.9% [1]

Group 1 - The Hang Seng Index closed down by 1.27% [1] - The Hang Seng Tech Index fell by 1.47% [1] - Alibaba Health dropped over 4% [1] - SenseTime increased by over 8% [1] - Nongfu Spring rose by over 7% [1] - China Resources Mixc Lifestyle fell by over 9% [1]

Core Viewpoint - China Resources Vientiane Life reported a revenue of approximately 8.524 billion yuan for the first half of 2025, reflecting a year-on-year growth of 6.5% [1] Group 1: Financial Performance - The commercial channel business generated approximately 3.267 billion yuan in revenue, marking a year-on-year increase of 14.6% [1] - The property channel business reported revenue of about 5.157 billion yuan, with a year-on-year growth of 1.1% [1] - The ecosystem business achieved revenue of around 100 million yuan [1] Group 2: Industry Insights - The property management industry is currently in an adjustment phase, necessitating companies to redefine their positioning and reconstruct their business tracks [1] - There is an increasing call for price reductions in the industry, attributed to a decline in owners' willingness to pay, which is fundamentally linked to information asymmetry regarding value and pricing [1] - The company emphasizes the importance of creating value in services, stating that only with value can there be a price [1] Group 3: Strategic Direction - The company aims to become a service provider that enhances asset value for owners, focusing on transparency in information and costs to foster understanding among owners [1] - Establishing a good ecological relationship with customers is deemed essential, with the belief that price reductions will not become a trend [1]

恒生指数、恒生科技指数双双转跌，华润万象生活跌超8.5％，翰森制药、石药集团、申洲国际、李宁 等均跌4％。 (本文来自第一财经) ...

Core Viewpoint - The company emphasizes a strategy of "reform to promote development" and aims for "stable growth" while achieving high-quality development to address uncertainties in the market [1] Financial Performance - In the first half of the year, the company achieved revenue of 8.524 billion yuan, a year-on-year increase of 6.5%, and core net profit grew by 15% to 2.011 billion yuan [2] - The board declared an interim dividend of 0.529 yuan per share, an increase of 89.6% year-on-year, and a special dividend of 0.352 yuan per share, marking the first time 100% of core net profit is distributed [2] Retail and Market Position - The company recorded retail sales of 122 billion yuan, a year-on-year increase of 21.1%, outperforming the overall retail market [2] - As of the end of the period, the company operated 125 shopping centers, with 53 ranking first in local markets and 104 in the top three [2] Business Expansion and Innovation - The company opened 4 new shopping centers and successfully explored new product forms at the Xi'an Airport commercial project [2] - The company signed 6 new external projects, with a total of 75 projects yet to open, supporting future growth in its commercial management business [3] Property Management - The company managed 22.79 million square meters of property, with an occupancy rate of 74.1% for 27 projects [3] - The property management segment achieved a managed area of 420 million square meters, a year-on-year increase of 1.8% [4] Membership and Digital Services - The company integrated membership resources through the acquisition of "HuaRun Tong," with total membership exceeding 72 million, and commercial members growing by 32% to 65 million [5] - The company focused on enhancing digital services, achieving 100% coverage of its project management system [7] ESG and Sustainability Initiatives - The company actively integrates ESG strategies into its operations, focusing on low-carbon initiatives and community support, serving 400,000 people through its "Warm Station" program [8]