Investment Rating - The report maintains a "Recommend" rating for China Resources Mixc Lifestyle Services (01209 HK) with a target price of HKD 34 2 [1] Core Views - The company's shopping malls demonstrate strong stability with a high dividend payout enhancing its appeal as a dividend stock [1] - Shopping center gross margin increased to 72 5% contributing 50 7% of the total gross profit [1] - The company plans to open 14 new shopping centers in the second half of 2024 ensuring continued growth [1] - Property management revenue grew by 13 8% despite a slight decline in collection rate [1] - Office leasing revenue growth slowed due to increased vacancy rates in urban areas [1] - Mid-term dividend increased by 25 1% with a special dividend boosting the 2023 payout ratio to 100% [1] Financial Performance - Revenue for H1 2024 reached RMB 7 597 billion up 17 1% YoY [1] - Gross profit was RMB 2 703 billion up 20% YoY with a gross margin of 34% up 0 8 percentage points YoY [1] - Net profit attributable to shareholders was RMB 1 908 billion up 36% YoY [1] - Shopping center retail sales grew by 19 7% YoY with luxury projects up 9 6% and non-luxury projects up 26 7% [1] - Property management contracted area and managed area were 3 98 billion sqm and 4 46 billion sqm respectively [1] - Office leasing managed area was 15 23 million sqm with revenue of RMB 960 million up 6 6% YoY [1] Future Projections - EPS for 2024-2026 is projected to be RMB 1 58 1 88 and 2 25 respectively [1] - The company's fair market value is estimated at HKD 78 billion based on a residual income model [1] - Revenue growth is expected to be 18% in 2024 and 2025 and 15% in 2026 [2] - Net profit growth is forecasted at 23% in 2024 19% in 2025 and 20% in 2026 [2] Operational Highlights - The company managed 108 shopping centers with 46 ranking first in local retail sales and 85 ranking in the top three [1] - Foot traffic exceeded 640 million visits up 25% YoY with an average occupancy rate of 96 7% [1] - Rental income per sqm increased by 2 9% YoY with total rental income up 19 7% [1] - The company's strong brand partnerships and flexible rental strategies reinforce its market position [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 7.957 billion HKD for the first half of 2024, representing a year-on-year increase of 17.1%. The gross margin was 34.0%, up by 0.8 percentage points, and the net profit attributable to shareholders was 1.908 billion HKD, an increase of 36.0% year-on-year. The commercial management business generated revenue of 2.850 billion HKD, growing by 23.4%, while the property management business achieved revenue of 5.102 billion HKD, a 13.8% increase [2][6][4] Summary by Sections Financial Performance - The company achieved a revenue of 79.57 billion HKD in H1 2024, with a gross margin of 34.0% and a net profit of 19.08 billion HKD. The commercial management segment saw revenue growth of 23.4%, while the property management segment grew by 13.8% [2][6] - The company declared an interim dividend totaling 1.949 billion HKD [6] Business Segments - The commercial management business generated 2.850 billion HKD in revenue, with shopping center revenue reaching 1.890 billion HKD, a 34.1% increase. The occupancy rate for shopping centers was 96.7%, up by 0.6 percentage points from the end of 2023 [6] - The property management segment reported revenue of 5.102 billion HKD, with community and urban space revenues of 4.277 billion HKD and 0.824 billion HKD, respectively. The total managed area reached 398 million square meters, a 7.5% increase year-on-year [6] Cost Management and Cash Flow - The company effectively managed costs, with a selling and administrative expense ratio of 6.5%, down by 1.5 percentage points. Operating cash flow net amount was 1.582 billion HKD, a 55.2% increase year-on-year [6] - The company maintained a strong cash position with cash and short-term bank deposits totaling 12.614 billion HKD [6] Future Projections - Revenue projections for 2024-2026 are 17.805 billion HKD, 20.792 billion HKD, and 24.129 billion HKD, representing year-on-year growth rates of 20.6%, 16.8%, and 16.1%, respectively. Net profit projections for the same period are 3.568 billion HKD, 4.189 billion HKD, and 4.859 billion HKD, with corresponding growth rates of 21.8%, 17.4%, and 16.0% [6][7]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][11]. Core Insights - The company reported a revenue of 7.957 billion RMB for the first half of 2024, representing a year-on-year increase of 17.1%. The net profit attributable to shareholders was 1.908 billion RMB, up 36.0% year-on-year, while core net profit rose by 24.2% to 1.766 billion RMB [2][3]. - The company achieved a higher growth rate in net profit compared to revenue, driven by efficiency improvements and cost reductions. The gross margin for the commercial segment increased by 2.4 percentage points to 60.9%, contributing to an overall gross margin increase of 0.8 percentage points to 34.0% [2][3]. - The company distributed a special dividend, raising the payout ratio to 100% for 2023, with a mid-year payout ratio of 36.0% for 2024, reflecting a 0.2 percentage point increase year-on-year [2]. Financial Performance - The company expects net profits for 2024, 2025, and 2026 to be 3.6 billion RMB, 4.21 billion RMB, and 4.81 billion RMB, respectively, with year-on-year growth rates of 22.8%, 17.1%, and 14.3% [3]. - The company’s total contracted area reached 446 million square meters, a 4.9% increase from the end of 2023, while the total managed area grew by 7.5% to 398 million square meters [2][3]. - The average occupancy rate of shopping centers was 96.7%, an increase of 0.6 percentage points from the end of 2023, indicating strong operational performance [2]. Valuation Metrics - The current stock price corresponds to a price-to-earnings (P/E) ratio of 13.5x for 2024, 11.5x for 2025, and 10.1x for 2026 [3].

Investment Rating - The report maintains a "Buy" rating for China Resources Mixc Lifestyle Services (1209.HK) [1] Core Views - The company achieved a revenue of 7.96 billion RMB in the first half of 2024, representing a year-on-year growth of 17.1%, with a net profit attributable to shareholders of 1.91 billion RMB, up 36.0% year-on-year [2] - The property management segment continues to grow, with a total managed area of 398 million square meters, an increase of 7.5% compared to the end of 2023 [2] - The company is actively expanding its urban space operations, with a managed urban space area growing by 18.2% to 123 million square meters [2] Summary by Sections Financial Performance - The company reported a core net profit of 1.77 billion RMB, a year-on-year increase of 24.2% [2] - The overall gross margin slightly decreased by 1.2 percentage points to 18.9% due to a decline in non-owner value-added service revenue [2] - The commercial segment's revenue increased by 23.4% to 2.85 billion RMB, with a gross margin improvement of 2.4 percentage points to 60.9% [2] Business Growth - The company has a total of 108 operating projects with a managed area of 11.85 million square meters [3] - The average occupancy rate of shopping centers remains high at 96.7%, an increase of 0.6 percentage points from the end of 2023 [3] - The retail sales for the first half of the year grew by 19.7% to 100.7 billion RMB, with 46 projects ranking first in local market sales [3] Future Outlook - The company is expected to achieve a compound annual growth rate (CAGR) of 20.2% in net profit from 2024 to 2026 [3] - The report emphasizes the company's steady growth in management scale and its status as a rare listed commercial management company [3]

2024 年 08 月 28 日 华润万象生活 (01209) ——业绩靓眼，商场零售可观，高比例派息 报告原因：有业绩公布需要点评 买入（维持）投资要点： ⚫ 24H1 归母净利润同比+36%、核心同比+24%，略超市场预期，利润率高位提升。据公告， | --- | --- | |------------------------|------------------| | 市场数据： | 2024 年 08 月 28 | | 收盘价（港币） | 23.25 | | 恒生中国企业指数 | 6225.99 | | 52 周最高/最低（港币） | 37.35/20.45 | | H 股市值（亿港币） | 530.68 | | 流通 H 股（百万股） | 2,282.50 | | 汇率（人民币/港币） | 1.0956 | 一年内股价与基准指数对比走势： -38% -18% 2% 22% 08/2809/2810/2811/2812/2801/2802/2803/2804/2805/2806/2807/28 HSCEI 华润万象生活 资料来源：Bloomberg 证券分析师 袁豪 A0230520120001 yu ...

Revenue and Profit Growth - Revenue for the six months ended June 30, 2024, reached RMB 7.957 billion, a 17.1% increase compared to the same period last year[2] - Commercial property business revenue grew by 23.4% to RMB 2.850 billion, while residential property business revenue increased by 13.8% to RMB 5.102 billion[2] - Gross profit rose by 20.0% to RMB 2.703 billion, with the gross profit margin improving from 33.2% to 34.0%[2] - Profit attributable to shareholders surged by 36.0% to RMB 1.908 billion, with core net profit (non-HKFRS) increasing by 24.2% to RMB 1.766 billion[2] - Revenue from commercial channel business increased to RMB 2,849,549 thousand, up 23.4% YoY from RMB 2,309,665 thousand[14][16] - Revenue from property channel business grew to RMB 5,101,642 thousand, a 13.8% increase from RMB 4,483,658 thousand in the previous year[14][16] - Total revenue from external customers reached RMB 7,956,924 thousand, up 17.1% from RMB 6,793,323 thousand YoY[14][16] - Segment profit from commercial channel business rose to RMB 1,794,274 thousand, a 36.3% increase from RMB 1,316,152 thousand[14][16] - Segment profit from property channel business increased to RMB 1,028,396 thousand, up 15.4% from RMB 891,177 thousand[14][16] - Total segment profit reached RMB 2,824,957 thousand, a 28% increase from RMB 2,207,329 thousand YoY[14][16] - Revenue from rental income grew to RMB 269,742 thousand, up 25.2% from RMB 215,543 thousand[14][16] - Profit before tax increased to RMB 2,561,140 thousand, up 33.9% from RMB 1,913,315 thousand YoY[14][16] - Revenue from customer contracts in the commercial sector increased to RMB 2,597,546 thousand, up from RMB 2,108,232 thousand in the previous year[19] - Revenue from community spaces in the property sector rose to RMB 4,259,431 thousand, compared to RMB 3,809,317 thousand in the prior year[19] - Total revenue from customer contracts reached RMB 7,687,182 thousand, up from RMB 6,577,780 thousand in the previous year[19] - Revenue from the ecosystem business increased to RMB 5,083,903 thousand, compared to RMB 4,469,548 thousand in the prior year[19] - Revenue for the six months ended June 30, 2024, reached RMB 7,956.9 million, a 17.1% increase year-over-year, driven by continued growth in management scale[68] - Gross profit for the same period was RMB 2,702.7 million, up 20.0% year-over-year, with a gross margin of 34.0%, an increase of 0.8 percentage points[70] - Net profit grew by 36.4% to RMB 1,922.0 million, with profit attributable to equity shareholders increasing by 36.0% to RMB 1,907.9 million[80] - Core net profit (non-HK FRS) rose by 24.2% to RMB 1,766.5 million, adjusted for investment property revaluation gains and contingent consideration fair value changes[82] Dividend and Shareholder Returns - The Board declared an interim dividend of RMB 0.279 per share and a special dividend of RMB 0.575 per share[2] - The company declared an interim dividend of RMB 27.9 cents per share (equivalent to 30.5 HK cents), totaling RMB 636,818 thousand, compared to RMB 22.3 cents per share (equivalent to 24.3 HK cents) in 2023, totaling RMB 508,963 thousand[31] - The company approved a final dividend for the previous fiscal year of RMB 48.1 cents per share (equivalent to 52.9 HK cents), totaling RMB 1,097,883 thousand, compared to RMB 31.2 cents per share (equivalent to 35.7 HK cents) in 2023, totaling RMB 751,279 thousand[32] - The company announced a special dividend of RMB 0.575 per share (equivalent to HK$0.629), totaling RMB 1,312,438 thousand (equivalent to HK$1,435,693 thousand)[32] - The company declared an interim dividend of RMB 0.279 per share (equivalent to HKD 0.305 per share), a year-on-year increase of 25.1%, with an interim dividend payout ratio stable at 36.0%[39] - A special dividend of RMB 0.575 per share (equivalent to HKD 0.629 per share) was declared, significantly boosting shareholder returns[39] - The company declared an interim dividend of RMB 0.279 per share (HKD 0.305) and a special dividend of RMB 0.575 per share (HKD 0.629) for 2024[99] - Shareholders can choose to receive the 2024 interim dividend and/or the 2024 special dividend in RMB at an exchange rate of HKD 1.0 to RMB 0.9142, with the interim dividend set at RMB 0.279 per share and the special dividend at RMB 0.575 per share[100] - The deadline for submitting the currency selection form for the 2024 interim dividend is October 7, 2024, at 4:30 PM, and for the 2024 special dividend, it is November 25, 2024, at 4:30 PM[100] - RMB dividend checks for the 2024 interim dividend are expected to be mailed around October 25, 2024, and for the 2024 special dividend around December 20, 2024[101] - If no currency selection form is submitted by the deadlines, shareholders will automatically receive the dividends in HKD[102] - The company will suspend share registration from September 11 to September 12, 2024, for the interim dividend and from October 30 to October 31, 2024, for the special dividend[103] Asset and Liability Management - Total non-current assets increased to RMB 11,559,673 thousand as of June 30, 2024, compared to RMB 8,265,067 thousand as of December 31, 2023[5] - Total current assets decreased to RMB 18,242,568 thousand as of June 30, 2024, from RMB 19,518,415 thousand as of December 31, 2023[5] - Cash and cash equivalents decreased to RMB 9,146,927 thousand as of June 30, 2024, from RMB 11,580,159 thousand as of December 31, 2023[5] - Total current liabilities increased to RMB 9,469,348 thousand as of June 30, 2024, compared to RMB 8,339,707 thousand as of December 31, 2023[5] - Net current assets decreased to RMB 8,773,220 thousand as of June 30, 2024, from RMB 11,178,708 thousand as of December 31, 2023[5] - Total assets minus current liabilities increased to RMB 20,332,893 thousand as of June 30, 2024, from RMB 19,443,775 thousand as of December 31, 2023[5] - Total non-current liabilities increased to RMB 3,463,049 thousand as of June 30, 2024, compared to RMB 3,407,725 thousand as of December 31, 2023[6] - Net assets increased to RMB 16,869,844 thousand as of June 30, 2024, from RMB 16,036,050 thousand as of December 31, 2023[6] - Equity attributable to shareholders of the company increased to RMB 16,758,289 thousand as of June 30, 2024, from RMB 15,948,236 thousand as of December 31, 2023[7] - Non-controlling interests increased to RMB 111,555 thousand as of June 30, 2024, from RMB 87,814 thousand as of December 31, 2023[7] - Cash and bank balances totaled RMB 9,443.8 million, maintaining a reasonable and sufficient cash level through centralized fund management[83] - The debt-to-asset ratio increased by 1.1 percentage points to 43.4%[84] - As of June 30, 2024, RMB 4,847.0 million of IPO proceeds were utilized, with RMB 6,753.4 million remaining for future use as per the revised allocation plan[86] - The company plans to allocate 45% of the revised net proceeds (RMB 5,220.3 million) for strategic investments and acquisitions in property management and commercial operations, with RMB 2,891.5 million already utilized as of December 31, 2023[87] - 30% of the revised net proceeds (RMB 3,480.0 million) are designated for strategic investments in value-added services and upstream/downstream supply chains, with RMB 3,057.6 million utilized as of December 31, 2023[87] - 15% of the revised net proceeds (RMB 1,740.1 million) are allocated for investments in IT systems and smart communities, with RMB 1,242.4 million utilized as of December 31, 2023[87] - The company has three investment properties in Shenzhen and Lanzhou, which are recognized under Hong Kong Financial Reporting Standard 16 and account for over 5% of the total assets[88] - As of June 30, 2024, the company holds non-RMB assets of HKD 285.7 million and USD 19,410.9 million, with no significant foreign exchange risk exposure[90] - The company secured a revolving loan facility of HKD 600,000,000 with a maturity of 12 months, extended until October 20, 2024[93] Business Expansion and Operations - The company managed a total building area of 398 million square meters, excluding shopping center projects, as of June 30, 2024[2] - The company opened 7 new shopping centers during the period, bringing the total number of operating shopping centers to 108, ranking first in the industry[34] - The company signed 7 new commercial light-asset external expansion projects, all located in first- and second-tier cities, with a focus on profit-sharing models in projects like Xi'an High-tech Industrial Development Zone Future Plaza and Hefei Landmark Center[34] - The company's property management sector added 24.33 million square meters of new contracted area, with a total managed area of 398 million square meters and a contracted area of 446 million square meters, covering 164 cities nationwide[35] - The company expanded into 57 urban public space projects, including high-quality projects like Wuhan Dongfeng R&D Headquarters and Shenyang China Medical University[35] - The company's membership system, "Wanxing Star," reached 52.2 million members by June 30, 2024, a 12.9% increase from the end of 2023, with total points issued and redeemed amounting to RMB 840 million, a 20.0% year-on-year increase[35] - Retail sales of the company's shopping centers reached RMB 100.71 billion, a year-on-year increase of 19.7%[36] - Rental income from the owner side was RMB 12.57 billion, up 19.7% year-on-year, with an operating profit margin of 67.8%, an increase of 0.6 percentage points[36] - Customer satisfaction in the property sector increased by 5.34 points to 93.66, with value-added service revenue growing 24.9% and accounting for 15.3% of total revenue, up 1.4 percentage points[36] - The company's operating cash flow coverage ratio (non-HK financial reporting standards) increased by 17.9 percentage points to 89.6%[36] - The daily active users of the company's "One Point Wanxiang" platform reached 1.23 million, a year-on-year increase of 44%[37] - The company will continue to focus on high-quality growth, with the commercial sector emphasizing the exploration of existing projects and seeking high-quality projects in key cities[40] - The property sector will persist in market-oriented expansion and M&A in niche markets, leveraging the integrated advantages of urban space operation services[40] - The company aims to enhance the value of its membership business by expanding partnerships and increasing the value of points and benefits, while enriching digital touchpoints with customers[40] - The company plans to accelerate digital transformation and improve organizational capabilities across the entire value chain to enhance business management efficiency[40] - The company's long-term strategy includes creating a world-class enterprise and becoming China's most influential asset-light management company, supported by high-quality growth and efficient operations[41] - The company will continue to optimize its three development engines: organizational reform and incentives, technology empowerment, and strategic M&A[41] - The company's commercial sector includes shopping malls and office buildings, offering services such as pre-opening management, operational management, and property management[42] - The property sector provides services tailored to residential communities and urban spaces, including public facilities and industrial parks[42] - Revenue from shopping center business operations management services reached RMB 1,889.8 million, a 34.1% YoY increase, accounting for 23.7% of total revenue[45] - The company provided commercial operation services for 105 shopping center projects with a total gross floor area of 11.5 million square meters[45] - 81.8% of the shopping center division's revenue came from commercial operation and property management services, with the remainder from commercial subleasing services[46] - The property management services segment generated RMB 3,217.4 million in revenue, accounting for 40.4% of total revenue[44] - Community space services contributed RMB 4,277.2 million in revenue, representing 53.7% of total revenue[44] - The company managed 163 contracted projects with a total gross floor area of 18,030 thousand square meters[47] - Revenue from owner value-added services increased to RMB 723.1 million, accounting for 9.1% of total revenue[44] - The company had 1 profit-sharing project and 2 leasing operation projects with a total gross floor area of 0.4 million square meters[45] - Revenue from non-owner value-added services decreased to RMB 336.7 million, representing 4.2% of total revenue[44] - The company's total revenue for the period was RMB 7,956.9 million, with 64.1% coming from property-related services[44] - Revenue from office building commercial operations and property management services reached RMB 959.7 million, a 6.6% YoY increase, accounting for 12.1% of total revenue[48] - The company provided commercial operation services for 25 office buildings with a total gross floor area of 1.7 million square meters, and property management services for 206 office buildings with a total gross floor area of 15.2 million square meters[48] - Revenue from community space property management services increased by 13.1% YoY to RMB 3,217.4 million, accounting for 40.4% of total revenue[52] - The company managed 1,335 community space projects, an increase of 177 projects YoY, with a total gross floor area of 259.5 million square meters, a 31.4 million square meter increase YoY[52] - Revenue from non-property owner value-added services decreased by 16.2% YoY to RMB 336.7 million, accounting for 4.2% of total revenue[55] - Revenue from property owner value-added services increased by 25.6% YoY to RMB 723.1 million, accounting for 9.1% of total revenue[56] - Urban space property management revenue reached RMB 824.5 million, a 24.9% YoY increase, accounting for 10.4% of total revenue[57] - Managed urban space projects increased to 444, with a total managed area of 123.3 million square meters, up 34.6 million square meters YoY[57] - Contracted area for urban space properties grew to 124,572 thousand square meters, with 460 projects, compared to 94,070 thousand square meters and 429 projects in the previous year[58] - Managed area for urban space properties increased to 123,280 thousand square meters, with 444 projects, up from 88,634 thousand square meters and 416 projects in the previous year[58] - Revenue from property management services for urban space projects was RMB 763.176 million, with 123,280 thousand square meters managed, compared to RMB 603.963 million and 88,634 thousand square meters in the previous year[60] - Ecosystem business revenue was RMB 5.7 million, primarily from self-operated cosmetics and cultural operations[61] - The company plans to focus on high-quality scale development, consolidating its leading market position through strategic segmentation and expansion in property and commercial sectors[62] - The company aims to enhance its membership system to attract new users, improve loyalty, and integrate cross-platform experiences[64] - The company is advancing its digital strategy, focusing on "production technology, operational digitization, smart spaces, and data assetization" to enhance efficiency and user experience[65] - The company has set a goal to achieve carbon peak by 2030 and carbon neutrality by 2050, aligning with national "dual carbon" strategies[67] Financial Performance and Expenses - Investment property fair value gains amounted to RMB 118.096 million, a significant increase from RMB 21.460 million in the same period last year[4] - Profit before tax increased to RMB 2.561 billion, up from RMB 1.913 billion in the previous year[4] - The company's equity shareholders' share of profit was RMB 1.908 billion, compared to RMB 1.402 billion in the prior year[4] - Basic earnings per share were RMB 0.836, and core net profit per share (non-HKFRS) was RMB 0.774[2] - Interest income rose to RMB 232,121 thousand, up from RMB 203,827 thousand in the previous year[20] - Government grants decreased to RMB 21,214 thousand, down from RMB 37

Investment Rating - The report assigns a "Buy" rating to the company, with a target price range of HKD 33.0 to HKD 37.7, indicating a potential upside of 3% to 18% from the current price of HKD 31.9 [6]. Core Insights - The company, China Resources Vientiane Life (01209.HK), is a leading residential property management and commercial operation enterprise in China, with a significant focus on high-end projects and strong operational capabilities [15][21]. - In 2023, the company reported a revenue of CNY 14.77 billion, representing a year-on-year growth of 22.9%, with a compound annual growth rate (CAGR) of 29.6% from 2020 to 2023 [24][30]. - The gross profit for the main business in 2023 was CNY 4.69 billion, up 30.0% year-on-year, with a CAGR of 37.0% from 2020 to 2023 [30]. Summary by Sections Company Overview - The company has a history of nearly 30 years in residential property management and 20 years in commercial operations, benefiting from the support of its parent company, China Resources Land [15][16]. - The management team is experienced, with a focus on talent development and integration of resources within the China Resources Group [19][21]. Residential Property Management - The residential property management business accounted for approximately 65% of total revenue in 2023, with a revenue of CNY 9.6 billion, growing by 23.1% year-on-year [24][30]. - The company has a managed area of 355 million square meters, with 38.6% coming from China Resources Land, ensuring stable growth in managed area [30]. Commercial Operations - The commercial operations segment, which includes shopping centers and office buildings, generated CNY 5.17 billion in revenue in 2023, reflecting a year-on-year growth of 22.6% [24][30]. - The company holds a leading position in the industry with a high average occupancy rate of 96.1% for its shopping centers, and it is expected to increase the number of operational shopping centers from 76 in 2023 to 117 by the end of 2027 [3][5][30]. Financial Forecasts - The forecasted net profits for 2024, 2025, and 2026 are CNY 3.47 billion, CNY 3.92 billion, and CNY 4.49 billion, respectively, with corresponding earnings per share of CNY 1.52, CNY 1.72, and CNY 1.97 [6][7]. - The company’s gross profit margin improved to 31.8% in 2023, up from 30.1% in 2022, driven by the strong performance of the commercial operations segment [30].

Residential Property Management Services - Residential property management services under management: 1,731 projects with a total GFA of 355.3 million sq.m.[7] - Contracted residential property management projects: 1,931 projects with a total contracted GFA of 406.5 million sq.m.[7] - Residential property management services saw a 24.6% YoY growth in GFA under management, reaching 355.3 million sq.m.[11][13] - Contracted GFA for residential properties increased by 15.9% YoY to 406.5 million sq.m.[11][13] - Managed residential and other non-commercial properties increased to 1,731 projects, with a total GFA under management of 355.3 million sq.m., a YoY increase of 70.2 million sq.m.[28][29] - Contracted GFA for residential and other non-commercial properties reached 406,485 thousand sq.m., with 1,931 projects, while GFA under management was 355,339 thousand sq.m., with 1,731 projects[30] - Revenue from CR Land-managed residential properties was RMB3,731.3 million, while revenue from CR Group and third-party developers was RMB3,514.1 million, totaling RMB7,245.4 million[31] Commercial Operational Services (Shopping Malls) - Commercial operational and property management services: 184 shopping mall projects under management, including subleasing projects[7] - Opened shopping mall projects under commercial operational services: 101 projects, including subleasing projects[7] - Retail sales of shopping malls reached RMB181.2 billion, with 82 out of 101 shopping malls ranking top three in local market retail sales[8] - Commercial operational services for shopping malls experienced a 35.0% YoY growth in contracted GFA, reaching 20.4 million sq.m.[13] - Number of opened shopping malls increased to 101, with a total GFA of 11.0 million sq.m.[11] - Revenue from commercial operational and property management services for shopping malls increased by 30.5% YoY to RMB3,238.3 million, accounting for 21.9% of total revenue, with 98 opened shopping mall projects under management[34] - The Group provided commercial operational services to 98 shopping mall projects with an aggregate GFA of 10.6 million sq.m., with 81.4% of segment revenue coming from commercial operational and property management services[34] - Contracted GFA for shopping malls increased to 20,449 thousand sq.m. in 2023, up from 15,148 thousand sq.m. in 2022, representing a 35% growth[35] - Number of projects for contracted GFA in shopping malls rose to 179 in 2023, compared to 142 in 2022, a 26% increase[35] - GFA of opened projects in shopping malls reached 10,591 thousand sq.m. in 2023, up from 8,968 thousand sq.m. in 2022, an 18% growth[35] - Revenue from commercial operational services and property management services for shopping malls totaled RMB2,634.5 million in 2023, a 24% increase from RMB2,116.9 million in 2022[36] - Retail sales of shopping malls reached RMB 181.2 billion, a 43.3% year-on-year growth, with 101 shopping malls in operation[16] - The company signed 14 new commercial light asset expansion projects, all TOD projects in first and second-tier cities, with 83 shopping centers in reserve[16] - Shopping mall business achieved rental income of RMB22.0 billion, a YoY increase of 38.8%, with operating profit margin increasing by 5.0 percentage points to 64.7%[17] Commercial Operational Services (Office Buildings) - Contracted office projects under commercial operational services: 33 projects[7] - Opened office projects under commercial operational services: 26 projects[7] - Commercial operational services for offices saw a 5.2% YoY increase in contracted GFA, reaching 2.2 million sq.m.[13] - Revenue from office buildings' commercial operational and property management services grew by 11.3% to RMB1,928.0 million in 2023, accounting for 13.1% of total revenue[37][39] - Contracted GFA for office buildings' property management services increased to 18,784 thousand sq.m. in 2023, up from 15,181 thousand sq.m. in 2022, a 24% growth[40] - Number of projects for office buildings' property management services rose to 210 in 2023, compared to 170 in 2022, a 24% increase[40] - GFA under management for office buildings' property management services reached 14,820 thousand sq.m. in 2023, up from 11,996 thousand sq.m. in 2022, a 24% growth[40] - Revenue from property management services for office buildings totaled RMB1,795.8 million in 2023, a 12% increase from RMB1,605.2 million in 2022[41] - 93.1% of the segment revenue for office buildings was generated from property management services, with the remaining from commercial operational services[40] - Office business occupancy rate increased by 3.2 percentage points to 83.9% compared to the end of 2022[17] Financial Performance - Revenue grew by 22.9% to RMB 14,767 million, with gross profit increasing by 30.0% to RMB 4,694 million[14] - Net profit attributable to owners of the parent surged by 32.8% to RMB 2,929 million, with core net profit up by 31.2% to RMB 2,920 million[14] - Total assets increased by 7.5% to RMB 27,783 million, while total equity rose by 11.9% to RMB 16,036 million[14] - Gross profit margin improved by 1.7 percentage points to 31.8%, and net profit margin increased by 1.5 percentage points to 19.9%[14] - Revenue for the year ended 31 December 2023 was RMB14,767.0 million, a 22.9% increase YoY, driven by business M&A, market expansion, and growth in commercial operational and management services[52] - Cost of sales for 2023 was RMB10,072.7 million, up 19.8% YoY, primarily due to increased costs from business scale growth[53][54] - Gross profit for 2023 was RMB4,694.3 million, a 30.0% increase YoY, with a gross profit margin of 31.8%, up 1.7 percentage points[55][56] - Residential property management services gross profit margin was 17.5%, down 1.4 percentage points YoY due to a decrease in value-added service income proportion[57][58] - Commercial operational and property management services gross profit margin was 58.4%, up 7.7 percentage points YoY, driven by improved leverage and cost efficiency[59] - Marketing expenses for 2023 were RMB284.7 million, an 88.3% increase YoY, due to expanded market efforts and new commercial subleasing projects[59] - Administrative expenses for 2023 were RMB949.8 million, a 9.8% decrease YoY, due to cost control and management efficiency improvements[59] - Net profit for 2023 was RMB2,942.6 million, a 33.0% increase YoY[60] - Total bank deposits and cash as of 31 December 2023 were RMB11,646.8 million, mainly held in RMB[60] - Gearing ratio as of 31 December 2023 was 42.3%, a decrease of 2.3 percentage points YoY[60] - Net proceeds of RMB 11,600.4 million were raised, with RMB 1,185.7 million used during the year ended 31 December 2023, leaving RMB 7,191.5 million unused as of 31 December 2023[63] - 60% of the net proceeds (RMB 6,960.3 million) were allocated for strategic investments and acquisitions to expand property management and commercial operational businesses, with RMB 826.0 million used during the year and RMB 4,631.5 million remaining unused[63] - 15% of the net proceeds (RMB 1,740.1 million) were allocated for strategic investments in value-added services and supply chain, with RMB 210.0 million used during the year and RMB 1,317.6 million remaining unused[63] - 15% of the net proceeds (RMB 1,740.1 million) were allocated for investments in information technology systems and smart communities, with RMB 149.7 million used during the year and RMB 1,242.4 million remaining unused[63] - Final dividend per share increased by 54.2% to RMB0.481, with the dividend payout rate rising by 10 percentage points to 55%[21] Membership and Customer Engagement - Number of members exceeded 46 million, reflecting strong customer engagement[8] - The "MIXC Star" membership program exceeded 46.25 million members, with 12.25 million new members added in 2023[16] - The "E-MIXC" platform saw a 52% increase in monthly active users, driving in-store spending of RMB260 million[19] - Property management fee prepayment increased by nearly 200% due to the "MIXC Star" gift activity[19] - The Group aims to enhance its membership programs to attract new users, improve customer loyalty, and create cross-segment customer diversion through digital connections and enriched member benefits[45] Corporate Governance and Leadership - China Resources Land Limited holds a 72.29% stake in China Resources Mixc Lifestyle Services Limited[6] - China Resources (Holdings) Company Limited holds a 1.43% stake in China Resources Mixc Lifestyle Services Limited[6] - The company was ranked No. 1 in capital market excellence among listed property service enterprises in 2023[9] - CR Mixc Lifestyle was included in the Hang Seng Index as a constituent stock on 18 November 2022[8] - Mr. YU Linkang, aged 52, has been the President of the Company since August 2020 and has approximately 30 years of experience in real estate investment and corporate management[74] - Mr. YU Linkang was appointed as the senior vice president of CR Land and the chairman of its property management business, managing the overall operation and business of the Group[75] - Mr. GUO Ruifeng, aged 45, was appointed as an executive Director and the Chief Strategy and Operating Officer in January 2024, bringing extensive experience in property development and management[78] - Mr. Guo was appointed as the Chief Operating Officer of the Company in August 2022 and has been serving as the Vice President of the Company since December 2023[80] - Mr. Guo specialized in the commercial operational services business of the Group since November 2016 and served as the general manager of Hangzhou MIXC under the commercial real estate business division[79] - Mr. Wang Haimin was appointed as an executive Director and the Vice President of the Company in August 2020, with extensive experience in real estate and corporate management[80] - Mr. Wang Lei was appointed as an executive Director and the Vice President of the Company in January 2024, with extensive experience in property development and management, commercial property operation and management, and corporate operation and management[81] - Mr. Wang Lei joined China Resources Group in July 2002 and has served in various roles including mechanical and electrical engineer, cost engineer, and executive manager at Shenzhen Mixc City Project[81] - Mr. Wang was appointed as the General Manager of the Asset Management Department of CR Land headquarters in October 2020, responsible for the commercial property services division[82] - Mr. Nie Zhizhang was appointed as the Executive Director, Secretary to the Board, Vice President, and Chief Financial Officer of China Resources Mixc Lifestyle Services Limited in August 2023, bringing extensive experience in finance, operation, marketing, and investment[83] - Mr. Nie served as the General Manager of the Finance Department and Marketing Department of CR Land's Northeast region from June 2019 to January 2020, overseeing legal, audit, and investment management[83] - Mr. Li Xin has been the Chairman of the Board of Directors of CR Land since May 2022, with extensive experience in corporate management and real estate development[84] - Mr. Li was appointed as the Co-President of CR Land and Chairman of East China Region in July 2016, responsible for the business development of East China region[84] - Mr. GUO Shiqing has been a Director since December 2018 and was appointed as a non-executive Director in August 2020[85] - Mr. Guo served as the finance director of China Resources (Dalian) Co., Ltd. from September 2006 to January 2011[85] - Mr. Guo was appointed as the chief financial officer of CR Land in June 2020[85] - Mr. Guo has been serving as an executive director of CR Land since December 2020[85] - Mr. Guo was further appointed as the secretary to the board of directors of CR Land in December 2022[85] - Mr. LAU Ping Cheung Kaizer was appointed as an independent non-executive Director on 25 November 2020[87] - Mr. Lau has more than 30 years of experience in the real estate industry[87] - Mr. Lau is currently a member of the National Committee of the Chinese People's Political Consultative Conference since March 2018[87] - Mr. Lau served as a member of the HKSAR Legislative Council between October 2000 to September 2004[87] - Mr. Lau obtained a higher diploma in quantity surveying from Hong Kong Polytechnic[87] - Mr. CHEUNG Kwok Ching, aged 63, was appointed as an independent non-executive Director on 25 November 2020 and has over 30 years of experience in the real estate industry[88] - Mr. CHEUNG Kwok Ching is the founder and chairman of ACR Asset Management, founded in March 2019[88] - Mr. CHEUNG Kwok Ching served as the Greater China CEO and chairman of Asia Pacific Board of Cushman & Wakefield until April 2019[88] - Mr. CHAN Chung Yee Alan, aged 57, was appointed as an independent non-executive Director on 25 November 2020 and is currently the chief operations officer of Miramar Hotel and Investment Company, Limited[89] - Mr. CHAN Chung Yee Alan served as an independent non-executive director of Upbest Group Limited from September 2007 to August 2022 and UBA Investments Limited from September 2007 to April 2022[89] - Mr. CHAN Chung Yee Alan was the managing director of Chinalink Express Holdings Limited from 2003 to 2021[89] - Mr. CHAN Chung Yee Alan has been appointed as a member of the Chief Executive's Policy Unit Expert Group on 30 May 2023[89] - Ms. LO Wing Sze, aged 52, was appointed as an independent non-executive Director with effect from 1 July 2023 and is a member of audit committee, nomination committee, and sustainability committee of the Company[90] - Ms. Lo was appointed as a Justice of the Peace in 2017 and awarded the Bronze Bauhinia Star in 2020 by the HKSAR Government[91] - Ms. Lo holds a Bachelor of Economics Degree from the University of Sydney and a Master of Commerce in Finance Degree from the University of New South Wales[91] - Ms. Lo is a member of the Hong Kong Institute of Certified Public Accountants and a fellow member of CPA Australia[91] - Mr. Lou Kewei was appointed as the chief human resources officer of the Company in April 2022[92] - Mr. Lou has experience in human resources administration and party-mass work[92] - Mr. Lou joined CR Land in May 2009 and has held various positions including recruitment specialist, senior human resources executive, and assistant general manager[92] - Mr. Lou served as the assistant general manager of the human resources department of CR Land from March 2021[92] - Mr. Xu Fan, aged 43, was appointed as Vice President of the Company in March 2024, bringing extensive experience in real estate development and company operation management[93] - Mr. Xu has held various leadership roles at CR Land since 2007, including General Manager of Guangzhou Company in South China Region since November 2021[93] - The Company has integrated its corporate culture of integrity, results orientation, and people orientation into employee training and talent development[96] - The Company complied with all applicable code provisions of the Corporate Governance Code in 2023, except for Code Provision F.2.2 regarding the Chairman's attendance at the AGM[96] - The Company has adopted the Model Code for Securities Transactions by Directors to regulate all dealings of the Company's securities by Directors[96] - The Board of Directors currently comprises five executive Directors, two non-executive Directors, and four independent non-executive Directors[97] - The Board held eight meetings during the financial year ended 31 December 2023, with active participation from the majority of Directors[98] - Mr. LI Xin, the Chairman, attended 6 out of 8 Board meetings, while Mr. GUO Shiqing attended all 8 meetings during the financial year[99] - Mr. YU Linkang, the President, attended all 8 Board meetings, and Mr. WANG Haimin also attended all 8 meetings[99] - Ms. WEI Xiaohua, who retired on 15 January 2024, attended 7 out of 8 Board meetings[99] - Ms. YANG Hongxia, who resigned on 17 August 2023, attended 5 out of 5 Board meetings before her resignation[99] - Mr. NIE Zhizhang, appointed on 17 August 2023, attended 3 out of 3 Board meetings after his appointment[99] - Independent non-executive Directors Mr. LAU Ping Cheung Kaizer, Mr. CHEUNG Kwok Ching, and Mr. CHAN Chung Yee Alan attended all 8 Board meetings[99] - Ms. QIN Hong, who resigned on 1 July 2023, attended 3 out of 4 Board meetings before her resignation[99] - Ms. LO Wing Sze, appointed on 1 July 2023, attended all 4 Board meetings after her appointment[99] - The Board has complied with the Listing Rules by appointing at least three independent non-executive Directors, with one-third of the Board being independent non-executive Directors[100] - Seven Directors

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 34.71, indicating significant upside potential from the current price of HKD 26.80 [4]. Core Insights - The company's performance slightly exceeded expectations, with 2023 revenue reaching RMB 14.77 billion, a year-on-year increase of 22.9%, and net profit attributable to shareholders of RMB 2.93 billion, up 32.8% year-on-year. The annual dividend was RMB 1.61 billion, with a payout ratio of 55%, and the company committed to increasing the dividend ratio in the future to enhance shareholder returns [2][14]. - The residential property management segment was the main driver of growth, with revenue of RMB 9.60 billion, accounting for 65% of total revenue, and a year-on-year increase of 23.1%. The managed area for residential properties reached 355 million square meters, a 25% increase year-on-year [2][18]. - The shopping center segment showed strong performance with a revenue of RMB 3.24 billion, up 30.5% year-on-year, while office building revenue was RMB 1.93 billion, an 11.3% increase. The shopping center's retail sales reached RMB 181.2 billion, reflecting a 43.3% year-on-year growth [2][19]. - Profitability forecasts indicate that the company is expected to achieve revenues of RMB 17.49 billion and RMB 20.24 billion in 2024 and 2025, respectively, with net profits of RMB 3.61 billion and RMB 4.37 billion, representing year-on-year growth of 23.1% and 21.3% [2][3]. Summary by Sections Performance Overview - The company reported a revenue of RMB 14.77 billion for 2023, a 22.9% increase year-on-year, and a net profit of RMB 2.93 billion, up 32.8% year-on-year. The core net profit was RMB 2.92 billion, reflecting a 31.2% increase [2][14]. Residential Property Management - Revenue from residential property management reached RMB 9.60 billion, contributing 65% to total revenue, with a year-on-year growth of 23.1%. The managed area increased to 355 million square meters, with an average management fee of RMB 1.70 per square meter per month, a 4.3% increase year-on-year [2][18]. Commercial Management - The shopping center segment generated RMB 3.24 billion in revenue, a 30.5% increase year-on-year, while office building revenue was RMB 1.93 billion, an 11.3% increase. The shopping center's retail sales reached RMB 181.2 billion, reflecting a 43.3% year-on-year growth [2][19]. Profitability Forecast and Investment Advice - The company is projected to achieve revenues of RMB 17.49 billion and RMB 20.24 billion in 2024 and 2025, respectively, with net profits of RMB 3.61 billion and RMB 4.37 billion, indicating year-on-year growth of 23.1% and 21.3% [2][3].

公司研 究 证 券研究 报 告 房地产 2024年04月10日 华 润万象生活（01209.HK）2023 年业绩公告点评 推 荐 （维持） 目标价：37.46港元 商管能力突出，红利属性提升 当前价：26.65港元 事项： 华创证券研究所  公司发布2023年业绩公告，2023年实现营业收入147.7亿元，同比增长22.9%； 证券分析师：单戈 毛利润 46.9亿元，同比增长 30%，毛利率 31.8%，同比提升 1.7pcts；归母净 利润29.3亿元，同比增长32.8%；核心净利润29.2亿元，同比增长31.2%。 邮箱：shange@hcyjs.com 评论： 执业编号：S0360522110001 联系人：杨航  购物中心毛利率提升至71.9%，贡献49.6%的毛利润。1）公司商管能力突出， 核心城市规模效应加深，效率提升带动毛利率明显提升，23 年购物中心毛利 邮箱： yanghang@hcyjs.com 率同比提升7.7pcts至71.9%。23年购物中心零售额同比提升43.3%，剔除新 开业同比提升30.9%，零售额月坪效增长27%至2624元/平，平均出租率维持 公司基本数据 96.1% ...