今年上半年，华润置地、华润万象生活分别录得收入949.21亿元、85.24亿元，增速分别为19.9%、 6.5%；归母净利润方面，期内华润置地实现118.8亿元，同比增长16.2%。华润万象生活则是录得20.11 亿元，同比增长15.0%。 整体来看，两家华润系企业均保持着稳定的业绩增速，但从资本市场角度，两家"高分"中期答卷却未赢 得短线资金的关注。 自8月27日开盘，华润置地、华润万象生活股价持续阴跌，至收盘时，前者录得30.4港元每股，较开盘 跌去2.25%；后者则报37.84港元每股，较开盘跌去9.08%。 "房开"基本面：以价换量 李欣于会中坦言，从2022年地产行业进入下行周期以来，整体市场面临需求承压、信心波动等多重挑 战。 他指出，虽然今年以来稳楼市政策密集出台，对核心城市的改善型需求形成一定拉动，但进入二季度后 市场动力再度放缓，行业整体虽有企稳迹象，但复苏基础依旧脆弱。 中期数据显示，业绩期内华润置地实现营业收入人民币949.2亿元，同比增长19.9%；股东应占溢利人民 币118.8亿元，同比增长16.2%。其中，经常性收入人民币205.6亿元，同比增长2.5%，占总营收比重 21.7%， ...

Core Viewpoint - China Resources Vientiane Life has reported a strong mid-year performance for 2025, with significant growth in revenue and core net profit, alongside a substantial increase in shareholder returns through dividend distribution [1][2]. Financial Performance - The company achieved a revenue of 8.524 billion yuan, representing a year-on-year growth of 6.5%, while core net profit increased by 15% to 2.011 billion yuan, significantly outpacing revenue growth [1][2]. - Gross profit reached 3.165 billion yuan, with a gross margin improvement from 34.0% to 37.1% [2]. - The commercial segment generated revenue of 3.267 billion yuan, up 14.6%, while property management revenue was 5.156 billion yuan, showing a slight growth of 1.1% [2]. Business Model and Strategy - The "2+1" integrated business model, combining commercial management, property management, and a large membership system, has proven effective during the industry's adjustment period, showcasing the company's strategic resilience [2][3]. - The company is focusing on enhancing profitability by exiting low-quality projects and emphasizing high-quality, internal growth [2][4]. Market Position and Growth Drivers - The commercial management segment has become a key growth driver, with retail sales reaching 122 billion yuan, a 21.1% increase, indicating strong operational performance [4][5]. - The company has opened four new shopping centers and successfully launched innovative commercial products, achieving high occupancy and sales rates in key cities [4][5]. Membership and Consumer Trends - The membership program has seen significant growth, with total members exceeding 72 million, and commercial members increasing by 32% to 65 million, indicating a rise in consumer spending power [6]. - The management emphasizes the importance of adapting to changing consumer behaviors and market dynamics to optimize brand and product offerings [6]. Property Management Insights - The property management segment remains a stable revenue source, with a managed area of 420 million square meters, reflecting a 1.8% year-on-year growth [7]. - The company is actively pursuing opportunities in urban space operations and value creation, focusing on enhancing service capabilities and leveraging policy opportunities in urban renewal [7].

8月27日，华润万象生活交出了一份颇具含金量的2025年中期成绩单。上半年，公司实现营业收入85.24亿元，同比增长6.5%，核心净利润增长15%至20.11亿 元，核心净利润显著高于营收增速。引人注目的是其大幅提升股东回报：董事会决议宣派中期股息每股0.529元，同比增长89.6%，并宣派特别股息每股 0.352元，首次实现中期核心净利润100%分派。 在当天举行的中期业绩发布会上，管理层表示，坚定地看好中国消费市场的长期健康发展。将继续努力打造好团队、好产品、好服务、好体系，来巩固商管 业务在市场上的引领地位，实现长期可持续的增长。 资本市场表现优异，万象生活"2+1"业务模式行业领先 在行业深度调整期，华润万象生活凭借"商管+物管+大会员体系"的"2+1"一体化模式，通过多元化服务协同，在上半年业绩中展现出头部企业的战略定力与 发展韧性。 上半年，华润万象生活实现营业收入85.24亿元，同比增长6.5%。核心净利润增长15%至20.11亿元。其中，净利润增速显著高于营收增速，反映出公司盈利 质量的持续优化。而这一变化主要源于管理层主动调整业务发展模式，更加强调利润贡献能力，退出低质低效项目。 另据财报， ...

Core Viewpoint - The company maintains a "buy" rating due to continuous improvement in profitability, steady growth in managed area, and effective operational efficiency in both property management and commercial management sectors [1][2]. Financial Performance - The company reported a revenue of 8.524 billion yuan for H1 2025, representing a year-on-year increase of 6.5% [2]. - The net profit attributable to shareholders reached 2.030 billion yuan, up 7.4% year-on-year, while the core net profit increased by 15.0% to 2.011 billion yuan [2]. - The gross margin improved by 3.1 percentage points to 37.1%, and the operating expense ratio decreased by 0.6 percentage points to 6.3% [2]. Dividend Distribution - The company declared a mid-year dividend of 0.529 yuan per share, an increase of 89.6% year-on-year, and for the first time, 100% of the core net profit was distributed [2]. Property Management Sector - Revenue from property management reached 3.501 billion yuan, a year-on-year increase of 8.8%, with a gross margin of 16.6% [2]. - The total managed area was 276 million square meters, with a 55.6% share from related parties [2]. - Non-owner value-added services saw a revenue decline of 34.6% to 220 million yuan, while owner value-added services decreased by 32.7% to 487 million yuan [2]. Commercial Management Sector - Revenue from shopping centers was 2.264 billion yuan, up 19.8%, with a gross margin of 78.7% [3]. - The average occupancy rate for shopping centers improved to 97.1%, with a year-on-year increase of 0.4 percentage points [3]. - Office buildings generated revenue of 2.065 billion yuan, a 7.1% increase, with an occupancy rate of 74.1% [3].

证 券 研 究 报 告 华润万象生活（01209.HK）2025 年中报点评 推荐（维持） 购物中心保持高增，核心净利 100%分红 事项： 2025 年上半年实现营收 85.24 亿元，同比增长 6.5%；归母净利润 20.3 亿元， 同比增长 7.4%；核心归母净利润 20.11 亿元，同比增长 15%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 17,043 | 18,332 | 20,518 | 23,064 | | 同比增速(%) | 15% | 8% | 12% | 12% | | 归母净利润(百万) | 3,629 | 4,257 | 4,894 | 5,622 | | 同比增速(%) | 24% | 17% | 15% | 15% | | 每股盈利(元) | 1.59 | 1.87 | 2.14 | 2.46 | | 市盈率(倍) | 22 | 19 | 16 | 14 | | 市净率(倍) | 5 | 4 ...

报告指，公司将2025财年收入增长指引下调至个位数，原指引为双位数，但维持核心净利润双位数增长 指引，显示出利润率改善。公司宣布100%派息比率，股息率 为5.1%。公司股价昨日(27日)下跌9%，该 行认为提供了良好的入场机会，考虑到其高于同行的增长、多元化布局以及作为国企的吸引力股息率。 智通财经APP获悉，招银国际发布研报称，华润万象生活(01209)上半年核心净利润同比增长15%，符合 预期，收入同比增长7%，略低于预期。核心业务购物中心营运表现稳健，收入增长19%，毛利率提升6 个百分点，毛利贡献占比达到68%创新高。该行对华润万象生活目标价由45.27港元下调至43.86港元， 反映盈利修订。维持"买入"评级。 ...

Core Viewpoint - The report from CMB International indicates that China Resources Mixc Lifestyle (01209) achieved a 15% year-on-year growth in core net profit for the first half of the year, meeting expectations, while revenue grew by 7%, slightly below expectations [1] Financial Performance - Core business performance in shopping centers was robust, with revenue growth of 19% and a gross margin increase of 6 percentage points, leading to a record high gross profit contribution of 68% [1] - The company has revised its revenue growth guidance for the fiscal year 2025 down to single digits from double digits, but maintains a double-digit growth guidance for core net profit, indicating an improvement in profit margins [1] Dividend and Stock Performance - The company announced a 100% payout ratio, resulting in a dividend yield of 5.1% [1] - Following a 9% drop in the company's stock price on the previous day (27th), the report suggests this presents a good entry opportunity, considering its higher growth compared to peers, diversified layout, and attractiveness as a state-owned enterprise with a high dividend yield [1]

智通财经APP获悉，里昂发布研报称，华润万象生活(01209)上半年盈利增长低于该行早前的2025年核心 利润预测，原因在于物业管理业务增长低于预期。然而商业管理业务表现依然强劲，毛利增长24.4%， 受惠于租户销售额同比增长21.1%。该行认为，华润万象生活业务是大城市高端消费的代表，将继续跑 赢整体消费。该行下调对公司今年至2027年各年利润预测到1.3%至3.7%，对该股估值基础调整至2027 年每股盈利，目标价从35.8港元上调至41.2港元，维持"跑赢大市"评级。 ...

不过，随着行业环境的变化，当前也存在降费潮等问题受到市场关注。在业绩会上，华润万象生活管理层对《证券日报》 记者表示，当前物管行业确实进入了调整期，行业发展趋势、客户需求已经发生了重大的变化。 华润万象生活管理层表示，公司近年来系统构建了服务的三大价值体系。一是依托对物业的精细维护，实现业主资产的保 值增值。第二是致力于营造自在宜居的居住体验，业主住得舒适、安心和愉悦。三是通过打造特色社群的IP，持续开展社群运 营，满足业主精神需求。 本报记者 陈潇 "公司在上半年主动调整了业务发展模式，更强调利润贡献能力，主动退出了一些低质低效项目，受此影响，营业额增速 是个位数。但这些动作同步提升了公司的利润回报和毛利率。"8月27日，华润万象生活有限公司（以下简称"华润万象生活"） 管理层在业绩会上表示，下半年，公司还是非常有信心，通过内涵式增长加外延式增长的自身经营策略，实现全年的业绩目 标。 8月27日，华润万象生活发布的上半年业绩报告显示，公司报告期内实现营业收入85.24亿元，同比增长6.5%，核心净利润 增长15%至20.11亿元；董事会决议宣派中期股息每股人民币0.529元，同比增长89.6%，同时宣派特别 ...

花旗发表研究报告指，华润万象生活上半年收入商业增长稳定，现金流回收率仍然良好，而公司亦对全 年度现金流超过利润逾一倍充满信心。该行维持华润万象生活今年盈利增长15%的预测，并预计2026及 27年各年分别增长约10%。考虑到5%的股息收益率，该行维持对其"买入"评级，目标价由40港元上调 至48.5港元。 ...