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

公 司 研 究 华润万象生活（01209.HK）：手握稀 2024年5月20日 推荐/首次 缺重奢资源，商管能力行业领先 东 华润万象生活 公司报告 兴 证 券 公司是中国领先的住宅物管及商写运营企业，商写运营业务毛利率显著高于住 未来3-6个月重大事项提示： 股 宅物管业务。2023年营业务收入为147.7亿元，同比增长22.9%，2020-2023 2024-07-26 分红派息：每股人民币0.481 份 年CAGR为29.6%。2023年住宅物管业务约占总收入的65%。2023年主营 元。 有 业务毛利润为46.9亿元，同比增长30.0%，2020-2023年CAGR为37.0%。 资料来源：公司公告、东兴证券研究所 限 交易数据 2023年商写运营业务约占整体毛利润的64%。公司2023年毛利率为31.8%， 公 其中住宅物管业务毛利率为17.5%，商写运营业务毛利率为58.4%。 52周股价区间（港元） 40.05-20.8 司 证 住宅物管：母公司持续提供高质量支持，社区增值服务有明显提升空间 总市值（亿港元） 755.51 流通市值（亿港元） 755.51 券 母公司华润置地为公司住宅在管面积的 ...

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

[Table_Page] 跟踪研究|房地产Ⅱ 证券研究报告 [【Table_T广itle] 发地产&海外】华润万象 生活 [公Tab司le_I评nves级t] 买入 当前价格 26.80港元 （01209.HK） 合理价值 34.71港元 前次评级 买入 业绩略超预期，提升分红比例释放价值 报告日期 2024-04-10 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现 ⚫ 业绩略超预期，提分红兑回报。23年公司实现营收147.7亿元，同比 2% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 -9% 增长22.9%，实现归母净利润29.3亿元，同比增长32.8%，实现核心 -20% 净利润29.2亿元，同比增长31.2%。全年业绩表现略好于预期。23年 -30% 年度派息 16.1 亿元，派息率 55%，公司承诺未来会持续提高分红比 -41% 例，提升股东回报。 -52% 华润万象生活 恒生指数 ⚫ 住宅物业外延驱动为主，内生提坪效。23年住宅物管收入96.0亿元， 占营收比重65%，同比+23.1%。23年住宅业态在管面 ...

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% ...

华润万象生活（1209） 更新报告 买入 2024年4月2日 物管+商管双赛道高质量发 展，提升股东回报  2023年核心净利润同比增长31.2%：2024年公司收入录得147.7亿元，同比 罗凡环 增长22.9%。整体毛利率为31.8%，同比提升1.7个ppt。核心净利润同比增 852-25321962 长 31.2%至 29.2 亿元，核心净利润率提升 1.3 个 ppt 至 19.8%。全年股息每 Simon.luo@firstshanghai.com.hk 股 0.704 元，同比增长 60.4%，派息率 55.0%。截止 2023 年底，公司总合约 面积约4.4亿方，总在管面积约3.8亿方，在管面积中第三方占比由2022年 主要资料 底的56.3%提升至2023年底的59.2%。 行业 物业管理  商管毛利率大幅提升，领导地位更加稳固：期内商管航道收入为51.7亿元， 股价 24.75港元 同比增长 22.6%。毛利率提升 7.7 个ppt 至 58.4%。零售额同比增长 43.3%至 1812 亿元，同店可比增长 30.9%，零售额增速大幅优于社会消费品零售总额 目标价 43.20港元 增速。 ...

证券研究报告 公 2024年04月02日 司 报 告 华润万象生活(01209) │ 行 业： 房地产/房地产服务 港 投资评级： 买入（维持） 股 当前价格： 24.75港元 - 物管商管携手高增，数字化有望创新增 公 目标价格： 34.42港元 司 事件： 点 基本数据 评 研 3月26日公司发布2023年业绩公告，全年实现营业收入147.67亿元，同 总股本/流通股本(百万股) 2,282.50/2,282.50 究 比增加22.9%；毛利率为31.8%，同比增加1.7pct；实现归母净利润29.29 流通市值(百万港元) 56,491.88 亿元，同比增加32.8%；董事会决议宣派末期股息每股0.481元。 每股净资产(元) 7.09 ➢ 物管业务高增，社区增值业务增长稳健 资产负债率(%) 43.13 2023 年公司住宅物业管理服务实现营收 96.01 亿元，同比增长 23.1%，其 一年内最高/最低(港元) 44.50/20.45 中物业管理服务营收72.45亿元，同比增长30.0%，社区增值服务营收15.26 亿元，同比增长21.5%。物管业务在管建筑面积3.55亿平方米，同比增长 股价相对走 ...

Investment Rating - Buy rating maintained for China Resources Mixc Lifestyle Services (1209 HK) [4] Core Views - The company demonstrated strong resilience in commercial operations and significant dividend payouts, showcasing robust financial strength [4] - Revenue and profit growth met expectations, with a substantial increase in dividends reflecting the company's financial capabilities [5] - The shopping center segment showed remarkable resilience, with the company leading in the number of luxury malls, further solidifying its position as an industry leader [5] - Residential and other non-commercial properties saw revenue growth driven by scale expansion, with a continuous increase in third-party managed areas [6] - The company is positioned as a long-term investment target with both a "good track" and "good company" attributes, expected to maintain strong growth in the coming years [6] Revenue and Profit Growth - 2023 revenue reached 14 77 billion (+22 9%), with net profit attributable to shareholders of 2 93 billion (+32 8%) [5] - Core net profit attributable to shareholders was 2 92 billion (+31 2%), with a comprehensive gross margin of 31 8% (+1 7pct) [5] - Dividend payout ratio increased to 55 0% (+10 0pct), with total dividends per share of 0 704 yuan (+60 4%) [5] Shopping Center Segment - Retail sales grew by 43 3% to 181 2 billion, with monthly average sales per square meter increasing by 27 0% to 2,624 yuan [5] - Rental income from property owners reached 22 billion (+38 8%), with NOI increasing by 50 6% to 14 2 billion [5] - Revenue from commercial operations and subleasing grew by 33% and 65% respectively, with gross margins of 76 4% (+12 0pct) and 67 7% (-0 6pct) [5] - The company opened 13 new shopping centers in 2023, bringing the total to 98, with 13 luxury malls, ranking first in the industry [5] Residential and Non-Commercial Properties - Managed area for property management reached 3 7 billion square meters (+24 6%), with third-party managed areas accounting for 60 4% (+3 3pct) [6] - Residential property management revenue grew by 23 1% to 9 6 billion, driven by scale expansion [6] - Gross margin for property management was 17 5% (-1 4pct), with basic property management and non-owner value-added services declining by 0 4pct and 2 2pct respectively [6] Future Outlook - The company is expected to achieve net profit attributable to shareholders of 3 67 billion, 4 39 billion, and 5 14 billion in 2024, 2025, and 2026, with growth rates of 25%, 20%, and 17% respectively [6] - The P/E ratios for 2024-2026 are projected to be 14X, 12X, and 10X, maintaining a "Buy" rating [6]

证券研究报告 ＃industryId＃ 物业管理 ＃01209.HK ＃华dy润Com万pa象ny＃生活 港股通（沪、深） ＃investSuggestion＃ ＃ 买入 维持 ( ） ＃title＃ 业绩高速增长，派息率提升 ＃createTime1＃ 2024年03月 29 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃ 日期 2024.03.28  2023年业绩好于预期，派息率提升：公司2023年营业收入147.7亿元， 收盘价(港元) 24.75 同比增长22.9%；其中住宅物业管理和商业运营及物业管理的收入分别为 总股本(亿股) 22.82 96.0和51.7亿元，分别同比增长23.1%和22.6%。归母核心净利润为29.2 亿元，同比增长31.2%，业绩好于预期。公司末期每股派息0.481元，加 总市值(亿港元) 564.92 上中期每股派息0.223元，全年每股派息为0.704元，派息率由45%提升 总资产(亿元) 277.83 至55%。 净资产(亿元) 159.48  盈利能力持续提升：公司2023年毛利率为31.8%，同比提升1.7个百分 每股净资产(元) 6.9 ...

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 华润万象生活（1209）公司年报点评 2024年03月30日 [Table_InvestInfo] 投资评级 优于大市 维持 韧性增长，商业规模迈入百座里程碑 股票数据 [Table_Summary] 3[T月ab29le日_S收t盘oc价kI（n港fo元] ） 24.75 投资要点： 52周股价波动（港元） 20.45-43.79 总股本（百万股） 2283 总市值（亿港元） 565 ⚫ 经营业绩韧性增长，再创新高。2023年，公司实现综合收入 147.67 亿元， 相关研究 同比+22.9%；归母净利润29.29亿元，同比+32.8%；营业现金比率同比+4.9 [《Ta华b润le万_R象e生p活o（rtI0n1f2o0] 9.HK）2023年中期业 个百分点至 20.6%，经营性净现金流/核心净利润同比+19.2 个百分点至 104.2%，各项核心业绩指标取得稳健增长；市值、市盈率稳居行业第一。董 绩点评：：经营业绩韧性增长，业务版图加速 扩张》2023.09.14 事会决议宣派末期股息每股人民币 0.481 元，按年增长 54.2 ...