Investment Rating - Buy (Maintained) [1] Core Views - The company achieved a revenue of RMB 14.77 billion in 2023, a year-on-year increase of 22.9%, driven by acquisitions and market expansion, leading to significant growth in property management area and commercial operations [2] - Gross margin increased by 1.7 percentage points to 31.8%, with core net profit attributable to shareholders reaching RMB 2.92 billion, up 31.2% year-on-year [2] - The company's residential property management service revenue grew by 23.1% to RMB 9.6 billion, while commercial operation and property management service revenue increased by 22.6% to RMB 5.17 billion, with a notable gross margin improvement of 7.7 percentage points to 58.4% [2] - The company's property management scale continued to grow, with the total contracted area of residential and non-commercial properties reaching 406 million square meters, and the total managed area reaching 355 million square meters, up 15.9% and 24.6% year-on-year, respectively [2] - The company's commercial management scale expanded, with 13 new shopping centers opened in 2023, bringing the total number of shopping centers to 98, with a total gross floor area of 10.59 million square meters [3] - The company's office building occupancy rate increased by 3.2 percentage points to 83.9%, with 195 office projects under management, covering 14.82 million square meters [3] Business Performance - Residential property management service revenue: RMB 9.6 billion, up 23.1% year-on-year, with a gross margin of 17.5%, down 1.4 percentage points [2] - Commercial operation and property management service revenue: RMB 5.17 billion, up 22.6% year-on-year, with a gross margin of 58.4%, up 7.7 percentage points [2] - Community value-added services revenue: RMB 1.53 billion, up 21.5% year-on-year, driven by the growth in property management scale and rapid development of services such as decoration and butler services [2] - Urban space operation revenue: RMB 1.34 billion, up 42.6% year-on-year, with a managed area of 104 million square meters, up 51.7% year-on-year [2] Commercial Management - Total retail sales of shopping centers reached RMB 181.2 billion, up 43.3% year-on-year, with 82 projects ranking in the top three in their local markets [3] - The number of high-end luxury shopping centers increased to 13, maintaining the leading position in the industry [3] - The company's membership program, "Wanxiang Star," saw a 36% increase in members to 46.25 million, with monthly active users of the "Yidian Wanxiang" app increasing by 52% [3] Financial Projections - Revenue is expected to grow at a compound annual growth rate (CAGR) of 20.2% from 2024 to 2026, driven by steady growth in management scale and the company's unique position as a listed commercial management company [3] - Net profit is projected to grow at a CAGR of 20.2% from 2024 to 2026, with EPS expected to increase from RMB 1.28 in 2024 to RMB 2.23 in 2026 [4][8] Valuation Metrics - The company's PE ratio is expected to decrease from 20.03 in 2024 to 10.07 in 2026, reflecting strong earnings growth [4] - ROE is projected to increase from 18.36% in 2023 to 21.72% in 2026, indicating improving profitability [4][8]

业绩稳健增长，分红高位提升 华润万象生活（1209.HK）/物 证券研究报告/公司点评 2024年3月28日 业服务行业 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：24.75港元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 12,037 14,798 18,067 21,690 25,601 分析师：由子沛 增长率yoy% 35% 23% 22% 20% 18% 执业证书编号：S0740523020005 净利润（百万元） 2,206 2,929 3,626 4,340 5,086 Email：youzp@zts.com.cn 增长率yoy% 28% 33% 24% 20% 17% 每股收益（元） 0.97 1.28 1.59 1.90 2.23 每股现金流量 0.83 1.47 2.11 2.36 2.73 分析师：李垚 净资产收益率 16% 19% 20% 20% 19% 执业证书编号：S0740520110003 P/E 23.2 17.5 14.1 11.8 ...

证券研究报告 | 2024年03月28日 华润万象生活（01209.HK） 买入 全年业绩增长 31%，派息率提升至 55% 核心观点 公司研究·海外公司财报点评 业绩增长31%，派息率提升至55%：2023全年，公司实现营业收入148亿元， 房地产·房地产服务 同比+23%；归母净利润29.3亿元，同比+33%；核心净利润29.2亿元，同比 证券分析师：任鹤 证券分析师：王粤雷 +31%；核心净利率19.8%，同比提升1.3个百分点，主要是毛利率31.8%， 010-88005315 0755-81981019 renhe@guosen.com.cn wangyuelei@guosen.com.cn 同比提升1.7个百分点。此外得益于管理效率提升，管理费率6.8%，同比下 S0980520040006 S0980520030001 降2.3个百分点。2023年，公司加权ROE为19.3%，同比提升3.5个百分点。 证券分析师：王静 公司重视股东回报，2023年每股派息0.704元，同比+60%；派息率55%，同 021-60893314 wangjing20@guosen.com.cn 比提升10个百分点。 ...

申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 房地产 | 公司研究 商场零售高增，高比例分红 2024年03月26日 华润万象生活 (01209.HK) 买入 23年归母净利润同比+33%、核心同比+31%，略超市场预期，利润率高位提升。据公告，23年 维持 公司实现营业收入147.7亿元，同比+22.9%；其中，住宅物管收入占比65%，同比+23%，商业 运营及物管收入占比 35%，同比+23%。毛利润 46.9 亿元，同比+30.0%，其中商管占比 65%、 同比+5pct；归母净利润29.3亿元，同比+32.8%；核心净利润29.2亿元，同比+31.2%；基本每 市场数据：2023年03月25日 股收益1.28元，同比+32.7%。报告期内，毛利率和归母净利率为31.8%和19.8%，分别同比+1.7pct 收盘价（港币） 24.35 和+1.5pct；三费费率9.2%，同比-1.6pct，其中销售、管理和财务费率分别为1.9%、6.4%和0.8%， 恒生中国企业指数 5,755 同比分别+0.7pct、-2.3pc ...

2024 年 3月 26日，公司发布 2023 年全年业绩：实现营收 147.67 亿元，同比+22.9%，归母净利润 29.29 亿元，同比+36.5%；核心 净利润为29.20亿元，同比+31.2%。 收入略低于预期，归母净利润超预期。公司整体收入略低于预期， 主因是住宅物管服务增速下滑及开发商增值服务负增长。归母净 利润增速超预期主要因为毛利率提升，2023 年公司整体毛利率同 比提升 1.7ppt 至 31.8%，其中商业管理航道毛利率大幅提升 7.7ppt 至 58.4%。 物管规模增长，第三方占比提升。截至 2023 年末，公司合约面积 4.25 亿方，在管面积 3.70 亿方，分别同比+16.2%及+24.6%。合约 港币(元) 成交金额(百万元) 面积第三方占比59.0%，在管面积第三方占比60.4%，分别较 2022 48.00 300 年底提升3pct和 3.3pct。 44.00 250 40.00 社区增值多业务收入稳步增长。2023 年公司通过提升产品力、运 200 36.00 150 营力及服务力，带动社区增值整体收入分别同比+21.5%至 15.26 32.00 100 28.0 ...

股 票 研 究 [Table_industryInfo] 房地产 [ Table_Main[华I Tnaf 润bol]e 万_Ti象tle]生 活（1209） [评Tab级le_：Inv est] 增持 当前价格（港元）： 24.35 行稳致远，规模迈上新台阶 2024.03.26 海 ——华润万象生活 2023年年报点评 [ 交Ta易bl数e_M据a rket] 外 谢皓宇(分析师) 白淑媛(分析师) 黄可意(研究助理) 52周内股价区间（港元） 20.80-43.80 当前股本（百万股） 2,282 公 010-83939826 021-38675923 010-83939815 当前市值（百万港元） 55,579 司 xiehaoyu@gtjas.com baishuyuan@gtjas.com huangkeyi028691@gtjas.com 证书编号 S0880518010002 S0880518010004 S0880123070129 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 公司规模上新台阶，各项业绩跑赢大势。商管航道持续巩固行业领先地位，迈入“百 国 华 ...

证券研究报告·海外公司点评·地产(HS) 华润万象生活（01209.HK） 2023 年业绩公告点评：商管龙头地位稳固， 2024年 03月 27日 分红率大幅提升 证券分析师 房诚琦 买入（维持） 执业证书：S0600522100002 fangcq@dwzq.com.cn [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E 证券分析师 肖畅 执业证书：S0600523020003 营业总收入（百万元） 12,016 14,767 18,587 23,078 28,286 xiaoc@dwzq.com.cn 同比 35.39% 22.89% 25.87% 24.16% 22.57% 证券分析师 白学松 归母净利润（百万元） 2,206 2,929 3,619 4,414 5,314 执业证书：S0600523050001 同比 27.90% 32.76% 23.57% 21.95% 20.39% baixs@dwzq.com.cn EPS-最新摊薄（元/股） 0.97 1.28 1.59 1.93 2.33 P/E（现价&最新摊薄） 22.16 1 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：1209） 截至二零二三年十二月三十一日止財政年度之 業績公告 摘要 截至二零二三年十二月三十一日止年度，全年收入為人民幣（「人民幣」）147.7 億元，同比（「同比」）增長22.9%。其中，住宅物業管理服務板塊收入為人民幣 96.0億元，同比增長23.1%；商業運營及物業管理服務板塊收入為人民幣51.7億 元，同比增長22.6%。 截至二零二三年十二月三十一日止年度，全年毛利潤為人民幣46.9億元，同比 增長30.0%。毛利率由二零二二年的30.1%增長至二零二三年的31.8%。 截至二零二三年十二月三十一日止年度，股東應佔溢利為人民幣29.3億元，同 比增長32.8%。核心股東應佔溢利（扣除投資物業的重估收益、無形資產－客戶 關係攤銷、按公允價值計量且其變動計入當期損益之金融負債的公允價值變動 收益及相關遞延稅項影響）達到人民幣29.2億元，同比增長31 ...

[Table_Page] 公司深度研究|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 23.30港元 （01209.HK） 合理价值 33.7港元 报告日期 2024-02-22 奋楫笃行，万象生长 基[Ta本ble数_B据ase Info] [Table_Summary] 核心观点： 总股本/流通股本（百万股） 2282.50/2282.50 总市值/流通市值（百万港元） 53182.25/53182.25 ⚫ 领先的物业管理及商业运营服务供应商。公司于20年12月分拆赴港 一年内最高/最低（港元） 45.05/20.80 上市，控股股东为华润置地（持有股份73.72%）。23H1公司员工持股 30日日均成交量/成交额（百万） 4.41/100.15 比例0.10%。公司“住宅服务+商管运营”双轮业务驱动，23H1营收 近3个月/6个月涨跌幅（%） -23.10/-29.54 67.9亿元，同比+29%；其中住宅：商业营收比例66%：34%；23H1 毛利润22.5亿元，同比+35%，其中住宅：商业毛利40%：60% ...

Property Management Services - Residential property management services under management: 1,605 projects with a GFA of 313.2 million sq.m.[19] - Contracted projects for residential property management: 1,980 projects with a GFA of 366.1 million sq.m.[19] - The Group's property management business covered 189 cities across China, with 325 million sq.m. GFA under management and 380 million sq.m. contracted GFA[24] - The Group's property management business's contracted GFA increased by 28.67 million sq.m. net[24] - The property management business achieved a consolidated collection rate of 83.0%[25] - Revenue from property management services reached RMB3,449.6 million, a 44.8% YoY increase, accounting for 50.8% of total revenue, driven by mergers and acquisitions and market expansion[40] - Managed residential and non-commercial properties increased to 1,605 projects, with a total GFA under management of 313.2 million sq.m., a YoY increase of 68.5 million sq.m.[40] - Contracted GFA for residential and non-commercial properties increased to 366.1 million sq.m., with 1,980 projects, up from 322.6 million sq.m. and 1,609 projects in 2022[42] - GFA under management for CR Land properties increased to 124.1 million sq.m., with 687 projects, generating RMB1,799.3 million in revenue[44] - GFA under management for CR Group properties increased to 189.0 million sq.m., with 918 projects, generating RMB1,650.3 million in revenue[44] - The company provided property management services for 156 office buildings with a total GFA of 11.64 million sq.m. as of June 30, 2023[54] - Contracted GFA for office building property management services increased to 14,140 thousand sq.m. in 2023 from 11,261 thousand sq.m. in 2022[57] - Total property management services revenue reached RMB 831,239 thousand in 2023, compared to RMB 697,137 thousand in 2022, with managed GFA expanding to 11,638 thousand sq.m. from 8,710 thousand sq.m.[59] - The Group plans to selectively acquire or establish joint ventures with property management and commercial operational service providers to enhance market share and realize economies of scale[61] - The Group will continue to collaborate with CR Land to secure new property management and commercial operational service contracts for residential and commercial properties[61] - The Group plans to undertake management services for properties owned by CR Group, such as industrial parks and factories, to expand into new property segments[61] - The 2023 CR Land Property Management Services Framework Agreement has an annual cap of RMB 1,300,000 thousand for commercial properties and RMB 525,000 thousand for residential and other non-commercial properties, with actual transaction amounts of RMB 294,490 thousand and RMB 99,191 thousand respectively for the six months ended 30 June 2023[148] - The 2023 CRH Property Management Services Framework Agreement has an annual cap of RMB 295,000 thousand for commercial properties and RMB 570,000 thousand for residential and other non-commercial properties, with actual transaction amounts of RMB 87,002 thousand and RMB 133,892 thousand respectively for the six months ended 30 June 2023[157] Commercial Operational Services - Commercial operational and property management services: 150 contracted shopping malls (including subleasing projects) and 88 opened shopping malls[19] - Commercial operational services for offices: 31 contracted projects and 26 opened projects[19] - The Group's shopping malls achieved retail sales of RMB84.1 billion, a year-on-year increase of 41.0%[25] - Rental income from property owners reached RMB10.5 billion, a year-on-year increase of 52.1%[25] - The operating profit margin from property owners increased by 9.4 percentage points year-on-year to 67.2%[25] - The office building occupancy rate rose to 83.8%, an increase of 3.1 percentage points compared to the end of 2022[25] - The Group newly signed 7 commercial light asset expansion projects, all in first- and second-tier cities[24] - Revenue from shopping mall services reached RMB1,409.8 million, a 20.2% YoY increase, contributing 20.8% to total revenue[38] - Revenue from office building services grew to RMB899.9 million, a 19.8% YoY increase, contributing 13.2% to total revenue[38] - Commercial operational and property management services revenue for shopping malls grew 20.2% YoY to RMB1,409.8 million, representing 20.8% of total revenue[48] - The company provided commercial operational services to 85 opened shopping mall projects with a total GFA of 9.1 million sq.m. as of June 30, 2023[48] - Contracted GFA for shopping malls increased to 16,276 thousand sq.m. in 2023 from 14,192 thousand sq.m. in 2022[50] - 92.4% of office building segment revenue came from property management services, with the remainder from commercial operational services[56] - Revenue from CR Land's shopping mall services increased to RMB1,057.8 million in 2023 from RMB899.5 million in 2022[51] - Total revenue from shopping mall services increased to RMB1,150.0 million in 2023 from RMB1,004.2 million in 2022[51] - CR Land's commercial operational services revenue increased to RMB 48,835 thousand in 2023, up from RMB 42,518 thousand in 2022, with managed GFA growing to 1,255 thousand sq.m. from 1,183 thousand sq.m.[59] - The 2023 CR Land Commercial Operational Services Framework Agreement has an annual purchase cap of RMB 3,000,000 thousand, with actual service fees received of RMB 919,698 thousand for the six months ended 30 June 2023[149] - The 2023 CRH Commercial Operational Services Framework Agreement has an annual service fee cap of RMB170,000 thousand for 2023, with actual service fees received of RMB37,970 thousand for the six months ended 30 June 2023[129] Financial Performance - Consolidated revenue for the first half of 2023 reached RMB6.793 billion, a year-on-year increase of 28.7%[29][30] - Core net profit for the first half of 2023 was RMB1.422 billion, a year-on-year increase of 36.7%[29][30] - Interim dividend declared at RMB0.223 per share, representing a year-on-year increase of 75.6%[29][30] - Revenue for the six months ended 30 June 2023 was RMB6,793.3 million, a 28.7% YoY increase, driven by acquisitions and market expansion[65] - Gross profit increased by 34.7% YoY to RMB2,252.8 million, with a gross profit margin of 33.2%, up 1.5 percentage points[68] - Residential property management services gross profit margin decreased by 0.9 percentage points to 20.1%, due to a lower proportion of high-margin value-added services[72] - Commercial operational and property management services gross profit margin increased by 8.2 percentage points to 58.5%, benefiting from improved cost efficiency[72] - Cost of sales increased by 25.9% YoY to RMB4,540.5 million, driven by business scale expansion[67] - Marketing expenses surged by 105.3% YoY to RMB108.8 million due to increased market expansion efforts[78] - Administrative expenses rose by 1.6% YoY to RMB436.5 million, but decreased as a percentage of revenue by 1.7 percentage points[79] - Net profit grew by 36.8% YoY to RMB1,409.0 million[84] - Effective tax rate decreased by 0.4 percentage points to 26.4%[83] - Gain on changes in fair value of investment properties was RMB21.5 million, mainly from valuation changes in subleasing projects[73] - Total bank deposits and cash (including restricted bank deposits) amounted to RMB12,720.3 million as of 30 June 2023, remaining stable compared to the end of last year[87] - Gearing ratio decreased to 43.1% as of 30 June 2023, down by 1.5 percentage points from the end of last year[87] - Net proceeds from the Listing amounted to RMB11,600.4 million, with RMB3,864.1 million utilized as of 30 June 2023[88][89] - RMB640.8 million of net proceeds were used during the six months ended 30 June 2023, with RMB7,736.3 million remaining unused[90] - Strategic investments and acquisitions for property management and commercial operations accounted for 60% of the net proceeds, with RMB5,000.5 million unused as of 30 June 2023[90] - Investments in information technology systems and smart communities accounted for 15% of the net proceeds, with RMB1,324.1 million unused as of 30 June 2023[90] - Revenue for the six months ended 30 June 2023 increased to RMB 6,793,323 thousand, up from RMB 5,277,728 thousand in the same period last year[185] - Gross profit rose to RMB 2,252,804 thousand, compared to RMB 1,672,466 thousand in the previous year[185] - Profit before tax for the period was RMB 1,913,315 thousand, up from RMB 1,405,692 thousand in 2022[185] - Net profit attributable to equity shareholders of the Company increased to RMB 1,402,481 thousand, compared to RMB 1,027,586 thousand in the prior year[185] - Earnings per share (basic and diluted) for the period were RMB 61.4 cents, up from RMB 45.0 cents in 2022[185] - Total non-current assets decreased to RMB 7,545,832 thousand as of 30 June 2023, down from RMB 9,998,710 thousand at the end of 2022[187] - Total current assets increased to RMB 18,820,991 thousand, compared to RMB 15,839,132 thousand at the end of 2022[187] - Cash and cash equivalents stood at RMB 12,652,616 thousand as of 30 June 2023, slightly up from RMB 12,592,832 thousand at the end of 2022[187] - Total current liabilities decreased to RMB 7,967,809 thousand, down from RMB 8,039,561 thousand at the end of 2022[187] - Net current assets increased to RMB 10,853,182 thousand as of June 30, 2023, compared to RMB 7,799,571 thousand at the end of 2022[188] - Total assets less current liabilities rose to RMB 18,399,014 thousand as of June 30, 2023, up from RMB 17,798,281 thousand at the end of 2022[188] - Total non-current liabilities decreased to RMB 3,405,285 thousand as of June 30, 2023, from RMB 3,472,549 thousand at the end of 2022[188] - Equity attributable to equity shareholders of the Company increased to RMB 14,930,931 thousand as of June 30, 2023, compared to RMB 14,279,729 thousand at the end of 2022[188] - Non-controlling interests rose to RMB 62,798 thousand as of June 30, 2023, up from RMB 46,003 thousand at the end of 2022[188] - Profit for the period amounted to RMB 1,402,481 thousand for the six months ended June 30, 2023[197] - Total comprehensive income for the period was RMB 1,402,481 thousand[198] - Capital contribution from non-controlling interests was RMB 11,300 thousand[200] Strategic Development and Expansion - The property management industry is supported by government macro policies and is transitioning to high-quality development, focusing on service upgrades and operational improvements[20] - The domestic high-end and high-quality shopping mall segment is expected to trend upward in the long run[20] - The company is exploring strategic upgrading paths to achieve high-quality sustainability[20] - The Group plans to optimize the refined operation system and improve operating efficiency in the commercial management business[31] - The property management business will focus on quality growth in scale and actively pursue project acquisition opportunities in sub-segments[31] - The Group aims to strengthen high-quality external expansion efforts by leveraging consumer infrastructure REITs opportunities[31] - The Group will commence the construction of a new batch of model projects to accelerate its transformation into a leading urban space operation and service provider[31] - The Group successfully built 29 new urban space projects nationwide, with a contracted value exceeding RMB0.4 billion[24] - The Group plans to pursue strategic investments in national or regional service providers to build an ecosystem of service offerings and enhance customer loyalty[62] - The Group intends to integrate residential communities, shopping malls, and office buildings under its management to create more business opportunities and promote its membership system[64] - The Group plans to promote digitization initiatives, including technology enabling production and operation digitization, to enhance operational efficiency and user experience[64] - The Group is committed to high-quality services and digital transformation, aiming to improve operational efficiency and customer experience through technology empowerment[62] ESG and Sustainability - The Group's 2022 Sustainability Report received a "five-star" rating for the first time and was selected into the CCTV's list of "China's Top 100 Pioneering Listed Companies in ESG"[28] - The Company established a Sustainability Committee to oversee ESG policies, practices, and performance, and to advise the Board on sustainability developments and risks[166] - The Company complied with all Corporate Governance Code provisions except for Code Provision F.2.2, as the Board Chairman was unable to attend the annual general meeting[166] - The Company adopted the Model Code for Securities Transactions to regulate dealings by Directors and relevant employees, with all confirming compliance for the six months ended 30 June 2023[166] - The Company has established an Audit Committee in compliance with Rule 3.21 of the Listing Rules and the CG Code, which reviewed the unaudited consolidated financial statements for the six months ended 30 June 2023[168][170] Shareholder and Corporate Governance - The total number of members in the Group's membership system reached nearly 40 million as of 30 June 2023, with approximately 5.9 million new members added during the period[28] - Customer satisfaction score reached 87.71 points, maintaining a leading position in the industry[28] - The Board recommended an interim dividend of HK$0.243 (equivalent to RMB0.223) per share for the six months ended 30 June 2023, payable on or around 27 October 2023[169][171] - Shareholders can elect to receive the 2023 Interim Dividend in RMB at an exchange rate of HKD1.0: RMB0.9173, based on the average benchmark exchange rate published by the People's Bank of China during the five business days before 29 August 2023[172] - The register of members was closed from 14 September 2023 to 15 September 2023, and transfer documents must be lodged by 4:30 p.m. on 13 September 2023 to qualify for the 2023 Interim Dividend[174][175] - The unaudited consolidated results for the six months ended 30 June 2023 are set out on page 63 of the consolidated statement of profit or loss and other comprehensive income[169][171] - China Resources Company Limited holds a 73.72% long position in the company's shares, totaling 1,682,666,000 shares[111] - CR Land directly holds 1,650,000,000 shares, representing a 72.29% beneficial ownership[111] - JP Morgan Chase & Co. holds a 0.19% long position (4,360,652 shares) and a 0.06% short position (1,438,553 shares) in the company's shares[111] - CRH (Land) Limited directly holds 32,644,400 shares, representing a 1.43% beneficial ownership[111] - Commotra Company Limited directly holds 21,600 shares, representing a 0.00% beneficial ownership[111] - JP Morgan Chase & Co. holds 63,011,440 shares through its investment manager, representing a 2.76% long position[111] - JP Morgan Chase & Co. holds 46,930,190 shares in the lending pool, representing a 2.06% position[111] - The total number of shares issued as of 30 June 2023 is 2,282,500,000[113] - CR Land is owned 59.51% by CRH (Land) Limited[113] - CR Holdings is the sole shareholder of Commotra Company Limited and CRH (Land) Limited[113] - CR Land directly owns approximately 72.29% of the company's share capital[114] - CR Land is indirectly held as to approximately 59.55% by CRH, which is wholly owned by China Resources Company Limited[114] - CR Bank is held as to approximately 70.28% by China Resources Inc., which holds 100% of CRH[114] - The Company entered into a revolving loan facility for up to HKD600,000,000 with a maturity date of 12 months on 20 October 2021[95] - The Company's directors hold interests in the Company's shares, with Mr. YU Linkang holding 358,304 shares (0.02%) and Mr. WANG Haimin holding 52,955 shares (0.00%) as of 30 June 2023[99] - Ms. QIN Hong resigned as an independent non-executive Director and other committee roles, and Ms. LO Wing Sze was appointed to these positions effective 1 July 2023[160] - Ms. YANG Hongxia resigned as an executive Director, Board Secretary, Vice President, and CFO, and Mr. NIE Zhizhang was appointed to these roles effective 17 August 2023[160] Leasing and Procurement Agreements - The Group leased properties from CR Land Connected Persons for RMB 54,102 thousand in the first six months of 2023, against an annual cap of RMB 110,000 thousand[118] - CR Land Connected Persons leased properties from the Group under the commercial sub