Core Viewpoint - China Resources Land (01109.HK) reported a total contract sales amount of approximately RMB 17.6 billion in September 2025, with a total contract sales area of about 610,000 square meters [1] Group 1: Sales Performance - Cumulative contract sales amount for the first nine months of 2025 reached approximately RMB 154.4 billion, with a total contract sales area of about 5.729 million square meters [1] - The total contract sales in September 2025 showed a significant monthly performance, contributing to the overall strong sales figures for the year [1] Group 2: Recurring Revenue - The company's recurring income for September 2025 was approximately RMB 4.1 billion, representing a year-on-year growth of 7.5% [1] - Rental income from operational real estate business for September 2025 was about RMB 2.76 billion, reflecting a year-on-year increase of 13.6% [1] - Cumulative recurring income for the first nine months of 2025 was approximately RMB 37.15 billion, with a year-on-year growth of 7.7% [1] - Rental income from operational real estate for the first nine months of 2025 reached approximately RMB 24.16 billion, marking a year-on-year increase of 12.5% [1]

Core Viewpoint - China Resources Land (01109) reported a total contract sales amount of approximately RMB 17.6 billion for the month ending September 30, 2025, reflecting a year-on-year increase of 4.2% but a decrease in sales area by 30.2% [1] Group 1: Sales Performance - For the first nine months of 2025, the cumulative contract sales amount reached approximately RMB 154.4 billion, representing a year-on-year decrease of 10.4% [1] - The total contract sales area for the same period was about 5.729 million square meters, down 24.1% year-on-year [1] Group 2: Regular Income - In September 2025, the company's recurring income was approximately RMB 4.1 billion, showing a year-on-year growth of 7.5% [1] - The rental income from operational real estate business was around RMB 2.76 billion, marking a year-on-year increase of 13.6% [1] - For the first nine months of 2025, the total recurring income amounted to approximately RMB 37.15 billion, with a year-on-year growth of 7.7% [1] - The rental income from operational real estate business for the same period was about RMB 24.16 billion, reflecting a year-on-year increase of 12.5% [1]

2025年9月，本集團經常性收入約人民幣41.0億元，按年增長7.5%，其中，經營性不動產業務租金 收入約人民幣27.6億元，按年增長13.6%。2025年前9月累計經常性收入約人民幣371.5億元，按年 增長7.7%，其中，經營性不動產業務租金收入約人民幣241.6億元，按年增長12.5%。 上述已披露初步數據取自本集團內部管理記錄，或會變更並可能與本集團按年度或半年度刊發的 經審核或未經審核綜合財務報表所呈現的數字存在差異。這些數據不應被視為本集團過往或將來 的經營或財務表現的指標或測量依據。據此，有關數據僅供參閱而不作其他目的。投資者在買賣 本公司證券時務須小心謹慎，不可依賴前述已披露信息。投資者如有任何疑問應向專業顧問徵求 意見。 承董事會命 華潤置地有限公司 主席 李欣 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倚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的有限公司） (股份代號: 01109.HK) 截至2025年9月30日止一個月未經審核營運數據 華潤置 ...

企查查APP显示，近日，深圳市润昆房地产有限公司发生工商变更，注册资本由100万元增至19.45亿 元，增幅194400%。企查查显示，该公司成立于2022年12月，法定代表人为方朋，由华润置地控股有限 公司全资持股。 | (c) Occ.com | 12 1 2 全国企业信用查询系统 | | | 深圳市润昆房地产有限公司 | | | | | 20 | 適一下 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 自身动态 12 | 关联动态 2455 | | | | | | | | | | | 动态类型 | रुकी | 工商 | 诉讼 | 招投标 | 新闻 | 監管 | 经营 | 知识产权 | | | | | | | | | | | | | 2 | | | 更新时间 1 | | 动态等级 | | 动态类型 | | | 动态内容 | | | | | 2025-10-12 | | 利好 | | 注册资本增加 | | | | | 从"100万元"增加到"194500万元"，增加"194400万元" | | ...

Core Insights - Shenzhen Run Kun Real Estate Co., Ltd. has undergone a significant change in registered capital, increasing from 1 million RMB to 1.945 billion RMB, representing a growth of 194,400% [1] Company Overview - The company was established in December 2022 and is wholly owned by China Resources Land Limited [1] - The legal representative of the company is Fang Peng [1] Business Scope - The business operations of the company include housing leasing, real estate development and management, and property management [1]

Core Viewpoint - Morgan Stanley reports that CR Mixc, a shopping mall under China Resources Land (01109), recorded low single-digit same-store sales growth during the golden period, leading to an overall retail revenue increase of over 25% year-on-year [1] Group 1: Sales Performance - CR Mixc's same-store sales growth contributed to a retail revenue increase of over 25% year-on-year, with high-end malls experiencing same-store sales growth exceeding 20% [1] - Year-to-date, the same-store sales growth is recorded at low single digits year-on-year, while overall retail revenue for the first nine months has grown by 20% to 25% year-on-year [1] Group 2: Rental Income and Market Position - The company is expected to exceed management's original rental income forecast, achieving a 13% year-on-year growth [1] - The growth is attributed to the expanding market share of CR Mixc, which continues to outperform its peers [1] Group 3: Investment Recommendation - Morgan Stanley maintains a "Buy" rating on the stock, with a target price set at HKD 39.3 [1]

Core Viewpoint - Morgan Stanley's research report indicates that CR Mixc, a shopping mall under China Resources Land, recorded low single-digit same-store sales growth during the Golden Week, contributing to an overall retail sales increase of over 25% year-on-year for the mall [1] Group 1: Sales Performance - The same-store sales growth for high-end malls exceeded 20% year-on-year [1] - The growth is attributed partly to the overlap of the National Day and Mid-Autumn Festival holidays, but CR Mixc's performance outpaced its peers due to its expanding market share [1] - Year-to-date same-store sales growth is recorded at low single digits, while overall retail sales for the first nine months of the year increased by 20% to 25% year-on-year [1] Group 2: Revenue Expectations - The company is expected to exceed management's original forecast for annual rental income, projecting a year-on-year growth of 13% [1] - Morgan Stanley continues to list the stock as a preferred pick with a target price of HKD 39.3 and maintains an "Overweight" rating [1]

Core Viewpoint - The government work report emphasizes the construction of "good houses," marking a shift towards high-quality residential development, which is reshaping the market landscape in Hangzhou post-price control era [1] Group 1: Market Dynamics - The competition for high-quality residential products is intensifying, with Hangzhou entering a "land king" era by the second half of 2025, leading to a refresh in product capabilities and transaction price ceilings [1] - Major projects like the "Yuanqi Guanchaofu" are gaining attention as they embody the "good house strategy," which aims to lead residential innovation through central projects [3] Group 2: Company Strategy - China Resources Land has been active in Hangzhou for 20 years, adopting a strategy of "epoch-making" contributions to the city, which is evident in their recent project launches [1][3] - The company is focusing on "central narrative" in its developments, as seen in the Xi'an CCBD project, which integrates various urban functions and reflects a deep understanding of urban development [5] Group 3: Project Highlights - The Xi'an Three Centers project, which includes the International Conference Center and the International Exhibition Center, aims to enhance both urban and living values through large-scale events [7] - Upcoming projects like the West Lake Lotus Pool TOD project are set to redefine the area, integrating transportation and urban development to create a new growth hub in West Lake District [18][20] Group 4: Future Vision - The West Lake Lotus Pool TOD project is positioned as a comprehensive living solution, aiming to redefine regional consumption and lifestyle, moving beyond traditional residential offerings [20] - The company believes that even in a decentralized era, urban development will still require central leadership, which will be driven by continuous upgrades and iterations from China Resources Land [22]

致：香港交易及結算所有限公司 公司名稱: 華潤置地有限公司 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01109 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 8,000,000,000 | HKD | | 0.1 | HKD | | 800,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 8,000,000,000 | HKD | | 0.1 | HKD | | 800,000,000 | 本月底法定/註冊股本總額： HKD 800,000,000 ...

Core Viewpoint - The concept of "good housing" has become a central theme for promoting high-quality development in the real estate industry, with China Resources Land leveraging its 31 years of experience in Beijing to implement this vision through innovative practices and projects [1][9]. Group 1: Good Housing Standards - China Resources Land has introduced a new standard called "Three Goods and Twelve Advantages," focusing on good communities, good products, and good services, which includes twelve key scenarios such as vibrant neighborhoods and healing landscapes [4]. - The "good housing" standard is deeply rooted in customer needs and local culture, with the "Zhenlu" project in Haidian exemplifying this approach through extensive family consultations [4][5]. Group 2: Project Features and Design - The "Zhenlu" project is strategically located along the Qinghe River, integrating natural resources and local culture into its design, creating a luxury residence that offers premier views of Beijing's landscape [5]. - The project features a community center with year-round greenery and various amenities, serving as a social hub while embodying the essence of "good housing" [5][8]. Group 3: Market Response and Community Services - China Resources Land has opened seven real-life demonstration areas this year, showcasing the upgrade in living quality in Beijing and transforming initial designs into tangible experiences for customers [6][8]. - The company's community service brand "Run Biling" enhances the living experience by providing a warmer community life through professional operations and member benefits [8]. Group 4: Brand Strength and Future Outlook - With over 60 projects developed in Beijing and serving more than 100,000 families, China Resources Land has established itself as a key player in urban development and renewal [9]. - The company aims to continue focusing on high-quality product development and the "good housing" initiative, with plans for a new low-density villa project in the Shunyi Wenlu River area, setting a new benchmark for high-end residential living in Beijing [9].