Group 1 - China Resources Land has officially won the bid for the Zhaomatang Waterfront Park Phase I and the 32-01, 36-02 plot landscape project, indicating a more stable development phase for Nanda Smart City [1] - The project will anchor around a 100,000 square meter waterfront park, linking with the Central Urban Land [3] - The company emphasizes ecological restoration, operational thinking, and content empowerment in its park construction, aiming to unify ecological, living, and urban values [4] Group 2 - In the Haitang River Park project in Sanya, China Resources Land transformed ecological disadvantages into a magnificent public ecological space through precise soil remediation and artistic landscape design [5] - The Shenzhen Dashahu Ecological Corridor project showcases forward-looking planning, dividing a 13.7-kilometer shoreline into three sections, integrating cultural spaces like bookstores and tea houses [5] - The Chengdu Dong'an Lake Sports Park has successfully transitioned from a venue for the 31st Universiade to a multi-functional urban cultural park, demonstrating sustainable operational strategies [5] Group 3 - Nanda Smart City has evolved into a core area for the "North-South Transformation" in northern Shanghai, becoming a hub for innovation industries with high-quality supporting resources [6][7] - The rapid development of supporting resources has led to the emergence of the "Nanda Speed" label, with significant projects like the Digital Center and the International Talent Community being completed [7] - The recent bid for the Zhaomatang Waterfront Park will enhance the ecological interface of the area, further upgrading its layout [7] Group 4 - The overall development area of China Resources Land in Nanda has expanded from approximately 900,000 square meters to about 1,000,000 square meters, transitioning from single project development to area-wide planning [11] - The Central Urban Land project is the first TOD project in Nanda, designed to provide direct subway access and a seamless connection to commercial areas [11] - The new projects will create a "PARK×TOD" combination, promoting a lifestyle that balances urban vibrancy with tranquility [11] Group 5 - The Wonyun TOD project, part of the Central Urban Land Phase II, features direct subway access and efficient space planning, offering improved residential options [15] - The Wonyun TOD is adjacent to the newly awarded Zhaomatang Waterfront Park project, enhancing its ecological value [15] - The Central Urban Land and Wonyun TOD will continue to release value, raising the living standards in northern Shanghai [17]

机构：国信证券 研究员：任鹤/王粤雷/王静 核心观点 财务指标保持健康。截至2025H1 末，公司净有息负债率39%，剔除预收款的资产负债率55%；加权平 均融资成本为2.79%，较2024 年末下降32 个基点。 预期2025 全年，公司经常性业务收入能覆盖2 倍股息及利息倍数，偿债压力较小。 上半年核心净利润同比-7%，经常性业务贡献占比提升至60%。2025H1，公司实现营业收入949 亿元， 同比+20%；实现核心净利润100 亿元，同比-7%，其中经常性业务贡献核心净利润占比60%，同比提升 了9pct；2025H1，公司毛利率24.0%，同比提升2pct，其中开发销售型业务毛利率提升3pct 至15.6%，经 营性不动产业务毛利率提升1pct 至72.9%。2025H1，公司核心净利率10.5%，同比下降3pct，主要受到 开发销售型业务核心净利率同比下降4pct 的拖累。2025H1，开发销售型业务核心净利润同比-24%，主 要因为去年3 月公司发行商业REIT 获得项目出售收益16 亿元导致2024H1 基数较高。 投资建议：我们维持此前的盈利预测，预计公司2025-2026 年的归母净利润分 ...

"大浪淘沙始见金"，在房地产行业深度调整之际，哪些房企依然能为股东创造价值回报？ 随着中报季结束，各大房企均披露了上半年的业绩表现。新京报贝壳财经以2025年上半年房企销售额排行榜（参 照中指研究院公布名单）为基础，选取排名前30家的上市房企，推出《2025年上半年上市房企归母净利润排行 榜》。 那么，谁是今年上半年房地产行业的"利润之王"？有哪些房企实现了正向盈利？哪些房企持续亏损呢？ | | 典型房企 | | | --- | --- | --- | | 华润置城 | 118.8 | 16.21% | | 远洋集团 | 102 | 289.57% | | 中海地产 | 85.99 | -16.62% | | 龙湖集团 | 32.16 | -45.18% | | 保利发展 | 27.11 | -63.47% | | 滨江集团 | 18.53 | 58.87% | | 口在在线 | 41 10 | 1001 V | | חמנום | 14.40 | 6. 10 70 | | --- | --- | --- | | 越秀地产 | 13.7 | -25.21% | | 中国金茂 | 10.9 | 7.93% | ...

"大浪淘沙始见金"，在房地产行业深度调整之际，哪些房企依然能为股东创造价值回报？ 随着中报季结束，各大房企均披露了上半年的业绩表现。新京报贝壳财经以2025年上半年房企销售额排行榜（参照中指研究院公布名单）为基础，选取排 名前30家的上市房企，推出《2025年上半年上市房企归母净利润排行榜》。 那么，谁是今年上半年房地产行业的"利润之王"？有哪些房企实现了正向盈利？哪些房企持续亏损呢？ 谁在盈利？ 华润置地靠"收租"成为"利润王" 今年上半年，归母净利润排行榜前三的是华润置地、远洋集团和中海地产，对应的归母净利润分别为118.8亿元、102亿元和85.99亿元。 其中，华润置地依然稳坐"利润王"的宝座，其上半年归母净利润为118.8亿元，同比增长16.21%，按此计算，其日赚利润超6000万元。华润置地之所以能 蝉联"利润王"，与其业务结构相关。 回顾华润置地今年上半年业绩可以发现，占总营业额仅21.7%的经常性业务贡献了60.2%的核心净利润，达60.2亿元；而开发销售型业务仅带来39.8亿元核 心净利润，同比减少23.8%。 这些经常性业务包括购物中心、写字楼、酒店、长租公寓等，能产生稳定的现金流，像"收 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [6][77]. Core Insights - The company reported a core net profit of 10 billion yuan for the first half of 2025, a year-on-year decrease of 7%, with the contribution from recurring business rising to 60%, an increase of 9 percentage points [10][1]. - The company's revenue for the first half of 2025 reached 94.9 billion yuan, reflecting a year-on-year growth of 20% [10][1]. - The gross margin improved to 24.0%, up 2 percentage points year-on-year, with the gross margin for development and sales business increasing by 3 percentage points to 15.6% [10][1]. - The company’s financial health remains robust, with a net interest-bearing debt ratio of 39% and an asset-liability ratio of 55% excluding advance receipts [64][1]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 94.9 billion yuan, up 20% year-on-year, and a core net profit of 10 billion yuan, down 7% year-on-year [10][1]. - The core net profit margin was 10.5%, a decrease of 3 percentage points, primarily due to a 4 percentage point decline in the core net profit margin of the development and sales business [10][1]. Development and Sales Business - The revenue from the development and sales business was 74.4 billion yuan, a year-on-year increase of 26%, while the contracted sales amount was 110.3 billion yuan, down 12% [25][2]. - The company ranked third in industry sales, maintaining a leading position in 15 cities [25][2]. - The land acquisition amount was 44.7 billion yuan, a 75% increase year-on-year, with a land reserve area of 48.95 million square meters as of the end of the first half of 2025 [25][2]. Operational Performance of Shopping Centers - The operating income from the property management business was 12.1 billion yuan, a 6% increase year-on-year, with rental income from shopping centers reaching 10.4 billion yuan, up 10% [50][3]. - The overall occupancy rate of shopping centers was 97.3%, remaining stable year-on-year, with a retail sales figure of 110.1 billion yuan, reflecting a 20% increase [50][3]. Financial Health - The company’s weighted average financing cost was 2.79%, a decrease of 32 basis points compared to the end of 2024 [64][1]. - It is expected that the recurring business income will cover twice the dividend and interest expenses for the full year of 2025, indicating low debt repayment pressure [64][1]. Profit Forecast - The report maintains previous profit forecasts, expecting the company's net profit attributable to shareholders to be 24.5 billion yuan and 24.1 billion yuan for 2025 and 2026, respectively, with corresponding earnings per share of 3.43 yuan and 3.39 yuan [77][1].

5 September 2025 | 4:52PM CST China Resources Land (1109.HK): Asia Leaders Conference 2025 — Key Takeaways: unlocking value from strategic transformation Bottom line: We hosted CRL's management at our GS Asia Leaders Conference on Sep 5. Key takeaways include: 1) the operating environment is still challenging for both DP/IP segments, and management plan to navigate this via disciplined investments in core locations within core cities, and utilizing its diversified mall positioning and brand incubation capab ...

Core Insights - China Resources Land achieved a total revenue of 94.92 billion yuan in the first half of 2025, representing a year-on-year growth of 19.9% [3] - The net profit attributable to shareholders was 11.88 billion yuan, up 16.2% year-on-year, while core net profit decreased slightly by 6.6% to 10 billion yuan [3][4] - The company faces a "revenue without profit" situation, with only 20% of total revenue coming from recurring business, which contributed over 60% to core net profit [3][4] Business Performance - The core net profit decline is primarily driven by the development and sales segment, which saw a 23.8% year-on-year drop in core net profit to 3.98 billion yuan [4] - Development and sales business generated 74.36 billion yuan in revenue, a 25.8% increase year-on-year, accounting for nearly 80% of total revenue [4] - Recurring business revenue was 20.56 billion yuan, growing by 2.5%, but contributed over 60% to core net profit [4] Asset Management and Operational Performance - The operational real estate and asset management sectors are becoming significant growth engines, with operational real estate revenue reaching 12.11 billion yuan, up 5.5% [6] - Shopping centers achieved retail sales of 110.15 billion yuan, a 20.2% increase, with an operating profit margin of 65.9%, setting a new historical high [6] - As of June 30, 2025, the asset management scale reached 483.5 billion yuan, an increase of 21.4 billion yuan from the end of 2024 [6] Land Acquisition Strategy - The company remains optimistic about the market outlook for the second half of the year, maintaining confidence in its annual sales targets [7] - In the first half of 2025, the company signed contracts worth 110.3 billion yuan, a decrease of 11.6% year-on-year, with a signed area of 4.12 million square meters, down 21.0% [7] - The total land reserve area reached 48.95 million square meters, with 18 premium land parcels acquired at a total price of 44.73 billion yuan [7][8] Focus on Core Cities - The land acquisition strategy focuses on core cities, with all 18 projects located in first and second-tier cities, enhancing the quality of land reserves [8] - The company has made significant land purchases in key cities like Hangzhou and Shanghai, with notable transactions setting new price records [8]

Core Insights - The company achieved a revenue of 94.92 billion yuan in the first half of 2025, representing a year-on-year growth of 19.9%, with a net profit attributable to shareholders of 11.88 billion yuan, up 16.2% [1] - The core net profit from recurring business contributed 60% to the overall profit, indicating a recovery in the gross margin of development and sales business [1] Group 1: Revenue and Profitability - In the first half of 2025, the company's revenue was approximately 94.92 billion yuan, with a year-on-year increase of 19.9%, where development and sales business accounted for 78% and recurring business for 22% [1] - The revenue from development and sales business was 74.36 billion yuan, up 25.8%, with a gross margin of 15.6%, an increase of 3.2 percentage points year-on-year [1] - Recurring business revenue reached 20.56 billion yuan, growing by 2.5%, with a core net profit of 6.02 billion yuan, contributing 60.2% to the overall profit, an increase of 6.3 percentage points year-on-year [1] Group 2: Investment and Land Acquisition - The company actively acquired land in the first half of 2025, maintaining a strong investment intensity, ranking among the top three in the industry [1] - The signed amount for the first half of 2025 was 110.3 billion yuan, a decrease of 11.5% year-on-year, with a signed area of 4.12 million square meters, down 21% [1] - The company secured 18 projects, adding land reserves of 1.48 million square meters, with an equity investment amounting to 32.28 billion yuan [1] Group 3: Shopping Center Performance - The shopping centers achieved retail sales of 110.15 billion yuan in the first half of 2025, a year-on-year increase of 20.2%, with an overall operating profit margin of 65.9%, reaching a historical high [2] - As of June 2025, the company operated approximately 94 shopping centers, with two new openings in Foshan and Zhengzhou during the first half of the year [2] - By 2028, the company expects rental income from shopping centers to grow to 27 billion yuan, with a projected number of 116 heavy-asset shopping centers [2] Group 4: Asset Management and REIT Performance - As of June 2025, the company's asset management scale was approximately 483.5 billion yuan, an increase of 21.4 billion yuan from the end of 2024 [3] - The performance of China Resources Commercial REIT was notable, with a total market value exceeding 10 billion yuan, and a cumulative cash dividend of 4.95 million yuan over six consecutive quarters [3] - China Resources Nest REIT achieved an operating revenue of 3.929 million yuan, remaining stable year-on-year, with an EBITDA of approximately 2.579 million yuan, up 5% [3]

Core Viewpoint - The article highlights the significant advancements made by China Resources Land in ESG (Environmental, Social, and Governance) practices, leading to an upgrade in its sustainability rating from A to A+, and its recognition as one of the top 50 ESG-performing companies listed in Hong Kong [1][4]. Financial Performance - In the first half of the year, China Resources Land achieved a total revenue of 94.92 billion yuan, representing a year-on-year increase of 19.9%, and a net profit attributable to shareholders of 11.88 billion yuan, up 16.2% [2]. - The company’s average financing cost dropped to a historical low of 2.79% in the first half of the year, reflecting market recognition of its ESG practices [5][26]. ESG Initiatives - China Resources Land has upgraded its "dual carbon" goals, aiming for a 45% reduction in carbon intensity for operational real estate projects by 2030, exceeding the industry average [9][11]. - The company has implemented a comprehensive ESG strategy, including achieving 100% zero-carbon electricity operation in all luxury shopping centers and significant reductions in carbon emissions across its projects [10][12]. Social Responsibility - The company has made substantial contributions to affordable housing, with a construction area of 20.69 million square meters for affordable housing and managing 85,000 rental units, positioning it among the industry leaders [16]. - In rural revitalization, China Resources Land has successfully delivered 14 Hope Towns and is actively involved in enhancing living conditions in these areas, attracting over 500 individuals back to their hometowns for employment [18][19]. Governance Improvements - The company has enhanced its governance framework by revising 11 policy guidelines, including sustainability and environmental management policies, to support its green transition [20][22]. - China Resources Land has actively engaged with investors, holding numerous forums to communicate its ESG initiatives and achievements, thereby improving market understanding and recognition of its efforts [22]. Market Impact - The article emphasizes that ESG performance is becoming a core metric for evaluating long-term value in the real estate sector, with China Resources Land benefiting from lower financing costs and increased investor interest due to its strong ESG practices [23][24]. - The company’s position in the Hang Seng Sustainable Development Benchmark Index and the Hang Seng ESG 50 Index reflects its ongoing commitment to sustainability and its role as a leader in the industry [26][29].

Core Viewpoint - Morgan Stanley indicates that the performance of Chinese real estate developers in the first half of the year was weaker than expected, but they maintain a generally positive outlook for the second half and beyond, particularly regarding the recovery of development profit margins and rental growth [1] Group 1: Performance Metrics - Major developers reported an average core profit decline of 17% year-on-year in the first half of the year, while maintaining stable dividend payout ratios [1] - The liquidity risk in the industry appears to have been largely eliminated, although differentiation among companies still exists [1] Group 2: Company Recommendations - Morgan Stanley continues to recommend holding high-quality state-owned enterprises (SOEs) with good prospects, such as China Resources Land (1109.HK) and China Resources Mixc Lifestyle (1209.HK), which are seen as benefiting from consumer trends, as well as high-dividend stocks like Jianfa International Group (1908.HK) [1] Group 3: Future Outlook - The expectation is that real estate sales may accelerate in the fourth quarter, driven by SOEs having ample sellable resources in high-tier cities; however, the average sales for the remaining year are projected to decline by 2% year-on-year [1] - Company management anticipates a decrease in development gross profit margins by 1 to 2 percentage points this year, with a potential recovery starting in 2026; inventory reduction remains a top priority for the coming years [1]