Investment Rating - The report maintains a "Recommended" rating for China Resources Land (01109.HK) with a target price of HKD 38.8 [2][8] Core Insights - In the first half of 2025, the company achieved revenue of HKD 949.2 billion, a year-on-year increase of 19.9%, and a net profit attributable to shareholders of HKD 118.8 billion, up 16.2% year-on-year [2][8] - The core net profit contribution from recurring business is 60.2%, with a gross margin recovery in the development and sales business [8] - The company actively acquired land, maintaining a strong investment intensity, ranking among the top three in the industry [8] Financial Performance Summary - Total revenue for 2024 is projected at HKD 278.8 billion, with a year-on-year growth rate of 10.6%. However, a slight decline is expected in 2025 with a revenue forecast of HKD 277.8 billion, reflecting a decrease of 0.4% [4] - The net profit attributable to shareholders is expected to decrease to HKD 24.4 billion in 2025, down 4.7% from 2024 [4] - Earnings per share (EPS) for 2025 is projected at HKD 3.42, with a price-to-earnings (P/E) ratio of 8.4 [4][8] Business Segment Analysis - The development and sales business accounted for 78% of total revenue, with a settlement income of HKD 743.6 billion, up 25.8% year-on-year, and a gross margin of 15.6%, an increase of 3.2 percentage points [8] - The recurring business generated revenue of HKD 205.6 billion, a 2.5% increase year-on-year, contributing 60.2% to the core net profit [8] - The shopping center segment showed stable growth, with retail sales reaching HKD 1,101.5 billion, a 20.2% increase year-on-year, and an operating profit margin of 65.9% [8] Investment Strategy - The company focuses on high-energy cities for land acquisition, with a projected increase in shopping center rental income to HKD 270 billion by 2028 [8] - The report adjusts the EPS forecast for 2025-2027 to HKD 3.42, HKD 3.72, and HKD 3.89 respectively, reflecting a cautious outlook on commercial operations [8]

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 | | | 公司名稱: 華潤置地有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 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 FF301 第 1 頁 共 10 ...

星展发布研报称，华润置地(01109)2025财年上半年业绩符合预期;经常性业务贡献核心盈利逾60%，盈 利质素进一步提升。维持"买入"评级，今明两年盈利预测轻微下调1%至4%，反映毛利假设调整，目标 价由33.4港元降至33.1港元。 ...

智通财经APP获悉，星展发布研报称，华润置地(01109)2025财年上半年业绩符合预期;经常性业务贡献 核心盈利逾60%，盈利质素进一步提升。维持"买入"评级，今明两年盈利预测轻微下调1%至4%，反映 毛利假设调整，目标价由33.4港元降至33.1港元。 该信息由智通财经网提供 ...

Core Viewpoint - The "Run BA 2025 National Homeowner Basketball League" initiated by China Resources Land aims to promote community fitness and align with national health strategies, showcasing the company's commitment to creating better living environments and community services [1][3][13]. Group 1: Event Overview - The event concluded successfully with 14 teams competing, and Chengdu's team emerged as the champion [1]. - The league covered 48 cities and 196 communities, hosting over 500 matches and attracting approximately 24,500 homeowners [3][4]. Group 2: Strategic Implementation and Innovation - The event exemplifies a community sports model that integrates government guidance, corporate support, and homeowner participation, addressing the challenge of limited sports facilities and organizations at the grassroots level [4][5]. - The initiative aligns with the "Healthy China 2030" and "Sports Power" strategies, effectively implementing national policies at the community level [3][13]. Group 3: Community Engagement and Feedback - Participants expressed appreciation for the platform provided by China Resources Land, highlighting the event as a valuable opportunity for community interaction and emotional connection [5][11]. - The event received positive feedback from industry professionals, noting its organization and atmosphere comparable to professional leagues [5]. Group 4: Long-term Community Development - The "Run BA 2025" event is part of a broader community service initiative, "Run Neighbor," which focuses on enhancing community engagement through various activities and services [6][8]. - The initiative has built a network of over 610,000 clients and organized more than 36,000 events, fostering a vibrant community ecosystem [8]. Group 5: Future Plans and Sustainability - China Resources Land plans to continue promoting health and fitness through a series of community events, reinforcing its commitment to the "Healthy China" strategy [14]. - The company aims to enhance living quality and community cohesion, responding to the public's desire for better living conditions [13].

中银国际发表研究报告指，华润置地上半年收入按年增长19.9%至949亿元，符合预期。毛利率上升1.8 个百分点至24%，开发项目毛利率上升3.2个百分点至15.6%，投资物业毛利率上升1.4个百分点至 72.9%。该行表示，看好华润置地强劲的经常性收入、强劲的合同销售表现以及稳健的财务状况，将其 目标价上调4.9%至33.86港元，维持"买入"评级。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is a rare diversified real estate developer in China, with significant advantages in its business model. It has leading capabilities in development, finance, operations, and branding, along with ample and well-structured land reserves to ensure future sales scale. The pressure from impairments has been relatively well-released, and the profit margins from newly acquired land are attractive, indicating a high degree of performance solidity and realization [5][8]. - As a leader in the commercial sector, the company excels in various dimensions such as layout, leasing, operations, rental income, efficiency, and luxury retail. The commercial REITs facilitate asset exit channels, and high-quality self-owned assets provide stable cash flow to help navigate through cycles, which can also enhance the company's dividend and valuation potential [5][8]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 94.9 billion (up 19.9%) and a net profit attributable to shareholders of 11.9 billion (up 16.2%). The core net profit was 10 billion (down 6.6%), with a comprehensive gross margin of 24.0% (up 1.8 percentage points). The interim dividend per share was 0.2 HKD, with a payout ratio of 14.3% relative to core earnings [5][8]. - Revenue and profitability improvements are driving performance growth, with a stable outlook for the future. The company’s total sales for the first half of 2025 were 110.3 billion (down 11.6%), ranking third in the industry, with a sales area of 4.119 million square meters (down 21.0%) and an average selling price of 27,000 HKD per square meter (up 11.9%) [8]. Land Acquisition and Sales - The company remains in the top tier for sales, with robust investments and ample land reserves ensuring future sales stability. In the first half of 2025, the company acquired 18 projects with a total land acquisition amount of 44.73 billion (up 74.7%) and a land area of 1.482 million square meters (down 26.8%). The average land price was 30,000 HKD per square meter (up 138.5%) [8]. - As of the first half of 2025, the company had a developable land reserve of 41.19 million square meters, with 70% located in first and second-tier cities, ensuring stable future sales [8]. Commercial Operations - The company is a leader in commercial operations, with both retail sales and occupancy rates showing growth. In the first half of 2025, shopping center retail sales reached 110.1 billion (up 20.2%), with luxury and non-luxury segments growing by 13.3% and 24.9%, respectively. The same-store sales growth rate was 9.4%, and the occupancy rate improved to 97.3% [8]. - Rental income for the first half of 2025 was 10.4 billion (up 9.9%), with a decrease in selling and administrative expense ratio to 12.1%, leading to an operating profit margin of 65.9%, showcasing industry-leading operational efficiency [8]. Investment Recommendations - The company is positioned as a rare diversified real estate developer with clear business model advantages. It is expected that the net profit attributable to shareholders will reach 26.2 billion, 27 billion, and 28.2 billion for 2025-2027, representing year-on-year growth of 2%, 3%, and 5%, respectively. The corresponding price-to-earnings ratios are projected to be 7.6, 7.4, and 7.0 times [5][8].

Core Viewpoint - Company reported 1H25 results that met market expectations, with a revenue increase of 19.9% year-on-year to 94.92 billion yuan, and a core net profit decline of 6.6% to 10 billion yuan [1][2] Financial Performance - Revenue from regular business grew by 2.5% and core net profit by 9.6%, with regular business contributing 60.2% to core net profit, an increase of 8.9 percentage points year-on-year [1] - The company declared an interim dividend of 0.20 yuan per share, maintaining a dividend yield of 14.3% [1] - Development sales decreased by 11.5% to 110.3 billion yuan, while settlement revenue increased by 25.8% to 74.4 billion yuan, with a settlement gross margin improvement of 3.2 percentage points to 15.6% [2] - The company maintained a net debt ratio of 39.2%, which is still low in the industry, and the cash short-term debt ratio is 2.0 [2] Strategic Development - The company plans to issue REITs worth 30-50 billion yuan over the next 3-5 years, with an average annual disposal of 5-10 billion yuan, which is expected to enhance cash flow and balance sheet resilience [2] - The company acquired land with a cost of 44.7 billion yuan, a 75% increase year-on-year, focusing on core cities and locations [3] Profit Forecast and Valuation - The core net profit forecast for 2025 is expected to decline by 4% to 24.45 billion yuan, while the 2026 forecast is raised by 5% to 25.62 billion yuan [3] - The target price is adjusted upward by 13% to 37 HKD, corresponding to 0.8 times the 2025 target P/B ratio, indicating a 22% upside potential [3]

Core Viewpoint - The company reported steady revenue growth and stable profitability in the first half of 2025, with significant contributions from its development and commercial operations [1][2][3] Revenue and Profitability - In H1 2025, the company achieved revenue of 94.92 billion yuan, a year-on-year increase of 19.9%, with a gross margin of 24.0%, up by 1.8 percentage points [1] - The net profit attributable to shareholders was 11.88 billion yuan, reflecting a year-on-year growth of 16.2%, while the core net profit stood at 10.0 billion yuan [1] - Development business revenue grew by 25.8% to 74.36 billion yuan, driven by optimized project turnover despite a 7.2% decrease in area [1] Sales Performance - The company recorded sales in the development business amounting to 110.3 billion yuan, a decrease of 11.6% year-on-year, maintaining a top-three ranking [1] - Sales in first-tier cities accounted for 46% of total sales, an increase of 8 percentage points year-on-year [1][2] Investment and Land Acquisition - The company added 18 new investment projects in H1 2025, with a total investment amount of 44.73 billion yuan and an equity amount of 32.28 billion yuan, focusing on first- and second-tier cities [2] - The land reserve for development business reached 4,119 million square meters, laying a solid foundation for future growth [2] Commercial Operations - Regular business revenue increased by 2.5% to 20.56 billion yuan, contributing 21.3% to total revenue, with significant growth in operating properties and light asset management [2] - The company operates 94 shopping centers, generating rental income of 10.42 billion yuan, a year-on-year increase of 9.9%, with an occupancy rate of 97.3% [2] Financial Health - The company holds cash reserves of 120.24 billion yuan, with a net interest-bearing debt ratio of 39.2%, and a weighted average cost of capital reduced by 32 basis points to 2.79%, maintaining the lowest level in the industry [2] - A mid-term dividend of 0.20 yuan per share is proposed, unchanged from the previous year [2] Future Outlook - The company is expected to achieve revenues of 283.48 billion yuan, 287.76 billion yuan, and 298.99 billion yuan for 2025-2027, with net profits of 25.77 billion yuan, 26.74 billion yuan, and 29.85 billion yuan respectively [3] - The company is rated with a "buy" recommendation based on its focus on first- and second-tier cities, stable sales, and optimized financial structure [3]

Core Viewpoint - In the first half of 2025, the company achieved revenue of 94.92 billion yuan, a year-on-year increase of 19.9%, with development business settlement income at 74.36 billion yuan, up 25.8% [1][2][4] - The core net profit for the same period was 10 billion yuan, a decrease of 6.6%, primarily due to a reduction in other income and gains, which amounted to 1.58 billion yuan, down 18.3 billion yuan from the previous year [1][2] Revenue Breakdown - The company's regular business revenue was 20.56 billion yuan, reflecting a year-on-year growth of 2.5%, contributing 60.2% to the core net profit, an increase of 8.8 percentage points from the previous year [1][3] - The comprehensive gross profit margin increased by 1.8 percentage points to 24.0%, mainly due to a rise in the gross profit margin of the development business [2] Shopping Center Performance - The shopping center's rental income reached 10.4 billion yuan, a year-on-year increase of 9.9%, while retail sales amounted to 110.1 billion yuan, up 20.2%, with same-store sales growth of 9.4%, outperforming the national retail growth rate of 5.0% [3] Sales and Land Acquisition - The total sales amount for the first half of 2025 was 110.3 billion yuan, a year-on-year decrease of 11.5%, maintaining the third position in the industry [4] - The company acquired land worth 34.76 billion yuan, a year-on-year increase of 45.6%, with a land acquisition intensity of 31.5%, up 12.4 percentage points from the previous year [4]