Core Viewpoint - China Resources Land (01109) reported a significant increase in revenue and profit for the first half of 2025, indicating strong performance in its core business segments [1] Financial Performance - The company achieved a revenue of RMB 94.921 billion, representing a year-on-year increase of 19.86% [1] - Profit attributable to shareholders was RMB 11.88 billion, up 16.21% year-on-year [1] - Earnings per share stood at RMB 1.67 [1] Business Segments - Revenue from development and sales business reached RMB 74.36 billion, a year-on-year growth of 25.8% [1] - Operating property business revenue was RMB 12.11 billion, increasing by 5.5% year-on-year [1] - Light asset management business revenue amounted to RMB 6.0 billion, with a slight increase of 1.1% [1] - Revenue from ecosystem factor business declined to RMB 2.45 billion, down 7.7% year-on-year [1] - Recurring income totaled RMB 20.56 billion, a growth of 2.5%, accounting for 21.7% of total revenue [1] Sales and Land Reserves - The company achieved contracted sales of RMB 110.3 billion, with a signed area of 4.12 million square meters in the first half of 2025 [1] - As of June 30, 2025, the company had unrecognized contracted sales of approximately RMB 251.37 billion, with an expected RMB 159.53 billion to be recognized in the second half of 2025 [1] - The company added land reserves of 1.48 million square meters in the first half of 2025, bringing total land reserves to approximately 48.95 million square meters as of June 30, 2025 [1]

格隆汇8月27日丨华润置地(01109.HK)发布公告，2025年上半年综合营业额为人民币949.2亿元，同比增 长19.9%。其中，开发销售型业务营业额为人民币743.6亿元，同比增长25.8%；经营性不动产业务营业 额为人民币121.1亿元，同比增长5.5%，轻资产管理业务营业额为人民币60.0亿元，同比增长1.1%，生 态圈要素型业务营业额为人民币24.5亿元。经常性收入合计为人民币205.6亿元，同比增长2.5%，占总 营业额21.7%。 2025年上半年，集团实现物业签约销售额人民币1,103.0亿元，实现签约面积412万平方米。截至2025年6 月30日，集团已销售尚未结算的签约额约为人民币2,513.7亿元，预计其中人民币1,595.3亿元将于2025年 下半年结算。2025年上半年，集团新增土储储备148万平方米。截至2025年6月30日，集团的总土地储备 约为4,895万平方米。 2025年上半年综合毛利率为24.0%，同比提升1.8个百分点。其中，开发销售型业务毛利率为15.6%，同 比提升3.2个百分点；经营性不动产业务毛利率为72.9%，同比提升1.4个百分点，经营性不动产业务(不 含 ...

Core Viewpoint - China Resources Land (01109) reported a significant increase in revenue and profit for the first half of 2025, indicating strong performance in its core business segments [1] Financial Performance - The company achieved a total revenue of RMB 94.921 billion, representing a year-on-year increase of 19.86% [1] - Profit attributable to shareholders was RMB 11.88 billion, up 16.21% year-on-year, with earnings per share at RMB 1.67 [1] - The comprehensive operating revenue for the first half of 2025 was RMB 94.92 billion, reflecting a growth of 19.9% [1] Business Segments - Revenue from development and sales business reached RMB 74.36 billion, marking a 25.8% increase year-on-year [1] - Operating property business revenue was RMB 12.11 billion, up 5.5% year-on-year [1] - Light asset management business revenue totaled RMB 6.0 billion, with a modest growth of 1.1% [1] - Revenue from ecosystem factor business declined to RMB 2.45 billion, down 7.7% year-on-year [1] Recurring Income - Total recurring income amounted to RMB 20.56 billion, a year-on-year increase of 2.5%, accounting for 21.7% of total revenue [1] Sales and Land Reserves - The company achieved property contracted sales of RMB 110.3 billion, with a contracted area of 4.12 million square meters [1] - As of June 30, 2025, the company had approximately RMB 251.37 billion in unsold contracted sales, with an expected RMB 159.53 billion to be recognized in the second half of 2025 [1] - The company added land reserves of 1.48 million square meters in the first half of 2025, bringing total land reserves to approximately 48.95 million square meters as of June 30, 2025 [1]

EF002 第 1 頁 共 2 頁 v 1.1.1 | 代扣所得稅信息 | | | --- | --- | | 股息所涉及的代扣所得稅 | 不適用 | | 發行人所發行上市權證/可轉換債券的相關信息 | | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 於本公告日期，本公司執行董事為李欣先生、徐榮先生、張大為先生、郭世清先生及陳偉先生；本公司非執行董事為黃挺先生、魏 | | | 成林先生及王宇航先生；以及本公司獨立非執行董事為鐘偉先生、孫哲先生、陳帆先生、梁國權先生及秦虹女士。 | | 第 2 頁 共 2 頁 v 1.1.1 | 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 | 公告全部或任何部份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。 | | --- | --- | | | 股票發行人現金股息（可選擇貨幣）公告 | | 發行人名稱 | 華潤置地有限公司 | | 股份代號 | 01109 | | 多櫃檯股份代號及貨幣 | 不 ...

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的有限公司） （股份代號：1109） 二 零 二 五 年 中 期 業 績 公 告 摘 要 – 1 – • 董 事 會 決 議 宣 派 二 零 二 五 年 中 期 股 息 每 股 人 民 幣0.20元（折 合 每 股 港 幣0.219元），與 二 零 二 四 年 中 期 股 息 每 股 人 民 幣0.20元 持 平。 • 二 零 二 五 年 上 半 年，本 集 團 實 現 物 業 簽 約 銷 售 額 人 民 幣1,103.0億 元， 實 現 簽 約 面 積412萬 平 方 米。截 至 二 零 二 五 年 六 月 三 十 日，本 集 團 已 銷售尚未結算的簽約額約為人民幣2,513.7億元，預計其中人民幣1 ...

Core Viewpoint - The "Run BA 2025 National Homeowner Basketball League" initiated by China Resources Land aims to promote community sports and align with national health strategies, showcasing the company's commitment to creating better living environments and community services [1][6][24]. Group 1: Event Overview - The event took place on August 24 at Chengdu Dong'an Lake Sports Park, concluding with the Chengdu Phoenix City Sun team winning the championship [1]. - The league involved 14 cities, over 500 matches, and approximately 24,500 participants, effectively implementing national health strategies at the community level [7][20]. Group 2: Innovative Community Sports Model - The league adopted an innovative model of "government guidance, corporate platform, homeowner co-creation, and multi-industry collaboration" to enhance community sports participation [8]. - The initiative addressed grassroots challenges such as lack of venues and organization for sports activities, making fitness more accessible to homeowners [8]. Group 3: Community Engagement and Feedback - Participants and spectators praised the event for fostering community connections and providing a platform for interaction among homeowners [9]. - The event was recognized for its professional organization, with comparisons made to high-level basketball leagues [9]. Group 4: Brand and Resource Integration - The event served as a platform for deep collaboration among various business units under China Resources, enhancing brand synergy and community engagement [12]. - The league's marketing strategies included live broadcasts and interactive online campaigns, significantly increasing visibility and engagement [14][15]. Group 5: Long-term Vision and Future Initiatives - The company aims to continue promoting community health and engagement through initiatives like the "Healthy China" strategy, with plans for ongoing sports events across over 2,000 communities [25]. - The president of China Resources Land emphasized the importance of creating a sense of belonging and community through these initiatives, aligning with the company's long-term goals [24].

AGENDA 01. HIGHLIGHTS 04.ESG 02. FINANCIAL REVIEW 03.BUSINESS REVIEW 05. LAND BANK 06. OUTLOOK 07.APPENDIX 三亚海棠湾悦府 西安万象城 Xi'an Mixc P A R T PART ONE Results Highlights Strengthening Momentum of the Second Growth Curve for Stable Performance and Returns Revenue +19.9% YoY Recurring Income +2.5% YoY RMB 94.9bn RMB 20.6bn Weighted Average Funding Cost 2.79% -32bps from FY24 Attributable Net Profit +16.2% YoY Recurring Core Net Profit RMB 11.9 +9.6% YoY bn RMB 6.0bn Net Gearing Ratio 39.2% Core Net Profit -6.6% ...

Group 1 - The core concept of "Fourth Generation Residential" is introduced by Wangyun, emphasizing innovative space utilization and design [1] - Each unit features an "Air Garden" with a unique staggered design that enhances spatial perception, lighting, and views [1] - The garden serves as a multifunctional area for social gatherings, gardening, and relaxation, providing an open and transparent living experience for all unit sizes [3] Group 2 - China Resources Land has built trust in Jinan over 16 years through practical delivery and respect for local culture [5] - The landscape design of Wangyun reflects the cultural essence of Jinan, integrating natural elements and local heritage into the residential environment [5] - The demonstration area showcases 100% real-life visuals, alleviating concerns about misleading renderings, and features luxurious amenities akin to high-end hotels [7] Group 3 - The success of Wangyun, with sales reaching 800 million, highlights the importance of addressing real-life needs in the housing market [10] - The "Air Garden" is not merely a luxury feature but fulfills the deeper desire of high-income families to incorporate nature into their daily lives [11] - Attention to detail in design, such as bronze metal lines and tropical-style tiles, elevates the property beyond a mere product [13] - The luxurious clubhouse offers practical solutions for social interaction and health management, rather than just serving as a status symbol [14]

Summary of China Resources Land Conference Call Company Overview - **Company**: China Resources Land (CR Land) - **Industry**: Real Estate Development in China Key Points and Arguments Business Model Transformation - CR Land is undergoing a five-stage business model transformation due to a shrinking new home market and the development of public and private REITs [2][3] - **Stage 1**: Increasing earnings from recurring income business, expected to rise from 41% in 2024 to over 50% by 2029 [12] - **Stage 2**: More assets to be spun off to REITs, with 80% of malls in tier 1-2 cities available for spin-off, estimated at Rmb256 billion NAV [15] - **Stage 3**: Reduced capital redeployment into development property (DP) business due to declining new home sales [20] - **Stage 4**: Potential change in dividend policy from a percentage of earnings to absolute DPS, enhancing dividend visibility [24][25] - **Stage 5**: Evolving into asset management and investment management, similar to Link REIT and Goodman fund models [29][31] Valuation and Market Position - CR Land is trading at a 50% discount to NAV and 8.1x 2026E PE, indicating it is underappreciated by the market [1][8] - Price target raised by 14% from HK$37.00 to HK$42.00, based on a 36% discount to SOTP-based 2026E NAV [4][40] - Compared to peers, CR Land's 2026E dividend yield is 4.6%, higher than the sector average of 3.0% [4][42] Financial Projections - **Revenue Growth**: Expected revenues to increase from Rmb207,061 million in 2022 to Rmb251,137 million in 2023 [5] - **Net Earnings**: Projected net earnings to remain stable around Rmb27,000 million in 2022 and Rmb27,770 million in 2023 [5] - **DPS**: Expected to be Rmb1.40 in 2022, increasing to Rmb1.44 in 2023 [5] Investment Opportunities - The transformation creates uncertainty, which may present investment opportunities if CR Land follows a positive development path [3] - The potential cancellation of the presale system could further reduce capital needs in the DP business, allowing for more capital allocation towards dividends [20] Risks and Considerations - The ongoing downcycle in the residential property market may continue to affect investor sentiment towards CR Land [8] - The company’s reliance on the DP business, which only accounts for 21% of NAV, raises concerns about capital deployment in this segment [8] Additional Insights - CR Land's dividend policy currently stands at 37% of core earnings, with a significant portion generated from the DP business [8][26] - The company has plans to spin off additional assets to public REITs, enhancing capital recycling and supporting core earnings growth [15][11] Conclusion - CR Land is positioned for a significant transformation that could unlock value through strategic asset management and a shift in dividend policy. The current market undervaluation presents potential investment opportunities, contingent on successful execution of its business model transformation.

格隆汇8月15日丨华润置地(01109.HK)发布公告，2025年8月15日，公司作为借款人，与一家银行作为贷 款人，就金额高达15亿元人民币的定期贷款融资，订立一份贷款融资协议。该贷款融资期限为自该贷款 融资首次被提取款项或拟被首次提取款项的日起计24个月。 ...