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]

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].