Core Viewpoint - Goldman Sachs has downgraded the 2025 core earnings per share forecast for China Resources Land (01109) by 6% due to delays in the follow-up work for the issuance of Real Estate Investment Trusts (C-REIT) [1] Group 1: Earnings Forecast - The company's plan to spin off four shopping mall assets is currently under review by the Shenzhen Stock Exchange, leading to a reduction in the net income forecast from asset disposals for 2025 by 1.4 billion RMB [1] - Goldman Sachs has maintained its earnings per share forecasts for China Resources Land from 2026 to 2028, as well as the target price of HKD 36, which is based on a 10% discount to the projected net asset value (NAV) of HKD 40 at the end of 2026 [1] Group 2: Investment Rating - Goldman Sachs reiterated a "Buy" rating for China Resources Land and included it in the conviction buy list [1]

Core Viewpoint - The report from Daiwa Capital Markets indicates that China Resources Land (01109) is expected to experience an 18.8% year-on-year decline in core net profit for 2025, primarily due to a decrease in gross margin from real estate development and delayed recognition of income from REIT listings [1] Financial Projections - The profit margin for the real estate development business is projected to drop from 16.8% in 2024 to 14.5% in 2025 [1] - Earnings forecasts for China Resources Land for the years 2025 to 2027 have been revised downwards by 14.6%, 11.4%, and 10.7% respectively [1] Target Price Adjustment - The target price for China Resources Land has been reduced from HKD 37.51 to HKD 35.4 [1] - Despite the adjustments, the company maintains a "Buy" rating, highlighting confidence in its commercial operations and core strengths in high-end residential development [1]

Group 1 - The core viewpoint of the report indicates that China Resources Land (01109) is expected to experience an 18.8% year-on-year decline in core net profit for 2025 due to a decrease in gross margin from real estate development and delayed recognition of REITs listing income [1] - The profit margin for the real estate development business is projected to drop from 16.8% in 2024 to 14.5% in 2025 [1] - The company’s balance sheet is expected to remain robust despite the anticipated profit decline [1] Group 2 - The earnings forecasts for China Resources Land for the years 2025 to 2027 have been revised downwards by 14.6%, 11.4%, and 10.7% respectively [1] - The target price for the company has been reduced from HKD 37.51 to HKD 35.4 [1] - Despite the adjustments, the report maintains a "Buy" rating, highlighting the company's strengths in commercial operations and high-end residential development [1]

Core Viewpoint - The recent policy change by the central bank to lower the minimum down payment ratio for commercial property loans to 30% is expected to stimulate demand for high-quality office assets, particularly benefiting projects like the Wanbo Enterprise Center by China Resources Land in Guangzhou [1] Group 1: Policy Impact - The new policy is anticipated to enhance enterprises' willingness to purchase high-quality office assets, effectively reducing their acquisition costs and financial pressure [1] - Financial support policies are optimized to provide stronger backing for quality assets with product strength and location advantages, such as the Wanbo Enterprise Center [1] Group 2: Market Response - The Wanbo Enterprise Center has already demonstrated strong sales performance, attributed to its innovative planning and product capabilities [1] - The policy change is likely to assist more enterprises in efficiently upgrading their headquarters and asset allocation [1]

开源证券发布研报称，维持华润置地(01109)"买入"评级，华润置地发布2025年12月运营数据。公司上 半年营收利润实现增长，结转毛利率逆势提升，经常性业务质效双增。公司销售拿地稳健，市占率持续 提升，充裕土储保障未来结转业绩，经常性业务盈利水平高企。 开源证券主要观点如下： 销售排名稳居前三，12月销售数据超预期增长 公司2025全年拿地33宗，对应规划建面339万方，土地总价917亿元，其中权益拿地金额683亿元，拿地 权益比74%;拿地均价达27024元/平，拿地强度达39%。分结构来看，公司在一线城市拿地占比66.6%， 二线城市占比28.3%，项目整体安全垫较高。 经常性收入稳中有升，华润有巢REIT成功扩募上市 公司2025全年实现经常性收入511.5亿元，同比+6.5%;其中经营性不动产(购物中心+写字楼+酒店)租金收 入329.4亿元，同比+12.8%。公司12月单月实现经常性收入52.9亿元，同比+0.8%;其中经营性不动产租 金收入30.1亿元，同比+9.4%。2026年1月，华润有巢REIT扩募上市仪式成功举行，此次扩募为华夏基 金华润有巢REIT的首次扩募，配售价格2.53元/份，认 ...

Group 1 - The core viewpoint of the report maintains a "buy" rating for China Resources Land (01109), highlighting its revenue and profit growth in the first half of 2025, with an increase in gross profit margin and consistent performance in recurring business [1] - The company achieved a total sales amount of 233.6 billion yuan in 2025, a year-on-year decrease of 10.5%, while maintaining a top-three sales ranking; the sales area was 9.225 million square meters, down 18.6%, and the average sales price was 25,322 yuan per square meter, up 9.9% [1] - December sales data showed significant growth, with sales amount and area increasing by 28.1% and 29.1% year-on-year, respectively, driven by strong performance in first-tier cities [1] Group 2 - The company actively acquired land, securing 33 plots in 2025 with a planned construction area of 3.39 million square meters and a total land cost of 91.7 billion yuan; the average land acquisition price was 27,024 yuan per square meter [2] - The land acquisition ratio in first-tier cities was 66.6%, indicating a strong focus on high-capacity urban areas, with a land acquisition strength of 39% [2] Group 3 - Recurring income for the company increased to 51.15 billion yuan in 2025, a year-on-year rise of 6.5%, with rental income from operational real estate reaching 32.94 billion yuan, up 12.8% [3] - In December, the company recorded a recurring income of 5.29 billion yuan, a slight increase of 0.8% year-on-year, with operational real estate rental income at 3.01 billion yuan, up 9.4% [3] - The successful expansion listing of China Resources' REIT in January 2026 raised approximately 1.133 billion yuan, with a subscription rate of 99.51%, aimed at acquiring quality assets [3]

Investment Rating - The investment rating for China Resources Land (01109.HK) is "Buy" (maintained) [1] Core Insights - The company reported a strong sales performance at the end of the year, with a total sales amount of 233.6 billion yuan in 2025, a year-on-year decrease of 10.5%, maintaining a top-three ranking in the industry [6] - The company has actively acquired land, with 33 plots purchased in 2025, corresponding to a planned construction area of 3.39 million square meters and a total land price of 91.7 billion yuan [7] - Regular income showed steady growth, with total regular income reaching 51.15 billion yuan in 2025, a year-on-year increase of 6.5% [8] Summary by Sections Sales Performance - In December, the company achieved a sales amount and area growth of 28.1% and 29.1% year-on-year, respectively, with significant contributions from major cities [6] Land Acquisition - The average land acquisition price was 27,024 yuan per square meter, with a land acquisition intensity of 39% [7] Regular Income - The rental income from operational real estate (shopping centers, office buildings, hotels) was 32.94 billion yuan, reflecting a year-on-year increase of 12.8% [8] Financial Summary - The projected net profit for 2025-2027 is 21.71 billion, 24.07 billion, and 26.37 billion yuan, respectively, with corresponding EPS of 3.05, 3.37, and 3.70 yuan [5][9]

Core Viewpoint - China Resources Land has acquired four land parcels in Wuhan, Jinan, Shenzhen, and Dalian, totaling approximately 428,600 square meters with a total equity consideration of about RMB 3.4 billion [1] Group 1: Acquisition Details - In Wuhan, the company acquired the Donghu High-tech Zone He Ye Shan residential project, with a floor area of 124,300 square meters and an equity consideration of RMB 895 million [1] - In Jinan, the company secured the Lixia District Luoyi Road West residential project, covering 54,600 square meters, with an equity consideration of RMB 1.108 billion [1] - In Shenzhen, the company obtained the Luohu District Hubei Commercial and Residential Project A9, with a floor area of 114,100 square meters and an equity consideration of RMB 183 million [1] - In Dalian, the company acquired the High-tech Zone Ling Shui 03 residential project, with a floor area of 135,900 square meters and an equity consideration of RMB 1.217 billion [1]

2025年12月，集团经常性收入约人民币52.9亿元，按年增长0.8%，其中，经营性不动产业务租金收入约 人民币30.1亿元，按年增长9.4%。2025年累计经常性收入约人民币511.5亿元，按年增长6.5%，其中， 经营性不动产业务租金收入约人民币329.4亿元，按年增长12.8%。 2025年12月，华润置地实现总合同销售金额约人民币410.0亿元，总合同销售建筑面积约167.9万平方 米，分别按年增长28.1%及29.1%。 2025年，华润置地累计合同销售金额约人民币2336.0亿元，总合同销售建筑面积约922.4万平方米，分别 按年减少10.5%及18.6%。 央广网北京1月13日消息（记者门庭婷）1月12日，华润置地发布2025年12月未经审核营运数据。 ...

Core Insights - China Resources Land reported a total contract sales amount of 41 billion yuan and a total contract sales area of 1.679 million square meters for December 2025, representing year-on-year growth of 28.1% and 29.1% respectively [1] - For the entire year of 2025, the cumulative contract sales amount was 233.6 billion yuan, with a cumulative contract sales area of 9.224 million square meters, reflecting a year-on-year decrease of 10.5% and 18.6% respectively [1] - The company achieved recurring revenue of 5.29 billion yuan in December 2025, marking a year-on-year increase of 0.8%, with rental income from operating properties reaching 3.01 billion yuan, up 9.4% year-on-year [1] - The total recurring revenue for the year 2025 was 51.15 billion yuan, showing a year-on-year growth of 6.5%, while rental income from operating properties totaled 32.94 billion yuan, an increase of 12.8% year-on-year [1]