Group 1 - The core viewpoint of the articles highlights that China Resources Land (01109.HK) reported a revenue of RMB 281.44 billion for the fiscal year 2025, reflecting a year-on-year growth of 0.9% [1] - The revenue breakdown includes RMB 238.16 billion from development sales, RMB 25.44 billion from rental income, and RMB 17.83 billion from light asset management fees [1] - The total recurring business income reached RMB 43.28 billion, marking a 3.7% increase year-on-year, which constitutes 15.4% of total revenue [1] Group 2 - In 2025, the group achieved a property contracted sales amount of RMB 233.6 billion, ranking third in the industry, with a contracted area of 9.22 million square meters [2] - As of the end of 2025, the group has locked in unrecognized revenue of RMB 164.58 billion, with an expected RMB 123.48 billion to be recognized in 2026 [2] - The group added land reserves of 3.39 million square meters in 2025, bringing total land reserves to approximately 46.73 million square meters by the end of 2025 [2] - The total debt of the group stood at RMB 281.47 billion, with cash and bank balances of RMB 116.99 billion, resulting in a net interest-bearing debt ratio of 39.2% [2] - The weighted average cost of debt financing decreased by 39 basis points to 2.72% compared to the end of 2024, maintaining the lowest level in the industry [2]

Group 1 - The core revenue for China Resources Land (华润置地) for the fiscal year ending December 31, 2024, was RMB 281.44 billion, representing a year-on-year increase of 0.91% [1] - The profit attributable to shareholders was RMB 25.42 billion, showing a slight decrease of 0.45% year-on-year, with basic earnings per share at RMB 3.56 [1] - The company's recurring business revenue and profit grew by 3.7% and 13.1% year-on-year, respectively, with the recurring profit margin increasing by 11.2 percentage points to 51.8% [1] Group 2 - In 2025, the group achieved a contracted sales amount of RMB 233.6 billion, a decline of 10.5% year-on-year, with a contracted area of 9.22 million square meters, down 18.6% year-on-year [1] - The overall performance of the real estate market is stabilizing after a deep adjustment, but challenges such as insufficient demand and inventory reduction persist [1] - The company is focusing on strategic transformation and innovation while seizing policy opportunities to maintain stable overall performance [1] Group 3 - The shopping center revenue for 2025 was RMB 21.92 billion, reflecting a year-on-year growth of 13.3%, with an occupancy rate of 97.4%, an increase of 0.3 percentage points year-on-year [2] - The overall valuation of the shopping center asset portfolio increased by RMB 9.45 billion, with a total assessed asset value of RMB 240.35 billion, accounting for 22.3% of the group's total assets [2] - The total building area of shopping centers reached 12.42 million square meters, an increase of 8.4% year-on-year, with six new shopping centers opened during the period, bringing the total to 98 [2] Group 4 - There were no new office buildings put into operation during the period, maintaining the number of operational office buildings at 23 [3]

Group 1 - The core point of the article is that China Resources Land reported a total revenue of 238.16 billion RMB from property development for the year [1] Group 2 - The company achieved significant financial performance in the property development sector, indicating strong market presence and operational efficiency [1]

免責聲明 第 2 頁 共 2 頁 v 1.1.1 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、張大為先生、徐榮先生、郝忠明先生、趙偉先生及陳偉先生；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。 | | 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 ...

Financial Performance - For the fiscal year ending December 31, 2025, the total revenue was RMB 281.44 billion, representing a year-on-year growth of 0.9%[2] - The revenue from development and sales business amounted to RMB 238.16 billion, while the rental income from operating real estate was RMB 25.44 billion[2] - The gross profit margin for the fiscal year was 21.2%, with the development and sales business gross margin at 15.5% and the operating real estate rental gross margin at 71.8%, an increase of 1.8 percentage points year-on-year[2] - The net profit attributable to shareholders was RMB 25.42 billion, with the core net profit (after adjustments) at RMB 22.48 billion, reflecting an increase in the contribution of core net profit to 51.8%[2] - The earnings per share attributable to shareholders was RMB 3.56, while the core net profit per share was RMB 3.15[2] - The company reported a net debt ratio of 39.2%, with total liabilities amounting to RMB 1,645.8 billion[3] - The financing cost of debt decreased by 39 basis points to 2.72%, maintaining the lowest level in the industry[3] - The company achieved a regular business revenue of RMB 43.28 billion, which accounted for 15.4% of total revenue, showing a year-on-year growth of 3.7%[2] - The company's revenue for the year ended December 31, 2025, was CNY 281,437,885,000, compared to CNY 278,905,492,000 for the previous year, representing a growth of approximately 0.5%[5] - Gross profit for the year was CNY 59,744,383,000, a slight decrease from CNY 60,356,025,000, indicating a decline of about 1.0%[5] - Net profit for the year was CNY 32,819,375,000, down from CNY 33,633,836,000, reflecting a decrease of approximately 2.4%[6] - Total comprehensive income for the year was CNY 32,194,783,000, compared to CNY 33,824,432,000, representing a decrease of approximately 4.8%[6] Dividends and Shareholder Returns - The board proposed a final dividend of RMB 0.966 per share, with a total annual dividend of RMB 1.166 per share for 2025[2] - The proposed final dividend for the year ending December 31, 2025, is RMB 0.966 per share, totaling approximately RMB 6,888,488,000 based on 7,130,939,579 shares issued[32] - Shareholders must submit their currency preference for the dividend by July 16, 2026, to receive the final dividend in RMB[112] - If shareholders do not submit their currency preference, they will automatically receive the final dividend in HKD[114] - Shareholders are advised to seek professional tax advice regarding potential tax implications of the dividend payment[115] Assets and Liabilities - The company reported a total assets increase from CNY 645,783,667 thousand in 2024 to CNY 710,687,002 thousand in 2025, representing a growth of approximately 10.1%[9] - Non-current assets decreased from CNY 432,916,883 thousand in 2024 to CNY 418,814,285 thousand in 2025, a decline of about 3.2%[8] - Current liabilities rose from CNY 388,693,554 thousand in 2024 to CNY 503,917,528 thousand in 2025, indicating an increase of approximately 29.6%[10] - Total equity increased from CNY 419,315,681 thousand in 2024 to CNY 396,952,306 thousand in 2025, reflecting a decrease of about 5.3%[10] - Cash and cash equivalents decreased from CNY 131,380,988 thousand in 2024 to CNY 115,449,212 thousand in 2025, a reduction of approximately 12.1%[8] - The company's total liabilities increased from CNY 690,006,996 thousand in 2024 to CNY 625,583,759 thousand in 2025, a decrease of approximately 9.3%[10] Operational Highlights - The company achieved an annual operating revenue of RMB 18.02 billion, representing a year-on-year growth of 5.1%, and a core net profit of RMB 3.95 billion, up 13.7% year-on-year[48] - The average occupancy rate improved to 77.7%, with new leasing area reaching a record high during the same period, and the tenant mix continued to optimize[46] - The company managed 135 shopping centers by the end of 2025, adding 15 new centers during the year, with retail sales in these centers reaching RMB 266 billion, accounting for 0.53% of the national total retail sales[48] - The company opened 7 new shopping centers during the year, expanding its portfolio to 98 centers, with 82 projects ranking among the top three in their local markets[45] - The company acquired 33 projects during the year, with equity investments totaling RMB 67.37 billion, maintaining a strong investment intensity within the industry[42] Strategic Initiatives - The company is focused on transforming its business model from scale expansion to quality improvement, aiming for high-quality and sustainable development in the real estate sector[39] - The group aims to enhance its strategic positioning to become a world-class urban investment and development operator, focusing on three business strategies: quality improvement, reasonable growth, and profitable revenue[61] - The group plans to drive sustainable growth through three growth lines: development and sales business, operational real estate rental business, and light asset management revenue business[61] - The group will accelerate the implementation of "AI+" initiatives to drive digital transformation across the entire industry chain[62] - The group aims to enhance its ESG performance, maintaining its position in the Hang Seng Sustainable Development Index and achieving an MSCI rating of AA[57] Financial Management - The company has a total of 59,077 employees in mainland China and Hong Kong as of December 31, 2025[101] - The company actively manages foreign exchange risk, with an exposure ratio of 3.9% as of December 31, 2025[99] - The company has implemented dynamic monitoring of foreign exchange risk exposure and will make necessary adjustments based on market conditions[99] - The company maintains a credit rating of BBB+ from S&P, Baa1 from Moody's, and BBB+ from Fitch as of 2025[97] - The average financing cost as of December 31, 2025, was approximately 2.72%, a decrease of 39 basis points from 3.11% at the end of 2024[94] Compliance and Governance - The company’s financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[12] - The company has established good corporate governance practices and has complied with all applicable corporate governance codes during the reporting period[102] - The annual performance for the year ending December 31, 2025, has been reviewed by the audit committee, which consists of five independent non-executive directors and one non-executive director[108] - The company's auditor, PwC, confirmed that the financial data disclosed in the preliminary announcement is consistent with the consolidated financial statements for the year ending December 31, 2025[109]

Core Insights - China Resources Land has signed a land transfer agreement with the Chengdu Qingyang District, acquiring two combined land parcels [2] Group 1: Land Acquisition Details - The first parcel is a residential land of 78.1 acres with a floor area ratio of 2.5, sold for a total price of 2.083 billion yuan, resulting in a floor price of 16,000 yuan per square meter [2] - The second parcel is a commercial land of 73.8 acres with a floor area ratio of 2.4, sold for a total price of 396 million yuan, resulting in a floor price of 3,350 yuan per square meter [2] Group 2: Location and Development Potential - The commercial land is located north of Guanghua East Seventh Road, adjacent to the Peifeng Station E exit of the metro, with access to metro lines 9 and 13 [2] - The area is rich in educational resources, including Chengdu Experimental Primary School West District and Shude Middle School Guanghua Campus [2] - China Resources Land plans to provide commercial services under the MixC brand, although specific positioning has yet to be determined [2]

Core Viewpoint - China Resources Land reported its unaudited operational data for February 2026, indicating a significant decline in contract sales while showing growth in recurring income [1] Group 1: Contract Sales Performance - In February, the total contract sales amounted to approximately RMB 100.5 billion, representing a year-on-year decrease of 25.6% [1] - The total contracted sales area for February was about 287,000 square meters, reflecting a year-on-year decline of 50.9% [1] - For the cumulative period of January to February, the total contract sales reached approximately RMB 217.0 billion, down 13.5% year-on-year [1] - The cumulative contracted sales area for the same period was around 655,000 square meters, showing a year-on-year decrease of 38.9% [1] Group 2: Recurring Income Performance - In February, the group's recurring income was approximately RMB 45.4 billion, marking a year-on-year growth of 7.1% [1] - The rental income from operational real estate business for February was about RMB 31.9 billion, which is a year-on-year increase of 17.1% [1] - For the cumulative recurring income from January to February, the total was approximately RMB 90.5 billion, reflecting a year-on-year growth of 7.9% [1] - The rental income from operational real estate business for the cumulative period was around RMB 63.0 billion, indicating a year-on-year increase of 15.4% [1]

Core Viewpoint - China Resources Land reported a significant decline in its February sales figures, indicating potential challenges in the real estate market [1] Sales Performance - In February, China Resources Land and its subsidiaries achieved a total contract sales amount of approximately 10.05 billion yuan, which represents a year-on-year decrease of 25.6% [1] - The total contracted sales area was about 287,000 square meters, reflecting a substantial year-on-year decline of 50.9% [1]

Core Viewpoint - China Resources Land (01109.HK) reported a significant decline in total contract sales for the month ending February 28, 2026, with a total sales amount of approximately RMB 10.05 billion, reflecting a year-on-year decrease of 25.6% [1]. Group 1: Monthly Performance - The total contract sales amount for the month was approximately RMB 10.05 billion [1]. - The total contract sales area was about 287,000 square meters, representing a year-on-year decrease of 50.9% [1]. Group 2: Cumulative Performance - For the first two months of 2026, the cumulative contract sales amount reached approximately RMB 21.7 billion [1]. - The cumulative contract sales area was around 655,000 square meters, showing a year-on-year decrease of 38.9% [1]. - The cumulative contract sales amount reflected a year-on-year decrease of 13.5% [1].

Core Viewpoint - China Resources Land (01109) reported a significant decline in total contract sales for February 2026, with a year-on-year decrease of 25.6% in sales amount and 50.9% in sales area [1] Group 1: Contract Sales Performance - For February 2026, the company achieved total contract sales of approximately RMB 10.5 billion, with a total sales area of about 287,000 square meters [1] - Cumulative contract sales for the first two months of 2026 amounted to approximately RMB 21.7 billion, with a total sales area of about 655,000 square meters, reflecting a year-on-year decrease of 13.5% and 38.9% respectively [1] Group 2: Recurring Revenue - The company's recurring revenue for February 2026 was approximately RMB 4.54 billion, representing a year-on-year growth of 7.1% [1] - Rental income from operational real estate for February 2026 was approximately RMB 3.19 billion, showing a year-on-year increase of 17.1% [1] - Cumulative recurring revenue for the first two months of 2026 reached approximately RMB 9.05 billion, with a year-on-year growth of 7.9%, and rental income from operational real estate was about RMB 6.30 billion, reflecting a year-on-year increase of 15.4% [1]