Core Viewpoint - China Resources Land (01109) reported a total contract sales amount of approximately RMB 11.65 billion for January 2026, reflecting a year-on-year growth of 0.4%, while the total contracted sales area decreased by 24.6% [1] Group 1: Sales Performance - The total contract sales for the company and its subsidiaries reached approximately RMB 11.65 billion for the month ending January 31, 2026 [1] - The total contracted sales area was about 368,000 square meters, showing a year-on-year decrease of 24.6% [1] Group 2: Revenue Generation - The company's recurring revenue for January 2026 was approximately RMB 4.51 billion, representing a year-on-year growth of 8.7% [1] - Rental income from the operational real estate business amounted to approximately RMB 3.11 billion, with a year-on-year increase of 13.7% [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，概不對因本公告全部或任何部分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。 承董事會命 華潤置地有限公司 主席 截至2026年1月31日止一個月未經審核營運數據 華潤置地有限公司(「本公司」)董事會(「董事會」)謹此公佈，截至2026年1月31日止一個月，本公 司及其附屬公司(「本集團」)實現總合同銷售金額約人民幣116.5億元，總合同銷售建築面積約36.8 萬平方米，分別按年增長0.4%及減少24.6%。 2026年1月，本集團經常性收入約人民幣45.1億元，按年增長8.7%，其中，經營性不動產業務租金 收入約人民幣31.1億元，按年增長13.7%。 上述已披露初步數據取自本集團內部管理記錄，或會變更並可能與本集團按年度或半年度刊發的 經審核或未經審核綜合財務報表所呈現的數字存在差異。這些數據不應被視為本集團過往或將來 的經營或財務表現的指標或測量依據。據此，有關數據僅供參閱而不作其他目的。投資者在買賣 本公司證券時務須小心謹慎，不可依賴前述已披露信息。投資者如有任何疑問應向 ...

Core Insights - The article discusses the significant organizational restructuring at China Resources Land, which has become a trend among leading real estate companies at the end of the year and the beginning of the new year [2][46] - The restructuring aims to establish three main business lines, creating a value closed loop of investment, development, and operation [2][46] - The number of city companies has been reduced from 28 to 18, streamlining operations and enhancing efficiency [2][46] Group 1: Leadership Changes - Two prominent executives from Tsinghua and Peking University have joined China Resources Land to strengthen its operations in Shandong [3][47] - Liao Xinkuang, former Vice President of Vanke's Beijing region, has been appointed as the Deputy General Manager of the Shandong company [3][48] - Yin Ziqi, who has a strong background in digital marketing and customer operations, has also been transferred to lead the marketing department in Shandong [5][52] Group 2: Strategic Developments in Shandong - The arrival of Liao Xinkuang is expected to enhance product capabilities and operational strengths in Shandong, signaling an aggressive market approach [5][52] - China Resources Land has made significant land acquisitions in Shandong, including a plot in Qingdao for approximately 1.015 billion yuan and a prime land in Jinan for 1.108 billion yuan, setting a record for land prices in the area [14][61] - The newly formed Shandong company will focus on key cities such as Qingdao, Jinan, and Taiyuan, with plans for major project launches in 2026 [10][64] Group 3: Expansion in Core Cities - The company is also strengthening its presence in other key cities like Wuhan, Xi'an, Nanjing, and Xiamen, with strategic appointments and project developments [17][64] - In Xi'an, the company has made significant strides, including acquiring land for high-end projects and establishing itself as a key player in the luxury market [18][65] - In Wuhan, China Resources Land has achieved top sales rankings and continues to expand its footprint with major land acquisitions [24][74] Group 4: Performance Metrics - In 2022, China Resources Land ranked second in total sales in Wuhan, with a total sales amount of 81.79 billion yuan, just behind Wuhan Urban Construction Group [28][75] - The company has also made notable sales achievements in Nanjing, with a project that generated 2.3 billion yuan in sales within two hours of launch [31][78] - In the Greater Bay Area, the company has maintained a top-five position in sales in both Guangzhou and Foshan, indicating strong market performance [37][84]

Summary of China Resources Land Conference Call Company Overview - **Company**: China Resources Land - **Industry**: Commercial Real Estate Key Points Industry and Company Insights - **Valuation Reassessment**: China Resources Land is experiencing a valuation reassessment in commercial real estate, driven by internal growth and external expansion, particularly in high-end luxury brands [2][4] - **Rental Growth Performance**: Historical data indicates that the same-store rental growth of China Resources Land has significantly outperformed the growth of social retail sales by 4.3% to 8% from 2017 to 2022 [2][4][6] - **Interest Rate Impact**: The decline in interest rates is expected to lower capitalization rates, enhancing the overall valuation of China Resources Land's real estate assets [2][4] Financial Performance and Valuation - **Market Capitalization**: The current market capitalization of China Resources Land is approximately RMB 200 billion, which is considered undervalued. The reasonable market cap range is estimated to be between RMB 230 billion and RMB 250 billion, with potential to exceed RMB 300 billion in three to five years [4][5][9] - **Development Business Potential**: If the real estate market rebounds, the development business could provide additional valuation growth, supporting the overall market cap increase [2][4] Operational Advantages - **Shopping Center Operations**: China Resources Land has demonstrated exceptional operational capabilities in shopping center management through strategic site selection, flexible adjustment strategies, and an efficient management team [2][6][7] - **Site Selection Advantage**: Early entry into core urban areas has allowed China Resources Land to secure prime locations, contributing to long-term stable development [6] - **High Adjustment Rates**: The company has achieved a high adjustment rate of over 30% in its Shenzhen shopping center, compared to the typical 10% to 15% in the industry, indicating strong adaptability to consumer trends [6][7] Valuation Multiples - **Undervalued Valuation Multiples**: The commercial real estate valuation multiples of China Resources Land are significantly lower compared to REITs and Hong Kong-listed Swire Properties, suggesting a substantial revaluation opportunity [2][8] - **EBITDA Valuation Comparison**: The EBITDA valuation for China Resources Land is estimated at 10-13 times, while comparable REITs have valuations around 25 times, indicating a clear undervaluation [8][9] Market Trends - **Real Estate Stock Performance**: Since January, the real estate sector has seen stock price increases due to liquidity easing and inflation expectations, with actual interest rates declining, which may stabilize and rebound housing prices [3][10] - **Future Monitoring**: Attention should be paid to policy implementations and asset price stability post the Chinese New Year, which could influence the direction of real estate stock performance [10][11]

Core Viewpoint - Zhu Yong, a key figure in the recent executive adjustment at China Resources Land, has been appointed as the Deputy General Manager of the Group's Operations Management Department, overseeing the marketing of the entire development and sales business channel [1] Group 1: Background and Experience - Zhu Yong, born in the 1980s, currently serves as the Deputy General Manager of the Operations Management Department at China Resources Land, responsible for marketing [1] - He previously held marketing positions at Vanke in Southern Jiangsu and joined China Resources Land in 2014, where he has progressed through various roles including Assistant Manager of Marketing in East China and Deputy Director of the Regional Marketing Management Department [1] Group 2: Achievements - In 2025, Zhu led the Hangzhou marketing team to achieve a year-on-year increase in equity sales amount exceeding 100%, propelling the Hangzhou company from outside the top 20 to the 6th position in the market [1] - The project he spearheaded, Yunjing Wenhua Xuan, won three sales championships in the Xihu District [1] Group 3: Recent Developments - In February 2026, Zhu Yong was promoted to Deputy General Manager of the Group's Operations Management Department, marking him as a central figure in the recent executive restructuring [1]

Summary of China Resources Land (1109.HK) Conference Call Company Overview - **Company**: China Resources Land (CRL) - **Ticker**: 1109.HK - **Market Cap**: HK$228.2 billion / $29.2 billion - **Current Price**: HK$31.68 - **12-Month Price Target**: HK$36.00 - **Upside Potential**: 14% from current price Key Industry Insights - **Industry**: Chinese Real Estate - **Market Context**: The real estate sector in China has been under pressure since 2021, with property prices declining. However, recent policy stimulus has led to a recovery in share prices. Core Points and Arguments 1. **Valuation and Price Recovery**: CRL's share price has increased by 51% since the policy stimulus on September 24, outperforming the average of developer coverage by 20 percentage points and the MSCI China index by 5 percentage points [1][5]. 2. **Profitability Drivers**: The main drivers for CRL's share price include improving profitability and return on equity (ROE) from new acquisitions, as well as market share gains and capital recycling potential in its mall business [1][5]. 3. **Earnings Visibility Concerns**: Investors express concerns regarding the low visibility of earnings and potential valuation drag from vintage inventory due to weak property price trends [1][5]. 4. **Stress Testing Valuation**: Two scenarios were analyzed to assess valuation downside risks: - **Case 1**: Assuming a trough market cap of HK$140 billion, the reappraised book value by end-2026 is estimated at HK$201 billion, indicating an 11% downside risk [3][12]. - **Case 2**: Starting from a reported end-2024 book value of RMB 174 billion, with a potential 10% write-down of inventory, the appraised book value is RMB 192 billion, representing a 15% downside [3][12]. 5. **Policy Support and Capital Recycling**: Continuous policy support is expected to stabilize and improve profitability outlook, particularly for vintage inventory. The launch of a commercial real estate C-REITs pilot program is anticipated to unlock value from CRL's investment property portfolio [4][19]. 6. **Projected Profitability**: Average annual core profit from development properties is projected to be around RMB 12 billion over 2026E-2028E, maintaining a steady 45% of total core profit mix [4][19]. 7. **Discount to NAV**: CRL is currently trading at a 21% discount to its end-2026 estimated net asset value (NAV), with a price-to-book (P/B) ratio of 0.9x, indicating an attractive valuation compared to peers [5][19]. Additional Important Insights - **Key Risks**: Potential risks include lower-than-expected revenue booking and rental profitability, slower scale expansion, and delays in mall openings due to supply pressures and macroeconomic conditions [5][21]. - **Management Discipline**: CRL has demonstrated more disciplined land banking cost control compared to peers, which is reflected in its consistently better gross profit margins (GPM) for its development property business [3][12][19]. - **Market Position**: CRL is ranked 3rd among Chinese property developers by sales and is expected to maintain its top-5 ranking in the coming years, suggesting that current valuations may not fully reflect its market position [20][21]. This summary encapsulates the key insights and projections regarding China Resources Land, highlighting its market position, valuation assessments, and potential risks in the current economic landscape.

Core Viewpoint - The luxury real estate market in Shanghai is experiencing a significant divergence, with high-end properties showing strong sales despite an overall market slowdown, indicating a trend towards the prioritization of secure, scarce, and cyclical assets [1][3][29] Market Dynamics - In early 2026, the Shanghai land market displayed cautious signals, with all five residential land plots sold at base prices, reflecting a decline in developer enthusiasm [1][27] - The total area of newly built commercial housing in Shanghai fell to 257,100 square meters, indicating a slowdown in supply during the traditional sales off-season [1][27] - Despite the overall market cooling, luxury properties like those developed by China Resources Land, including Shilin Runyuan, Luanqi Binjiang, and Waitan Ruifu, have shown remarkable sales performance, becoming resilient leaders in the off-season market [1][3][29] Prime Locations - The success of luxury properties is rooted in their irreplaceable core urban locations, which are considered the ultimate currency in real estate [1][29] - Shilin Runyuan is located in the Huangpu Old Town, a historical area with over 730 years of continuous urban history, making it a cultural "living fossil" [1][4][31] - Luanqi Binjiang is positioned in the Central Activity Zone (CAZ) along the Huangpu River, representing a prime residential site with significant future development potential [1][34] - Waitan Ruifu is strategically located in the "Golden Triangle" of Shanghai, which is designated as a global city core functional area in the Shanghai 2035 master plan [1][34] Product Differentiation - China Resources Land is not just building homes but is redefining living paradigms through innovative product offerings [1][29] - Shilin Runyuan has introduced the world's first non-heritage customized courtyard villa, allowing deep customization for homeowners [1][10][35] - Luanqi Binjiang incorporates advanced technology and aesthetics, utilizing AI algorithms for optimal design and ensuring panoramic views for residents [1][11][36] - Waitan Ruifu emphasizes contemporary avant-garde aesthetics while maintaining historical significance, featuring near-zero energy consumption buildings and advanced health-oriented amenities [1][41][42] Asset Security - In uncertain economic times, the long-term security and potential of assets are crucial for high-net-worth individuals, with China Resources Land providing a strong safety net as a state-owned enterprise [1][21][46] - The company promotes a "walkable neighborhood" lifestyle, integrating cultural and artistic elements into its developments to enhance community engagement [1][47] - The projects are designed to be "collectible assets," embodying both physical and spiritual coordinates of the city, and are positioned as financial core assets with high liquidity and strong resistance to market fluctuations [1][48] Business Model - China Resources Land's unique "3+1" integrated business model combines development, operational real estate, light asset management, and ecosystem elements, creating strong synergies [1][24][49]

Group 1 - Goldman Sachs has released a report listing the latest "Conviction Buy" (Select) list for the Asia-Pacific region, which now includes Mao Geping (01318) [1] - The report indicates that the overall cosmetics industry may face challenges in profitability due to rising online customer acquisition costs, diminishing channel transformation benefits, and increased tax burdens [1] - Despite industry challenges, Mao Geping is expected to outperform the market, with projected compound annual growth rates for sales and net profit reaching 23% and 22% respectively from 2025 to 2027 [1] Group 2 - The report has removed DISCO (6146.JP), China Resources Land (01109), and Reliance Industries (RELIANCE.US) from the "Conviction Buy" list [1]

Group 1 - The core viewpoint of the report is that despite challenges in the overall cosmetics industry, 毛戈平 (Mao Geping) is expected to outperform the market [1] - The report highlights that the cosmetics industry is facing rising customer acquisition costs, diminishing channel transformation benefits, and increased tax burdens, which may impact profitability [1] - 毛戈平 is newly added to the "Conviction Buy" list, while DISCO, 华润置地, and Reliance Industries have been removed [1] Group 2 - The report forecasts that 毛戈平's sales and net profit will achieve compound annual growth rates of 23% and 22%, respectively, from 2025 to 2027 [1]

Group 1 - Goldman Sachs has included Mao Geping (01318) in its latest "Conviction Buy" list for the Asia-Pacific region, while removing DISCO (6146.JP), China Resources Land (01109), and Reliance Industries (RELIANCE.US) [1] - The overall cosmetics industry is facing challenges due to rising online customer acquisition costs, diminishing channel transformation benefits, and increased tax burdens, which may impact profitability [1] - Despite industry challenges, Mao Geping is expected to outperform the market, with projected compound annual growth rates for sales and net profit reaching 23% and 22% respectively from 2025 to 2027 [1]