Investment Rating - The report maintains a "Buy" rating for China Resources Vientiane Life (01209.HK) [1] Core Insights - The company has a solid competitive barrier in commercial management, combining certainty and flexibility in its operations. It leverages its brand resources and operational advantages to maintain resilience and profit elasticity amid industry competition [2] - The shopping center business leads the industry with high gross margins, driving profit elasticity. The company’s shopping centers achieved a retail sales growth of 21.1% year-on-year in the first half of 2025, with a gross margin of 78.7% [3] - The property management segment shows steady growth, with diversified operations expanding. The property management revenue in the first half of 2025 was 5.156 billion yuan, a year-on-year increase of 1.1% [4] - The company has ample cash flow and actively distributes dividends, maintaining a 100% payout ratio of core net profit since 2023. The quality of accounts receivable is also strong, with a net operating cash flow of 1.303 billion yuan in the first half of 2025 [5] - The company’s operational capabilities are industry-leading, with expected net profits for 2025-2027 at 39.03 billion, 43.31 billion, and 48.21 billion yuan, respectively, corresponding to price-to-earnings ratios of 25.0, 22.5, and 20.2 times [5] Summary by Sections 1. Commercial Operations and Property Management - The company has been deeply engaged in the property management sector for over 30 years, continuously enhancing its commercial and property management business systems. It operates shopping centers and office buildings, providing a comprehensive service system [17] - Revenue from the commercial segment has shown steady growth, with a compound annual growth rate (CAGR) of 25.9% from 2020 to 2024. The gross margin has improved from 27.0% in 2020 to 37.1% in the first half of 2025 [26] 2. Shopping Center Performance - The company’s shopping center business outperformed the industry, with a retail sales growth of 21.1% year-on-year in the first half of 2025. The rental income also increased by 17.2% year-on-year, with an occupancy rate of 97.1% [43] - The company has 125 shopping centers under management, with 53 projects ranking first in local market retail sales. The brand aggregation effect and customer traffic absorption capability continue to strengthen [43] 3. Property Management Growth - The property management segment provides a stable revenue base, with the urban space business contributing to growth. The revenue from urban space reached 949 million yuan in the first half of 2025, a year-on-year increase of 15.1% [4] - The company’s property management services have shown resilience, with a gross margin of 16.6% in the first half of 2025, benefiting from service structure optimization [4] 4. Financial Health and Dividends - The company maintains a strong cash flow position, with a net operating cash flow of 1.303 billion yuan in the first half of 2025 and cash and deposits totaling 17.921 billion yuan [5] - The company has consistently maintained a high dividend payout ratio, enhancing shareholder returns [5]

格隆汇2月5日丨华润万象生活(01209.HK)公告，公司订于2026年3月27日(星期五)举行董事会会议，藉 以(其中包括)考虑及批准公司及其附属公司截至2025年12月31日止年度全年业绩及其发布，及考虑会否 派发股息(如有)。 ...

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：1209） 代表 華潤萬象生活有限公司 主席 李欣 香港，二零二六年二月五日 於本公告日期，本公司董事會包括非執行董事李欣先生、趙偉先生及郭瑞鋒先 生；執行董事喻霖康先生、王海民先生、王磊先生及聶志章先生；以及獨立非執 行董事劉炳章先生、張國正先生、陳宗彝先生及羅詠詩女士。 董事會會議召開日期 華潤萬象生活有限公司（「本公司」）謹此公佈，本公司訂於二零二六年三月二十七 日（星期五）舉行董事會會議，藉以（其中包括）考慮及批准本公司及其附屬公司截 至二零二五年十二月三十一日止年度之全年業績及其發佈，及考慮會否派發股息 （如有）。 ...

Core Viewpoint - China Resources Cement Technology (01313) announced the signing of a framework agreement with China Resources Vientiane Life for value-added service procurement, updating the annual cap for 2026 to RMB 50 million (excluding tax) [1] Group 1 - The 2026 framework agreement was established to replace the previous agreement that expired on December 31, 2025 [1] - The annual cap of RMB 50 million was determined based on several factors, including the types and quality of value-added services to be provided by China Resources Vientiane Life, the company's demand for these services due to business development, and historical transaction amounts [1]

Core Viewpoint - China Resources Cement Technology (01313) has announced a new framework agreement with China Resources Vientiane Life for value-added service procurement, updating the annual cap for 2026 to RMB 50 million (excluding tax) [1] Group 1 - The 2026 framework agreement was established to replace the previous agreement that expired on December 31, 2025 [1] - The annual cap of RMB 50 million was determined based on several factors, including the types, quality, and service standards of value-added services to be provided by China Resources Vientiane Life [1] - The agreement also considers the company's business development needs for value-added services and historical transaction amounts [1]

Core Viewpoint - China Resources Cement Technology (01313.HK) has announced the signing of a framework agreement with China Resources Vientiane Life for value-added service procurement, updating the annual cap for 2026 to RMB 50 million (excluding tax) [1] Group 1 - The 2026 framework agreement is established to replace the previous agreement that expired on December 31, 2025 [1] - The annual cap of RMB 50 million is determined based on several factors, including the types, quality, and service standards of value-added services to be provided by China Resources Vientiane Life [1] - The agreement also considers the group's business development needs for value-added services and historical transaction amounts [1]

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 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 華潤萬象生活有限公司 呈交日期: 2026年2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) | 01209 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | 本月底法定/註冊股本總額 ...

瑞银发布研报称，以加权平均值计算，2025年中国物管公司盈利预计同比增10%，相对于市场预期升 12%，另较2024年及2025年上半年增长15%及12%有所放缓，相信主要是由于现金收款比率下降、增值 服务收入与利润率下滑。 在主要物业管理公司中，该行预期绿城服务(02869)表现将会领先，其次为华润万象生活(01209)、保利 物业(06049)、中海物业(02669)、万物云(02602)及碧桂园服务(06098)，当中首选华润万象生活和绿城服 务。 ...

Group 1 - The core viewpoint of the report indicates that the profitability of Chinese property management companies is expected to increase by 10% year-on-year in 2025, which is 12% higher than market expectations, but shows a slowdown compared to growth rates of 15% and 12% in 2024 and the first half of 2025 respectively [1] - The anticipated slowdown in growth is attributed to a decline in cash collection ratios and a decrease in revenue and profit margins from value-added services [1] Group 2 - Among major property management companies, Greentown Service (02869) is expected to outperform, followed by China Resources Mixc Lifestyle (01209), Poly Property (06049), China Overseas Property (02669), Wanwu Cloud (02602), and Country Garden Services (06098) [1] - The report favors China Resources Mixc Lifestyle and Greentown Service as top picks in the sector [1]

Core Viewpoint - UBS reports that the profitability of Chinese property management companies is expected to increase by 10% year-on-year in 2025, which is 12% higher than market expectations, but shows a slowdown compared to growth rates of 15% in 2024 and 12% in the first half of 2025 due to declining cash collection ratios and a drop in value-added service revenue and profit margins [1] Company Performance Expectations - Among major property management companies, Greentown Service (02869) is expected to outperform, followed by China Resources Mixc Lifestyle (01209), Poly Property (06049), China Overseas Property (02669), Wanwu Cloud (02602), and Country Garden Services (06098) [1] - The top picks are China Resources Mixc Lifestyle and Greentown Service [1]