华润万象生活(01209)公布，自2025年9月23日起，郭世清先生辞任非执行董事及审核委员会成员;及赵伟 先生获委任为非执行董事及审核委员会成员。 ...

Group 1 - The company announced that effective September 23, 2025, Guo Shiqing will resign as a non-executive director and member of the audit committee [1] - Zhao Wei has been appointed as a non-executive director and member of the audit committee [1]

智通财经APP讯，华润万象生活(01209)公布，自2025年9月23日起，郭世清先生辞任非执行董事及审核 委员会成员;及赵伟先生获委任为非执行董事及审核委员会成员。 ...

（於開曼群島註冊成立的有限公司） （股份代號：1209） | | | | 董事會委員會 | | | --- | --- | --- | --- | --- | | 董事 | 審核委員會 | 提名委員會 | 薪酬委員會 | 可持續發展 委員會 | | 喻霖康先生 | | | | M | | 王海民先生 | | | | | | 王磊先生 | | | | | | 聶志章先生 | | | | | | 李欣先生 | | C | M | C | | 趙偉先生 | M | | | | | 郭瑞鋒先生 | | | | | | 劉炳章先生 | | M | C | | | 張國正先生 | M | | M | M | | 陳宗彝先生 | C | | M | | | 羅詠詩女士 | M | M | | M | 李欣先生 （董事會主席） 趙偉先生 郭瑞鋒先生 獨立非執行董事 劉炳章先生 張國正先生 陳宗彝先生 羅詠詩女士 1 董事會設立四個委員會。下表提供各董事在該等委員會中所擔任的職位。 董事名單與其角色和職能 華潤萬象生活有限公司董事（「董事」）會（「董事會」）成員載列如下： 執行董事 喻霖康先生 （總裁） 王海民先生 （副總裁） ...

非執行董事及審核委員會成員之辭任 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。 （於開曼群島註冊成立的有限公司） （股份代號：1209） 非執行董事 及 審核委員會成員之變更 董事會謹此宣佈，自二零二五年九月二十三日起，(1)郭世清先生辭任非執行董 事及審核委員會成員；及(2)趙偉先生獲委任為非執行董事及審核委員會成員。 華潤萬象生活有限公司（「本公司」，連同其附屬公司統稱（「本集團」））董事（「董 事」）會（「董事會」）謹此宣佈，郭世清先生（「郭先生」）因其他工作安排已辭任非 執行董事及本公司審核委員會（「審核委員會」）成員職務，自二零二五年九月二十 三日起生效。郭先生已確認，彼與董事會概無意見分歧，亦無任何有關彼辭任的 事宜須提呈本公司股東及香港聯合交易所有限公司（「聯交所」）垂注。 董事會藉此衷心感謝郭先生於任內對本集團作出的寶貴貢獻。 委任非執行董事及審核委員會成員 董事會欣然宣佈，自二零二五年九月二十三日起，趙偉先生（「趙先生」）獲委任為 ...

Core Viewpoint - The company reported a revenue increase of 6.5% year-on-year for H1 2025, with a net profit increase of 7.4%, indicating strong operational performance and growth potential in its shopping center business [1]. Group 1: Financial Performance - The company's revenue for H1 2025 reached 8.5 billion, up 6.5% year-on-year, with the commercial segment contributing 3.27 billion, a 14.6% increase, and the property segment generating 5.16 billion, a 1.1% increase [1]. - Gross profit amounted to 3.17 billion, reflecting a 16.3% year-on-year increase, with a gross margin of 37.1%, up 3.1 percentage points [1]. - The net profit attributable to shareholders was 2.03 billion, representing a 7.4% increase year-on-year [1]. Group 2: Shopping Center Operations - The company operates 120 shopping centers and 27 office buildings, with 4 new shopping centers opened and 6 new high-quality commercial projects signed in H1 2025 [2]. - The retail sales of the shopping centers reached 122 billion, a 21.1% increase year-on-year, while rental income from owners grew by 17.2% to 14.7 billion [2]. - The shopping center business generated 2.26 billion in revenue, up 19.8%, with a gross profit of 1.78 billion, a 30.0% increase, and a gross margin of 78.7%, up 6.2 percentage points [2]. Group 3: Property Management and Value-Added Services - The property management segment's revenue grew by 8.8% to 3.5 billion, despite a decline in value-added services, which saw a 34.6% drop in non-owner income to 220 million [3]. - Owner-related value-added income decreased by 32.7% to 490 million, as the company streamlined operations by divesting less profitable segments [3]. - The total managed area reached 280 million square meters, with a contracted area of 300 million square meters, indicating a significant scale advantage [3]. Group 4: Profitability and Dividends - Operating profit for H1 2025 was 2.63 billion, a 20.2% increase year-on-year, showcasing strong profitability [4]. - The company declared an interim and special dividend totaling 0.881 per share, representing 100% of the core net profit attributable to shareholders, highlighting a generous dividend policy [4]. - The company maintains profit forecasts for 2025-2027 at 3.99 billion, 4.46 billion, and 5.00 billion, with current price-to-earnings ratios of 22, 19, and 17, respectively, indicating attractive investment value [4].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 8.5 billion yuan for H1 2025, representing a year-on-year increase of 6.5%, with a net profit attributable to shareholders of 2.03 billion yuan, up 7.4% year-on-year [1] - The shopping center operations showed strong performance, with a gross profit margin increase to 78.7%, up 6.2 percentage points year-on-year, driven by a retail sales growth of 21.1% [2] - The property management segment experienced stable growth, with property management revenue increasing by 8.8% to 3.5 billion yuan, despite a decline in value-added services [3] - The company declared an interim and special dividend totaling 0.881 yuan per share, representing a generous payout ratio of 100% of core net profit attributable to shareholders [3] Summary by Sections Financial Performance - For H1 2025, the company achieved a revenue of 8.5 billion yuan, with a gross profit of 3.17 billion yuan and a gross margin of 37.1%, which is an increase of 3.1 percentage points year-on-year [1] - The company’s operating profit grew by 20.2% to 2.63 billion yuan [3] Business Segments - The commercial segment generated revenue of 3.27 billion yuan, up 14.6% year-on-year, while the property segment's revenue was 5.16 billion yuan, a modest increase of 1.1% [1] - The shopping center business achieved a revenue of 2.26 billion yuan, reflecting a growth of 19.8% year-on-year, with a gross profit of 1.78 billion yuan, up 30.0% [2] Future Outlook - The company forecasts net profits attributable to shareholders of 3.99 billion yuan, 4.46 billion yuan, and 5.00 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 22, 19, and 17 [4][5]

If you are in any doubt as to any aspect of this document or as to the action to be taken, you should consult your stockbroker or other registered dealer in securities, bank manager, solicitor, professional accountant or other professional adviser. 閣下如對本文件任何內容或應採取之行動有任何疑問，應諮詢 閣下之股票經紀或其他註冊證券交易商、銀行經理、律師、專業會計師或其他專業顧問。 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION 此乃要件 請即處理 （Stock Code 股份代號：1209） DIVIDEND CURRENCY EL ...

Core Viewpoint - The Hefei Baoneng City project, which has been dormant for years, is undergoing a significant revival following its successful restructuring on December 30, 2024, with various partnerships being established to advance the project [1][4]. Group 1: Project Background - The Hefei Baoneng City project was initiated in 2014 as a major investment attraction project, with plans for a large-scale industrial development that includes residential and high-rise office properties [2]. - In 2014, Baoneng Group acquired two plots in the Binhu District for approximately 1.14 billion yuan and nearly 2.4 billion yuan, respectively, with a premium rate of 11% for the first plot [2]. - The project faced multiple delays and halts due to environmental regulations and contractual disputes, leading to a standstill in construction after the completion of the first three residential phases [2][4]. Group 2: Recent Developments - The revival of the Binhu Baohui project involves a joint construction effort by Greentown and China Railway Real Estate, introducing high-end product lines, while the commercial area will be operated by China Resources Vanguard, aiming to create a premium shopping center [2]. - The restructuring plan was approved by the Hefei Intermediate People's Court, with a consortium led by Beijing Urban Construction Technology Group and China Railway Real Estate as the new investors [4]. - A signing ceremony was held with multiple partners, including design and construction firms, indicating a collaborative approach to move the project forward [1].

美银证券发表研究报告指，其覆盖的内地主要物业管理公司在今年上半年实现8%的收入增长，核心利 润增幅相若。虽然增长速度尚算稳健，但该行认为投资者更关注费用收回及营运现金流状况。非国有企 业在适应行业变化方面更为积极，但策略调整需要时间。 华润万象生活是美银在该行业的唯一"买入"推荐，目标价由44港元上调至45港元，仍是该行的行业首 选。碧桂园服务盈利状况仍不稳定，但股息展望较稳定，该行上调目标价至6.3港元，维持"跑输大 市"评级；下调中海物业目标价至5.2港元。 ...