Investment Rating - The investment rating for China Resources Vientiane Life is "Buy" (maintained) [1][6] Core Views - The company has demonstrated steady growth in revenue and profit, with an increase in gross margin and management efficiency. The value-added service business is being optimized, and the company is actively expanding in urban space sectors. The operational efficiency in the commercial management sector has also improved, leading to enhanced profitability. The profit forecast remains unchanged, with expected net profits for 2025-2027 at 4.27 billion, 4.89 billion, and 5.50 billion CNY, respectively, corresponding to EPS of 1.87, 2.14, and 2.41 CNY. The current stock price corresponds to P/E ratios of 20.4, 17.8, and 15.9 times [6][7] Financial Performance - For the first half of 2025, the company reported revenue of 8.524 billion CNY, a year-on-year increase of 6.5%. The net profit attributable to shareholders was 2.030 billion CNY, up 7.4% year-on-year, while the core net profit attributable to shareholders was 2.011 billion CNY, reflecting a 15.0% increase. The improvement in profitability is attributed to a gross margin increase of 3.1 percentage points to 37.1% and a decrease in expense ratios by 0.6 percentage points to 6.3%. The interim dividend per share increased by 89.6% to 0.529 CNY, marking the first time the company has achieved a 100% distribution of core net profit for the interim period [7][8] Business Segments - Property Management: Revenue reached 3.501 billion CNY, up 8.8% year-on-year, with a gross margin of 16.6%, an increase of 1.4 percentage points. The managed area was 276 million square meters, with a contract area of 302 million square meters, of which 55.6% was from related parties [8] - Non-owner Value-added Services: Revenue was 220 million CNY, down 34.6% year-on-year, with a gross margin of 26.0%, a decrease of 11.8 percentage points [8] - Owner Value-added Services: Revenue was 487 million CNY, down 32.7% year-on-year, with a gross margin of 40.4%, an increase of 9.5 percentage points [8] - Urban Space: Revenue was 949 million CNY, up 15.1% year-on-year, with a gross margin of 14.2%, a decrease of 0.9 percentage points [8] Shopping Center and Office Performance - Shopping Centers: Revenue was 2.264 billion CNY, up 19.8% year-on-year, with a gross margin of 78.7%, an increase of 6.2 percentage points. The average occupancy rate improved to 97.1%, up 0.4 percentage points year-on-year [9] - Office Buildings: Revenue was 2.065 billion CNY, up 7.1% year-on-year, with a gross margin of 34.9%, a decrease of 0.7 percentage points. The occupancy rate increased to 74.1%, up 0.5 percentage points from the beginning of the year [9] Financial Summary and Valuation Metrics - The company’s projected financial metrics for 2023A to 2027E include: - Revenue growth from 14.798 billion CNY in 2023 to 22.561 billion CNY in 2027, with a CAGR of 8.8% - Net profit growth from 2.929 billion CNY in 2023 to 5.499 billion CNY in 2027, with a CAGR of 12.5% - EPS growth from 1.28 CNY in 2023 to 2.41 CNY in 2027, with a corresponding decrease in P/E from 29.8 to 15.9 times [10]

Investment Rating - The report maintains a "Buy" rating for the company [6][2][1] Core Insights - The company reported a revenue of 8.52 billion RMB for the first half of 2025, reflecting a year-on-year growth of 7%, with a net profit of 2.03 billion RMB, also up 7% year-on-year. The core net profit increased by 15% year-on-year, aligning with the company's guidance for double-digit growth for the full year [1][2] - The interim dividend payout ratio based on core net profit reached 100%, exceeding the company's guidance of a 60% base payout ratio for the year, indicating enhanced shareholder returns [1][2] - The shopping center segment continues to show strong operational and performance metrics, with retail sales increasing by 21% year-on-year to 122 billion RMB, and rental income from owners rising by 17% year-on-year [3][2] Summary by Sections Revenue and Profitability - The company achieved a steady revenue growth with property and commercial channels showing year-on-year increases of 1% and 15% respectively. The overall gross margin improved by 3.1 percentage points to 37.1% [2][3] - The gross margin for the property channel slightly decreased by 0.1 percentage points to 18.8%, while the commercial channel's gross margin increased by 5.2 percentage points to 66.1% due to cost reductions from digital strategies [2][3] Shopping Center Performance - The company opened 4 new shopping centers and signed contracts for 6 third-party shopping centers, bringing the total to 125 operational centers, with 53 ranking first in local retail sales [3][2] - The company anticipates a revenue growth of 19% for shopping centers in 2025, with an expected gross margin increase of 4.4 percentage points to 77.0% [3][2] Property Management Segment - The basic property management segment saw revenue growth of 9% and 15% for residential and urban space respectively, focusing on high-quality projects and exiting loss-making ones [4][2] - Community value-added services revenue decreased by 33% year-on-year, but the gross margin improved by 9.5 percentage points to 40.4% due to a shift towards a platform-based, light-asset model [4][2] Earnings Forecast and Valuation - The report adjusts revenue forecasts for non-owner value-added services downwards while increasing the gross margin forecast for shopping centers. The core EPS estimates for 2025-2027 are maintained at 1.77, 2.01, and 2.28 RMB respectively [5][2] - The target price is set at 46.60 HKD, reflecting an increase from the previous target of 39.81 HKD, based on a 25 PE ratio [5][2]

Core Viewpoint - China Resources Vientiane Life reported a revenue of approximately 8.524 billion yuan for the first half of 2025, reflecting a year-on-year growth of 6.5% [1] Group 1: Financial Performance - The commercial channel business generated approximately 3.267 billion yuan in revenue, marking a year-on-year increase of 14.6% [1] - The property channel business reported revenue of about 5.157 billion yuan, with a year-on-year growth of 1.1% [1] - The ecosystem business achieved revenue of around 100 million yuan [1] Group 2: Industry Insights - The property management industry is currently in an adjustment phase, necessitating companies to redefine their positioning and reconstruct their business tracks [1] - There is an increasing call for price reductions in the industry, attributed to a decline in owners' willingness to pay, which is fundamentally linked to information asymmetry regarding value and pricing [1] - The company emphasizes the importance of creating value in services, stating that only with value can there be a price [1] Group 3: Strategic Direction - The company aims to become a service provider that enhances asset value for owners, focusing on transparency in information and costs to foster understanding among owners [1] - Establishing a good ecological relationship with customers is deemed essential, with the belief that price reductions will not become a trend [1]

Core Viewpoint - The company emphasizes a strategy of "reform to promote development" and aims for "stable growth" while achieving high-quality development to address uncertainties in the market [1] Financial Performance - In the first half of the year, the company achieved revenue of 8.524 billion yuan, a year-on-year increase of 6.5%, and core net profit grew by 15% to 2.011 billion yuan [2] - The board declared an interim dividend of 0.529 yuan per share, an increase of 89.6% year-on-year, and a special dividend of 0.352 yuan per share, marking the first time 100% of core net profit is distributed [2] Retail and Market Position - The company recorded retail sales of 122 billion yuan, a year-on-year increase of 21.1%, outperforming the overall retail market [2] - As of the end of the period, the company operated 125 shopping centers, with 53 ranking first in local markets and 104 in the top three [2] Business Expansion and Innovation - The company opened 4 new shopping centers and successfully explored new product forms at the Xi'an Airport commercial project [2] - The company signed 6 new external projects, with a total of 75 projects yet to open, supporting future growth in its commercial management business [3] Property Management - The company managed 22.79 million square meters of property, with an occupancy rate of 74.1% for 27 projects [3] - The property management segment achieved a managed area of 420 million square meters, a year-on-year increase of 1.8% [4] Membership and Digital Services - The company integrated membership resources through the acquisition of "HuaRun Tong," with total membership exceeding 72 million, and commercial members growing by 32% to 65 million [5] - The company focused on enhancing digital services, achieving 100% coverage of its project management system [7] ESG and Sustainability Initiatives - The company actively integrates ESG strategies into its operations, focusing on low-carbon initiatives and community support, serving 400,000 people through its "Warm Station" program [8]

华润万象生活(01209)午后跌超9%，截至发稿，跌8.84%，报37.94港元，成交额3.41亿港元。 此外，公司副总裁王海民回应了近期物业费降价潮的问题。他表示，当前行业普遍面临降价呼声提高、 缴费意愿下降等问题，这本质是业主对信息对称、质价相符、需求响应、价值创造的诉求。物管行业确 实进入了调整期，长远看，我们觉得未来物管公司的商业模式的核心逻辑依然是价值创造。 消息面上，华润万象生活中期业绩，该集团取得收益人民币85.24亿元，同比增加6.54%；公司权益股东 应占溢利20.3亿元，同比增加7.44%；每股盈利89分，拟派发中期股息每股0.529元及特别股息每股0.352 元。公司首席财务官聂志章表示，公司上半年主动调整业务发展模式，更加强调利润贡献、盈利能力， 主动退出部分低质低效的项目，受此影响，上半年营业额增速为个位数，但同时提升了利润回报和毛利 率。 ...

Core Insights - The company reported a revenue of RMB 8.524 billion for the first half of 2025, representing a growth of 6.5% compared to the previous period [1] - The gross profit for the first half of the year was RMB 3.165 billion, with a gross margin increase from 34.0% to 37.1% [1] - The profit attributable to shareholders was RMB 2.030 billion, showing a year-on-year increase of 7.4% [1] Business Segment Performance - The commercial channel business generated revenue of RMB 3.267 billion, reflecting a growth of 14.6% [1] - The property channel business recorded revenue of RMB 5.157 billion, with a modest growth of 1.1% [1] - The ecosystem business contributed RMB 100 million in revenue [1] Operational Metrics - As of June 30, 2025, the company operated 120 shopping centers and 27 office buildings [1] - The company has 5 sub-leased shopping center projects [1] - The total managed building area for property management services reached 420 million square meters, excluding shopping center projects [1]

格隆汇8月27日｜华润万象生活(1209.HK)公布截至6月底止中期业绩显示，股东应占溢利为20.3亿元， 同比增加7.44%，每股盈利89分；派中期息52.9分(折合58港仙)及特别息35.2分(折合38.6港仙)，共88.1分 (约96.6港仙)。 于6月底，集团向其提供商业运营服务的已开业购物中心及写字楼的数量分别为120个及27个，集团有5 个已开业购物中心分租项目，及集团提供物业管理服务的在管建筑面积为4.2亿平方米(不包括购物中心 项目)。 期内，股东应占核心净利润20.11亿元，同比增长15%。收益85.24亿元，同比增长6.54%。 ...

Core Viewpoint - China Resources Vientiane Life reported a revenue of RMB 8.524 billion for the half-year ending June 30, 2025, representing a year-on-year growth of 6.54% [1] - The company's profit attributable to equity shareholders was RMB 2.03 billion, an increase of 7.44% year-on-year, with earnings per share at RMB 0.89 [1] Business Performance - The company adopted a business strategy focused on "reform to promote development" and "stabilizing growth," achieving performance that outpaced the industry [1] - As of June 30, 2025, the company provided commercial operation services covering 120 shopping centers and 27 office buildings, with 5 shopping center subleasing projects [1] Commercial Expansion - In the first half of the year, the company opened 4 new shopping centers and signed 6 new light-asset commercial expansion projects, 4 of which are TOD projects [1] - The number of operational shopping centers increased to 125 as of June 30, 2025 [1] Property Management - The company experienced steady market expansion, adding a contract area of 14.32 million square meters in the first half of the year [1] - As of June 30, 2025, the managed area reached 420 million square meters, with a total contract area of 452 million square meters, covering 171 cities [1] - During the reporting period, the company expanded into 37 urban public space projects and secured 28 mid-to-high-end residential projects, with a total contract value of approximately RMB 300 million [1]

Group 1 - The company reported a revenue of RMB 8.524 billion for the six months ending June 30, 2025, representing a growth of 6.5% compared to the previous period [1] - The commercial channel business generated revenue of RMB 3.267 billion, an increase of 14.6%, while the property channel business revenue was RMB 5.157 billion, growing by 1.1% [1] - The gross profit for the period was RMB 3.165 billion, up 16.3%, with the gross margin improving from 34.0% to 37.1% [1] Group 2 - The profit attributable to shareholders was RMB 2.030 billion, reflecting a year-on-year increase of 7.4% [1] - The core net profit attributable to shareholders, measured on a non-Hong Kong Financial Reporting Standards basis, reached RMB 2.011 billion, a growth of 15.0% [1] - The company declared an interim dividend of RMB 0.529 per share and a special dividend of RMB 0.352 per share [1] Group 3 - As of June 30, 2025, the company operated 120 shopping centers and 27 office buildings, with 5 sub-leased shopping center projects [2] - The total managed building area for property management services was 420 million square meters, excluding shopping center projects [2]

Group 1 - The company reported a revenue of RMB 8.524 billion for the six months ending June 30, 2025, representing a year-on-year increase of 6.54% [1] - The profit attributable to equity shareholders was RMB 2.03 billion, up 7.44% year-on-year, with earnings per share of RMB 0.89 [1] - The company plans to distribute an interim dividend of RMB 0.529 per share and a special dividend of RMB 0.352 per share [1] Group 2 - The company opened 4 new shopping centers during the first half of 2025, increasing the total number of operational shopping centers to 125 [2] - The property management segment maintained a leading position in the industry, with a managed area of 420 million square meters and a contracted area of 452 million square meters across 171 cities [2] - The company signed 6 new commercial light-asset expansion projects, including 4 transportation-oriented development (TOD) projects in key cities [2]