中金主要观点如下： 上半年购物中心兑现亮眼经营表现 该行预计1-6月华润万象购物中心零售额同比增长15-20%，其中同店增长高单位数，结构上重奢购物中 心同店增速略优于整体;6月单月零售额整体同比及同店同比趋势与上半年相若，其中重奢购物中心同店 略弱于整体。在去年上半年高基数下(1H24零售额同店+7.6%、其中重奢+4.0%)，该行预计华润万象仍 兑现了优于年初提出的全年指引(同店增长中个位数)、优于社零(1-6月同比+5%)和同行的经营表现，而 这主要得益于其在管购物中心稳固的市场地位及具备吸引力的品牌组合带来的持续客流增长。外延扩张 方面，该行预计上半年华润万象新开业5座购物中心(包含2座母公司项目和3座第三方项目，其中一座为 存量第三方项目接管)，外拓新签5座第三方购物中心，开业及外拓进展料均符合预期。 物管板块或跟随行业大势，面临一定压力 该行预计上半年华润万象新拓第三方年化合同额约4亿元(去年全年约10亿元)，考虑基础物管收入基数 增大，该行认为收入同比增速或有所放缓(1H24基础物管收入同比+15%);此外，考虑上半年地产实体市 场销售、竣工端均仍处下行区间，该行预计非业主增值服务收入及利润或亦 ...

Group 1 - The core point of the article is that China Resources Vientiane Life has announced two equity acquisitions to enhance its membership operations and digital service capabilities [1] - The company acquired 100% equity of China Resources Network (Shenzhen) for 114.4 million yuan and 100% equity of Huawan Data Technology (Guangzhou) for 6.618 million yuan [1] - Following the completion of these acquisitions, both companies will become wholly-owned subsidiaries of China Resources Vientiane Life [1] Group 2 - The purpose of these acquisitions is to achieve deep business integration and support the establishment of a triadic model [1] - The company aims to build an advantage in the digital transformation of commercial real estate through these strategic moves [1]

Core Viewpoint - The acquisition of Huaren Network Shenzhen and Huawan Data Technology Guangzhou by a wholly-owned subsidiary of China Resources is expected to enhance the group's data resources and platform capabilities, fostering innovation and growth in the membership program [1][2]. Group 1: Acquisition Details - China Resources announced the signing of a share transfer agreement for Huaren Network Shenzhen and Huawan Data Technology Guangzhou on June 30, 2025, following a public listing process at the Shanghai Property Exchange [1]. - Before the acquisition, Huaren Network Shenzhen and Huawan Data Technology Guangzhou were wholly owned by the seller, a direct wholly-owned subsidiary of China Resources [1]. - Post-acquisition, both companies will become indirect wholly-owned subsidiaries of China Resources [1]. Group 2: Business Operations - Huaren Network Shenzhen, established in 2016, has a registered capital of RMB 470 million and is a key operating subsidiary of the seller, focusing on membership operations, online mall business, and technology data value-added services [1]. - Huawan Data Technology Guangzhou, founded in 2020 with a registered capital of RMB 30 million, provides backend support services for membership operations [1][2]. - The board believes that the acquisition will create synergies with the group's membership program, reinforcing the integrated "2+1" business model and positioning the membership program as a significant driver of profit growth [2].

Core Viewpoint - China Resources Vientiane Life (01209.HK) has seen its stock price reach a new high of 39.900 HKD, reflecting positive market sentiment and investor interest [1][2]. Company Overview - China Resources Vientiane Life is a leading property management and commercial operation service provider in China, listed on the Hong Kong Stock Exchange since December 9, 2020 [2]. - The company was included in the Hang Seng Index on November 18, 2022, and selected as one of the "Double Hundred Enterprises" by the State-owned Assets Supervision and Administration Commission in 2023 [2]. - The strategic goal of the company is to create a world-class enterprise and become the most influential light asset management company in China, focusing on urban quality life service platforms [2]. Business Model - The company operates under a "2+1" integrated business model, which includes commercial management, property management, and a large membership system [2]. - It aims to build a comprehensive ecosystem that encompasses all formats, customers, products, and services [2]. Brand Philosophy - The brand philosophy of China Resources Vientiane Life is "Extraordinary Vientiane," emphasizing the use of wisdom to lead urban quality life and enhance the value of spatial assets [2]. - The company seeks to endow cities and lives with extraordinary qualities through exceptional culture, technology, space, and ecology [2].

Core Viewpoint - China Resources Vientiane Life is a leading property management and commercial operation service provider in China, backed by a strong central enterprise, China Resources Land, which holds over 72% of the shares, ensuring a stable and concentrated ownership structure [1][2] Commercial Sector - The company operates 122 shopping centers, maintaining its position as an industry leader, with expected new openings of 6, 6, 6, and 5 shopping centers from 2025 to 2028, contributing to performance growth [1] - Retail sales in 2024 are projected to grow by 4.6% year-on-year, outperforming the overall retail sales growth, with luxury malls achieving a 1.8% increase despite a cooling market [1] - Key factors contributing to the company's resilience include early market entry, a strong portfolio of shopping centers attracting premium brands, clear product line positioning, a robust membership system ensuring stable foot traffic, and high operational efficiency with a 19.2% increase in rental income to 26.2 billion yuan in 2024 [1] Property Management Sector - The company benefits from a solid foundation due to its parent company, China Resources Land, which has a strong performance in sales and land acquisition, providing stable project deliveries [2] - As of 2024, the company has a contracted area of 450 million square meters and a managed area of 410 million square meters, reflecting year-on-year growth of 5.9% and 11.6% respectively [2] - The company is actively expanding through market outreach, acquisitions, and joint ventures, with a 19.8% increase in managed urban space area to 12.5 million square meters, raising the overall business segment's share to 30% [2] Financial Analysis - The company reported a revenue of 17.04 billion yuan in 2024, a year-on-year increase of 15.4%, with a net profit of 3.63 billion yuan, up 23.9%, driven by improved gross margins and reduced expense ratios [2] - The company has maintained a 100% dividend payout ratio for two consecutive years, with the fixed payout ratio increasing from 37% in 2021 to 60% in 2024 [2] Investment Recommendation - As a leader in the commercial real estate sector with a robust project pipeline and stable operations, the company is expected to achieve revenues of 19.19 billion, 21.21 billion, and 23.26 billion yuan in 2025, 2026, and 2027 respectively, with net profits of 4.17 billion, 4.74 billion, and 5.29 billion yuan [3] - The company is compared to benchmark property management firms, showing a premium valuation due to its unique dual business model, superior performance, and high dividend yield of 4.3% [3] - The estimated reasonable market value is 91.8 billion yuan, with a target stock price of 40.2 yuan per share, initiating coverage with a "buy" rating [3]

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment [4]. Core Viewpoints - China Resources Vientiane Life is a leading property management and commercial operation service provider in China, with a strong background and stable shareholding structure [1][16]. - The company has demonstrated resilience in its business operations, particularly in its shopping center segment, which is expected to continue growing despite market challenges [2][4]. - The financial performance shows steady revenue growth and a commitment to high dividend payouts, reflecting strong profitability and shareholder returns [3][4]. Summary by Sections Company Overview - China Resources Vientiane Life has over 20 years of experience in commercial operations, focusing on a comprehensive service brand across various sectors [1][16]. - The company is primarily engaged in property management and commercial management, with revenue contributions expected to be 63% and 37% respectively in 2024 [1]. Commercial Operations - The company operates 122 shopping centers, maintaining a leading position in the industry, with expected retail sales growth of 4.6% in 2024 [2]. - Key competitive advantages include early market entry, strong brand partnerships, a clear product line, and a robust membership system that drives customer loyalty [2]. Property Management - Backed by its parent company, China Resources Land, the company has a solid foundation for growth, with a managed area of 4.1 billion square meters as of 2024, reflecting a year-on-year growth of 11.6% [3]. - The company is actively expanding its market presence through various strategies, including acquisitions and partnerships [3]. Financial Analysis - The company reported a revenue of 17.04 billion RMB in 2024, a 15.4% increase year-on-year, with a net profit of 3.63 billion RMB, up 23.9% [3][6]. - The company has maintained a total dividend payout ratio of 100% for two consecutive years, with a current dividend yield of 4.3% [3][4]. Profit Forecast and Valuation - Revenue projections for 2025, 2026, and 2027 are estimated at 19.19 billion RMB, 21.21 billion RMB, and 23.26 billion RMB respectively, with corresponding net profits of 4.17 billion RMB, 4.74 billion RMB, and 5.29 billion RMB [4][6]. - The report suggests a reasonable market valuation of 91.8 billion RMB, translating to a target share price of 40.2 RMB, based on a price-to-earnings ratio of 22 times [4].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [4]. Core Viewpoints - The company is a leading provider of property management and commercial operation services in China, with a strong background and stable shareholding structure [1][20]. - The commercial segment shows resilience against economic cycles, with a robust pipeline of shopping centers and effective operational capabilities [2][4]. - The property management segment benefits from the backing of its parent company, ensuring stable growth and expansion [3][4]. Summary by Relevant Sections Company Overview - The company has over 20 years of experience in the commercial sector, establishing a comprehensive service brand [1][16]. - It operates under a stable shareholding structure, with the controlling shareholder, China Resources Land, holding over 72% of the shares [20][21]. - The business model includes two main segments: property management and commercial management, contributing to a diversified revenue stream [23]. Commercial Segment - As of the end of 2024, the company operates 122 shopping centers, maintaining a leading position in the industry [2]. - The retail sales in 2024 are expected to grow by 4.6% year-on-year, outperforming the overall retail growth rate [2]. - The company has a strong membership system that stabilizes customer traffic and retail sales, with rental income projected to increase by 19.2% to 26.2 billion yuan in 2024 [2]. Property Management Segment - The company’s managed area is expected to grow steadily, supported by its parent company’s strong performance in property development [3]. - By 2024, the company’s contracted area is projected to reach 450 million square meters, with a managed area of 410 million square meters, reflecting year-on-year growth of 5.9% and 11.6% respectively [3]. - The company is actively expanding through market outreach, acquisitions, and partnerships, enhancing its service offerings [3]. Financial Analysis - The company’s revenue for 2024 is forecasted to be 17.04 billion yuan, a year-on-year increase of 15.4%, with net profit expected to rise by 23.9% to 3.63 billion yuan [3][6]. - The company has maintained a 100% dividend payout ratio for two consecutive years, with a fixed dividend rate increasing from 37% in 2021 to 60% in 2024 [3][4]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.83, 2.07, and 2.32 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 19.5, 17.2, and 15.4 [4][6]. Investment Recommendations - The company is positioned as a leader in the commercial real estate sector, with a strong pipeline of projects and stable operations [4]. - The valuation is expected to reflect a premium compared to peers due to its unique business model and consistent performance [4]. - The report estimates a reasonable market capitalization of 91.8 billion yuan, translating to a target share price of 40.2 yuan [4].

Core Insights - The report from the China Index Academy indicates that the overall market capitalization of 64 listed property service companies decreased by 2.67% as of April 30, 2025, with a total market value of 278.977 billion yuan [1] - The leading company in market capitalization is China Resources Vientiane Life, valued at 85.137 billion yuan, followed by Wanwu Cloud and Country Garden Services at 25.130 billion yuan and 23.170 billion yuan respectively [1] - The industry is facing challenges characterized by "increasing revenue without increasing profit," primarily due to intensified market competition and a decline in value-added services [1][3] Market Capitalization and Performance - As of April 30, 2025, 22 out of 64 listed property companies achieved positive market growth, representing 34.38% of the total, with two companies experiencing over 100% growth: Jingfa Property at 261.45% and Lingyue Service Group at 101.54% [1] - The top ten companies account for 78.07% of the total market capitalization, amounting to 217.807 billion yuan, indicating a further concentration of market power [1] Management Scale - The top ten companies in terms of management area control a total of 5.242 billion square meters, which is 66.92% of the market, with Country Garden Services and Poly Property leading the rankings [2] - Only Yasheng Life Services among the top ten experienced a negative growth rate in management area, declining by 6.76% [2] Revenue and Profit Trends - The average revenue for property service companies in 2024 was 4.597 billion yuan, reflecting a year-on-year growth of 4.01%, but the growth rate decreased by 3.82 percentage points compared to the previous year [3] - The average net profit for these companies in 2024 was 191 million yuan, a decline of 20.20% or 48 million yuan from the previous year, highlighting the trend of "increasing revenue without increasing profit" [5]

Business Performance - As of the end of 2024, China Resources Mixc Lifestyle operates 122 shopping centers nationwide, with 86 projects ranking in the top three for local market retail sales, achieving a total retail sales of RMB 215 billion[15]. - The company reported a retail sales figure of RMB 215 billion, showcasing its strong performance in the commercial sector[15]. - Retail sales in managed shopping malls amounted to RMB 215 billion, a year-on-year growth of 18.7%[35]. - The Group achieved consolidated revenue of RMB 17.043 billion in 2024, representing a year-on-year increase of 15.4%[46]. - The core net profit attributable to owners of the parent was RMB 3,507 million, up 20.1% from the previous year[26]. - For the year ended December 31, 2024, the Group's net profit was RMB 3,730.1 million, representing an increase of 26.8% compared to the previous year[141]. - The net profit attributable to equity shareholders amounted to RMB 3,629.4 million, reflecting a growth of 23.9% year-on-year[142]. Membership and Customer Engagement - The company has over 57 million commercial members, reflecting its strong market presence and customer engagement[15]. - The number of "MIXC Star" members reached 61.07 million, representing a 32.0% year-on-year increase[34]. - Customer satisfaction improved by 3.44 points YoY to 91.76 points, with a collection rate of 87% driven by quality services[37]. - The Group is committed to enhancing its membership system to improve customer loyalty and attract new users, aiming to create more value and growth opportunities[107][109]. Operational Expansion - The total contracted gross floor area (GFA) under management is approximately 1,960 million square meters, with 1,823 million square meters currently under management[12]. - The number of contracted shopping malls under commercial operational services is 177, with 122 already opened[12]. - The number of opened shopping mall projects increased from 98 in 2023 to 118 in 2024, with contracted GFA for management outsourcing projects rising to 18,568 thousand sq.m.[73]. - The Group opened 21 new shopping malls, increasing the total number of operational malls to 122[33]. - The number of projects for GFA under management services grew by 13.3% year-on-year, totaling 221 projects in 2024[24]. Financial Metrics - Revenue for 2024 reached RMB 17,043 million, a year-on-year increase of 15.4%[26]. - Gross profit increased to RMB 5,609 million, reflecting a growth of 19.5% year-on-year[26]. - The net profit margin improved to 21.9%, an increase of 2.0 percentage points year-on-year[26]. - The effective income tax rate was 23.8%, down 1.0 percentage point from the previous year, attributed to tax exclusions on certain gains from acquisition transactions[144]. Strategic Goals and Future Plans - The company aims to enhance the value of space assets through smart services, focusing on urban quality lifestyle[14]. - The company has a strategic goal of becoming the most influential light asset management company in China, emphasizing its growth ambitions[14]. - The Group aims for steady growth in 2025, focusing on "organic growth + extensional growth" as its core business strategy[48]. - The Group plans to enhance operational capabilities through the application of emerging technologies, focusing on consumer experience and operational efficiency[50]. Technology and Innovation - The Group has implemented a digital transformation strategy focusing on "production technologisation, operation digitalisation, space intelligentisation, and data capitalisation"[39]. - The commercial management segment has successfully piloted an IoT platform, establishing Shenzhen Bay MIXC as a benchmark for smart shopping malls[41]. - The Group launched an intelligent operations platform in the property management segment, with pilot applications in equipment inspections and public area patrols[41]. Leadership and Management - The company has a strong leadership team with diverse backgrounds in engineering, management, and real estate development[182]. - Mr. Wang Haimin has extensive experience in real estate and corporate management, having served in various roles since joining CR Land in October 2013[180]. - Mr. Nie Zhizhang appointed as executive Director, Vice President, and CFO in August 2023, bringing extensive experience in finance, operation, marketing, and investment[188]. - The board includes members with diverse backgrounds in finance, management, and real estate, enhancing strategic decision-making capabilities[191]. Sustainability and ESG - The Group's ESG strategy has been integrated into business operations, achieving recognition as a pioneer in ESG for two consecutive years[45]. - The Group aims to achieve carbon peak by 2030 and carbon neutrality by 2050, aligning with national dual-carbon strategies and focusing on sustainable development[108][110].

Financial Performance - For the fiscal year ending December 31, 2024, total revenue reached RMB 17.043 billion, representing a year-on-year growth of 15.4%[2] - The gross profit for the same period was RMB 5.609 billion, with a gross margin increase from 31.8% to 32.9%[2] - The profit attributable to shareholders was RMB 3.629 billion, reflecting a year-on-year increase of 23.9%[3] - The core net profit attributable to shareholders (non-HKFRS) was RMB 3.507 billion, up 20.1% year-on-year[3] - The earnings per share for the year was RMB 1.590, with core net profit per share at RMB 1.536[3] - The company reported other income of RMB 704.7 million, an increase from RMB 576.5 million in the previous year[5] - Total revenue for the year ended December 31, 2023, was RMB 17,042,658,000, compared to RMB 14,766,952,000 in 2022, representing a growth of approximately 15.4%[21] - The company reported a pre-tax profit of RMB 3,912,124,000 for the year ended December 31, 2023[21] - The group's revenue for the fiscal year ending December 31, 2024, was RMB 17,042.7 million, representing a 15.4% increase year-on-year, primarily due to the continuous expansion of management scale[76] Dividends - The proposed final dividend is RMB 0.643 per share, along with a special dividend of RMB 0.614 per share[4] - The board proposed a final dividend of RMB 0.643 per share, up 33.7% year-on-year, with an annual payout ratio increased by 5 percentage points to 60%[49] - The interim dividend declared for the current year is RMB 0.279 per share, compared to RMB 0.223 per share in the previous year, representing a 25.1% increase[37] - A special dividend of RMB 0.614 per share is also proposed for the year ending December 31, 2024, whereas there was no special dividend in the previous year[110] - The total dividend for the year ending December 31, 2024, amounts to RMB 2.111 per share, which includes interim dividends paid earlier in the year[110] Assets and Liabilities - Total non-current assets increased to RMB 12,651,798 thousand in 2024 from RMB 8,265,067 thousand in 2023, representing a growth of 53.5%[6] - Current assets decreased to RMB 16,256,337 thousand in 2024 from RMB 19,518,415 thousand in 2023, a decline of 16.5%[6] - Total liabilities increased to RMB 8,827,939 thousand in 2024 compared to RMB 8,339,707 thousand in 2023, reflecting a rise of 5.9%[6] - The net asset value increased to RMB 20,080,196 thousand in 2024 from RMB 19,443,775 thousand in 2023, an increase of 3.3%[6] - The company's cash and cash equivalents decreased to RMB 9,570,816 thousand in 2024 from RMB 11,580,159 thousand in 2023, a decrease of 17.3%[6] - Total equity increased to RMB 16,721,156 thousand in 2024 from RMB 16,036,050 thousand in 2023, showing an increase of 4.3%[7] - The company's total current liabilities rose to RMB 8,827,939 thousand in 2024 from RMB 8,339,707 thousand in 2023, indicating a growth of 5.9%[6] - The company's long-term debt decreased to RMB 2,279,382 thousand in 2024 from RMB 2,171,612 thousand in 2023, a decrease of 5.0%[7] Operational Highlights - The number of operational shopping centers increased to 118, with 27 office buildings in operation[3] - The company managed a total building area of 413 million square meters for property management services[3] - The company operates primarily in mainland China, focusing on commercial channels, property channels, and ecological circle businesses[9] - The company provided commercial operation services for 118 shopping center projects, with a total construction area of 12.7 million square meters[60] - The total managed area reached 413 million square meters, covering 173 cities nationwide[43] Market and Strategic Focus - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming fiscal year[6] - The company is advancing digital transformation and enhancing operational efficiency through the integration of seven core systems[45] - The company is committed to sustainable development, integrating ESG strategies into its business and management practices[48] - The company aims for stable growth, focusing on "internal growth + external growth" strategies to enhance performance and shareholder value[50] - The company plans to focus on high-end residential projects and expand urban space management services, accelerating transformation in urban space operations[50] Employee and Governance - The company employed 42,046 full-time employees as of December 31, 2024, an increase from 40,977 employees as of December 31, 2023[105] - The company has adhered to all applicable corporate governance codes as of December 31, 2024, ensuring high standards of governance[106] - The audit committee, consisting of three independent non-executive directors, has reviewed the financial performance for the year ending December 31, 2024[109] Future Outlook - The company anticipates a complex and challenging domestic and international environment for the Chinese economy through 2025, but believes that proactive macro policies will drive economic improvement[50] - The long-term strategy includes creating a world-class enterprise and becoming the most influential light asset management company in China[51] - The company plans to continue expanding its property management services and enhance operational efficiency to drive future growth[63]