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: 2025年7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 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 2,282,500,000 | | 0 | | 2,282,500,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 2,282,500,000 | | 0 | | 2,282,500,000 | 本月底法定/註冊股本總額： USD 50,000 FF301 呈交日期: 2025年8月1日 第 1 頁 共 ...

Group 1 - The core viewpoint of the report is that among the rated Chinese property management stocks, only China Resources Mixc Lifestyle (01209) receives a "Buy" rating, with expectations of maintaining double-digit profit growth and a dividend payout ratio of 100%, leading to an estimated dividend yield of about 5% and a target price of HKD 44 [1] - The report indicates that Chinese property management stocks have seen a cumulative price increase of over 20% year-to-date, suggesting that the valuation recovery phase has ended [1] - Due to a cautious outlook on the industry fundamentals, the company has downgraded profit forecasts for several property management firms, anticipating a slowdown in profit growth to single digits [1] Group 2 - Based on valuation, the rating for Poly Property (06049) has been downgraded from "Buy" to "Neutral," while China Overseas Property (02669) has been downgraded from "Neutral" to "Underperform," with target prices raised to HKD 37 and HKD 5.5 respectively; it is expected that China Overseas Property will have the lowest dividend yield in the industry at only 3.6% this year [1] - The rating for Greentown Service (02869) has been upgraded from "Underperform" to "Neutral," as its high-end brand aligns with the market demand differentiation trend, with the target price increased from HKD 3.8 to HKD 5 [1]

报告指，中国物管股年初至今股价累计上涨逾20%，预期估值修复期已结束。考虑到行业基本面仍持审 慎看法，该行下调对一众物管商的盈利预测，预期盈利增长幅度将放缓至单位数。 智通财经APP获悉，美银证券发布研报称，所评级的中国物管股当中，目前只有华润万象生活(01209) 获"买入"评级，美银证券预期该公司盈利维持双位数增幅，而且派息比率高达100%，股息回报率料达 约5%，予目标价44港元。 基于估值，将保利物业(06049)的评级从"买入"降至"中性"，中海物业(02669)也从"中性"降至"跑输大 市"，目标价分别升至37港元及5.5港元，预期中海物业今年预测股息回报率仅录3.6%，属行业最低。同 时该行将绿城服务(02869)的评级从"跑输大市"升至"中性"，认为其高端品牌符合市场需求分化的趋势， 目标价从3.8港元上调至5港元。 ...

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].