Investment Rating - The report maintains a "Buy" rating for China Resources Vientiane Life (1209 HK) [1][9] Core Views - The shopping center segment has become the absolute profit pillar for the company, showing operational capabilities far exceeding peers. Retail sales from January to September increased by 20-25% year-on-year, compared to a 3.0% increase in social retail sales. During the National Day period, retail sales rose by 25%, significantly outperforming the 10.2% increase in key shopping districts in Shanghai [1][9] - The target price has been raised by 18% to HKD 51.84, based on an increase in the target PE multiple by 5% to 23x and rolling the valuation to 2026 [1][3][9] Financial Summary - Sales revenue (in million RMB) is projected to grow from 14,767 in FY23A to 21,172 in FY27E, with year-on-year growth rates of 22.9%, 15.4%, 6.5%, 8.5%, and 7.5% respectively [2][10] - Net profit (in million RMB) is expected to increase from 2,928.7 in FY23A to 5,169.5 in FY27E, with growth rates of 32.8%, 23.9%, 15.3%, 11.8%, and 10.4% [2][10] - The company maintains a 100% dividend payout ratio, with a projected dividend yield of 4.4%, making it attractive among state-owned enterprises [9][10] Business Segment Performance - The shopping center segment's gross profit contribution reached 56.3% in the first half of FY25, with expectations for revenue and gross profit growth rates of 18% and 27% respectively in FY25, driven by a significant increase in gross margin [9] - The property management segment is focusing on third-party expansion, with a target annual contract amount of approximately RMB 1 billion, having completed nearly RMB 800 million by September [9] Market Position - The company is expected to achieve a profit contribution from the shopping center segment of nearly 60% by FY25, reflecting a 5 percentage point increase [1][9] - The current market capitalization is approximately HKD 97.39 billion, with a free float of 27.7% [4][5]

自2020年底成功登陆港交所，华润万象生活便以"商管+物管"双轮驱动的独特模式，在资本市场刻下了自己的成长 轨迹。 20多年前，当华润的建设者们决定在深圳那片空地上做一个没人做过的大型商业综合体时，穿越周期的能力就已 经种下。一代代开拓创新又勇往直前的建设者，历经二十余年的耕耘和灌溉，把当初这颗种子培育成了一棵枝繁 叶茂的大树。 在过去五年里，华润万象生活（01209.HK）历经资本市场和行业的风雨变幻，展示出了坚韧的根基和向阳生长的 韧性。自2020年底成功登陆港交所，华润万象生活便以"商管+物管"双轮驱动的独特模式，在资本市场刻下了自己 的成长轨迹。 上市五年来，外部环境波谲云诡，房地产行业深度调整，消费市场承压分化，物管行业增速换轨，华润万象生活 却逆势交出了一份持续高增长的亮眼成绩单，不仅财务数据节节攀升，市值稳居行业鳌头，更以其清晰且坚定的 战略、稳健的运营和前瞻的布局，为行业提供了一个穿越周期、高质量发展的鲜活样本。 站在"十四五"收官与"十五五"谋篇的关键节点，华润万象生活以自身特色赢得了资本市场的重新定义。这家曾经 的内配型企业在走向市场化的过程中，不仅以跨越式增长迅速跻身物管行业第一梯队，还 ...

观点指数 11月25日观点指数研究院发布的《资本市场退潮 | 2025年11月物业服务发展报告》指出，金科 服务将成为蓝光嘉宝服务、华发物业、融信服务之后，第四家退市的港股物企，凸显物企在资本市场被 持续边缘化。同时期，华润万象生活重回千亿港元市值，我们认为这主要得益于其"商业运营+物业管 理"双轮驱动模式、稳健的财务表现以及在物业行业中的头部地位。 11月18日，金科服务与Broad Gongga Investment Pte. Ltd（最终控股股东为博裕）发布联合公告，后者作 为要约人，提出经修订的无条件强制性现金要约以推动金科服务私有化退市。 根据公告，要约人目前持有金科服务63.29%的股份，并为收购剩余267,722,054股创新采用双层定价结 构：基本价每股6.67港元（总代价约17.86亿港元），若两个退市条件达成则支付经提高价每股8.69港元 （总代价约23.27亿港元）。目前已锁定约29%的股份，还需至少32.30%的股东接纳才能触发退市高 价。 | 股東名稱 | 於初步公告日期 | | 緊隨拍賣股份過戶完成後 | | 龄本公告日期 | | | --- | --- | --- | --- | ...

在万象系购物中心同店增长和规模扩张下，公司经营杠杆效应增强，商管运营的利润率有望继续提升。 在单个购物中心项目层面，大部分成本相对固定，或随通胀同步增长，因此同店租金的稳健增长能够带 来NOIMargin的增长；在公司层面，随着母公司不断新建购物中心，总部的招商和营销人员可以管理更 多项目，且经验与模式也能够适当迁移，劳动效率提升拉动利润率上行。 机构：东方证券 研究员：赵旭翔/刘洋/孙怡萱 核心观点 核心看点：母公司重资产持有大体量优质商场，华润万象轻资产商管享有空间卡位和规模优势，对商户 具备强定价权，同店和规模成长驱动经营杠杆效用提升，未来商管业务的收入与盈利增长确定性强。 市场部分人习惯将万象系商场直接与龙湖集团的龙湖天街、新城控股的吾悦广场类比。虽然三者同为内 资购物中心，但后两家开发持有和运营集中于同一主体，享有租金收入的同时需承担前期庞大资金沉 淀、较长回报周期，以及苛刻的财务回报条件。而万象系商场由母公司华润置地开发持有，商管环节则 被拆分出来由华润万象生活运营。因此，公司轻资产模式无需庞大的资本投入，却可享母公司大体量且 优质项目的运营红利，风险低、盈利能力高，经测算证明盈利向上弹性更强。 ...

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11月30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: 2025年12月1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 ...

Investment Rating - The report maintains a "Buy" rating for China Resources Vientiane Life [1] Core Views - The company is expected to benefit from its light asset management model, which allows it to enjoy operational benefits without significant capital investment, leading to lower risk and higher profit margins [5][24] - The company's strong bargaining power with merchants is supported by its parent company's stable growth and large-scale quality shopping centers, enhancing its ability to achieve long-term same-store growth [8][9] Financial Performance - The company's revenue is projected to grow from 14,767 million HKD in 2023 to 22,596 million HKD in 2027, with a compound annual growth rate (CAGR) of 8.1% [7] - The net profit attributable to the parent company is expected to increase from 2,929 million HKD in 2023 to 5,572 million HKD in 2027, reflecting a CAGR of 15.3% [7] - The earnings per share (EPS) forecast for 2025 and 2026 is adjusted to 1.73 HKD and 2.12 HKD, respectively, with a new estimate for 2027 at 2.44 HKD [6][12] Market Position and Competitive Advantage - The company operates under a light asset model, which allows it to leverage the parent company's extensive resources without the burden of heavy capital investment, thus maintaining a competitive edge in the market [18][24] - The parent company, China Resources Land, has a significant number of shopping centers, with 92 operational centers and 35 under construction, providing a stable and growing contract base for the company [41][42] - The company's ability to secure prime locations in high-tier cities enhances its market position and operational performance, leading to a strong upward trend in rental income [30][36] Growth Drivers - Key growth drivers include same-store sales growth exceeding expectations, new third-party contracts, and accelerated monetization of membership programs [11] - The company is expected to continue benefiting from the industry’s Matthew effect, where leading players gain more market share and operational advantages [10][36]

China Resources Mixc Lifestyle Services Limited (the "Company") – Notification of publication of Circular dated 28 November 2025 and the Notice of extraordinary general meeting ("Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website at www.crmixclifestyle.com.cn and the website of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") at www.hkexnews.hk. If you wish to receive printed version of the ...

(Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code: 1209) （股份代號：1209） NOTIFICATION LETTER 通知信函 You may at any time choose to receive any Corporate Communication(1) free of charge either in printed form(s) or via the website version ("Online Version"). Even if you have chosen (or are deemed to have consented) to receive all Corporate Communication via the Online Version but for any reason you cannot access the Online Version of the Current Corporate Communication or woul ...

或如其未能出席，則委任 地址為 代表本人╱吾等出席本公司於二零二五年十二月十八日（星期四）下午二時正假座香港灣仔港灣道26號華潤大廈46樓 舉行之股東特別大會及其任何續會，並代表本人╱吾等按下列指示投票 （附註4） 。除另有界定外，本代表委任表格所用 詞彙應與本公司日期為二零二五年十一月二十八日之通函所界定者具有相同涵義。 | | 普通決議案 | （附註4） 贊成 | （附註4） 反對 | | --- | --- | --- | --- | | 1. | 動議批准、確認及追認非豁免持續關連交易協議、有關非豁免持續關連 | | | | | 交易協議項下擬進行交易的建議年度上限及經修訂二零二三年華潤置地 | | | | | 商業運營服務框架協議項下經重續年度上限；及授權任何一名董事在其 | | | | | 就施行非豁免持續關連交易協議及重續經修訂二零二三年華潤置地商業 | | | | | 運營服務框架協議項下年度上限及╱或其項下擬進行交易及╱或使之 | | | | | 生效而認為必要、可取或權宜之情況下，進行所有其他行動及事情，以 | | | | | 及簽立其他文件及採取所有步驟。 | | | 日期：二零二五年 ...

股東特別大會通告 茲通告華潤萬象生活有限公司（「本公司」）謹訂於二零二五年十二月十八日（星 期四）下午二時正假座香港灣仔港灣道26號華潤大廈46樓舉行股東特別大會（「股東特 別大會」），藉以審議及酌情通過（不論會否作出修訂）下列決議案作為本公司普通決議 案： 普通決議案 1. 動議批准、確認及追認非豁免持續關連交易協議、有關非豁免持續關連交 易協議項下擬進行交易的建議年度上限及經修訂二零二三年華潤置地商業 運營服務框架協議項下經重續年度上限；及授權任何一名董事在其就施行 非豁免持續關連交易協議及重續經修訂二零二三年華潤置地商業運營服務 框架協議項下年度上限及╱或其項下擬進行交易及╱或使之生效而認為必 要、可取或權宜之情況下，進行所有其他行動及事情，以及簽立其他文件 及採取所有步驟。 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通告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通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之有限公司） （股份代號：1209） 喻霖康 中國，二零二五年十一月二十八日 – 1 – 附註： 於本 ...