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） 二零二五年中期業績公告 摘要 截至二零二五年六月三十日止六個月，本集團錄得收入人民幣85.24億元，較 過往期間增長6.5%。其中於本集團的業務板塊中，商業航道業務收入為人民幣 32.67億元，較過往期間增長14.6%；物業航道業務收入為人民幣51.57億元，較 過往期間增長1.1%；及生態圈業務收入為人民幣1.00億元。 截至二零二五年六月三十日止六個月，本集團毛利潤為人民幣31.65億元，較過 往期間增長16.3%。毛利率從過往期間的34.0%提高至截至二零二五年六月三十 日止六個月的37.1%。 截至二零二五年六月三十日止六個月，股東應佔利潤為人民幣20.30億元，同比 增長7.4%。股東應佔核心淨利潤（非香港財務報告會計準則計量）達到人民幣 20.11億元，同比增長15.0%。 於二零二五年六月三十日，本集團向其提供商業運營服務的已開業購物 ...

Investment Rating - The report gives a "Buy" rating for China Resources Mixc Lifestyle (1209.HK) for the first time [1]. Core Views - China Resources Mixc Lifestyle is a leading property management and commercial operation service provider, with a robust business model and strong market presence [6][11]. - The company has a clear growth strategy supported by its integrated "2+1" business model, which includes commercial and property management services along with a large membership system [19][22]. - The financial outlook is positive, with projected revenue and profit growth outpacing the market, and a commitment to high dividend payouts [28][34]. Summary by Sections Company Overview - China Resources Mixc Lifestyle was established in 2017 and listed on the Hong Kong Stock Exchange in 2020, becoming a component of the Hang Seng Index in 2022 [11]. - The company is controlled by China Resources Land Limited, which holds 72.29% of the shares [16]. Business Model - The company operates under a "2+1" business model, focusing on commercial and property management services, supported by a large membership system [19][22]. - In 2024, the revenue contribution from commercial and property management is expected to be 36.8% and 62.9%, respectively [22]. Financial Performance - For 2024, the company anticipates revenue of 17.04 billion yuan and a net profit of 3.63 billion yuan, representing year-on-year growth of 15.4% and 23.9% [5][28]. - The company has maintained a high cash flow, with a net cash position of nearly 10 billion yuan, allowing for generous shareholder returns [34]. Commercial Operations - The commercial segment, primarily shopping centers, is expected to contribute significantly to revenue, with 122 centers in operation by the end of 2024 [45]. - The company has a strong market presence, with 50 shopping centers ranked first in local retail sales and 86 in the top three [45]. Property Management - The property management segment is also growing, with a managed area of 4.1 billion square meters and a contracted area of 4.5 billion square meters by the end of 2024 [66]. - The company focuses on both community and urban space management, ensuring a comprehensive service offering [66].

格隆汇8月8日丨华润万象生活(01209.HK)宣布，公司将于2025年8月26日举行董事会会议，藉以（其中 包括）批准公司及其附属公司截至2025年6月30日止六个月的中期业绩和有关公告，以及考虑派发中期 股息（如有）。 ...

中國，二零二五年八月八日 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依 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） 董事會會議召開日期 華潤萬象生活有限公司（「本公司」）謹此公佈，本公司訂於二零二五年八月二十六 日（星期二）舉行董事會會議，藉以（其中包括）考慮及批准本公司及其附屬公司截 至二零二五年六月三十日止六個月之中期業績公告及其發佈，及考慮會否宣派股 息（如有）。 代表 華潤萬象生活有限公司 主席 李欣 於本通告日期，本公司董事會包括非執行董事李欣先生（主席）、郭世清先生及郭 瑞鋒先生；執行董事喻霖康先生、王海民先生、王磊先生及聶志章先生；以及獨 立非執行董事劉炳章先生、張國正先生、陳宗彝先生及羅詠詩女士。 ...

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].