| 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 | 公告全部或任何部份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。 | | --- | --- | | | 股票發行人現金股息（可選擇貨幣）公告 | | 發行人名稱 | 華潤萬象生活有限公司 | | 股份代號 | 01209 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年十二月三十一日止財政年度之業績公告 | | 公告日期 | 2026年3月27日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 其他 | | | 特别股息 | | 股息性質 | 特別股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.341 RMB | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | HKD， 金額有待公佈 | | 匯率 | 有待公佈 | | ...

| 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 | | | --- | --- | | 公告全部或任何部份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。 | | | 股票發行人現金股息（可選擇貨幣）公告 | | | 發行人名稱 | 華潤萬象生活有限公司 | | 股份代號 | 01209 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年十二月三十一日止財政年度之業績公告 | | 公告日期 | 2026年3月27日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.509 RMB | | 股東批准日期 | 2026年6月8日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | HKD， 金額有待公佈 | | 匯率 | 有待公佈 | ...

（於開曼群島註冊成立的有限責任公司） （股份代號：1209） 截至二零二五年十二月三十一日止財政年度之業績公告 摘要 截至二零二五年十二月三十一日止年度，全年收入為人民幣（「人民幣」）180.2億 元，同比（「同比」）增長5.1%。其中，商業航道收入為人民幣69.1億元，同比增 長10.1%；物業航道收入人民幣108.5億元，同比增長1.1%；生態圈業務收入人 民幣2.7億元，同比增長72.2%。 截至二零二五年十二月三十一日止年度，全年毛利潤為人民幣64.1億元，同比 增長13.3%。毛利率由截至二零二四年十二月三十一日止年度的33.0%增長至截 至二零二五年十二月三十一日止年度的35.5%。 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。 截至二零二五年十二月三十一日止年度，本公司股東應佔淨利潤為人民幣39.7 億元，同比增長10.3%，本公司股東應佔核心淨利潤（非香港財務報告會計準則 計量）為人民幣39.5億元，同比增長13.7%。 於二零二五 ...

Investment Rating - The report maintains a "Recommend" rating for China Resources Vientiane Life (1209.HK) with a target price of HKD 51.8 [2][7] Core Insights - The company continues to expand its commercial footprint, with impressive performance during the Spring Festival period, indicating strong consumer activity and resilience in growth [2][7] - The company opened and renovated 17 commercial projects in 2025, totaling over 3 million square meters, with a focus on core cities and regional market expansion [7] - Rental income from operating properties reached RMB 32.94 billion in 2025, a year-on-year increase of 13%, with a further 15% growth in the first two months of 2026 [7] - The company’s flagship projects are expected to maintain rapid growth, with significant expansions and innovative business models being introduced [7] - The Spring Festival data showed over 65 million visitors and retail sales exceeding RMB 7.5 billion across 135 shopping centers, validating the company's long-term investment value [7] - The company is positioned as a leading player in commercial management, with stable performance in shopping centers and high dividend payouts to shareholders [7] Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are RMB 17,043 million, RMB 17,818 million, RMB 19,358 million, and RMB 20,698 million respectively, with growth rates of 15.4%, 4.5%, 8.6%, and 6.9% [3][8] - Net profit attributable to shareholders is projected to be RMB 3,629 million, RMB 4,031 million, RMB 4,412 million, and RMB 4,843 million for the same years, reflecting growth rates of 23.9%, 11.1%, 9.5%, and 9.8% [3][8] - Earnings per share (EPS) are expected to be RMB 1.59, RMB 1.77, RMB 1.93, and RMB 2.12 for 2024A, 2025E, 2026E, and 2027E respectively [3][8] - The price-to-earnings (P/E) ratio is projected to decrease from 25 in 2024 to 19 in 2027, indicating a favorable valuation trend [3][8]

Group 1 - Bank of America Securities raised the target price for China Resources Mixc Lifestyle (01209) from HKD 46 to HKD 50, maintaining a "Buy" rating [1] - The retail business is expected to see same-store sales growth exceeding 10% and overall retail sales growth surpassing 15% this year [1] - The property management business outlook has improved, with expectations that housing prices in first-tier cities will stabilize in the second half of 2026, alleviating pressure on value-added services and service pricing [1] Group 2 - The earnings multiple target for the property management business has been increased from 10 times to 15 times for the fiscal year 2026, as the drag from a sluggish property market begins to diminish [1] - The target multiples for shopping center management and office management remain unchanged, while the overall price-to-earnings ratio has slightly increased from 22 times to 23 times [1] - The earnings forecast for China Resources Mixc Lifestyle for the fiscal years 2026 to 2027 has been slightly raised, reflecting a reduction in adverse factors for value-added services [1]

Core Viewpoint - Bank of America Securities has raised the target price for China Resources Mixc Lifestyle (01209) from HKD 46 to HKD 50, maintaining a "Buy" rating [1] Retail Business - The bank expects same-store sales growth to exceed 10% and overall retail sales growth to surpass 15% this year, indicating improved visibility for the retail business [1] Property Management Business - The forecast for property management business earnings multiples for FY2026 has been increased from 10x to 15x, as the pressure on household value-added services, fee collection, and service pricing is expected to ease with the stabilization of housing prices in first-tier cities by the second half of 2026 [1] - The target multiples for shopping center management and office management businesses remain unchanged, while the overall price-to-earnings ratio has slightly increased from 22x to 23x [1] Earnings Forecast - The earnings forecast for China Resources Mixc Lifestyle for FY2026 to FY2027 has been slightly adjusted upwards to reflect a reduction in adverse factors affecting value-added services [1] - The company is viewed positively due to its tenant sales growth being above average, positioning it as a beneficiary of the further stabilization of consumer spending in China [1]

Core Viewpoint - Bank of America Securities has raised the target price for China Resources Mixc Lifestyle from HKD 46 to HKD 50, maintaining a "Buy" rating [1] Retail Business - The bank expects same-store sales growth to exceed 10% this year, with overall retail sales growth anticipated to surpass 15% [1] Property Management Business - The bank now predicts that housing prices in first-tier cities will stabilize around the second half of 2026, alleviating pressure on value-added services, fee collection, and service pricing [1] - A slight upward adjustment has been made to the profit forecast for China Resources Mixc Lifestyle for the fiscal years 2026 to 2027, reflecting a reduction in adverse factors related to value-added services [1] Overall Outlook - The bank remains optimistic about China Resources Mixc Lifestyle due to its tenant sales growth being above average and its position as a beneficiary of the further stabilization of Chinese consumer spending [1]

Core Viewpoint - China Resources Mixc Lifestyle (01209) has seen a nearly 5% increase in stock price, currently up 4.63% at HKD 47, with a trading volume of HKD 186 million. The company is set to release its annual results on March 27 [1] Group 1: Financial Performance Expectations - CICC forecasts a 20% to 25% year-on-year growth in retail sales for shopping centers in 2025, with same-store sales expected to rise by 10% to 15% [1] - The company is anticipated to maintain an operating cash flow that covers net profit by over 1x, continuing its positive shareholder return intentions with a historical dividend payout ratio [1] - The expected dividend payout ratio for the first halves of 2023, 2024, and 2025 is projected to be 100% [1] Group 2: Revenue and Profit Projections - CMB International predicts a 6.5% year-on-year revenue growth for China Resources Mixc Lifestyle in 2025, reaching HKD 18.2 billion, with residential business revenue expected to remain flat and commercial operations revenue projected to grow by 13.8% [1] - The forecast for core net profit in 2025 is a year-on-year increase of 10.8% to HKD 3.9 billion, supported by stable gross margins in property management, improving gross margins in shopping centers, and a decrease in sales and administrative expense ratios [1]

智通财经APP获悉，瑞银发布研报称，华润万象生活(01209)将于3月27日公布去年业绩。瑞银指，预期 其2025年业绩符合市场预期。该行预期公司将提供乐观指引，包括"十五五"规划下购物中心扩张计划以 及2026年同店销售增长预测。该行将2026年同店零售销售增长预测由7%上调至10%，因此将2026至 2027年盈利预测上调2%。目标价由48港元升至55港元，维持"买入"评级，并列为中国房地产板块首 选。 ...

瑞银发布研报称，华润万象生活(01209)将于3月27日公布去年业绩。瑞银指，预期其2025年业绩符合市 场预期。该行预期公司将提供乐观指引，包括"十五五"规划下购物中心扩张计划以及2026年同店销售增 长预测。该行将2026年同店零售销售增长预测由7%上调至10%，因此将2026至2027年盈利预测上调 2%。目标价由48港元升至55港元，维持"买入"评级，并列为中国房地产板块首选。 ...