招银国际发表报告指，华润万象生活购物中心板块已成为绝对利润支柱，且持续展现远超同业的营运能 力。首三季零售额按年增20-25%，同期社零为3%，国庆期间零售额按年增25%，同期上海重点商圈增 长10.2%。该行预计板块利润贡献占比将在2025财年提高5个百分点至接近60%，基于此将公司目标市盈 率倍数提高5%至23倍，同时将估值对应年份滚动至2026年，目标价上调18%至51.84港元，维持"买 入"评级。公司具备高于同业的盈利增速、多元化布局以及较有吸引力的股息率，在央企同业中优势凸 显。 ...

Core Viewpoint - The report from CMB International indicates that due to the better-than-expected performance of the higher-valued retail segment of China Resources Vientiane Life (01209), it will contribute a larger share of profits, leading to an increase in the target price by 18% from HKD 43.86 to HKD 51.84, maintaining a "Buy" rating [1] Group 1 - The shopping center segment of China Resources Vientiane Life has become a significant profit pillar, demonstrating operational capabilities that exceed industry peers [1] - The profit contribution from this segment is expected to rise to 60% for the full year, with revenue and gross profit growth rates projected at 18% and 27% respectively [1] - The group has maintained a 100% dividend payout since 2023, with expectations to continue this trend, resulting in a dividend yield of 4.4%, which is attractive among state-owned enterprises [1]

报告表示，华润万象生活购物中心板块已成为绝对利润支柱，持续展现远超同业的运营能力。该行预 计，该板块利润贡献占比将于今年全年度，提升至60%，收入及毛利润增速分别达18%及27%。另外， 集团自2023年起至今维持100%派息，该行预计今年将持续此派息趋势，对应4.4%的股息率，在央企中 具较高吸引力。 智通财经APP获悉，招银国际发布研报称，由于华润万象生活(01209)估值更高的零售板块业务表现优预 期，将贡献更高的盈利占比，故上调目标市盈率倍数至23倍，对应年份滚动至2026年。因此，相应上调 目标价18%，由43.86港元升至51.84港元，维持"买入"评级。 ...

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]

Core Insights - China Resources Vientiane Life has demonstrated resilience and growth in a challenging market environment since its listing on the Hong Kong Stock Exchange in late 2020, utilizing a unique "commercial management + property management" dual-driven model [1][2][12] - The company has successfully transitioned from a heavy asset reliance to a leading position in light asset management, significantly expanding its commercial footprint from 62 shopping centers at the end of 2020 to 125 by mid-2025 [5][12] - The firm has maintained a strong market position, achieving a compound annual growth rate (CAGR) of over 20% in revenue from 67.79 billion yuan in its first year to 170.43 billion yuan by 2024, while also increasing its core net profit from 8.16 billion yuan to 35.07 billion yuan in the same period [12][13] Business Model and Strategy - The company has established a standardized and replicable management system, a large and loyal brand tenant network, and a strong talent pool, which have been pivotal in its expansion and operational success [5][6] - China Resources Vientiane Life has set a target to expand its third-party shopping center projects by over 50 during the "14th Five-Year Plan" period, achieving this goal ahead of schedule [6][12] - The firm is focusing on urban public space operations as a new growth area, aiming to provide comprehensive services across various urban facilities, which will help mitigate risks associated with traditional residential property management [9][11] Financial Performance - The company has achieved a gross profit margin increase from 27% in 2020 to 32.9% in 2024, further rising to 37.1% in the first half of 2025, indicating improved operational efficiency and business structure optimization [12][13] - China Resources Vientiane Life has maintained a stable dividend policy, distributing over 91 billion yuan since its listing, with a payout ratio reaching 100% in 2024 and the first half of 2025 [13][14] Market Position and Recognition - Despite challenges in the real estate sector, China Resources Vientiane Life has remained in the "billion-dollar market cap" club, with a leading price-to-earnings ratio in the industry, reflecting a significant value reassessment by the market [14][19] - Major financial institutions have upgraded their ratings for the company, recognizing its ability to capture emerging brands and the potential for luxury retail recovery [14][19] Sustainability and Future Outlook - The company is committed to sustainable development, setting clear carbon neutrality goals and integrating ESG principles into its business strategy, which enhances customer loyalty and employee engagement [15][17] - Looking ahead, China Resources Vientiane Life aims to deepen its integrated business model and expand its urban space operations, positioning itself as a key player in the evolving market landscape [17][19][20]

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 | | | --- | --- | --- | --- | ...

Core Viewpoints - The parent company holds a large number of high-quality shopping malls, while China Resources Vientiane's light asset management enjoys spatial positioning and scale advantages, providing strong pricing power over merchants. The growth of same-store sales and scale will enhance operational leverage, ensuring strong revenue and profit growth in the future [1][2] Company Competitive Advantages - The core competitive advantage of the company's management lies in the strengthened bargaining power with merchants, supported by the parent company's stable growth and large-scale quality shopping center contracts. The parent company is an early entrant in the Chinese shopping center sector, having strategically positioned itself in key regional markets and maintaining a leading position in the industry. This provides the company with scarce resources and strong negotiation power for lease adjustments, enabling it to achieve long-term same-store growth [2] Operational Efficiency and Profitability - With the same-store growth and scale expansion of Vientiane shopping centers, the company's operational leverage is expected to increase, leading to higher profit margins in management operations. Most costs at the individual shopping center project level are relatively fixed or grow in line with inflation, so steady growth in same-store rents can lead to an increase in NOIMargin. As the parent company continues to build new shopping centers, the headquarters' leasing and marketing personnel can manage more projects, enhancing labor efficiency and driving profit margins upward [2] Financial Adjustments and Investment Recommendations - Based on the latest financial report, the company has adjusted the revenue growth rates and gross margins for shopping center management and property management, while lowering the fee rates. The revised EPS forecasts for 2025-2026 are 1.73 and 2.12 yuan (previously 1.88 and 2.19 yuan), with a new forecast for 2027 at 2.44 yuan. Using the DCF valuation method, the target price is set at 52.55 HKD (1 HKD = 0.910 RMB), maintaining a "buy" rating [2]

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 ...