Core Viewpoint - Dahua Jixian maintains a "Hold" rating for China Resources Mixc Lifestyle Services (01209), raising the target price from HKD 41.1 to HKD 43, with a forecasted core net profit growth of 12.2% and revenue growth of 6.8% for 2025 [1] Financial Performance - The property management business revenue is expected to grow only by 1.4%, significantly impacted by a substantial contraction in value-added service revenue [1] - The commercial operations revenue is estimated to grow by 16.8%, driven by increased income from shopping centers [1] Earnings Forecast Adjustments - The earnings forecasts for China Resources Mixc Lifestyle Services for 2025 to 2027 have been revised downwards by 3.4%, 6.4%, and 7.2% respectively, due to ongoing pressure on the value-added services business [1]

智通财经APP获悉，招银国际发布研报称，维持华润万象生活(01209)"买入"评级，目标价上调4%至 53.96港元。该行预测华润万象生活2025年收入将达到182亿元人民币，同比增长6.5%，其中住宅业务收 入因增值服务业务拖累而同比持平，商业营运业务收入则预计增长13.8%。 此外，招银国际预测华润万象生活2025年核心净利润同比增长10.8%至39亿元人民币，基础物业管理毛 利率稳定、购物中心毛利率持续改善，以及销售及行政开支比率下降，将带来支持，目前维持2025至 2027年收入预测不变，但因利润率扩张步伐趋向合理，将核心净利润预测下调4%。 ...

Group 1 - The core viewpoint of the report is that 招银国际 maintains a "Buy" rating for 华润万象生活 (01209) and raises the target price by 4% to HKD 53.96 [1] - 招银国际 forecasts that 华润万象生活's revenue will reach RMB 18.2 billion in 2025, representing a year-on-year growth of 6.5%, with residential business revenue remaining flat due to the drag from value-added services, while commercial operations revenue is expected to grow by 13.8% [1] - The forecast for 华润万象生活's core net profit in 2025 is projected to increase by 10.8% to RMB 3.9 billion, supported by stable gross margins in property management, improving gross margins in shopping centers, and a decrease in the ratio of selling and administrative expenses [1] Group 2 - 招银国际 maintains its revenue forecasts for 2025 to 2027 unchanged, but has adjusted the core net profit forecast down by 4% due to a more reasonable pace of margin expansion [1]

招银国际发表研报，预测华润万象生活2025年收入将按年增长6.5%至182亿元，其中住宅业务收入按年 持平，商业营运业务收入则预计增长13.8%。该行预测2025年核心净利润按年增长10.8%至39亿元，基 础物业管理毛利率稳定、购物中心毛利率持续改善以及销售及行政开支比率下降将带来支持。该行目前 维持2025至2027年收入预测不变，目标价上调4%至53.96港元，维持"买入"评级。 ...

里昂发布研报称，2025年对住宅物业管理业务继续是充满挑战的一年。华润万象生活(01209)持续重塑 其增值服务并放缓总楼面面积扩张步伐以提升盈利能力，因此该行将其2025至2027年度盈利预测分别下 调2.5%、6.3%及7%。基于20倍的目标市盈率倍数，将目标价由41.2港元上调至49.2港元，并维持"跑赢 大市"评级。该行对华润万象生活2025年度预测低于市场预期4%，处于公司双位数增长目标的低位水 平。然而，该行认为核心业务表现好过预期及盈利质素值得长期获得更高估值。 ...

Core Viewpoint - The report from Citi indicates that 2025 will continue to be a challenging year for the residential property management business, with a focus on enhancing profitability through the restructuring of value-added services and slowing down the expansion of total floor area [1] Financial Forecasts - The earnings forecasts for China Resources Mixc Lifestyle (01209) for the years 2025 to 2027 have been revised downwards by 2.5%, 6.3%, and 7% respectively [1] - The target price has been adjusted from HKD 41.2 to HKD 49.2 based on a target price-to-earnings ratio of 20 times [1] Market Position - The 2025 earnings forecast is 4% below market expectations and is at the lower end of the company's double-digit growth target [1] - Despite the lower earnings forecast, the core business performance is expected to exceed expectations, and the quality of earnings is deemed worthy of a higher long-term valuation [1]

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12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 呈交日期: 2026年1月5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/註冊股本總 ...

Core Viewpoint - The "WELL HSR" certification ceremony for China Resources Mixc Life was held in Tianjin, marking significant progress in health and wellness initiatives within the company's shopping centers and office buildings [1] Group 1: WELL HSR Certification Achievements - By the end of 2025, China Resources Mixc Life will have 30 shopping centers and office projects certified with WELL HSR, covering a total area of 7.527 million square meters and benefiting 328,000 people [1] - All extraordinary luxury shopping centers currently in operation have received the WELL HSR certification, along with 12 high-quality office projects [1] Group 2: Sustainable Development Commitment - The company adheres to a sustainable development path focused on high-quality service and long-termism, integrating a "people-oriented" philosophy into its operations across commercial, office, community, and public spaces [1] - The sustainable development approach has evolved from compliance management to an ecological leadership phase, aiming to collaborate with more partners for deeper, multi-field cooperation [1] Group 3: Industry Collaboration and Trends - The IWBI's China Executive Vice President emphasized the importance of collaboration among stakeholders in the value chain to address challenges and achieve mutual benefits [3] - Industry experts shared insights on themes such as health spaces, social responsibility, sustainability, and green buildings during the event [3] Group 4: Innovative Initiatives - The "WELL EAT" initiative was launched in collaboration with the WELL Living Lab, featuring nearly 20 healthy dishes from 10 restaurants in Tianjin Mixc, extending health principles into dining experiences [10] - Other Mixc projects in cities like Changchun, Jinan, Nanning, Fuzhou, Shenzhen, and Chengdu will also initiate unique sustainable consumption activities to enhance public awareness and participation in sustainability [12] Group 5: Integration of Technology and Sustainability - The integration of AI technology in building management is being explored to enhance sustainability practices, aligning with WELL's health building standards to improve the well-being of consumers, tenants, and employees [8]

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） 重續持續關連交易 二零二五年框架貸款協議 重續持續關連交易－二零二五年框架貸款協議 茲提述本公司日期為二零二三年一月二十日的公告，內容有關二零二三年框架 貸款協議。由於二零二三年框架貸款協議的期限將於二零二五年十二月三十一 日屆滿，而預期本集團將於其後繼續訂立二零二三年框架貸款協議項下擬進行 的類似交易，故本公司已於二零二五年十二月二十三日訂立二零二五年框架貸 款協議，以重續二零二三年框架貸款協議及設定相關年度上限。 上市規則涵義 於本公告日期，(1)本公司由華潤置地持有約70.12%權益；(2)華潤置地由華潤 （集團）間接持有約59.55%權益，而華潤（集團）由華潤股份間接全資擁有。因 此，根據上市規則，華潤（集團）及華潤股份為本公司的關連人士。 由於二零二五年框架貸款協議項下擬進行交易所設定的年度上限之一項或多項 適用百分比率超過0.1%但均無 ...

Core Viewpoint - The signing ceremony between Taiyuan Plaza and China Resources Vanguard marks the establishment of the first "MixC" in North China, located in Taiyuan's Xiaodian District, with a total construction area of approximately 445,000 square meters [1] Group 1: Project Details - The MixC commercial complex will be situated on Changfeng Street, Taiyuan Plaza, and will feature an innovative model that combines "street block + box mall" [1] - The overall operation will be managed by China Resources Vanguard, with design executed by the AICO design team under Shanghai Tianhua Group [1] Group 2: Features and Offerings - The complex will host a variety of international luxury brands, high-end dining options, and cultural art spaces, creating a diverse commercial environment [1] - Notable features of the project include the Valley Plaza, Mountain Waterfall, Mountain Path, and Four Seasons Mountain Garden, which contribute to a rich and varied commercial scene [1]