华润万象生活(01209) - 2025 - 中期财报

Company Information This section provides fundamental administrative and governance details for China Resources Mixc Lifestyle Services Limited, including board composition, registered offices, and key financial partners - The Board of Directors includes non-executive directors (Chairman Mr. Li Xin), executive directors (President Mr. Yu Linkang), and independent non-executive directors, ensuring board independence[6][7] - The registered office is in the Cayman Islands, with headquarters and main operating location in Shenzhen, China, and the main Hong Kong operating location in Wan Chai[9][10] - KPMG is the independent auditor[11] - The company's stock code is 1209[11] Group Structure This section outlines China Resources Mixc Lifestyle Services Limited's ownership structure within China Resources (Holdings) Co., Ltd. and the scale of its two core business segments: property management and commercial management - China Resources Land Limited holds 72.29% equity in China Resources Mixc Lifestyle Services Limited, with China Resources (Holdings) Co., Ltd. indirectly controlling the company through China Resources Land[13] Group Business Scale Overview (H1 2025) | Business Segment | Metric | Quantity/Area | | :--- | :--- | :--- | | Property Management Segment | Projects Under Management | 1,949 units | | | Area Under Management | 429.8 million sq.m. | | Commercial Management Segment | Contracted Shopping Malls for Commercial Operation Services | 183 units | | | Opened Shopping Malls for Commercial Operation Services | 125 units | | | Contracted Office Buildings for Commercial Operation Services | 34 units | | | Opened Office Buildings for Commercial Operation Services | 27 units | Chairman's Report The Chairman's Report reviews the H1 2025 Chinese economic environment and company performance, highlighting a "reform for development" and "stable growth" strategy that led to robust revenue and core net profit growth, significantly enhancing shareholder returns Overall Performance In H1 2025, the company achieved significant revenue and core net profit growth under a "stable growth" strategy, substantially increasing interim dividends and payout ratios, demonstrating industry-leading performance amidst market uncertainties - The Group adheres to "reform for development" and "stable growth" as its overall operating philosophy, embracing a core strategy of "organic growth + inorganic growth"[15][18] H1 2025 Key Financial Indicators | Metric | H1 2025 (CNY) | YoY Growth | | :--- | :--- | :--- | | Total Revenue | 8.524 billion | 6.5% | | Core Net Profit | 2.011 billion | 15.0% | | Interim Dividend | CNY 0.529 per share | 89.6% | | Interim Payout Ratio | 60% | increased by 24 percentage points | | Special Dividend | CNY 0.352 per share | significantly enhanced shareholder returns | Commercial Management Business In H1, the commercial management business optimized its national footprint, opening 4 new shopping malls and signing 6 new asset-light expansion projects, increasing operational shopping centers to 125, with double-digit growth in retail sales and rental income, improved operating profit margins, and increased office building occupancy rates after restructuring - During the period, 4 new shopping malls successfully opened, and 6 new asset-light commercial expansion projects were signed, with 4 being TOD projects and 2 existing operational projects[19][20] - As of June 30, 2025, the Group's operational shopping malls increased to 125[19][20] Shopping Mall Business Key Performance (H1 2025) | Metric | Amount (CNY) | YoY Growth | | :--- | :--- | :--- | | Retail Sales | 122.0 billion | 21.1% | | Landlord-side Rental Income | 14.7 billion | 17.2% | | Landlord-side Operating Profit Margin | 68.2% | increased by 0.4 percentage points | - The office building business completed its restructuring, with the occupancy rate for 27 operational projects increasing by 0.5 percentage points to 74.1% compared to the end of 2024[21] Property Management Business The property management business maintained its industry-leading position in H1, with steady market expansion, adding 14.32 million square meters in contracted area, reaching 420 million square meters under management across 171 cities, while enhancing urban space operational capabilities, increasing non-residential revenue share, and improving community space customer satisfaction and collection rates - In H1, property expansion added 14.32 million square meters in contracted area[22][24] - As of June 30, 2025, the area under management reached 420 million square meters, contracted area was 452 million square meters, covering 171 cities nationwide[22][24] - 37 urban public space projects were expanded, securing key projects such as Wenzhou Longgang Civic Center and Shenzhen Xili Lake Greenway[22][24] - Non-residential business revenue share increased by 2.2 percentage points year-on-year to 18.4%, further solidifying its position as an urban space operation service provider[23][25] - Community space business customer satisfaction improved by 0.3 points to 92.06 points compared to the end of 2024, contributing to a 1 percentage point year-on-year increase in collection rate to 76%[23][25] Grand Member Business The Grand Member business achieved a breakthrough in H1 2025, completing the acquisition of "CR Link" and integrating member resources, turning operational losses into profits, with significant growth in total members and points issued, strengthening the competitive advantage of the "2+1" integrated business model - In H1, the Grand Member business completed the acquisition of "CR Link" and integrated member resources, achieving a turnaround in operations, and enhancing member operational capabilities and digital service efficiency[26][29] - As of June 30, 2025, the total number of Mixc Star members reached 72.37 million, an increase of 18.5% from the end of 2024[26][29] - The total value of Mixc Star points issued amounted to CNY 590 million, a year-on-year increase of 18.0%[26][29] Technology Empowerment In H1, the Group steadfastly advanced digital transformation through "five modernizations" (technological production, digital operations, smart spaces, data assetization, green and low-carbon), enhancing operational efficiency, intelligence, and data value across commercial and property management segments, while actively applying AI technology - The Group is firmly implementing digital transformation, continuously deepening technology empowerment through "five modernizations": technological production, digital operations, smart spaces, data assetization, and green and low-carbon[27][30] - The commercial management segment's store management system achieved 100% coverage for operational projects, the "Liangjia" mini-program tenant-side coverage reached 98%, and "Yidian Mixc" upgraded its online service experience[27][31] - The property management segment's "Mixc Services" achieved 100% multi-format coverage for community and urban spaces, and the "Park Boundary" parking management system project coverage exceeded 90%[27][31] - Promoting scaled development of clean energy, 4 shopping malls achieved 100% green electricity procurement; energy efficiency improvements covered all areas, with over 200 energy-saving optimization projects achieving annual electricity savings of approximately 20 million kWh[33][37] - The Group emphasizes the application of artificial intelligence technology, completing private deployment during the period, building an AI application development platform, and promoting efficiency improvements and management empowerment[34][38] Organizational Efficiency and Talent Development In H1, the Group pursued organizational reform with goals of "flat structure, leading human efficiency, and lean costs," optimizing business processes, reshaping the commercial office building organization, launching the "Mixc Gravity" program, and improving compensation and incentive mechanisms to build an efficient talent supply chain - The Group aims for "flat structure, leading human efficiency, and lean costs," continuously promoting organizational reform towards "headquarters platformization, segment entity-ization, specialized tracks"[35][39] - The commercial management segment completed its office building organizational reshaping, while the property management segment developed an ecological operation mechanism reform plan based on service penetration[35][39] - The "Mixc Gravity" program was launched to recruit elite external talent, strengthen talent depth in key internal positions, and build an efficient talent supply chain to support business development[35][39] - Further improving market-oriented compensation and incentive reforms, reshaping the grassroots employee compensation system, and emphasizing care for frontline staff[35][39] Environmental, Social, and Governance (ESG) The Group integrated its ESG strategy into business management, achieving full carbon verification coverage, making significant progress in low-carbon environmental protection, rural revitalization, community care, and public responsibility, continuously enhancing its ESG influence, and receiving multiple authoritative ratings and awards - The Group integrates its ESG strategy into business and management, continuously updates its ESG policy system, and achieves full coverage of carbon verification[40][42] - During the period, "Warm Heart Stations" cumulatively served 400,000 people, and the "Love for Hope" public welfare education program entered 11 China Resources Hope Towns[40][42] - Sustainable procurement deepened, with the proportion of centralized procurement for low-carbon and environmentally friendly certified products reaching 30%[40][42] - The Group's ESG influence continues to grow, receiving authoritative awards from the International WELL Building Institute, with stable-to-rising ratings from Wind, Morningstar, and MSCI, and its annual "Sustainability Report" receiving the highest "Five-Star Excellent" rating for the first time[40][42] - "Mixc City" was listed on the World Brand Lab's "China's 500 Most Valuable Brands" list for the first time[40][42] Future Outlook The Group anticipates future opportunities from China's economic resilience, unleashed consumption potential, urban cluster development, asset renewal, and REITs expansion, aiming to conclude its "14th Five-Year Plan" in H2 with robust performance and enhanced shareholder value, while maintaining its "urban quality life service platform" strategic positioning long-term and accelerating the cultivation of a second growth curve - The Chinese economy demonstrates strong resilience and vitality, with the domestic circulation's primary role strengthening and consumption potential continuously unleashed; modern urban clusters and metropolitan areas are accelerating development, bringing new opportunities for regional deep cultivation strategies; urban development's stock quality and efficiency improvements will open new spaces for asset renewal and urban operation services; normalized REITs expansion accelerates the revitalization of existing assets, and new commercial operation paradigms are rapidly taking shape[41][43] - In H2, the Group will fully drive the successful conclusion of the "14th Five-Year Plan" strategic blueprint, achieving stable performance growth and enhanced shareholder value[44][45] - In the medium to long term, the Group will firmly adhere to its strategic positioning as an "urban quality life service platform," maintain the "2+1 integrated business model," target the goal of becoming a world-class enterprise, continuously expand its core business advantages, and accelerate the cultivation of a second growth curve[46][47] Management Discussion and Analysis This section provides a detailed analysis of the Group's H1 2025 business operations and financial performance, covering specific progress and data for commercial, property management, and ecosystem businesses, alongside an in-depth review of changes and drivers for key financial metrics such as revenue, costs, profit, cash flow, and balance sheet, while also outlining future development strategies and significant matters Business Review The Group's business is primarily divided into commercial management, property management, and ecosystem businesses, encompassing shopping mall and office building operations, community and urban space property management and value-added services, and diverse ecosystem services including member operations, marketing, and self-operated cosmetics - The Group's businesses include commercial management, property management, and ecosystem businesses[49][52] - Commercial management business covers commercial operation services (investment attraction, operation, opening preparation) and property management services for shopping malls and office buildings, as well as commercial sub-leasing services[51][53][54] - Property management business provides property management services (basic property management, non-owner value-added, owner value-added) and other value-added services for community and urban spaces[56][57][58] - Ecosystem business expands diversified ecological services such as member operations and marketing, self-operated cosmetics, consulting services, and cultural operations, based on core segment services[59] H1 2025 Revenue and Gross Profit Margin Overview | Business Segment | Revenue (CNY thousand) | Revenue Share (%) | Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | | Commercial Management | 3,266,893 | 38.3 | 66.1 | | Shopping Malls | 2,264,435 | 26.6 | 78.7 | | Office Buildings | 1,002,458 | 11.7 | 37.7 | | Property Management | 5,156,450 | 60.5 | 18.8 | | Community Spaces | 4,207,251 | 49.4 | 19.8 | | Urban Spaces | 949,199 | 11.1 | 14.2 | | Ecosystem Business | 100,194 | 1.2 | 37.2 | | Total | 8,523,537 | 100.0 | 37.1 | Commercial Management Segment The commercial management segment achieved revenue growth in both shopping mall and office building sectors, with shopping mall service revenue increasing by 19.8% year-on-year, 120 opened projects totaling 13.1 million square meters, and office building service revenue growing by 4.5%, with 27 office buildings providing commercial operation services and 225 for property management services - For the six months ended June 30, 2025, the Group's commercial operation and management service revenue from shopping malls was CNY 2,264.4 million, a year-on-year increase of 19.8%, accounting for 26.6% of total revenue[63][65] Shopping Mall Project Contracted and Opened Status (June 30, 2025) | Project Type | Contracted GFA (thousand sq.m.) | Contracted Projects | Opened GFA (thousand sq.m.) | Opened Projects | | :--- | :--- | :--- | :--- | :--- | | Management Output Projects | 19,492 | 175 | 13,093 | 120 | | Profit-sharing Projects | 327 | 4 | 127 | 2 | | Lease Operation Projects | 488 | 4 | 340 | 3 | - For the six months ended June 30, 2025, the Group's commercial operation and property management service revenue from office buildings was CNY 1,002.5 million, a year-on-year increase of 4.5%, accounting for 11.7% of total revenue[71][73] Office Building Project Contracted and Under Management Status (June 30, 2025) | Service Type | Contracted GFA (thousand sq.m.) | Contracted Projects | GFA Under Management (thousand sq.m.) | Projects Under Management | | :--- | :--- | :--- | :--- | :--- | | Commercial Operation Services | 2,259 | 34 | 1,875 | 27 | | Property Management Services | 22,334 | 248 | 17,789 | 225 | Property Management Segment The property management segment developed in both community and urban spaces, with community space property management service revenue growing by 8.8% year-on-year, 1,412 projects under management, and 275.5 million square meters under management; non-owner value-added service revenue decreased by 34.6%, and owner value-added service revenue decreased by 32.7%, mainly due to market and business model adjustments; urban space property management service revenue increased by 15.1% year-on-year, with 432 projects under management and 127.2 million square meters under management, where revenue growth significantly outpaced scale growth - For the six months ended June 30, 2025, the Group's property management service revenue from community spaces was CNY 3,500.7 million, a year-on-year increase of 8.8%, accounting for 41.1% of total revenue[79][80] - As of June 30, 2025, the number of community space projects under management was 1,412, an increase of 77 from the same period last year, with a total GFA under management of 275.5 million square meters, an increase of 16.0 million square meters from the same period last year[79][80] - For the six months ended June 30, 2025, the Group's non-owner value-added service revenue provided to developers was CNY 220.1 million, a year-on-year decrease of 34.6%, primarily due to reduced land acquisition and delivery project areas by the parent company, leading to pressure on service unit prices[85][86] - For the six months ended June 30, 2025, the Group's owner value-added service revenue from community spaces was CNY 486.5 million, a year-on-year decrease of 32.7%, mainly affected by adjustments to the operating model of this business segment[87][90] - For the six months ended June 30, 2025, the Group's property management service revenue from urban spaces was CNY 949.2 million, a year-on-year increase of 15.1%, accounting for 11.1% of total revenue[88][91] - As of June 30, 2025, the number of urban space property projects under management was 432, a decrease of 12 from the same period last year, with a total area under management of 127.2 million square meters, an increase of 3.9 million square meters from the same period last year; revenue growth significantly outpaced the growth in managed scale[88][91] Ecosystem Business The ecosystem business generated CNY 100.2 million in revenue in H1 2025, a 104.0% year-on-year increase, accounting for 1.2% of total revenue, primarily driven by the acquisitions of CR Network Shenzhen and CR Data Technology Guangzhou, integrating member operations and marketing services, and adding consulting service revenue - For the six months ended June 30, 2025, the Group's ecosystem business revenue was CNY 100.2 million, a year-on-year increase of 104.0%, accounting for 1.2% of total revenue[96][97] - During the period, the acquisitions of CR Network Shenzhen and CR Data Technology Guangzhou were completed, integrating their CR Link member operation services and marketing services businesses[99][100] - New specific consulting services provided to consumer funds under China Resources Group generated revenue of CNY 17,490 thousand[99][100] Future Outlook The Group aims to consolidate its market position and achieve resilient growth by pursuing high-quality scaled development, enhancing operational efficiency, building an integrated membership system, and practicing sustainable development, aspiring to become a world-class urban quality life service platform - The Group will adhere to deep regional cultivation, specialized tracks, and strategically led M&A, expanding market share in core cities, enhancing differentiated competitive advantages, and achieving high-quality scaled development[101][102] - By systematically building quality services, technological intelligence, and organizational efficiency, the Group will advance its digital strategy of "technological production, digital operations, smart spaces, data assetization, and green and low-carbon," deepening the "headquarters platformization, segment entity-ization, specialized tracks" management model to achieve high-quality and high-efficiency operations[103][104] - Continuously deepening the construction of the member ecosystem, focusing on the three elements of "points, rights, and data," building a holistic member value ecosystem, transforming from traffic operation to user asset operation, and enhancing customer stickiness[105][107] - Upholding green, low-carbon, and sustainable principles, integrating ESG concepts throughout the entire business process, responding to the national "dual carbon" strategy, and establishing carbon peak by 2030 and carbon neutrality by 2050 targets[106][108] Financial Review The financial review details the Group's H1 2025 revenue, costs, profit, cash flow, and balance sheet, showing a 6.5% year-on-year revenue increase, 16.3% gross profit growth, and a 3.1 percentage point rise in gross profit margin, with both net profit and core net profit increasing, ample liquidity, but an elevated asset-liability ratio due to dividend declarations - For the six months ended June 30, 2025, the Group's revenue was CNY 8,523.5 million, a year-on-year increase of 6.5%, driven by continuous expansion of managed scale and improved commercial retail efficiency[109][112] - For the six months ended June 30, 2025, the Group's cost of sales was CNY 5,358.4 million, a year-on-year increase of 1.5%, primarily due to corresponding increases in various costs with the continuous growth of business scale[110][114] Gross Profit and Gross Profit Margin Changes (H1 2025) | Metric | H1 2025 (CNY thousand) | YoY Growth | Gross Profit Margin (%) | YoY Change (percentage points) | | :--- | :--- | :--- | :--- | :--- | | Gross Profit | 3,165,133 | 16.3% | 37.1 | 3.1 | | Commercial Management Gross Profit | 2,159,457 | 24.4% | 66.1 | 5.2 | | Property Management Gross Profit | 968,401 | 0.4% | 18.8 | -0.1 | | Ecosystem Business Gross Profit | 37,275 | 77.6% | 37.2 | -5.5 | - For the six months ended June 30, 2025, the Group's net profit was CNY 2,067.8 million, a year-on-year increase of 8.6%; net profit attributable to equity holders of the Company was CNY 2,030.3 million, a year-on-year increase of 7.4%[138][140] - For the six months ended June 30, 2025, the Group's core net profit attributable to shareholders was CNY 2,011.2 million, a year-on-year increase of 15.0%[142][145] - As of June 30, 2025, the Group's total cash and cash equivalents (including restricted bank deposits) amounted to CNY 7,609.8 million[143][146] - As of June 30, 2025, the Group's asset-liability ratio was 49.3%, an increase of 6.6 percentage points from the end of last year, primarily due to the inclusion of declared but unpaid 2024 final and special dividends in current payables[144][147] Major Investments, Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures, and Future Plans for Major Investments or Capital Assets In H1 2025, the Group completed the equity acquisitions of CR Network Shenzhen and CR Data Technology Guangzhou for a total consideration of CNY 121.038 million, aiming to integrate member operations and marketing services, with no other major investment, acquisition, or disposal activities during the period, and future plans consistent with prospectus disclosures - As of June 30, 2025, the Group completed the full equity acquisitions of CR Network Shenzhen and CR Data Technology Guangzhou, with total considerations of CNY 114.4 million and CNY 6.6 million, totaling CNY 121.038 million[148][150] - The acquisitions aim to integrate member operation services, online mall businesses, and technology data value-added services[148][150] - There were no other major investments, acquisitions, or disposals of subsidiaries, associates, and joint ventures during the period, and future plans are consistent with those disclosed in the prospectus[149][151] Use of Proceeds from Listing As of June 30, 2025, of the CNY 11,600.4 million net proceeds from listing, CNY 5,918.7 million has been utilized, with the remaining CNY 5,681.7 million to be allocated according to revised uses and proportions, expected to be fully utilized by December 2027 - The total net proceeds from listing amounted to approximately CNY 11,600.4 million[152] - As of June 30, 2025, CNY 5,918.7 million of the proceeds had been utilized[153] - The unutilized net proceeds of approximately CNY 5,681.7 million will be allocated and used according to the purposes and proportions stated in the announcement dated March 25, 2024[153] Revised Use of Net Proceeds from Listing and Timetable | Use | Proportion (%) | Planned Net Proceeds for Use (CNY million) | Actual Use for Six Months Ended June 30, 2025 (CNY million) | Unutilized Net Proceeds as of June 30, 2025 (CNY million) | Expected Timetable for Full Utilization | | :--- | :--- | :--- | :--- | :--- | :--- | | Strategic investments and acquisitions to expand property management and commercial operation businesses | 45% | 5,220.3 | 10.1 | 2,070.0 | By December 2027 | | Strategic investments in value-added services and upstream/downstream supply chains in the industry | 30% | 3,480.0 | 121.0 | 2,779.1 | By December 2027 | | Investment in information technology systems and smart communities | 15% | 1,740.1 | 3.2 | 832.6 | By December 2027 | | Working capital and general corporate purposes | 10% | 1,160.0 | 0.0 | 0.0 | Not applicable | | Total | 100% | 11,600.4 | 134.3 | 5,681.7 | | Investment Properties As of June 30, 2025, three properties (Shenzhen Buji Mixc City, Lanzhou Mixc City, Shenzhen Longgang Universiade Project) were classified as investment properties, measured at fair value, with relevant percentage ratios exceeding listing rule requirements, held under long-term operating leases - As of June 30, 2025, three properties were identified as investment properties, including Shenzhen Buji Mixc City, Lanzhou Mixc City, and Shenzhen Longgang Universiade Project[155][156] - These investment properties are recognized in the consolidated statement of financial position in accordance with HKFRS 16 and measured at fair value[155][156] - The properties are currently used as operating lease projects and held under long-term leases, where the lessor has no right to unilaterally terminate the contract during the lease term (except in extreme circumstances)[155][156] Contingent Liabilities As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities (December 31, 2024: nil)[157][159] Pledged Assets As of June 30, 2025, the Group had no pledged assets - As of June 30, 2025, the Group had no pledged assets (December 31, 2024: nil)[158][160] Foreign Exchange Risk The Group's primary operations are in China, settled in RMB, resulting in low foreign exchange risk, with non-RMB assets mainly in HKD and USD cash, where HKD cash for dividend distribution has substantially eliminated FX fluctuation risk, and management will dynamically monitor foreign exchange risk - The Group's business is primarily conducted in China, mainly using RMB as the settlement currency, thus foreign exchange risk is low[161][163] - As of June 30, 2025, non-RMB assets and liabilities primarily consisted of cash of HKD 448.7 million and USD 112,829.5[161][163] - The HKD cash balance primarily represented reserve funds for declared but unpaid 2024 final and special dividends, which were disbursed on July 23, 2025, thus the foreign exchange rate fluctuation risk faced has been substantially eliminated[161][163] - The Group currently has no foreign currency risk hedging policy, but management will dynamically monitor foreign exchange risk exposures and make necessary adjustments based on market environment changes[161][163] Employees and Remuneration Policy As of June 30, 2025, the Group employed 39,213 full-time staff in mainland China and Hong Kong, with remuneration policies based on employee performance, experience, and market levels, offering performance bonuses and other benefits - As of June 30, 2025, the Group employed 39,213 full-time staff in mainland China and Hong Kong (December 31, 2024: 42,046 staff)[162][164] - The Group determines employee remuneration based on performance, work experience, and market wage levels, granting performance bonuses as appropriate, with other employee benefits including provident funds, insurance, and medical plans[162][164] Continuing Disclosure Requirements under Listing Rule 13.21 The Company entered into a loan agreement with its controlling shareholders containing specific performance covenants requiring China Resources (Holdings) and China Resources Land to maintain minimum shareholding percentages in the Company's issued share capital, which remain effective as of the report date, though the Group has not drawn down the financing amount - The Company entered into a loan agreement with specific performance covenants from its controlling shareholders, and the obligations under these covenants remain in effect[165][166] - The covenants require China Resources (Holdings) and China Resources Land to maintain direct or indirect ownership of not less than 35% and 51%, respectively, of the Company's issued share capital[165][166] - As of June 30, 2025, the Group had not drawn down the HKD 600 million revolving loan facility amount[165][166] Post-Balance Sheet Events As of the report date, no significant events affecting the Group have occurred since June 30, 2025 - No significant events affecting the Group have occurred since June 30, 2025, up to the date of this report[167][168] Other Information This section discloses directors' and major shareholders' interests in the Company's and its associated corporations' shares, details of continuing connected transactions, changes in directors' information, and the Company's policies and practices regarding securities dealings, corporate governance, financial statement review, and dividend distribution Directors' Interests and Short Positions in Shares, Underlying Shares, and Debentures of the Company or Any Associated Corporation This section discloses the Company's directors' interests in shares of the Company and its associated corporations (China Resources Land, Jiangzhong Pharmaceutical, China Resources Pharmaceutical Group) as of June 30, 2025, primarily long positions with low shareholding percentages Directors' Interests in Shares of the Company (June 30, 2025) | Director's Name | Nature of Interest | Number of Ordinary Shares (L) | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Yu Linkang | Other | 358,304 | 0.02% | | Mr. Wang Haimin | Other | 52,955 | 0.00% | | Mr. Nie Zhizhang | Beneficial Owner | 50,000 | 0.00% | | Mr. Guo Ruifeng | Beneficial Owner | 31,000 | 0.00% | - Mr. Li Xin beneficially owns 40,000 shares in China Resources Land, representing 0.00%[176] - Mr. Guo Shiqing is deemed to own 60,000 shares in Jiangzhong Pharmaceutical Co., Ltd. due to spouse's interest, representing 0.01%[179] - Mr. Nie Zhizhang beneficially owns 32,000 shares in China Resources Pharmaceutical Group Limited, representing 0.00%[182] Major Shareholders' Interests and Short Positions in Shares and Underlying Shares This section discloses major shareholders' interests and short positions in the Company's shares, excluding directors, as of June 30, 2025, showing China Resources (Holdings) and its associates collectively hold 73.72% of the Company's shares, with JPMorgan Chase & Co. also holding a certain proportion of interests and short positions - China Resources Company Limited, China Resources Co., Ltd., CRC Bluesky Limited, China Resources (Holdings) Co., Ltd., and China Resources Group (Land) Limited are all deemed to have interests in 1,682,666,000 shares of the Company, representing 73.72% of the issued share capital[188][191] JPMorgan Chase & Co.'s Interests and Short Positions in Shares of the Company (June 30, 2025) | Nature of Interest | Number of Ordinary Shares (L) | Number of Ordinary Shares (S) | Number of Ordinary Shares (P) | Approximate Percentage of Shareholding (L) | Approximate Percentage of Shareholding (S) | Approximate Percentage of Shareholding (P) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beneficial Owner | 11,758,190 | 10,492,669 | - | 0.52% | 0.46% | - | | Investment Manager | 13,228,351 | - | - | 0.58% | - | - | | Person with a security interest in shares | 29,200 | - | - | 0.00% | - | - | | Approved Lending Agent | - | - | 112,104,982 | - | - | 4.91% | Continuing Connected Transactions This section details the Group's H1 2025 continuing connected transactions with associates such as China Resources Land, China Resources (Holdings), China Resources Bank, and China Resources Capital, covering property leases, procurement, commercial operation services, value-added services, deposits and financial services, framework loan agreements, and member operations and marketing services, along with their annual caps and actual transaction amounts - The Company's associates include China Resources Capital and its associates, China Resources Land and its associates, China Resources (Holdings) and its holding companies and subsidiaries, China Resources Bank, China Resources Co., Ltd., and China Resources Trust[192][193][194][195][196][197][198][199][200][201][202][203][204][205] Partially Exempt Continuing Connected Transactions (Subject to Reporting, Annual Review and Announcement Requirements) This section lists the Group's partially exempt continuing connected transactions with associates for property leases, parking space purchases, procurement, commercial operation services, value-added services, deposits and financial services, framework loans, and consulting services, providing 2025 annual caps and actual transaction amounts for the six months ended June 30, 2025 Overview of Partially Exempt Continuing Connected Transactions (H1 2025 Actual Transaction Amounts) | Framework Agreement | Transaction Type | Annual Cap (CNY thousand) | Actual Transaction Amount (CNY thousand) | | :--- | :--- | :--- | :--- | | 2023 CR Land Property Management Lease | Group leases properties from CR Land associates | 155,000 | 19,870 | | | CR Land associates lease properties from Group | 20,000 | – | | | CR Land associates lease properties from Group under commercial sub-lease model | 50,000 | 3,142 | | 2023 CR (Holdings) Property Management Lease | Group leases properties from CR (Holdings) associates | 51,600 | 458 | | | CR (Holdings) associates lease properties from Group under commercial sub-lease model | 110,000 | 3,995 | | 2023 Parking Space Purchase | Group purchases parking spaces | 440,000 | 1,000 | | 2023 CR (Holdings) Procurement | Group's purchase amount | 330,000 | 68,878 | | | CR (Holdings) associates' purchase amount | 110,000 | 5,943 | | 2023 CR (Holdings) Commercial Operation Services | Actual service fees received by Group | 280,000 | 27,000 | | 2023 CR (Holdings) Value-Added Services | Fees to be collected by Group for community value-added services | 130,000 | 25,064 | | | Fees to be collected by Group for value-added services targeting property management developers | 25,000 | – | | 2023 CR Land Procurement | Actual purchase amount paid by Group | 440,000 | 88,000 | | 2023 Deposit and Financial Services | Maximum daily deposit amount placed by Group with CR Bank | 700,000 | 632,884 | | | Maximum daily amount of financial services and products provided by CR Bank | 500,000 | – | | 2023 Framework Loan | Maximum daily outstanding principal amount during the year | 1,000,000 | – | | 2024 Consulting Services | Actual service