Zheng Quan Shi Bao Wang·2025-08-27 14:08Core Viewpoint - China Resources Land (01109.HK) reported a positive outlook for the second half of 2025, maintaining confidence in its annual sales targets despite a contraction in development business and transformation of commercial projects [1][4] Financial Performance - For the first half of 2025, China Resources Land achieved revenue of 94.9 billion yuan, a year-on-year increase of 19.9% [1] - The net profit attributable to shareholders was 11.9 billion yuan, up 16.2% year-on-year [1] - Regular income reached 20.6 billion yuan, growing by 2.5%, accounting for 21.7% of total revenue [1] - Core net profit contribution increased to 60.2% [1] Business Segments Development Sales Business - The development sales business contributed significantly, with a contract signing amount of 110.3 billion yuan, maintaining a top-three industry position [2] - Development business revenue was 74.4 billion yuan, reflecting a 25.8% year-on-year growth, with an improved gross margin of 15.6% [2] - Revenue from development business is expected to be highly certain, with 251.4 billion yuan locked in, of which 159.5 billion yuan is planned for settlement in the second half of the year [2] - The company acquired 18 new land parcels, all located in first- and second-tier cities, enhancing future sales potential [2] Operating Real Estate Business - The operating real estate business generated 12.1 billion yuan in revenue, a 5.5% increase year-on-year, demonstrating strong anti-cyclical characteristics [2] - Shopping centers achieved retail sales of 110.15 billion yuan, up 20.2%, with an operating profit margin of 65.9%, setting a new historical high [2] Light Asset Management Business - The light asset management business reported revenue of 8.52 billion yuan, a 6.5% increase year-on-year, supported by the China Resources Mixc management platform [3] - The company managed 125 shopping centers, with 104 projects ranking in the top three for local retail sales [3] Ecosystem Element Business - The ecosystem element business, which includes urban construction, rental housing, and cultural venue operations, generated 2.5 billion yuan in revenue, effectively supplementing short-term income [3] Strategic Outlook - The company aims to deepen the synergy among its three main business lines and ecosystem element business while transitioning from asset holder to asset manager [4] - The COO expressed optimism about market trends, citing a GDP growth rate of 5.3% in the first half of the year and the implementation of supportive policies [4] - The company remains committed to its annual sales targets, with a robust supply of projects concentrated in stable first- and second-tier cities [5]