Core Viewpoint - Company maintains its profit forecast for China Resources Vientiane Life, expecting core net profit to grow by 15% and 11% in 2025 and 2026, reaching 4.04 billion and 4.50 billion respectively, while keeping the target price at HKD 40, implying a 6% upside [1] Financial Performance - Company reported 1H25 revenue of 8.52 billion, a year-on-year increase of 6.5%, with core net profit of 2.01 billion, up 15.0%, aligning with expectations; reported net profit growth was lower at 7.4% due to high base from fair value changes last year [2] Shopping Center Performance - Retail sales in managed shopping centers grew by 21.1% year-on-year in 1H25, with same-store sales increasing by 9.7%, outperforming overall retail sales growth; luxury shopping centers saw same-store growth of 9.6%, indicating resilience [3] - The shopping center segment achieved a revenue increase of 20% year-on-year, with gross margin improving by 6.2 percentage points to 78.7% [3] Office and Community Space Operations - Despite industry pressures, revenue from office and community space segments remained stable or slightly increased; office occupancy rates rose by 0.5 percentage points, and community space gross margin improved by 0.2 percentage points [4] - Urban space business capitalized on opportunities, achieving a 15% year-on-year revenue growth and an 8% increase in gross profit [4] Growth Guidance and Cash Flow - Company maintains its annual growth guidance and cash flow targets, with over 40% of its 125 operational projects ranking first in local retail sales; expects to open 14 new projects in 2025, providing ongoing growth momentum [5] - Company aims for double-digit core net profit growth for the year, with operational cash flow expected to cover core net profit by a factor of one [5]
中金：维持华润万象生活(01209)跑赢行业评级 目标价40港元