Core Viewpoint - China Resources Vientiane Life (01209) reported a 6.5% year-on-year revenue growth to 8.5 billion RMB in the first half of the year, meeting expectations [1] - Gross margin increased by 3.1 percentage points to 37.1%, exceeding the bank's expectations [1] - Core net profit grew by 15% to 2 billion RMB, which was below expectations [1] Financial Performance - Revenue: 8.5 billion RMB, up 6.5% year-on-year [1] - Gross Margin: 37.1%, an increase of 3.1 percentage points [1] - Core Net Profit: 2 billion RMB, a 15% increase but below expectations [1] Forecast Adjustments - Earnings per share forecast for 2025-2027 has been revised down by 5.2% to 8.2% [1] - Target price adjusted from 45.87 HKD to 42.91 HKD, a decrease of 6.5% [1] - Rating maintained at "Buy" due to strong position in the commercial sector and high gross margin [1]
中银国际：降华润万象生活(01209)目标价至42.91港元 评级“买入”