Core Viewpoint - The report maintains a "Buy" rating for China Resources Vientiane Life (01209), projecting net profit for the years 2025-2027 to be 4.0 billion, 4.6 billion, and 5.26 billion respectively, with a target price of 48.5 HKD [1] Financial Performance - In the first half of 2025, the company's revenue reached 8.524 billion, a year-on-year increase of 6.5%, with a gross margin of 37.1%, up 3.1 percentage points [2] - Core net profit increased by 15.0% to 2.01 billion, with a core net profit margin rising by 1.4 percentage points to 23.6% [2] - The proposed interim dividend is 0.53 per share, along with a special dividend of 0.35 per share, resulting in a 100% payout ratio based on core net profit [2] Commercial Management - Commercial management revenue was 3.27 billion, a year-on-year increase of 14.6%, with a gross margin improvement of 5.2 percentage points to 66.1% [3] - Retail sales in shopping centers grew by 21.1% to 122 billion, with same-store sales increasing by 9.7%, outperforming the overall retail sales growth [3] - The company operated 125 shopping centers with an average occupancy rate of 97.1%, an increase of 0.4 percentage points from the end of 2024 [3] Property Management - Property management revenue grew by 1.1% to 5.16 billion, with a slight decline in gross margin to 18.8% due to a decrease in community space service income [4] - The total contracted area reached 4.5 billion square meters, with managed area increasing by 0.4% to 4.2 billion square meters [4] - The urban space segment's managed area grew by 1.8% to 1.27 billion square meters, accounting for 30.2% of the total managed area, with revenue contribution rising to 18.4% [4]
第一上海：维持华润万象生活“买入”评级 目标价48.5港元