Core Viewpoint - Zhongtai Securities maintains a "Buy" rating for China Resources Vientiane Life (01209), highlighting the company's strong capabilities in commercial channels, which ensure revenue and profit growth, supported by stable property channels for steady performance improvement [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 8.52 billion, a year-on-year increase of 6.5%, and a net profit attributable to equity shareholders of 2 billion, up 7.4% year-on-year [1] - The company's comprehensive gross margin was 37.1%, an increase of 3.1 percentage points year-on-year, with all expense ratios declining, leading to improved operational efficiency [1] - The interim dividend per share was 0.529, a significant increase of 89.6%, with a payout ratio of 60%, up 24 percentage points [1] Group 2: Commercial Channel Performance - In the first half of 2025, revenue from the commercial channel reached 3.27 billion, a year-on-year increase of 14.65%, with a gross margin of 66.1%, up 5.2 percentage points [1] - The total operational area of shopping centers reached 13.093 million square meters, a year-on-year increase of 14.11%, with 84.4% of the area coming from the parent company [1] - The commercial channel revenue accounted for 38.3% of total revenue, becoming a key driver for overall revenue and profit growth [1] Group 3: Property Management Performance - In the first half of 2025, property channel revenue was 5.16 billion, a year-on-year increase of 1.1%, with a gross margin of 18.8%, down 0.1 percentage points [2] - Revenue from property management services was 3.5 billion, up 8.8% year-on-year, with a managed area of 27.5505 million square meters, an increase of 6.2% [2] - The company has a balanced business structure in property management, effectively combining resources from both the parent company and third parties [2]