多赛道深耕，筑牢抗周期竞争壁垒，华润万象生活年报交出“服务商”答卷

Core Viewpoint - The company reported a revenue of 18.022 billion yuan for 2025, a year-on-year increase of 5.1%, and a core net profit of 3.95 billion yuan, up 13.7% year-on-year, while aiming to become a world-class urban quality life service provider [1][9]. Group 1: Business Strategy and Performance - The company is focusing on a dual-driven strategy of "internal growth + external growth" to effectively respond to market changes and industry competition [1][9]. - The company has established four major segments: extraordinary luxury, city flagship, quality life, and cutting-edge innovation, to enhance its competitive edge [2][10]. - The company plans to consolidate its leading position through three key measures: promoting high-quality scale growth, refining differentiated operational strategies for each segment, and building a leading commercial platform and ecosystem [3][11]. Group 2: Market Trends and Consumer Behavior - The domestic consumption market is expanding, with total retail sales of consumer goods exceeding 50 trillion yuan in 2025, and final consumption expenditure contributing 52% to economic growth [4][12]. - Service consumption is growing faster than goods consumption, with service retail sales increasing by 5.5%, outpacing goods retail by 1.7 percentage points [5][12]. - High-end luxury consumption is stabilizing, with luxury sales in the company's shopping centers increasing by approximately 6.5% year-on-year, while non-luxury consumption focuses on quality and cost-effectiveness [5][12]. Group 3: Operational Efficiency and Asset Management - The company has achieved an average occupancy rate of 97.2% in its shopping centers, an increase of 0.5 percentage points year-on-year, through a focus on long-termism and customer-centric values [6][15]. - The proportion of third-party project revenue increased from 24.8% to 33.1% during the "14th Five-Year Plan" period, indicating enhanced market-oriented operational capabilities [6][14]. - The company is leveraging technology and ESG initiatives to support high-quality development, with a 17% reduction in per capita energy consumption and recognition in multiple ESG ratings [7][15].