KAIYUAN SECURITIES·2026-01-15 14:55Investment Rating - The investment rating for China Resources Land (01109.HK) is "Buy" (maintained) [1] Core Insights - The company reported a strong sales performance at the end of the year, with a total sales amount of 233.6 billion yuan in 2025, a year-on-year decrease of 10.5%, maintaining a top-three ranking in the industry [6] - The company has actively acquired land, with 33 plots purchased in 2025, corresponding to a planned construction area of 3.39 million square meters and a total land price of 91.7 billion yuan [7] - Regular income showed steady growth, with total regular income reaching 51.15 billion yuan in 2025, a year-on-year increase of 6.5% [8] Summary by Sections Sales Performance - In December, the company achieved a sales amount and area growth of 28.1% and 29.1% year-on-year, respectively, with significant contributions from major cities [6] Land Acquisition - The average land acquisition price was 27,024 yuan per square meter, with a land acquisition intensity of 39% [7] Regular Income - The rental income from operational real estate (shopping centers, office buildings, hotels) was 32.94 billion yuan, reflecting a year-on-year increase of 12.8% [8] Financial Summary - The projected net profit for 2025-2027 is 21.71 billion, 24.07 billion, and 26.37 billion yuan, respectively, with corresponding EPS of 3.05, 3.37, and 3.70 yuan [5][9]