发展趋势 大资管业务蓝图逐步清晰。公司业绩会提出未来3-5 年计划发行REITs300-500 亿元，节奏上平均每年处 置50-100 亿元、对应租金影响6-7 亿元，完善资管平台发展亦兼顾报表租金稳定性。华夏华润商业REIT 于2025 年3 月和7 月公告两次扩募计划（前者底层资产为昆山万象汇，后者为杭州萧山、沈阳长白、淄 博万象汇），我们认为后续扩募落地有望在增厚公司报表利润的同时夯实现金流与资产负债表韧性、提 升资产周转效率。 料开发业务延续发展势头。公司1H25 以447 亿元拿地成本（同比+75%，拿地强度41%）获取18 幅土 地，新增土储面积148 万平米，其中一二线城市占比100%、公建货值仅占3%；往前看，我们预计公司 将延续量入为出原则，拿地聚焦核心城市、核心地段。利润率方面，我们预计随销售毛利率探底及存货 减值压力出清，未来2-3 年公司开发毛利率有望触底回升。 盈利预测与估值 机构：中金公司 研究员：张宇/孙元祺/李佳璠 华润置地1H25 业绩符合市场预期 公司公布1H25 业绩：收入同比增长19.9%至949.2 亿元，毛利率同比提升1.8ppt 至24.0%，归母核心净利 润同比 ...

Core Viewpoint - The company is focused on maintaining operational stability and enhancing its business model in response to the evolving real estate market and economic conditions, while also emphasizing sustainable development and community engagement. Meeting Information - The annual shareholders' meeting is scheduled for May 26, 2025, at 14:00, with both on-site and online voting options available [1][1]. Company Performance - In 2024, the company achieved a contract sales area of 5.3882 million square meters, a decrease of 44.38% year-on-year, and a contract sales amount of 40.171 billion yuan, down 47.13% year-on-year [1][1]. - The company maintained a full-caliber fund recovery of 41.129 billion yuan, with a recovery rate of 102.38% [1][1]. - The company completed over 100,000 property deliveries during the reporting period, emphasizing quality and customer satisfaction [1][1]. Business Strategy - The company employs a dual-driven strategy of "real estate development + commercial operation" to adapt to market changes and seize structural opportunities [1][1]. - The company has established a strong presence with 200 "Wuyue Plaza" projects across 136 cities, achieving an occupancy rate of 97.97% [2][2]. - The total commercial operation revenue reached 12.808 billion yuan, reflecting a year-on-year growth [2][2]. Financial Health - As of the reporting period, the company's total assets amounted to 307.193 billion yuan, with net assets attributable to shareholders of 60.869 billion yuan [6][6]. - The average financing cost decreased to 5.92%, down 0.28 percentage points from the previous year [5][5]. - The company has secured a total credit line of 84.9 billion yuan from major banks, with 25.2 billion yuan utilized [5][5]. Industry Context - The real estate market is experiencing a downturn, with total sales amounting to 9.68 trillion yuan, a year-on-year decline of 17.1% [6][6]. - The government has introduced various policies to stabilize the real estate market, including reducing down payment ratios and interest rates [10][10]. - The commercial sector is adapting to consumer demands for experiential and emotional value, leading to innovations in business models [15][15]. Future Outlook - The company plans to open 16 new projects in 2025, with a total construction area of 1.6955 million square meters [22][22]. - The company aims to achieve a total commercial operation revenue of 14 billion yuan in 2025, with five new Wuyue Plaza projects planned [24][24]. - The company is committed to enhancing its operational efficiency and exploring new investment opportunities while maintaining a focus on risk management [21][21].