Core Viewpoint - China Resources Vientiane Life (01209) shows a positive market response with a 3.94% increase in stock price, currently at HKD 43.76, with a trading volume of HKD 81.1269 million [1]. Group 1: Financial Projections - CICC forecasts a 20% to 25% year-on-year growth in retail sales for shopping centers in 2025, with same-store sales expected to increase by 10% to 15% [1]. - Daiwa Securities predicts a 12.2% year-on-year growth in core net profit for China Resources Vientiane Life in 2025, with revenue expected to grow by 6.8% [1]. Group 2: Business Segments - The property and office segments are expected to remain stable, with the basic property management business projected to maintain growth supported by active external expansion, with new contract amounts for the year expected to remain around RMB 1 billion, consistent with 2023-2024 [1]. - The value-added services segment is anticipated to face some pressure due to environmental factors, but the impact is considered manageable [1]. - Revenue from property management is expected to grow only by 1.4% due to a significant contraction in value-added service income, while revenue from commercial operations is estimated to grow by 16.8% driven by shopping center revenue growth [1].

大华继显发布研报称，维持华润万象生活(01209)"持有"评级，目标价由41.1港元上调至43港元，预测华 润2025年核心净利润将同比增长12.2%，收入料同比增长6.8%，当中物业管理业务收入受增值服务收入 大幅收缩所拖累，预料仅增长1.4%，而在购物中心收入增长带动下，去年商业营运业务收入估计可增 长16.8%。考虑到增值服务业务持续受压，该行将华润万象生活2025至2027年盈利预测分别下调3.4%、 6.4%及7.2%。 ...