证券研究报告 | 半年报点评 gszqdatemark 2025 08 29 年 月 日 华润万象生活（01209.HK） 核心净利润增长符合预期，中期派息率达 100% 业绩稳健增长，核心净利润 100%分派。公司 2025 年上半年实现营业收入 85.2 亿元，同比增长 6.5%；归母净利润 20.3 亿元，同比增长 7.4%；核心归母净利 润 20.1 亿元，同比增长 15%，归母净利润增速低于核心归母净利润增速。核心 净利润增速高于营收增速主要由于毛利率同比提升 3.1pct 至 37.1%。其中，购物 中心/写字楼 /物业航道业务收入分别为 22.6/10/51.6 亿元，同比分别增长 19.8%/4.5%/1.1%；毛利率分别为 78.7%/37.7%/18.8%，同比分别为+6.2pct/- 0.4pct/-0.1pct。购物中心毛利率提升主要得益于前期数字化战略成效显现，运营 成本下降，同时服务规模扩大使得经营杠杆效应发挥等原因；物业航道毛利率下 降主要受到房地产市场调整使得非业主增值服务收入和盈利空间受挤压等影响。 公司宣派中期股息每股 0.529 元，基础派息率提升 24pct 至 60% ...

Core Viewpoint - China Resources Vientiane Life is a leading property management and commercial operation service provider in China, backed by a strong central enterprise, China Resources Land, which holds over 72% of the shares, ensuring a stable and concentrated ownership structure [1][2] Commercial Sector - The company operates 122 shopping centers, maintaining its position as an industry leader, with expected new openings of 6, 6, 6, and 5 shopping centers from 2025 to 2028, contributing to performance growth [1] - Retail sales in 2024 are projected to grow by 4.6% year-on-year, outperforming the overall retail sales growth, with luxury malls achieving a 1.8% increase despite a cooling market [1] - Key factors contributing to the company's resilience include early market entry, a strong portfolio of shopping centers attracting premium brands, clear product line positioning, a robust membership system ensuring stable foot traffic, and high operational efficiency with a 19.2% increase in rental income to 26.2 billion yuan in 2024 [1] Property Management Sector - The company benefits from a solid foundation due to its parent company, China Resources Land, which has a strong performance in sales and land acquisition, providing stable project deliveries [2] - As of 2024, the company has a contracted area of 450 million square meters and a managed area of 410 million square meters, reflecting year-on-year growth of 5.9% and 11.6% respectively [2] - The company is actively expanding through market outreach, acquisitions, and joint ventures, with a 19.8% increase in managed urban space area to 12.5 million square meters, raising the overall business segment's share to 30% [2] Financial Analysis - The company reported a revenue of 17.04 billion yuan in 2024, a year-on-year increase of 15.4%, with a net profit of 3.63 billion yuan, up 23.9%, driven by improved gross margins and reduced expense ratios [2] - The company has maintained a 100% dividend payout ratio for two consecutive years, with the fixed payout ratio increasing from 37% in 2021 to 60% in 2024 [2] Investment Recommendation - As a leader in the commercial real estate sector with a robust project pipeline and stable operations, the company is expected to achieve revenues of 19.19 billion, 21.21 billion, and 23.26 billion yuan in 2025, 2026, and 2027 respectively, with net profits of 4.17 billion, 4.74 billion, and 5.29 billion yuan [3] - The company is compared to benchmark property management firms, showing a premium valuation due to its unique dual business model, superior performance, and high dividend yield of 4.3% [3] - The estimated reasonable market value is 91.8 billion yuan, with a target stock price of 40.2 yuan per share, initiating coverage with a "buy" rating [3]