TOP10城市贡献70%，全口径规模稳居行业第三位。第二曲线已经打造的相对完善，为长期跨周期发展打下坚实基础，是集团未来发展的重要方向。 ◎ 作者 / 房玲 、洪宇桁 核 心 观 点 【TOP10城市贡献70%，全口径规模稳居行业第三位】 2025上半年华润置地实现签约销售金额1103亿元，签约销售面积412万平方米，同比分别减少 11.5%和20.9%，全口径销售金额排名稳居行业第三位。得益于聚焦高能级城市的布局策略，2025上半年一线城市（含香港）销售占比为46%，同比提升8 个百分点；TOP10城市签约贡献占比达70%，集中度同比提升5个百分点。 【聚焦一二线城市，权益拿地销售金额比回升至0.44】 2025上半年华润置地新获取项目18个，新增土地投资权益地价322.8亿元，总计容建筑面积148万平 方米，权益建面128万平方米，权益拿地销售金额比回升至0.44（2024年：0.29），新增投资均在一二线城市。截至2025年中期，华润置地总土地储备建 筑面积为4895万平方米，整体看来土地储备仍较为充裕、布局结构相对健康。 【核心净利润超过百亿，经常性业务贡献占比达60%】 2025上半年华润置地实现营 ...

Summary of China Resources Land Conference Call Company Overview - **Company**: China Resources Land - **Period**: First half of 2025 Key Financial Performance - **Revenue**: Achieved revenue of 949.2 billion RMB, a year-on-year increase of 19.9% [3] - **Net Profit**: Shareholder net profit reached 118.8 billion RMB, up 16.2% year-on-year; core net profit slightly decreased by 6.6% to 100 billion RMB [3] - **Settlement Revenue**: Recorded settlement revenue of 744 billion RMB with a signed contract amount of 1,103 billion RMB, maintaining a top-three position in the industry [2][3] - **Retail Revenue**: Shopping center retail revenue reached 1,101 billion RMB, a 20.2% increase year-on-year, with same-store sales growth of 9.4% [2][3] Financial Management Highlights - **Debt Ratios**: Total interest-bearing debt ratio maintained at 40.7%, with net interest-bearing debt ratio at 39.2% [2][4] - **Cash Reserves**: Cash reserves amounted to 1,202 billion RMB [2][4] - **Weighted Financing Cost**: Decreased to 2.79%, the lowest in nearly a decade [2][6] Business Diversification and Growth - **Recurring Revenue**: Over 50% of revenue derived from recurring business [2][8] - **Market Capitalization**: China Resources Commercial's market value surpassed 100 billion RMB, with a 70% increase since the listing of China Resources Youchao REITs [2][8] - **Event Revenue**: Sports venue business generated 1.4 billion RMB in revenue [8] Strategic Business Model - **3+1 Integrated Business Model**: Focus on high-quality assets in core cities, product reshaping, and organizational transformation to enhance competitiveness [2][9] - **Response to Market Changes**: Emphasis on diversified brand combinations and high-energy national strategies to adapt to structural changes in consumer markets [2][20] Shopping Center Performance - **Occupancy Rates**: Overall occupancy rate improved to 97.3% [10] - **Customer Engagement**: Daily average foot traffic increased to 48,000, with membership numbers rising by 18.5% to 72.37 million [10] Office and Hotel Business Performance - **Office Revenue**: Rental income from office business was 8.2 billion RMB, a decline of 14.2% [11] - **Hotel Revenue**: Hotel business revenue fell to 8.7 billion RMB, down 16.3% [12] Asset Management and Light Asset Management - **Asset Management Scale**: Reached 4,835 billion RMB, a 4.6% increase from the end of 2020 [13] - **Light Asset Management**: Managed 125 shopping centers with a total area of 13.56 million square meters [14] Future Outlook and Strategic Planning - **Growth Strategy**: Focus on high-quality development through integrated business lines and sustainable practices [19] - **Market Positioning**: Aim to maintain a leading position in the industry while adapting to market dynamics and consumer needs [19][36] Challenges and Responses - **Market Environment**: Acknowledgment of pressures in the real estate market, with strategies in place to stabilize performance [26][36] - **Sales Strategy**: Emphasis on optimizing project management and enhancing customer acquisition capabilities [36] Conclusion China Resources Land demonstrates strong financial performance and strategic adaptability in a challenging market environment, focusing on diversified growth, effective financial management, and a commitment to high-quality development. The company is well-positioned to leverage its competitive advantages and respond to evolving market conditions.

Core Viewpoint - China Resources Land (01109.HK) reported a positive outlook for the second half of 2025, maintaining confidence in its annual sales targets despite a contraction in development business and transformation of commercial projects [1][4] Financial Performance - For the first half of 2025, China Resources Land achieved revenue of 94.9 billion yuan, a year-on-year increase of 19.9% [1] - The net profit attributable to shareholders was 11.9 billion yuan, up 16.2% year-on-year [1] - Regular income reached 20.6 billion yuan, growing by 2.5%, accounting for 21.7% of total revenue [1] - Core net profit contribution increased to 60.2% [1] Business Segments Development Sales Business - The development sales business contributed significantly, with a contract signing amount of 110.3 billion yuan, maintaining a top-three industry position [2] - Development business revenue was 74.4 billion yuan, reflecting a 25.8% year-on-year growth, with an improved gross margin of 15.6% [2] - Revenue from development business is expected to be highly certain, with 251.4 billion yuan locked in, of which 159.5 billion yuan is planned for settlement in the second half of the year [2] - The company acquired 18 new land parcels, all located in first- and second-tier cities, enhancing future sales potential [2] Operating Real Estate Business - The operating real estate business generated 12.1 billion yuan in revenue, a 5.5% increase year-on-year, demonstrating strong anti-cyclical characteristics [2] - Shopping centers achieved retail sales of 110.15 billion yuan, up 20.2%, with an operating profit margin of 65.9%, setting a new historical high [2] Light Asset Management Business - The light asset management business reported revenue of 8.52 billion yuan, a 6.5% increase year-on-year, supported by the China Resources Mixc management platform [3] - The company managed 125 shopping centers, with 104 projects ranking in the top three for local retail sales [3] Ecosystem Element Business - The ecosystem element business, which includes urban construction, rental housing, and cultural venue operations, generated 2.5 billion yuan in revenue, effectively supplementing short-term income [3] Strategic Outlook - The company aims to deepen the synergy among its three main business lines and ecosystem element business while transitioning from asset holder to asset manager [4] - The COO expressed optimism about market trends, citing a GDP growth rate of 5.3% in the first half of the year and the implementation of supportive policies [4] - The company remains committed to its annual sales targets, with a robust supply of projects concentrated in stable first- and second-tier cities [5]

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company under review Core Insights - In 2024, the company achieved a contracted sales amount of 261.1 billion yuan, ranking third in the industry, despite a year-on-year decrease of 15% [4][7] - The company's focus on high-energy cities led to an increase in sales contribution from top cities, with 63% of sales coming from the top 10 cities, up 5 percentage points year-on-year [4][8] - The company has adopted a "3+1" integrated business model, which has helped maintain stable growth in recurring revenue [6][25] Sales Summary - The company reported a total contracted sales area of 11.337 million square meters in 2024, a decrease of 13.3% year-on-year [4][7] - The sales ratio in first-tier cities (including Hong Kong) increased to 38%, up 9 percentage points year-on-year [4][8] - The overall sell-through rate for 2024 was approximately 55.4%, an increase of 3.2 percentage points year-on-year [7] Investment Summary - In 2024, the company acquired 29 new projects with a land investment equity price of 52.65 billion yuan, with 94% of the investment in first and second-tier cities [12] - The equity land acquisition sales ratio was approximately 0.29, significantly lower than the previous year's ratio of 0.52 [12] Profitability Summary - The company reported total revenue of 278.8 billion yuan in 2024, an 11% increase year-on-year, while core net profit was 25.42 billion yuan, down 8.5% [5][18] - The comprehensive gross profit margin was 21.6%, a decrease of 3.5 percentage points year-on-year, primarily due to a decline in the development settlement gross profit margin [5][19] - The recurring core net profit reached 10.34 billion yuan, an increase of 8.2% year-on-year, accounting for 41% of total profit [5][18] Debt and Financial Health Summary - As of the end of 2024, the company held cash of 133.21 billion yuan, a 16.5% increase year-on-year, with a cash-to-short-term debt ratio of 1.92 [5][22] - The net debt ratio decreased by 0.7 percentage points to 31.9%, maintaining a low level in the industry [5][22] - The average financing cost fell by 45 basis points to 3.11%, remaining at a relatively low level [5][22] Diversification Summary - The asset management scale reached 462.1 billion yuan by the end of 2024, reflecting an 8.1% year-on-year growth [6][25] - The company opened 16 shopping centers in 2024, the highest number in its history, with plans to open about 6 more in 2025 [26][28] - The company’s long-term rental apartment projects managed 56,000 units, with a stable occupancy rate of 95% [28]

【 聚焦核心城市，权益拿地销售金额比0.29】 2024年华润置地新获取项目29个，新增土地投资权益地 价526.5亿元，权益计容建筑面积282万平方米。权益拿地销售金额比约为0.29，投资力度大幅降低， 新增投资中一二线城市投资权益地价占比为94%。截至2024年底，华润置地开发物业土地储备面积 4390万平方米，一二线城市可售面积占比相较于期初降低2个百分点至71%。 TOP10城市销售贡献63%，总规模升至行业第三位 ◎ 作者 / 房玲、洪宇桁 核 心 观 点 【 TOP10城市销售贡献63%，总规模升至行业第三位】 2024年华润置地实现签约销售金额2611亿 元，签约销售面积1133.7万平方米，同比分别减少15%和13.3%，全口径销售金额排名稳居行业第三 位。得益于聚焦高能级城市的布局策略，2024年一线城市（含香港）销售占比为38%，同比提升9个百 分点；TOP10城市签约贡献占比达63%，集中度同比提升5个百分点。 【 开发业务利润持续下滑，经常性核心净利润超过百亿】 2024年华润置地实现营业收入2788亿元，同 比增长11%。核心净利润254.2亿元，同比减少8.5%；其中经常性核心净利 ...