Group 1 - The core viewpoint of the report is that Everbright Securities maintains a "buy" rating for China Resources Vientiane Life (01209), highlighting strong performance in shopping center operations and stable sales from related party China Resources Land [1] - The company forecasts net profit attributable to shareholders for 2025 to be 39.9 billion, 44.6 billion, and 50.0 billion for the years 2025, 2026, and 2027 respectively [1] - For the first half of 2025, the company's operating profit (gross profit - selling and administrative expenses) reached 26.3 billion, representing a year-on-year growth of 20.2% [1] Group 2 - The report indicates that the company's property segment revenue fell short of expectations in the first half of the year, primarily due to a reduction in value-added services, with non-owner value-added income declining by 34.6% to 2.2 billion [2] - Owner value-added income also decreased by 32.7% to 4.9 billion, as the company divested from less profitable and high-inventory-cost businesses while focusing on transforming core operations towards a platform-based and light-asset model [2] - Despite the revenue decline in certain segments, property management business revenue grew by 8.8% to 35 billion, supported by an expansion in property management scale, with a total managed area of 280 million square meters and contracted area of 300 million square meters as of June 30 [2]