于2025年6月30日，集团向其提供商业运营服务的已开业购物中心及写字楼的数量分别为120个及27个， 集团有5个已开业购物中心分租项目，及集团提供物业管理服务的在管建筑面积为4.20亿平方米(不包括 购物中心项目)。 格隆汇8月27日丨华润万象生活(01209.HK)发布公告，截至2025年6月30日止六个月，集团录得收入人民 币85.24亿元，较过往期间增长6.5%。其中于集团的业务板块中，商业航道业务收入为人民币32.67亿 元，较过往期间增长14.6%；物业航道业务收入为人民币51.57亿元，较过往期间增长1.1%；及生态圈业 务收入为人民币1.00亿元。报告期内，集团毛利润为人民币31.65亿元，较过往期间增长16.3%。毛利率 从过往期间的34.0%提高至期内的37.1%。报告期内，股东应占利润为人民币20.30亿元，同比增长 7.4%。股东应占核心净利润(非香港财务报告会计准则计量)达到人民币20.11亿元，同比增长15.0%。股 东应占每股盈利为人民币0.890元，股东应占每股核心净利润(非香港财务报告会计准则计量)为人民币 0.881元。董事会决议宣派中期股息每股人民币0.529元(折合港币 ...

Investment Rating - The report assigns an "Accumulate" rating to the company for the first time [4][6]. Core Insights - The company is a leading property management and commercial operation service provider in China, employing a comprehensive "2+1" business model that integrates commercial management, property management, and a large membership system [1][17]. - Revenue has grown from 3.129 billion in 2017 to 14.767 billion in 2023, with a CAGR of approximately 30% [1][23]. - The company has achieved a strong average gross margin of around 31%, net margin of 19%, and ROE of 15% from 2021 to 2023 [1][23]. Summary by Sections Company Overview - The company focuses on creating an integrated ecosystem for property management and commercial operations, emphasizing "space," "customers," and "products and services" [17]. - It has expanded its operations across various business segments, including residential property management and commercial property management [17][18]. Industry Situation - The overall property management and commercial operation market in China has seen steady growth, with total revenue increasing from 282.8 billion in 2014 to 714.6 billion in 2023, reflecting a CAGR of 10.8% [45]. - The market is expected to reach 955.4 billion by 2028, with a projected CAGR of 6.0% from 2023 to 2028 [45]. Financial Performance - The company forecasts revenues of 17.453 billion, 19.932 billion, and 22.577 billion for 2024, 2025, and 2026, respectively, with corresponding net profits of 3.440 billion, 3.975 billion, and 4.585 billion [4][12]. - The company has maintained a strong financial performance, with a net profit margin that has improved from 6% in 2020 to 20% in 2023 [30]. Competitive Advantages - The company benefits from a diversified service offering and strong brand resources, which have enabled it to achieve growth rates significantly above the industry average [2][3]. - The company has a strategic focus on high-quality customized services and digital transformation, which are expected to drive future growth [2][3].