平时上淘宝买东西，是不是总怕快递慢？比如买件换季的衣服，下单后得等三四天，等收到了说不定天 气都变了。 但今年双十一不一样了，打开淘宝买件优衣库的T恤，不用等远方的大仓库发货，附近的门店就会直接 打包，骑手取了货很快就能送到家，最快俩小时就能穿新衣服。 这就是淘宝今年刚推的"闪购"，今年可是它第一次跟着参加双十一，动静真不小。 说起来，这闪购可不是随便加个新功能那么简单。咱们能感受到的"快"，背后是一大堆品牌和门店在忙 活。 从淘天那边了解到，现在已经有37000个品牌加入了闪购服务，连带着40万家线下门店也一起参与进 来。 像咱们熟悉的华为，全国3000家直营门店都接入了闪购系统。 要是想买个华为的手机或者平板，先去线下门店摸一摸、试一试，觉得合适了当场在淘宝上下单，门店 直接发货，不用再等快递从外地调过来，特别方便。 不光是买衣服、买数码产品，连买彩妆都能这么快。欧莱雅就发现，一到有演唱会或者大型活动的时 候，彩妆的即时订单就多了起来。 有不少人出门前一个小时才想起缺支口红或者眼影，赶紧在淘宝闪购上下单，半小时就能送到手上，一 点不耽误出门打扮。 这种"急着用、马上要"的订单，以前想都不敢想，现在成了闪购 ...

Core Viewpoint - China Resources Vientiane Life demonstrated a robust performance in the first half of 2025, achieving a 15% year-on-year growth in core net profit and a 100% dividend payout for the first time, despite a challenging consumer market [1][2] Financial Performance - The company reported a total revenue of 8.52 billion yuan, representing a 6.5% year-on-year increase, and a profit attributable to shareholders of 2.03 billion yuan, up 18.9% [1] - Revenue from the commercial channel increased by 14.6%, while the property channel saw a modest growth of 1.1% [1] - The core growth driver was the shopping center business, which experienced a year-on-year growth of 19.8% [1] Business Strategy - The company has shifted its business focus by exiting low-efficiency value-added services and moving towards high-value areas, emphasizing quality over blind expansion [2] - The "2+1" business model, which integrates commercial operations, property management, and a large membership system, has strengthened the company's core competitiveness [4][5] Operational Highlights - The commercial channel has become a high-margin engine, with an operating profit margin of 68.2% across 120 shopping centers [1] - The membership system has expanded significantly, with over 72 million members, enhancing customer engagement and driving revenue growth [1][3] Future Outlook - The company plans to enhance cash flow management and strengthen property collection to support dividend distribution and long-term investments [3] - The unique "2+1" business model is expected to continue releasing development potential, providing stable value returns to the capital market [7]

Core Viewpoint - China Resources Vientiane Life reported a strong mid-year performance for 2025, with significant growth in revenue and core net profit, alongside a substantial increase in shareholder returns through dividends [1][4]. Financial Performance - The company achieved a revenue of 8.524 billion yuan, representing a year-on-year growth of 6.5%, while core net profit increased by 15% to 2.011 billion yuan, indicating a higher growth rate than revenue [1][4]. - Gross profit reached 3.165 billion yuan, with a gross margin improvement from 34.0% to 37.1% [5]. - The commercial segment generated revenue of 3.267 billion yuan, up 14.6%, while property management revenue was 5.156 billion yuan, showing a slight growth of 1.1% [6]. Business Strategy - The company employs a "2+1" integrated business model, combining commercial management, property management, and a large membership system, which has proven effective during industry adjustments [3][6]. - Management emphasized the importance of enhancing profit contribution capabilities and exiting low-quality projects to optimize profitability [4]. Market Position - The commercial management segment is recognized as a high-growth area, with a retail sales figure of 122 billion yuan, reflecting a 21.1% increase [8][16]. - The company has established a strong market presence, with 125 operational projects, of which 53 are market leaders in their respective areas [12]. Membership Growth - The membership program has seen significant growth, with total members exceeding 72 million, and commercial members increasing by 32% to 65 million [13]. Property Management - The property management segment remains a stable revenue source, with a managed area of 420 million square meters, reflecting a year-on-year growth of 1.8% [15]. - The company is focusing on urban space operation and value creation opportunities, with a strategic shift towards enhancing operational capabilities [17][18].