消息面上，10月13日，成都天府艺术公园文创坊商业运营招标结果正式揭晓：华润万象生活关联企业润 欣商业投资（深圳）有限公司成都分公司中标第一成交候选人。公开资料显示，截至2025年6月，华润 万象生活全国在营购物中心已达125座，管理面积1356万㎡，年内已新签多个轻资产项目，轻资产占比 持续提升。 智通财经APP获悉，华润万象生活(01209)现涨超3%，截至发稿，涨3.42%，报41.72港元，成交额1.64亿 港元。 摩根士丹利发布研报称，华润万象生活在商场营运方面持续胜预期，旗下商场在黄金周期间，录得按年 低十位数同店销售增长，推动整体商场零售额按年增长超过25%。虽然部分原因在于国庆与中秋节假期 相连，但集团增长高于同行，主要因万象城市占率优势持续扩大；年初至今其同店销售录低十位数增 长，加上今年首9个月整体零售额增长20%至25%，均可印证该行看法。该行料全年同店销售增长将胜 管理层预期，达10%，并令全年实现每股盈利增长15%的能见度更高。 ...

Core Viewpoint - The company reported a revenue increase of 6.5% year-on-year for H1 2025, with a net profit growth of 7.4%, indicating stable financial performance amidst market challenges [4]. Group 1: Financial Performance - The company's revenue for H1 2025 reached 8.5 billion, a 6.5% increase year-on-year, with the commercial segment contributing 3.27 billion (up 14.6%) and the property segment generating 5.16 billion (up 1.1%) [4]. - Gross profit amounted to 3.17 billion, reflecting a 16.3% increase, with a gross margin of 37.1%, up 3.1 percentage points year-on-year [4]. - The net profit attributable to shareholders was 2.03 billion, marking a 7.4% increase compared to the previous year [4]. Group 2: Business Segments - The shopping center operations showed strong performance, with a gross margin increase. The company managed 120 shopping centers and 27 office buildings, opening 4 new shopping centers and signing 6 new projects in H1 2025 [5]. - The retail sales in the shopping centers reached 122 billion, a 21.1% increase year-on-year, with rental income from owners at 14.7 billion, up 17.2% [5]. - The property management segment experienced stable growth, with property management revenue increasing by 8.8% to 3.5 billion, despite a decline in value-added services [6]. Group 3: Profitability and Dividends - Operating profit (gross profit minus selling and administrative expenses) for H1 2025 was 2.63 billion, reflecting a 20.2% increase year-on-year [7]. - The company declared an interim and special dividend totaling 0.881 per share, representing 100% of the core net profit attributable to shareholders, indicating a generous dividend policy [7].

Core Insights - China Resources Vientiane Life reported a revenue of 17.04 billion yuan for 2024, marking a year-on-year increase of 15.41%, and a net profit of 3.629 billion yuan, up 23.92% [1][2] - The company heavily relies on its property and commercial channels, which contributed over 99% of total revenue, with property channel revenue at 10.715 billion yuan and commercial channel revenue at 6.274 billion yuan [1][2] - The company opened 21 new shopping centers in the past year, generating 4.209 billion yuan in revenue, a 30% increase year-on-year, but future openings are expected to decline to below 10 per year [1][2][3] Revenue and Profitability - Non-owner value-added service revenue decreased by 12.5% to 718 million yuan, accounting for 4.2% of total revenue, primarily due to slow project progress from developers [4][5] - The gross margin for shopping center operations reached 72.6%, while the gross margins for community space, non-owner value-added services, and owner value-added services were 17.8%, 33%, and 25.6%, respectively, all showing declines [5][6] - The urban space business grew by 36.3% in scale but had a low gross margin of 12.9% [5] Market Position and Future Strategy - The management indicated plans to expand urban co-construction business in high-energy city clusters and enhance urban space operational capabilities [2][6] - The company manages 4.13 million square meters of area and has a contracted area of 4.5 million square meters across 173 cities [2] - Future growth will depend on the company's ability to expand its light-asset model, as competition in the market intensifies [3][6]