城市人气榜单，一定程度上能反映城市中的消费热力值。在赢商股份新出炉的《深圳2025年6月人气购物中心排行榜TOP30》中，购物中心上榜名单又发 生了新的变化——老牌人气场地位稳固，而新秀mall综合表现也不遑多让。 城市商业体量区间段来看，整体上榜项目相较5月份变化不大，但个别项目名次发生重要变化： ■ ≥15万㎡区间的超大型mall：TOP3是稳居榜单的龙华壹方天地、前海壹方城、万象天地，而万丰海岸城时隔数月再次登榜。 ■ 10万-15万m²区间中大型MALL：位于福田的KKONE首次夺得榜首位置，而坐拥宝安滨海公园的前海欢乐港湾项目则退居第二名,罗湖区新增一个购物 中心入榜，为今年新开的罗湖益田假日广场； ■ ＜10万㎡区间的中型MALL：星河WORLD·COCOPark挤进前五（上升2个名次），来福士广场退居第八（后退了3个名次），西乡天虹购物中心和新开 的iN城市广场首次挤进榜单。 城区商业人气聚集性比拼 01. 万象商业普遍表现出色 连锁商管竞争力强 从项目所属企业来看，连锁型企业占据绝对主导。其中华润万象生活上榜项目数量最多，有4个，分别是万象天地、万象食家、布吉万象汇和PA mall；其 次为鸿 ...

Investment Rating - The report maintains a "Buy" rating for China Resources Vientiane Life (01209.HK) with a target price of HKD 39.04 [2][8] Core Views - The company achieved a revenue of approximately HKD 17.043 billion in 2024, representing a year-on-year growth of 15.4%. The net profit attributable to shareholders was HKD 3.629 billion, up 23.9% year-on-year, while the core net profit attributable to shareholders was about HKD 3.507 billion, increasing by 20.1% year-on-year. The gross margin improved to 32.9%, an increase of 1.1 percentage points year-on-year [2][4] Financial Performance Summary - **Revenue Growth**: The total revenue for 2024 is projected at HKD 17.043 billion, with expected growth rates of 15% in 2025, 12% in 2026, and 12% in 2027 [4] - **Net Profit**: The net profit attributable to shareholders is forecasted to be HKD 3.629 billion in 2024, with growth rates of 24% in 2025, 15% in 2026, and 15% in 2027 [4] - **Earnings Per Share (EPS)**: EPS is expected to be HKD 1.59 in 2024, increasing to HKD 1.82 in 2025, HKD 2.08 in 2026, and HKD 2.39 in 2027 [4] - **Valuation Ratios**: The price-to-earnings (P/E) ratio is projected to be 20 in 2024, decreasing to 14 by 2027, while the price-to-book (P/B) ratio remains stable at 4 for 2024 and 2025, and drops to 3 in 2026 and 2027 [4] Business Segment Performance - **Shopping Centers**: Revenue from shopping centers reached HKD 4.209 billion in 2024, a year-on-year increase of 30%, with a gross margin of 72.6%. The retail sales in managed shopping centers grew by 18.7% year-on-year [8] - **Property Management**: The property management segment generated revenue of HKD 10.715 billion, up 11.6% year-on-year, although the overall gross margin slightly decreased to 17.0% [8] - **Office Buildings**: Revenue from office buildings was HKD 2.065 billion, reflecting a 7.1% year-on-year increase, with a gross margin of 34.9% [8] Dividend Policy - The company has maintained a 100% payout ratio for core net profit attributable to shareholders for two consecutive years, with total dividends per share reaching HKD 1.536, resulting in a dividend yield of approximately 5% based on the closing price on March 27 [8]