华润置地2025年度中期报告

目錄CONTENTS 2Corporate Information 49Consolidated Statement of Profit or Loss 3Group Structure 50Consolidated Statement of Profit or Loss andOther Comprehensive Income 4Chairman’s Statement 51Consolidated Statement of Financial Position 12Management Discussion and Analysis 54Consolidated Statement of Changes in Equity 23Other Information 57Condensed Consolidated Statement ofCash Flows 47Review Report to the Board of Directors 59Notes to the Condensed ConsolidatedFinancial Statements 公司資料CORPORATE INFORMATION 董事 DIRECTORSEXECUTIVE DIRECTORSLi Xin (Chairman)Xu Rong (President)Zhang Dawei (Vice Chairman)Guo ShiqingChen Wei NON-EXECUTIVE DIRECTORSHuang TingWei ChenglinWang Yuhang (Appointed on 25 June 2025 INDEPENDENT NON-EXECUTIVE DIRECTORSZhong WeiSun ZheFrank Chan FanLeong Kwok-kuen, LincolnQin Hong 授權代表 AUTHORIZED REPRESENTATIVESLi XinGuo Shiqing COMPANY SECRETARYNgai Wai Fung 公司秘書 核數師 AUDITORKPMG 108 Certified Public Accountantsand Public Interest Entity Auditor registeredin accordance with the Accounting and Financial ReportingCouncil Ordinance8th Floor, Prince’s Building10 Chater RoadCentral, Hong Kong 香港股份過戶登記處分處 HONG KONG BRANCH SHARE REGISTRARAND TRANSFER OFFICETricor Investor Services Limited 1617 17/F, Far East Finance Centre16 Harcourt RoadHong Kong REGISTERED OFFICEP.O. Box 309 註冊辦事處P.O. Box 309 Ugland HouseGrand CaymanKY1-1104Cayman Islands Ugland HouseGrand CaymanKY1-1104Cayman Islands 總辦事處2646 HEAD OFFICE46th Floor, China Resources Building 26 Harbour Road, Wanchai, Hong Kong 網址www.crland.com.hk WEBSITE ADDRESSwww.crland.com.hk 集團架構GROUP STRUCTURE 華潤（集團）有限公司CHINA RESOURCES (HOLDINGS) COMPANY LIMITED 華潤置地有限公司China Resources Land Limited(Stock Code: 01109. HK) 生態圈要素型業務Eco-systemElementaryBusiness 輕資產管理業務Asset-lightManagementBusiness 經營性不動產 +資管業務InvestmentProperty+AssetManagementBusiness 開發銷售型 業務DevelopmentProperty Business 86Cities China Resources Mixc LifestyleServices LimitedStock Code:01209.HK Urban Construction Agency 66Cities 4Product Lines Health and Elderly Care 3Product Lines 534Projects Leasing Apartment 94Shopping MallsIn Operation Urban Redevelopment Culture and Sports 主席報告CHAIRMAN’S STATEMENT ()() I am pleased to present the interim results and outlook of theChina Resources Land Limited (the“Company”or“CR Land”)and its subsidiaries (the“Group”) for the six months ended 30June 2025. In the first half of 2025 (“1H2025”), China’s economy maintainedstable growth amid a complex external environment, with theGross Domestic Product (“GDP”) reaching RMB66.05 trillion,representing a year on year (“YOY”) increase of 5.3%. Theconsumption sector continued to drive growth, with the totalretail sales of consumer goods amounting to RMB24.55 trillion,which reflected the sustained release of domestic demandpotential. The real estate industry showed positive signals amidongoing adjustments and transformation, with the sales valueof newly built commercial housing totaling RMB4.42 trillion,representing a narrowed YoY decline of 5.5%. The acceleratingrelease of demand for housing improvement in core cities, coupledwith policy benefits such as optimized purchase restrictions, downpayment ratio reductions, and lower mortgage rates, contributedto the gradual recovery in market confidence, and solidification ofthe industry’s transformation foundation. 66.055.3%24.554.425.5% 949.219.9%118.816.2%205.62.5%21.7%60.2%()()0.20 Facing challenges such as intensifying market competitionand rising operational uncertainties, the Group adhered to itsstrategy of focused investments and efficient management ofproduction and operations, achieving steady and industry-leadingperformance in a complex landscape. In the first half of the year,the Group achieved a revenue of RMB94.92 billion, representinga YoY growth of 19.9%, while the profit attributable to ownersof the Company reached RMB11.88 billion, representing a YoYincrease of 16.2%. Amongst that, the Group’s recurring businessrevenue grew 2.5% YoY to RMB20.56 billion, accounting for21.7% of the total revenue, with core net profit contributionincreased to 60.2%. The board (the“Board”) of directors (the“Directors”) of the Company has proposed an interim dividend ofRMB0.20 per share, remaining flat YoY. The Company’s robustfundamental performance and long-term value proposition havegained broader recognition in the capital markets, with its marketcapitalization remaining the largest among mainland propertystocks as of 30 June 2025. INVESTMENT PROPERTY AND ASSET MANAGEMENTBUSINESS 121.15.5% In 1H2025, the investment property and asset managementbusiness emerged as a new growth engine and deliveredincreasingly significant contributions to the Company’sperformance and long-term stable cash flow. The investmentproperty business achieved revenue of RMB12.11 billion, a YoYincrease of 5.5%. 1,101.520.2%65.9%942340100%++92%30 The retail sales from our shopping malls reached RMB110.15billion, a YoY increase of 20.2