[HK]华润万象生活(01209):2026年度中期报告
原标题:华润万象生活:2026年度中期报告 於開曼群島註冊成立的有限公司 Incorporated in the Cayman Islands with limited liability (Stock Code 股份代號: 01209.HK) Five Years Guided by Light A Shared Vision Burning Bright董事 DIRECTORS 非執行董事 Non-executive Directors 李欣先生（主席） Mr. LI Xin (Chairman) 趙偉先生 Mr. ZHAO Wei 郭瑞鋒先生 Mr. GUO Ruifeng 執行董事 Executive Directors 喻霖康先生（總裁） Mr. YU Linkang (President) 王海民先生（副總裁） Mr. WANG Haimin (Vice President) 王磊先生（副總裁） Mr. WANG Lei (Vice President) 聶志章先生（副總裁兼首席財務官） Mr. NIE Zhizhang (Vice President and Chief Financial Officer) 獨立非執行董事 Independent non-executive Directors 劉炳章先生 Mr. LAU Ping Cheung Kaizer 張國正先生 Mr. CHEUNG Kwok Ching 陳宗彝先生 Mr. CHAN Chung Yee Alan 羅詠詩女士 Ms. LO Wing Sze 審核委員會 AUDIT COMMITTEE 陳宗彝先生（主席） Mr. CHAN Chung Yee Alan (Chairman) 張國正先生 Mr. CHEUNG Kwok Ching 羅詠詩女士 Ms. LO Wing Sze 趙偉先生 Mr. ZHAO Wei 提名委員會 NOMINATION COMMITTEE 李欣先生（主席） Mr. LI Xin (Chairman) 劉炳章先生 Mr. LAU Ping Cheung Kaizer 羅詠詩女士 Ms. LO Wing Sze 薪酬委員會 REMUNERATION COMMITTEE 劉炳章先生（主席） Mr. LAU Ping Cheung Kaizer (Chairman) 張國正先生 Mr. CHEUNG Kwok Ching 陳宗彝先生 Mr. CHAN Chung Yee Alan 李欣先生 Mr. LI Xin 可持續發展委員會 SUSTAINABILITY COMMITTEE 李欣先生（主席） Mr. LI Xin (Chairman) 喻霖康先生 Mr. YU Linkang 張國正先生 Mr. CHEUNG Kwok Ching 羅詠詩女士 Ms. LO Wing Sze 公司秘書 COMPANY SECRETARY 魏偉峰博士 Dr. NGAI Wai Fung 授權代表 AUTHORISED REPRESENTATIVES 李欣先生 Mr. LI Xin 喻霖康先生 Mr. YU Linkang 註冊辦事處 REGISTERED OFFICE PO Box 309, Ugland House PO Box 309, Ugland House Grand Cayman, KY1-1104 Grand Cayman, KY1-1104 Cayman Islands Cayman Islands 總部及中國主要?業地點 HEADQUARTERS AND PRINCIPAL PLACE OF BUSINESS IN THE PRC 中國 30/F., China Resources Land Building, Tower B 深圳市 No. 9668 Shennan Avenue, Nanshan District 南山區深南大道9668號 Shenzhen 華潤置地大廈B座30樓 PRC 香主要?業地點 PRINCIPAL PLACE OF BUSINESS IN HONG KONG 香 46/F., China Resources Building 灣仔 26 Harbour Road 灣道26號 Wanchai 華潤大廈46樓 Hong Kong 股份過戶登記處 SHARE REGISTRAR 卓佳證券登記有限公司 Tricor Investor Services Limited 香 17/F, Far East Finance Centre 夏道16號 16 Harcourt Road 遠東金融中心17樓 Hong Kong 主要往來銀行 PRINCIPAL BANKERS 廣東華潤銀行股份有限公司 China Resources Bank Of Guangdong Co., Ltd.招商銀行股份有限公司 China Merchants Bank Co., Ltd. 獨立核數師 INDEPENDENT AUDITOR 德勤 ? 關黃陳方會計師行 Deloitte Touche Tohmatsu 執業會計師 Certified Public Accountant 《會計及財務匯報局條例》下 Public Interest Entity Auditor registered in accordance 之註冊公眾利益 with the Accounting and Financial Reporting 實體核數師 Council Ordinance 香金鐘道88號太古廣場一座35樓 35/F, One Pacific Place, 88 Queensway, Hong Kong公司法律顧問 LEGAL ADVISORS TO THE COMPANY 方達律師事務所 Fangda Partners 網址 WEBSITE www.crmixclifestyle.com.cn www.crmixclifestyle.com.cn 股份代號 STOCK CODE 1209 1209 華潤（集團）有限公司 CHINA RESOURCES (HOLDINGS) COMPANY LIMITED 59.55%* 華潤置地有限公司 1.43%* China Resources Land Limited 70.12%* 華潤萬象生活有限公司 China Resources Mixc Lifestyle Services Limited 138 物中心分租項目） 1,907 Projects under management Number of opened shopping mall under commercial operational services (including shopping mall subleasing projects) 商業運?服務寫字樓合同項目數 合同面積 37 Number of contracted office under 445.2 Contracted GFA commercial operational services 百萬平方米 sq.m. in million 商業運?服務寫字樓已開業項目數 在管面積 30 Number of opened office under commercial 422.1 GFA under managementoperational services 百萬平方米 sq.m. in million 本人欣然向各位股東提呈華潤萬象生活有限公司 I am pleased to present to Shareholders the business （以下簡稱「本集團」或「萬象生活」）截至二零二 review and outlook of China Resources Mixc Lifestyle 六年六月三十日止之半年度業績回顧與展望。 Services Limited (hereinafter referred to as the “Group” or “ ” CR Mixc Lifestyle ) for the half year ended 30 June 2026. ’ 上半年，我國經濟運行平穩，動能向新、結構向 In the first half of the year, Chinas economy operated 優。商業市場需求分層顯著，品牌迭代加快， steadily with new growth drivers emerging and structural 服務與體驗消費保持活躍，高端消費逐步企穩。 optimisation progressing. The commercial market 「物業服務提升行動」納入國家「十五五」規劃， exhibits significant stratification, with the iteration of 細分賽道競爭加劇，數智化轉型全面提速，資產 brands accelerating; service and experience-oriented 組合集約化和運?服務精益化成為大勢所趨。面 consumption remains active, while high-end consumption “ 對行業新格局，本集團秉持「外延式拓展+內涵 has gradually stabilized. The Property Service 式增長」雙輪驅動策略，堅持固本強基、深化創 Improvement Initiative” has been included in the national 新轉型，在複雜多變的市場環境中展現了強勁韌 15th Five-Year Plan. Competition in segmented market 性。期內，實現綜合收入人民幣92.17億元，同 tracks has intensified, digital-intelligent transformation is 比增長8.1%，核心淨利潤人民幣22.29億元，同 accelerating comprehensively, and intensification of asset 比增長10.8%。董事會決議宣派中期股息每股人 portfolios as well as lean operation services have become 民幣0.586元，同時宣派特別中期股息每股人民 the prevailing industry trend. In response to the new 幣0.391元，合計每股股息同比增長10.8%至人 industry landscape, the Group has adhered to the dual-“ ” 民幣0.977元，以高質量的價值創造持續回饋投 engine strategy of extensional growth + organic growth , 資信任。 upheld foundation consolidation, deepened innovative transformation, and demonstrated strong resilience in the complex and volatile market environment. During the period, the Group achieved consolidated revenue of RMB9.217 billion, representing a YoY increase of 8.1%; and core net profit of RMB2.229 billion, representing a YoY increase of 10.8%. The Board has resolved to declare an interim dividend of RMB0.586 per Share, together with a special interim dividend of RMB0.391 per Share, bringing the total dividends per Share to RMB0.977, representing a YoY increase of 10.8%, so as to continuously reward the trust of investors with high-quality value creation. 一、 業務回顧 I. BUSINESS REVIEW （一） 商業航道——商業版圖擴容提 (I) Commercial Management Business — 質，行業領先優勢持續鞏固 Expansion in scale and enhancement in quality, continued consolidation of industry-leading position 二零二六年上半年，商業航道加快推進規模化拓 In the first half of 2026, the commercial management 展，深化賽道專業化運?，實現了質的有效提升 business accelerated with large-scale expansion and 和量的快速增長。 deepened the specialized operation in its sector, achieving effective improvement in quality and rapid growth in 1. 購物中心業務 1. Shopping Mall Segment 業務拓展方面，聚焦核心城市深耕與潛力城市佈 In terms of business expansion, the segment focused 局，新開無錫萬象城西區、濟南槐蔭萬象里、廈 on deep cultivation in core cities and strategic layout in 門萬象城二期3座購物中心，平均開業率99%。 cities with potential. During the period, 3 new shopping 新增拓展項目12個，其中9個位於既有深耕城 malls were opened, namely West Area of Wuxi MIXC, 市、3個位於新進城市，拓展數量及質量保持行 Jinan Huaiyin MIXC Market, and Phase II of Xiamen MIXC, 業領先。截至二零二六年六月三十日，本集團旗 with an average opening rate of 99%. During the period, 下在?購物中心增至138座，在管購物中心增至 12 expansion projects were newly added, of which 9 218座。經?管理方面，深入洞察客戶需求，持 projects are located in cities of existing deep cultivation, 續精進產品服務，116座在?購物中心零售額位 and 3 projects are located in newly entered cities, 列當地市場前三，較上年底增長10.5%。實現零 maintaining an industry-leading position in terms of the 售額人民幣1,485億元，同比增長21.7%，佔全 quantity and quality of expansion. As at 30 June 2026, the 國社會消費品零售總額比重提升至0.6%。業主 number of shopping malls in operation under the Group 端租金收入人民幣171億元，同比增長15.8%， increased to 138, and the number of shopping malls under 經?利潤率同比提升0.7個百分點至68.9%。 management increased to 218. In terms of operation and management, with deep insights into the needs of customers, and continuously refining its products and services, retail sales of 116 shopping malls in operation ranked among the top three in their local markets, representing an increase of 10.5% compared to the end of the previous year. Its shopping malls in operation achieved retail sales of RMB148.5 billion, representing a YoY increase of 21.7%, and its proportion to the total retail sales of consumer goods nationwide increased to 0.6%. Rental income from property owners amounted to RMB17.1 billion, representing a YoY increase of 15.8%. Operating profit margin from property owners increased YoY by 0.7 percentage points to 68.9%. 2. 寫字樓業務 2. Office Building Segment: 與頭部金融機構開啟戰略合作，期內4個項目簽 Strategic cooperation with leading financial institutions 約落地，公司提供商業運?服務項目數量增至 has commenced, with 4 projects signed and implemented 30個，「租賃+運?+物業」一體化能力獲市場認 during the period, increasing the number of projects for 可。截至二零二六年六月三十日，公司在管物業 which the Company provides commercial operational “ 服務項目249個，在管面積1,900萬平米；合約 services to 30, and the integrated capabilities of leasing + 項目266個，合約面積2,318萬平方米。 operation + property management” have been recognized by the market. As at 30 June 2026, the Company had 249 property services projects under management, with a GFA under management of 19.0 million sq.m.; and 266 contracted projects, with a contracted GFA of 23.18 million sq.m. （二） 物業航道——「城市空間運?服務 (II) Property Management Business — The “ 商」綜合實力顯著增強，高質量發 comprehensive strength as an urban 展根基持續夯實 space operation service provider” was significantly enhanced, and the foundation for high-quality development was continuously consolidated 二零二六年上半年，物業航道堅守高品質服務基 In the first half of 2026, the property management business 本盤，攻堅高價值核心賽道，實現結構優化與效 adhered to the basic fundamentals of high quality 能提升。 services, made breakthroughs in high-value core sectors, and achieved structural optimization and efficiency enhancement. 1. 城市非居業態業務 1. The Urban Non-residential Segment 充分發揮「策、詢、招、運」全鏈條一體化能 The Group fully leveraged the full-chain integrated 力，打通前後端閉環，實現從前期運?服務向後 capabilities of “planning, consulting, tendering and ” 期物業管理的業務延伸，構築差異化競爭壁 operation , closing the loop between the front and back 壘。期內，新簽合同額同比增長31.7%至人民幣 ends, realizing the extension from front-end operational 10.8億元，其中醫院學校、產業園、場館三大核 services to post-stage property management, and 心賽道佔比66%，成功獲取北京解放軍總醫院、 constructing a differentiated competitive advantage. 無錫奧體中心等標桿項目。 During the period, the value of newly signed contracts grew by 31.7% YoY to RMB1.08 billion, of which the three major core sectors of hospitals and schools, industrial parks, and venues accounted for 66%, successfully ’ securing benchmark projects such as Beijing Peoples Liberation Army General Hospital (北京解放軍總醫院) and Wuxi Olympic Sports Centre (無錫奧體中心). 2. 城市居住業態業務 2. The Urban Residential Segment 堅持服務品質升級與客戶運?深化雙向發力， The Group made bilateral efforts in the upgrading of 「潤澤美好」產品體系實現全量項目100%覆蓋； quality of services and the deepening of operation of 「頂序」服務產品線成功構建，打造旗艦豪宅標桿 customers. The “Runze Meihao (潤澤美好)” product system 項目13個；多元共創共治機制持續完善，客戶 achieved 100% coverage across all projects; the premium 觸達效率顯著增強，客戶滿意度與綜合收繳率穩 service product line was successfully established, creating 居行業第一梯隊。 13 flagship luxury residential property benchmark projects; the diversified co-creation and co-governance mechanisms were continuously improved, customer reach efficiency was significantly enhanced, and the satisfaction of customers and the comprehensive collection rate remained in the first tier of the industry. 3. 增值業務 3. Value-added Segment 聚力推進專業化發展，轉型提質成效初顯。社 The Group focused on promoting professional 群運?積極探索付費模式，覆蓋近500個項目； development, and quality enhancement and transformation 增值延伸服務依託數字化運?、供應鏈協同與 achieved initial results. Community operation actively 服務創新，持續增強客戶黏性，夯實業績支； explored paid models, covering nearly 500 projects; 空間資產服務方面，設施設備管理業務已拓展至 value-added extension services relied on digital 7座城市，其中第三方外拓合同金額佔比提升至 operation, supply chain collaboration and service 69.3%。 innovation, continuously enhancing the stickiness of customers and stabilizing performance contributions; in terms of spatial asset services, the facilities and equipment management business expanded to 7 cities, of which the proportion of the contract value from third-party expansion increased to 69.3%. （三） 大會員業務——生態聯盟持續擴 (III) The Membership Business — Ecological 大，積分運?成效顯著 alliance continued to expand, and points operation achieved remarkable results 二零二六年上半年，大會員業務會員生態進一步 In the first half of 2026, the membership ecosystem of the 優化，全場景會員運?價值加速顯現。期內大 membership business was further optimised, and the value 會員總量突破9,330萬，積分發放總額同比提升 of full-scenario membership operation was manifested at 18.6%至人民幣7.0億元，跨業態兌分人數同比 an accelerated pace. During the period, the total number 提升26.9%。 of members exceeded 93.3 million. The gross amount of points issued increased by 18.6% YoY to RMB0.70 billion, and the number of persons redeeming points across business formats increased by 26.9% YoY. 二、 科技賦能 II. TECHNOLOGY EMPOWERMENT 二零二六年上半年，本集團堅持以科技驅動業務 In the first half of 2026, the Group persisted in driving 升級與價值重構，圍繞核心服務場景，挖掘價值 business upgrades and value reconstruction through 釋放空間。 technology, and explored the room for value release around the core scenarios of services. 商管業務實現核心業務全鏈路智能化升級。首個 The commercial management operations realized a full-智慧商場在瀋陽萬象城成功落地，首個C端智能 link intelligent upgrade of its core businesses. The first 體專屬逛街管家日活用戶快速增長，AI客流數據 smart mall was successfully implemented at Shenyang 分析工具賦能超70%租戶。「集中值守、人機協 MIXC, experiencing rapid growth in daily active users 同」作業模式全面推廣，智慧安防項目覆蓋率達 of the first C-end agent-based exclusive shopping 93%。物管業務依託「數字化平台+自有算力+ steward, while AI customer flow data analysis tools 智能體集群」，推動AI重塑物業作業全流程。期 empowering over 70% of tenants. The operation model of “ ” 內，智慧運?平台覆蓋項目超1,000個，服務工 centralized on-duty and human-machine collaboration 單自動分撥率突破90%，現場綜合運?效率提升 was comprehensively promoted, and the coverage rate 35%。 of smart security projects reached 93%. The property management operations, relying on the “digital platform ” + proprietary computing power + agent cluster , promoted AI to reshape the entire process of properties operations. During the period, the smart operation platform covered over 1,000 projects, the automatic dispatch rate of work orders for services exceeded 90%, and comprehensive on-site operational efficiency increased by 35%. 三、 組織績效與人才發展 III. ORGANIZATIONAL PERFORMANCE AND TALENT DEVELOPMENT 二零二六年上半年，本集團圍繞「優架構、優梯 In the first half of 2026, the Group, centering around the 隊、優機制」三大主線，穩步推進組織效能提升 three main themes of “optimizing structure, optimizing 與人才梯隊建設。商業航道落地購物中心業務區 echelons, and optimizing mechanisms”, steadily advanced 域集約管理模式，影院、高化等業務實現全國職 organizational effectiveness enhancement and talent 能共享。物業航道設立增值延伸服務與空間資 echelon construction. The commercial management 產服務專業公司，建成中後台全國管理中心。 business implemented a regional intensive management 期內，通過「遠航計劃」「萬象引力」等人才項目 model for the shopping mall business, and achieved 引進行業精英超250人，招聘優秀畢業生超300 a nationwide sharing of functions for businesses such 人，依託「萬象將才」「鳳凰計劃」等培養體系實 as cinemas and high-end cosmetics. The property 施全週期人才賦能，加快打造年輕化、國際化、 management business established specialized 專業化的人才矩陣。 companies for value-added extension services and spatial asset services, and built a middle-and-back-office national management center. During the period, through talent projects such as the Voyage Plan (遠航計劃) and MIXC Gravity (萬象引力), over 250 industry elites were introduced, and more than 300 outstanding graduates were recruited. Relying on cultivation systems such as MIXC Talents (萬象將才) and the Phoenix Project (鳳凰計 劃), full-cycle talent empowerment was implemented to accelerate the creation of a younger, internationalized, and professionalized talent matrix. 四、 環境、社會及管治(ESG) IV. ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) 二零二六年上半年，本集團持續踐行企業社會責 In the first half of 2026, the Group continued to fulfill 任，新增光伏項目4個，完成空調系統優化、節 its corporate social responsibilities, added 4 new 能燈具更換、建築氣密性提升、穹頂鍍膜等節 photovoltaic projects, and completed over 170 energy-能改造項目170餘項。承接沂蒙華潤希望小鎮物 saving renovation projects including air conditioning 業管理服務，啟動第四屆「愛育希望」公益助學 system optimization, replacement of energy-saving lighting 活動，實現14座已建成希望小鎮全覆蓋。打造 fixtures, air tightness enhancements, and dome coatings. 深圳、合肥2座「暖心驛站」標桿項目，切實服務 It undertook the property management services for Yimeng 城市一線工作。期內，新增2個WELL鉑金認 China Resources Hope Towns, launched the fourth “Love ” 證項目，MSCI、恒生、萬得等ESG評級穩中有 Breeds Hope (愛育希望) public welfare educational 升，並獲得「RICS可持續發展成就獎」「中國企業 assistance campaign, and achieved full coverage across ESG領先」等榮譽。 14 completed Hope Towns. It developed 2 benchmark projects of “Warm Heart Station (暖心驛站)” in Shenzhen and Hefei to effectively serve urban frontline workers. During the period, 2 new WELL Platinum-certified projects were added, ESG ratings from MSCI, Hang Seng, Wind, etc., demonstrated steady improvement, and honors “ including the RICS Sustainable Development Achievement Award” and “PRC Corporate ESG Leader” were received. 五、 未來展望 V. FUTURE OUTLOOK 當前，中國經濟錨定「高質量發展」主線，持續 At present, the Chinese economy is anchored on the main “ ” 釋放內需潛力和產業升級紅利。商管行業正從 theme of high-quality development , continuing to unleash 規模擴張轉向存量深耕，品牌資源的掌控力與空 the potential of domestic demand and the dividends 間內容的創造力成為構建競爭壁壘的核心因素； of industrial upgrading. The commercial management 物管行業全面邁入質效升級階段，精細化運?與 industry is shifting from scale expansion to deep cultivation 系統性成本管控能力成為決定盈利邊界的關鍵變 of existing stock, where the control of brand resources 量。同時，以大模型為代表的AI技術正在加速重 and the creativity of spatial content have become the core 構空間管理、流量經?與數據價值挖掘的底層邏 factors for building competitive barriers. The property 輯，會員資產從輔助工具升級為核心競爭力。 management industry has comprehensively entered the stage of quality and efficiency upgrades, where refined operations and systematic cost control capabilities have become key variables determining profitability boundaries. Meanwhile, AI technology, represented by large models, is accelerating the restructuring of the underlying logic of space management, traffic operation, and data value excavation, upgrading membership assets from auxiliary tools to core competitiveness. 下半年，本集團將緊抓國家「促內需」政策機 In the second half of the year, the Group will seize the 遇，一體推進「2+1」業務全面高質量發展，奮力 national policy opportunities for promoting domestic 實現「十五五」良好開局。規模發展方面，商業 demand, integrally promote the comprehensive high-“ ” 航道購物中心業務全面推進核心城市全域佈局與 quality development of the 2+1 business, and strive 機會性城市卡位佈局，寫字樓業務全力保障頭部 to achieve a good start to the 15th Five-Year Plan. 金融機構戰略合作項目接管運?。物業航道要發 In terms of scale development, the shopping mall 揮大型國央企合作及城市空間運?比較優勢，強 business of the commercial management business will 化賽道細分，沉澱醫院、高校等賽道成熟拓盤打 comprehensively promote its comprehensive layout in 法，實現「有質量的規模增長」。業務經?方面， core cities and strategic positioning layout in opportunistic 商業航道購物中心業務深化賽道專業化，強化品 cities; the office building business will make every 牌資源獲取，創新空間?造與內容運?，推動數 effort to ensure the takeover and operation of strategic 字化工具深度應用和標桿管理複製推廣，持續提 cooperation projects with leading financial institutions. 升產品力與服務力，增強會員鏈接與黏性；寫字 The property management business will leverage 樓業務以頭部金融機構戰略合作項目接管運?為 the competitive advantages of cooperation with large 契機，加速鍛造「招運管」一體化能力，夯實核 state-owned and central enterprises and urban space 心競爭力；基金公司要加快推進消費基金設立， operation, strengthen track segmentation, accumulate 積極挖掘消費及科技領域優質標的。物業航道 mature expansion tactics for tracks such as hospitals “ ” 「城市運?」業務力推廣運?服務一體化能力， and universities, and achieve scale growth with quality . 「空間資產服務」業務加快構建「維保修」一體化 In terms of business operation, the shopping mall 設施設備服務能力，「基礎服務」業務全面迭代升 business of the commercial management business 級服務體系，「增值延伸服務」業務圍繞生產、生 will deepen the specialized development along its 活服務商戰略定位加速轉型，「社群運?」業務打 track, strengthen the acquisition of resources of brands, 造具備盈利潛力的產品矩陣。大會員業務持續擴 innovate space and content operation, promote the in-大生態聯盟，系統建設大會員積分運?體系，將 depth application of digital tools and the replication and 積分、權益轉化為客戶可知可感的品牌價值。科 promotion of benchmarking management, continuously enhance the competitiveness of products and services, and enhance membership linkage and stickiness; the office building business, taking the opportunity of undertaking takeover and operation of strategic cooperation projects with leading financial institutions, will accelerate the forging of integrated capabilities of “ ” leasing, operation and property management , and consolidate core competitiveness; the fund company will accelerate promoting the establishment of the consumer fund, and actively explore high-quality target assets in the consumer and technology sectors. Under the property management business, “urban operation” will focus on promoting the integrated capabilities of operational services; “spatial asset services” will accelerate the building of integrated facility and equipment services capabilities for maintenance, preservation and repair; “ ” basic services will comprehensively and iteratively upgrade the service system; “value-added extension 技賦能方面，聚焦「服務、生產、管理」三大核 strategic positioning as a provider of production and daily “ ” 心場景，加快AI應用規模化部署，推動「科技賦 life services; and community operation will create a 能」向「科技驅動」升級。 product matrix with earnings potential. The membership business will continue to expand its ecological alliance, systematically build the point operation system of the membership business, and transform points and benefits into palpable brand value for customers. In terms of technology empowerment, focusing on the three core scenarios of services, production and management, it will accelerate the large-scale deployment of AI applications, and push for the upgrade from “technology empowerment” “ ” to technology-driven . 面向未來，本集團將以創建中國最具行業影力 Looking ahead, aiming to create the most influential asset- 的輕資產管理公司和世界一流企業為目標，大力 light management company in the industry in China and a 推進「2+1」業務做強、做優、做大，加快構築第 world-class enterprise, the Group will vigorously promote 二增長曲線，以穩健的經?業績與可持續的長期 the strengthening, optimization, and expansion of the “2+1” 價值回饋股東信任。 business, accelerate the construction of a second growth curve, and repay the trust of Shareholders with robust operating performance and sustainable long-term value. 最後，本人謹代表董事會，向一直以來關注支持 Last but not least, on behalf of the Board, I would like 本集團發展的股東、客戶及社會各界致以衷心感 to extend my heartfelt gratitude to the Shareholders, 謝！ customers and the public who have been paying attention to and supporting the development of the Group. 業務回顧 BUSINESS REVIEW 本集團的業務括兩大主航道業務：(i)商業航道 The Group’s business includes two main businesses: 業務及(ii)物業航道業務，及生態圈業務。 (i) commercial management business and (ii) property management business, and ecosystem business. 商業航道：本集團管理的商業物業括購物中心 Commercial management business: commercial 以及寫字樓物業。 properties under our management include shopping malls and office buildings. 購物中心方面，本集團提供： For shopping malls, the Group provides:－ 商業運?服務，括開業前管理及運?管 – Commercial operational services, including 理服務； pre-opening management and operation management services; － 物業管理及其他服務，主要括秩序維 – Property management and other services, principally 護、清潔及綠化、維修及養護及其他增值 including security, cleaning and greening, repair 服務；及 and maintenance, as well as other value-added services; and － 商業分租服務，本集團從業主承接若干優 – Commercial subleasing services, where the Group 質購物中心，分租予零售店及超市等租 leases certain quality shopping malls from their 戶。商業分租服務含利潤分成模式和租 owners and subleases to tenants such as retail 賃經?模式。 stores and supermarkets. Commercial subleasing services include profit-sharing and leasing operation mode. 寫字樓方面，本集團提供： For office buildings, the Group provides:－ 商業運?服務，括招商服務、運?服務 – Commercial operational services, including tenant 及開業籌備服務；及物業管理及其他服 sourcing, operational services, and grand-opening 務，主要括秩序維護、清潔及綠化、維 preparation services; and property management 修及養護及其他增值服務。 and other services, principally including security, cleaning and greening, repair and maintenance, as well as other value-added services. 物業航道：本集團物業管理服務括城市居住業 Property management business: the Group’s property 態與城市非居業態兩大領域。其中，城市居住業 management business includes two sectors, namely urban 態致力於為住宅社區內的家庭及住戶引入滿足其 residential property business and urban non-residential 生活場景所需的各種服務；城市非居業態專注於 property business. In respect of the urban residential 為城市公用設施等城市空間物業（如街區、體育 property business, the Group is committed to introducing 館、公園河道和產業園）提供運?管理服務。 various services that meet the needs of families and residents living in residential communities. In respect of the urban non-residential property business, the Group is committed to providing operation and management services for city utilities and other urban space properties, including neighborhoods, stadiums, parks, rivers and industrial parks. 城市居住業態方面，本集團提供： For urban residential segment, the Group provides:－ 基礎物業服務，括為(i)物業的開發商在 – Basic property management services, including 交付物業前及(ii)已售及已交付物業的業 security, cleaning and greening, as well as repair 主、業主委員會或住戶提供的秩序維護、 and maintenance services to (i) property developers 清潔及綠化、維修及養護等服務； for properties prior to their delivery, and (ii) property ’ owners, property owners associations or residents for properties sold and delivered; － 非業主增值服務，針對物業開發商，括 – Value-added services to non-property owners, 顧問、前期籌備及交付前?銷配合服務； including consultancy, preliminary preparation, and 及 pre-delivery marketing services provided to property developers; and － 業主增值服務，主要面向社區業主及住 – Value-added services to property owners, including 戶，括社區生活服務、經紀及資產管理 community life-style services, brokerage and asset 服務、以及房屋裝修與維保工程服務。 management services, and housing decoration, maintenance and repair services mainly provided to community property owner and residents. 城市非居業態方面，本集團提供： For urban non-residential segment, the Group provides:－ 物業管理服務，括秩序維護、清潔及綠 – Property management services, including security, 化、維修及養護等服務；及增值服務，主 cleaning and greening, as well as repair and 要括顧問諮詢、招商運?、場地租賃及 maintenance services; and value-added services, 賽事保障等服務。 including consultancy, tenant sourcing and operation, venue leasing and event support. 生態圈業務：本集團基於主航道提供的基礎服務 Ecosystem business: based on basic services and 及運?服務，利用積累的客戶流量資源，拓展上 operational services provided by main business segments 下游生態鏈條，進一步提供豐富的生態服務， and leveraging accumulated customer flow and resources, 括會員運?與?銷服務、化妝品自?、諮詢服務 the Group expands the eco-chain of upstream and 及文化運?等業務。 downstream and further provides ample eco-services, including membership operations and marketing services, self-owned cosmetics, consultancy, cultural operation and other businesses. 下表載列所示日期按照業務分部及服務類別劃分 The table below sets forth a breakdown of revenue and 的收入及毛利率詳情： gross profit margin by business segment and type of services as of the dates indicated: 於六月三十日 As of 30 June 二零二六年 二零二五年 2026 2025 收入 收入佔比 毛利率 收入 收入佔比 毛利率 Revenue Percentage Gross profit Revenue Percentage Gross profitmargin margin （人民幣千元） (%) (%) （人民幣千元） (%) (%) (RMB’000) (%) (%) (RMB’000) (%) (%) 商業航道 Commercial management business 購物中心 Shopping malls 2,609,695 28.3 78.7 2,264,435 26.5 78.7寫字樓 Office buildings 1,088,760 11.8 38.7 1,002,458 11.8 37.7小計 Subtotal 3,698,455 40.1 66.9 3,266,893 38.3 66.1 物業航道 Property management business 城市居住業態 Urban residential segment 4,295,178 46.6 19.7 4,207,251 49.4 19.8－基礎物業服務 – Basic property management services 3,597,757 39.0 16.9 3,500,661 41.1 16.6－非業主增值服務 – Value-added services to non-property 197,337 2.2 22.8 220,050 2.6 26.0 owners －業主增值服務 – Value-added services to property 500,084 5.4 38.2 486,540 5.7 40.4 owners 城市非居業態 Urban non-residential segment 1,035,003 11.2 12.5 949,199 11.1 14.2小計 Subtotal 5,330,181 57.8 18.3 5,156,450 60.5 18.8 生態圈業務 Ecosystem business 188,149 2.1 30.9 100,194 1.2 37.2合計 Total 9,216,785 100.0 38.0 8,523,537 100.0 37.1 Commercial Management Business 商業航道 Shopping Malls 購物中心 For the six months ended 30 June 2026, the Group’s 截至二零二六年六月三十日止六個月，本集團 revenue from the commercial operational management 來自購物中心的商業運?管理服務收入為人民 services to shopping malls amounted to RMB2,609.7 幣2,609.7百萬元，同比增長15.2%，佔總收入 million, representing an increase of 15.2% as compared 比28.3%。截至二零二六年六月三十日止，本集 with the corresponding period of last year and accounting 團為138個已開業購物中心項目提供商業運?服 for 28.3% of the total revenue. As of 30 June 2026, the 務，總建築面積為15.1百萬平方米。其中，管理 Group provided commercial operational services for 138 輸出項目132個，總建築面積14.6百萬平方米； opened shopping mall projects with an aggregate GFA 利潤分成項目3個，租賃經?項目3個，合計總 of 15.1 million sq.m. The Group had 132 management 建築面積0.6百萬平方米。此外，絕大部分購物 outsourcing projects, with an aggregate GFA of 14.6 中心由本集團同時提供物業管理服務。 million sq.m.; three profit-sharing projects and three leasing operation projects, with an aggregate GFA of 0.6 million sq.m. In addition, the vast majority of shopping malls were provided with property management services by the Group at the same time. 76.3% of the segment revenue was derived from the 該分部76.3%的收益來自為購物中心提供的商業 provision of commercial operational and property 運?及物業管理服務，其餘收益來自商業分租服 management services for shopping malls, with the 務。 remaining revenue derived from the commercial subleasing services. 下表載列所示日期購物中心項目的合同建築面積 The table below sets forth details of the contracted GFA of 及開業項目建築面積詳情： shopping mall projects and the GFA of projects opened as of the dates indicated: 於六月三十日 As of 30 June 二零二六年 二零二五年 2026 2025 管理輸出項目 Management outsourcing projects (1)(2) (1) (2) 合同建築面積（千平方米） Contracted GFA (sq.m. in thousands) 22,159 19,492(1)(2) (1) (2) 合同建築面積的項目數目 Number of projects for contracted GFA 194 175(1) 已開業項目建築面積（千平方米） GFA of projects opened 14,573 13,093(1) (sq.m. in thousands) (1) (1) 已開業項目數目 Number of projects opened 132 120 利潤分成項目 Profit-sharing projects 合同建築面積（千平方米） Contracted GFA (sq.m. in thousands) 324 327合同建築面積的項目數目 Number of projects for contracted GFA 4 4已開業項目建築面積（千平方米） GFA of projects opened 219 127 (sq.m. in thousands) 已開業項目數目 Number of projects opened 3 2 租賃經?項目 Leasing operation projects 合同建築面積（千平方米） Contracted GFA (sq.m. in thousands) 502 488合同建築面積的項目數目 Number of projects for contracted GFA 4 4已開業項目建築面積（千平方米） GFA of projects opened 351 340 (sq.m. in thousands) 已開業項目數目 Number of projects opened 3 3 合計 Total 合同建築面積（千平方米） Contracted GFA (sq.m. in thousands) 22,985 20,307合同建築面積的項目數目 Number of projects for contracted GFA 202 183已開業項目建築面積（千平方米） GFA of projects opened 15,143 13,560 (sq.m. in thousands) 已開業項目數目 Number of projects opened 138 125 Notes: (1) The management outsourcing projects include 附註： (1) 管理輸出項目含部分混合運?管理 some projects under the mixed operation and 模式。其中，萬象濱海購物村部分面 management model. Among them, part of the 積採用利潤分成模式，深圳灣萬象城 area of MIXC Village (萬象濱海購物村) adopts 部分面積採用租賃經?模式；上述兩 the profit-sharing model, and part of the area of 個項目數量及面積均已計入管理輸出 Shenzhen Bay MIXC (深圳灣萬象城) adopts the 項目，不再單獨列示為利潤分成項目 leasing operation model. The quantity and area of 或租賃經?項目。 the above two projects have been included in the management outsourcing projects and will not be separately presented as profit-sharing projects or leasing operation projects. (2) The contracted GFA and number of projects for (2) 二零二六年六月三十日的合同建築面 contracted GFA as at 30 June 2026 excluded those 積及合同建築面積的項目數未括華 attributable to reserved shopping malls acquired by 潤置地有限公司已獲取但未簽約儲備 China Resources Land Limited but not contracted. 購物中心應佔的合同建築面積及合同 The GFA and number of reserved shopping malls 建築面積的項目數目。截至二零二六 acquired by CR Land but not contracted are 年六月三十日，華潤置地已獲取但 下表載列以物業開發商類別劃分的於所示日期提 The table below sets forth, by type of property developer, 供商業運?管理服務的已開業購物中心數目、總 a breakdown of the number of opened shopping malls 建築面積明細，以及於所示期間的商業運?管理 for which commercial operational management services 服務收益明細： were provided and their aggregate GFA as of the dates indicated, and a breakdown of revenue generated from commercial operational management services for the periods indicated: 於六月三十日 As of 30 June 二零二六年 二零二五年 2026 2025 在管建築面積 項目數目 收益 在管建築面積 項目數目 收益 GFA under Number of Revenue GFA under Number of Revenue management projects management projects （千平方米） （人民幣千元） （千平方米） （人民幣千元） ’ ’ (sq.m. in (RMB 000) (sq.m. in (RMB 000) thousands) thousands) 華潤置地 CR Land 11,788 99 1,686,818 11,057 94 1,570,181 (1) (1) 華潤集團與第三方開發商 CR Group and third-party developers 3,355 39 922,877 2,503 31 694,254總計 Total 15,143 138 2,609,695 13,560 125 2,264,435 Note: (1) The number of projects, GFA under management 附註： (1) 來自華潤集團與第三方開發商項目的 and revenue from the projects of CR Group and 項目數目、在管建築面積及收益均 third-party developers include sublease projects 含利潤分成及租賃經?的分租項目。 under profit-sharing or leasing operation. Office Buildings 寫字樓 For the six months ended 30 June 2026, the Group’s 截至二零二六年六月三十日止六個月，本集團來 revenue from the commercial operational and property 自寫字樓的商業運?及物業管理服務收入為人民 management services to office buildings was RMB1,088.8 幣1,088.8百萬元，同比增長8.6%，佔總收入比 million, representing a YoY increase of 8.6%, and 11.8%。截至二零二六年六月三十日止，本集團 accounted for 11.8% of the total revenue. As of 30 June 為30個寫字樓提供商業運?服務，總建築面積 2026, the Group provided commercial operational services 為2.1百萬平方米；為249個寫字樓提供物業管 for 30 office buildings with an aggregate GFA of 2.1 million 理服務，總建築面積為19.0百萬平方米。 sq.m., and property management services for 249 office buildings with an aggregate GFA of 19.0 million sq.m. 95.3% of the segment revenue was generated from the 該分部95.3%的收益來自為寫字樓提供物業管理 provision of property management services to office 服務，其餘收益來自所提供的寫字樓商業運?服 buildings, with the remaining revenue from the provision of 務。 commercial operational services to office buildings. 下表載列於所示日期寫字樓項目的合同建築面積 The table below sets forth details of our contracted GFA 及在管建築面積詳情： and GFA under management of office buildings as of the dates indicated: 於六月三十日 As of 30 June 二零二六年 二零二五年 2026 2025 商業運?服務 Commercial operational services 合同建築面積（千平方米） Contracted GFA (sq.m. in thousands) 2,517 2,259合同建築面積的項目數目 Number of projects for contracted GFA 37 34商業運?服務的建築面積（千平方米） GFA of the commercial operational 2,076 1,875 services (sq.m. in thousands) 商業運?服務的項目數目 Number of projects for commercial 30 27 operational services 物業管理服務 Property management services 合同建築面積（千平方米） Contracted GFA (sq.m. in thousands) 23,181 22,334合同建築面積的項目數目 Number of projects for contracted GFA 266 248物業管理服務的建築面積（千平方米） GFA of the property management 19,004 17,789 services (sq.m. in thousands) 物業管理服務的項目數目 Number of projects for property 249 225 management services 下表載列以物業開發商類別劃分的於所示日期在 The table below sets forth a breakdown of the number of 管寫字樓數目及在管總建築面積明細，以及於所 office buildings under management and the aggregate 示期間來自寫字樓商業運?服務及物業管理服務 GFA under management as of the dates indicated, and 的收益明細： revenue generated from commercial operational services and property management services to office buildings for the periods indicated, by type of property developers: 於六月三十日 As of 30 June 二零二六年 二零二五年 2026 2025 在管建築面積 項目數目 收益 在管建築面積 項目數目 收益 GFA under Number of Revenue GFA under Number of Revenue management projects management projects （千平方米） （人民幣千元） （千平方米） （人民幣千元） (sq.m. in (RMB’000) (sq.m. in (RMB’000) thousands) thousands) 商業運?服務 Commercial operational services 華潤置地 CR Land 1,471 22 38,006 1,374 21 43,701 華潤集團與第三方開發商 CR Group and third-party developers 605 8 12,723 501 6 11,012總計 Total 2,076 30 50,729 1,875 27 54,713 物業管理服務 Property management services 華潤置地 CR Land 10,337 106 722,371 10,192 106 684,607 華潤集團與第三方開發商 CR Group and third-party developers 8,667 143 315,660 7,597 119 263,138總計 Total 19,004 249 1,038,031 17,789 225 947,745 物業航道 PROPERTY MANAGEMENT BUSINESS 城市居住業態 Urban Residential Segment 基礎物業服務 Basic Property Management Services ’ 截至二零二六年六月三十日止六個月，本集團 For the six months ended 30 June 2026, the Groups 來自城市居住業態的基礎物業服務收入為人民 revenue from basic property management services of 幣3,597.8百萬元，同比增長2.8%，佔總收入比 urban residential properties amounted to RMB3,597.8 39.0%。截至二零二六年六月三十日止，在管城 million, representing a YoY increase of 2.8% and 市居住業態項目數1,451個，同比新增39個，在 accounting for 39.0% of the total revenue. As of 30 June 管總建築面積為281.0百萬平方米，同比增長5.5 2026, there were 1,451 urban residential properties under 百萬平方米。 management, representing a YoY increase of 39; and the aggregate GFA under management was 281.0 million sq.m., representing a YoY increase of 5.5 million sq.m. 下表載列所示日期城市居住業態項目的合同建築 The table below sets forth details of our contracted 面積及在管建築面積的詳情： GFA and GFA under management of urban residential properties as of the dates indicated: 於六月三十日 As of 30 June 二零二六年 二零二五年 2026 2025 合同建築面積（千平方米） Contracted GFA (sq.m. in thousands) 303,302 301,813合同建築面積的項目數目 Number of projects for contracted GFA 1,531 1,511在管建築面積（千平方米） GFA under management 281,036 275,505 (sq.m. in thousands) 在管建築面積的項目數目 Number of projects for GFA under 1,451 1,412 management 下表載列以物業開發商類別劃分的於所示日期在 The table below sets forth a breakdown of the number 管城市居住業態項目數目、在管總建築面積明 of urban residential properties under management, the 細，以及於所示期間來自基礎物業服務的收益明 aggregate GFA under management as of the dates 細： indicated, and revenue generated from basic property management services by type of property developer for the periods indicated: 於六月三十日 As of 30 June 二零二六年 二零二五年 2026 2025 在管建築面積 項目數目 收益 在管建築面積 項目數目 收益 GFA under Number of Revenue GFA under Number of Revenue management projects management projects （千平方米） （人民幣千元） （千平方米） （人民幣千元） (sq.m. in (RMB’000) (sq.m. in (RMB’000) thousands) thousands) 華潤置地 CR Land 162,143 781 2,409,744 153,239 721 2,288,661華潤集團與第三方開發商 CR Group and third-party developers 118,893 670 1,188,013 122,266 691 1,212,000 總計 Total 281,036 1,451 3,597,757 275,505 1,412 3,500,661 非業主增值服務 Value-added Services to Non-Property Owners 截至二零二六年六月三十日止六個月，本集團來 For the six months ended 30 June 2026, the Group 自針對開發商提供的非業主增值服務收入為人民 recorded revenue generated from value-added services to 幣197.3百萬元，同比下降10.3%，佔總收入比 non-property owners provided to developers of RMB197.3 2.2%。收入下滑主要受母公司新增交付面積縮 million, representing a YoY decrease of 10.3%, and 減影。隨行業調整趨緩，收入同比降幅較去 accounting for 2.2% of our total revenue. Such decrease 年同期收窄24.3個百分點，收入規模波動幅度顯 was mainly due to a reduction in the newly delivered 著降低，業務表現趨於平穩。 area of the parent company. As the industry adjustment moderated, the YoY decline in revenue narrowed by 24.3 percentage points as compared with the corresponding period last year. Fluctuations in revenue scale narrowed significantly, rendering the business performance more stable. 業主增值服務 Value-added Services to Property Owners 截至二零二六年六月三十日止六個月，本集團 For the six months ended 30 June 2026, the Group 來自城市居住業態的業主增值服務收入為人民 recorded revenue generated from value-added services to 幣500.1百萬元，同比增長2.8%，佔總收入比 owners of urban residential properties of RMB500.1 million, 5.4%。圍繞生產、生活服務商戰略定位，本集 representing a YoY increase of 2.8%, and accounting 團聚焦業主增值服務專業化發展，構建「需求 for 5.4% of our total revenue. In line with its strategic 應、資源整合、產品組合、黏性提升」的全鏈條 positioning as a service provider for production and 生意模式，推動業務提質轉型。 living, the Group focused on the specialised development of value-added services for property owners, building a full-chain business model that integrated “demand responsiveness, resource consolidation, product portfolio optimization, and customer stickiness enhancement” so as to facilitate the quality upgrade and transformation of its business. 城市非居業態 Urban Non-residential Segment ’ 截至二零二六年六月三十日止六個月，本集團 For the six months ended 30 June 2026, the Groups 來自城市非居業態的物業管理服務收入為人民 revenue from property management services for urban 幣1,035.0百萬元，同比增長9.0%，佔總收入比 non-residential properties amounted to RMB1,035.0 million, 11.2%。截至二零二六年六月三十日止，在管城 representing a YoY increase of 9.0%, and accounting for 市非居業態物業項目數456個，同比增長24個， 11.2% of our total revenue. As of 30 June 2026, there were 在管總面積為141.1百萬平方米，同比增長13.9 456 urban non-residential properties under management, 百萬平方米。本集團堅定執行「有質量的規模增 representing a YoY increase of 24 properties; and the 長」策略，通過主動退出低質低效項目，並引入 aggregate GFA under management was 141.1 million 高潛力項目優化資源結構，增強業務的整體競爭 sq.m., representing a YoY increase of 13.9 million sq.m. 力。 The Group firmly implemented the “quality-driven growth” strategy. Through proactively exiting low-quality and inefficient projects, as well as introducing high-potential projects, the Group optimized its resource structure, thereby enhancing the overall competitiveness of its business. 該分部96.6%的收益來自為城市非居業態項目提 96.6% of the segment revenue was generated from the 供物業管理服務，其餘收益來自所提供的增值服 provision of property management services to urban non-務。 residential properties, with the remaining revenue derived from the provision of value-added services. 下表載列所示日期城市非居業態項目的合同面積 The table below sets forth details of our contracted GFA 及在管面積的詳情： and GFA under management of urban non-residential properties as of the dates indicated: 於六月三十日 As of 30 June 二零二六年 二零二五年 2026 2025 合同面積（千平方米） Contracted GFA (sq.m. in thousands) 141,880 127,999合同面積的項目數目 Number of projects for contracted GFA 461 438在管面積（千平方米） GFA under management 141,108 127,191 (sq.m. in thousands) 在管面積的項目數目 Number of projects for GFA under 456 432 management 下表載列以物業開發商類別劃分的於所示日期在 The table below sets forth a breakdown of the number 管城市非居業態項目數目、在管總面積明細，以 of urban non-residential properties under management, 及於所示期間來自物業管理服務的收益明細： the aggregate GFA under management as of the dates indicated, and revenue generated from property management services for the periods indicated, by type of property developer: 於六月三十日 As of 30 June 二零二六年 二零二五年 2026 2025 在管建築面積 項目數目 收益 在管建築面積 項目數目 收益 GFA under Number of Revenue GFA under Number of Revenue management projects management projects （千平方米） （人民幣千元） （千平方米） （人民幣千元） ’ ’ (sq.m. in (RMB 000) (sq.m. in (RMB 000) thousands) thousands) 華潤置地 CR Land 2,990 24 50,233 2,370 24 45,775 華潤集團與第三方開發商 CR Group and third-party 138,118 432 949,693 124,821 408 859,965 developers 總計 Total 141,108 456 999,926 127,191 432 905,740 生態圈業務 Ecosystem Business 截至二零二六年六月三十日止六個月，本集團來 For the six months ended 30 June 2026, the Group’s 自生態圈業務收入為人民幣188.1百萬元，同比 revenue from ecosystem business amounted to RMB188.1 增長87.8%，佔總收入比2.1%。 million, representing a YoY increase of 87.8%, and accounting for 2.1% of our total revenue. 下表載列所示期間生態圈業務的收益明細： The table below sets forth a breakdown of revenue generated from ecosystem business for the periods indicated: 於六月三十日 As of 30 June 二零二六年 二零二五年 2026 2025 （人民幣千元） （人民幣千元） (RMB’000) (RMB’000) 會員運?與?銷服務 Membership operations and marketing 50,704 44,854 services 自?化妝品業務 Self-owned cosmetics business 122,302 33,916 (1) (1) 諮詢服務 Consultancy services 9,529 17,490 文化運?業務 Cultural operation business 5,614 3,934 總計 Total 188,149 100,194 Note: (1) Specific consultancy services were provided 附註： (1) 為華潤集團旗下消費基金提供的特定 to consumer funds under CR Group, including 諮詢服務，括行業諮詢、投資諮 industry consultation, investment consultation, 詢、財務諮詢及其他增值服務（括但 financial consultation and other value-added 不限於有關戰略規劃、商業資源開發 services (including but not limited to consultancy 及市場開拓等諮詢服務）。 services in respect of strategic planning, commercial resource development and market development). 未來展望 FUTURE OUTLOOK 隨房地產行業進入存量提質增效的新階段，本 As the real estate industry enters a new stage 集團作為輕資產運?型企業，迎來全面高質量發 characterized by the enhancement of quality and efficiency 展的重要戰略機遇期。「十五五」期間，本集團將 in respect of existing stock, the Group, as a light-asset 繼續堅定商管、物管和大會員一體化「2+1」業務 operating enterprise, ushers in an important period of 模式，同時，將戰略定位升級為「創建世界一流 strategic opportunity for comprehensive high-quality “ ” 的城市品質生活服務商」，建強「戰略引領精準投 development. During the 15th Five-Year Plan period, “ ” 拓、精益化運?管理」2大支體系，打造「產品 the Group will continue to adhere to its integrated 2+1 與品牌驅動、科技與創新驅動、組織變革與激勵 business model of commercial management, property 驅動」3大發展引擎，實現可持續高質量發展。 management and membership system. Meanwhile, the Group will upgrade its strategic positioning to the goal “ of becoming a world-class urban quality life service ” provider . The Group will build two strong supporting “ systems: strategic-led and precise investment & ” “ ” expansion and lean operation and management , and “ foster three major development engines: product and brand-driven, technology and innovation-driven, as well ” as organizational reform and incentive-driven , so as to achieve sustainable high-quality development. 商業航道全面深化發展，鞏固行業領導 Comprehensively Deepen the Development 地位 of the Commercial Management Business to Consolidate its Leading Position in the Industry 戰略引領精準投拓方面，購物中心緊抓規模擴 In terms of strategic-led and precise investment & 張窗口期，堅定落實「123」規模發展策略，全面 expansion, shopping malls will seize the window for scale 推進全域、卡位式佈局。寫字樓聚焦核心城市， expansion. The Group will resolutely implement the “123” 深化金融機構及國央企戰略合作。精益化運?管 scale development strategy, comprehensively advancing 理方面，把握國家促消費政策機遇，深入推進 a full-coverage, position-seizing strategic layout. Office 賽道專業化，「非凡重奢」鞏固頭部地位，「城市 buildings will focus on core cities and deepen strategic 旗艦」引領產品力標桿，「品質生活」踐行精益運 cooperation with financial institutions, state-owned ?，「前沿創新」加快探索細分賽道新模式。持續 enterprises and central state-owned enterprises. In 打造具有市場引領性的高量級門店，擴大行業影 terms of lean operation and management, the Group 力和競爭優勢。積極構建商業生態，探索平台 will capitalise on the opportunities arising from national 經濟價值變現。 policies to stimulate consumption to further promote specialised operations across our business tracks. With the “Luxury” (非凡重奢) projects, the Group will consolidate their leading position. With the “Flagship” (城市旗艦) projects, the Group will spearhead the market with benchmark-setting product capability. With the “Lifestyle” (品質生活) projects, the Group will pursue lean operations. With the “Creative” (前沿創新) projects, the Group will accelerate the exploration of new models in niche business segments. The Group will continue to cultivate high-profile stores with market-leading influence, thereby enhancing its industry influence and competitive advantages. The Group will also actively develop a commercial ecosystem 物業航道堅定科技驅動，保持城市空間 Stay Committed to Technology-Driven 運?服務領先 Development in the Property Management Business and Maintain its Leadership in Urban Space Operation Services 戰略引領精準投拓方面，本集團堅持聚焦核心城 In terms of strategic-led and precise investment & 市、核心業態、核心大客戶，發揮城市空間一 expansion, the Group continues to focus on core cities, 體化運?獨特優勢，以整體能力建設帶動業務拓 core business formats and core major clients. Leveraging 展，推動高質量的規模增長。積極挖掘優質企業 its unique advantages in the integrated operation of urban （未完）  |