Investment Rating - The report maintains a "Buy" rating for China Resources Mixc Lifestyle Services (1209.HK) [1] Core Views - The company achieved a revenue of 7.96 billion RMB in the first half of 2024, representing a year-on-year growth of 17.1%, with a net profit attributable to shareholders of 1.91 billion RMB, up 36.0% year-on-year [2] - The property management segment continues to grow, with a total managed area of 398 million square meters, an increase of 7.5% compared to the end of 2023 [2] - The company is actively expanding its urban space operations, with a managed urban space area growing by 18.2% to 123 million square meters [2] Summary by Sections Financial Performance - The company reported a core net profit of 1.77 billion RMB, a year-on-year increase of 24.2% [2] - The overall gross margin slightly decreased by 1.2 percentage points to 18.9% due to a decline in non-owner value-added service revenue [2] - The commercial segment's revenue increased by 23.4% to 2.85 billion RMB, with a gross margin improvement of 2.4 percentage points to 60.9% [2] Business Growth - The company has a total of 108 operating projects with a managed area of 11.85 million square meters [3] - The average occupancy rate of shopping centers remains high at 96.7%, an increase of 0.6 percentage points from the end of 2023 [3] - The retail sales for the first half of the year grew by 19.7% to 100.7 billion RMB, with 46 projects ranking first in local market sales [3] Future Outlook - The company is expected to achieve a compound annual growth rate (CAGR) of 20.2% in net profit from 2024 to 2026 [3] - The report emphasizes the company's steady growth in management scale and its status as a rare listed commercial management company [3]
华润万象生活：2024年中报点评：业绩稳健增长，商管保持领先