CICC: Maintains Outperform rating on Yanlord Land Group Limited (01497.HK) with profits in 1H25 exceeding market expectations.

According to the Wise Finance APP, CICC released a research report stating that the profit forecast for Yanzhiwu (01497.HK) for 2025/26 was lowered by 3.0%/7.8% to 168/192 million yuan due to the upward shift in industry valuation. The target price was maintained at HK$7.7, corresponding to a 2025/26 P/E ratio of 19.7/17.0, and the target price corresponds to a P/E ratio of 19.5/16.8 times. The target price is basically flat compared to the current stock price, as the company's core business advantage remains unchanged and is scarce, maintaining an outperform rating in the industry. The company announced its 1H25 performance, with total revenue in 1H25 of 1.015 billion yuan, a decrease of 4.22% year-on-year, and a net profit attributable to shareholders of 75.261 million yuan, an increase of 29.58% year-on-year. Revenue met the bank's expectations, and profits exceeded expectations, mainly due to the company's low profit base in the same period last year and cost control.