China Resources Mixc Lifestyle Services (1209) H1 2025 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2025 reached RMB8.524 billion, up 6.5% YoY, with core net profit up 15.0% to RMB2.011 billion and net profit at RMB2.068 billion, up 8.6% YoY.

• Gross profit increased 16.3% YoY to RMB3.165 billion, with gross margin improving to 37.1%.

• Interim and special dividends declared totaled RMB0.881 per share, representing a 100% payout of core net profit.

• Commercial management business revenue rose 14.6% YoY, with shopping mall retail sales up 21.1% YoY and NOI margin at 68.2%.

• The Group expanded its commercial and property management footprint, operating 120 shopping malls and 27 office buildings, with GFA under management reaching 420 million sq.m.

Financial highlights

• Gross profit was RMB3,165.1 million, up 16.3% YoY, and gross profit margin improved by 3.1 percentage points to 37.1%.

• Commercial management revenue reached RMB3,267 million (up 14.6% YoY), property management revenue was RMB5,157 million (up 1.1% YoY), and ecosystem business revenue doubled to RMB100 million.

• Earnings per share increased to RMB0.89.

• Gearing ratio rose to 49.3%, mainly due to declared but undisbursed dividends.

• Cash and cash equivalents at period end were RMB7.61 billion.

Outlook and guidance

• Focus on strengthening property management fee collection and recovery, and optimizing dividend distribution in H2 2025.

• Continued transformation and development of value-added services, digital transformation, and membership ecosystem expansion.

• Management expects steady performance growth and enhanced shareholder value.