From developers to operators: China Resources Vientiane Life declares industry transformation direction with a performance announcement

Produced by | China Visitor Network

Review by | Li Xiaoyan

On March 30th, China Resources MixC Lifestyle (01209.HK) held its 2025 full-year performance release conference, with all management including Chairman Li Xin, Executive Director and President Yu Linkang present, fully disclosing the annual operating results, strategic transformation path, and future development plans. As a leading enterprise in China’s urban quality life service sector, China Resources MixC Lifestyle in 2025 is anchored to the strategic goal of becoming a “world-class urban quality life service provider,” adhering to the dual-driven strategy of “internal growth + external expansion,” and practicing the business policy of “profitable revenue with cash flow profits.” Against the backdrop of consumer segmentation and industry transformation, the company delivered a steady and leading performance report.

Data shows that in 2025, China Resources MixC Lifestyle achieved operating revenue of 18.02B yuan, a year-on-year increase of 5.1%; core net profit reached 3.95 billion yuan, up 13.7%, significantly outpacing the industry average growth rate. Profit quality continued to improve, with the board of directors approving a final dividend of 0.509 yuan per share, along with a special final dividend of 0.341 yuan per share. The total annual dividend per share increased by 12.7% to 1.731 yuan, achieving 100% distribution of core net profit for three consecutive years, demonstrating stable dividends and long-term value return to shareholders.

Looking at business segments, the three major channels work in coordination, with structural optimization showing prominent results. The commercial channel, as the core growth engine, achieved revenue of 6.91B yuan, a 10.1% increase, leading overall growth and demonstrating strong operational vitality; the property management channel steadily expanded, with revenue reaching 10.85B yuan, up 1.1%, with both scale and service quality improving; the ecosystem business experienced explosive growth, with revenue of 269 million yuan, a 72.2% increase year-on-year, becoming a new growth point and showcasing the huge potential of diversified business collaboration.

In 2025, China Resources MixC Lifestyle clearly proposed the core judgment that “commercial real estate is returning to its essence.” Management pointed out that the industry is gradually shedding its real estate attributes, shifting toward market-oriented competition centered on brand operation, channel integration, and lean management. Future leading companies will accelerate resource integration through their comprehensive advantages, further increasing industry concentration and refining levels. This strategic judgment became the core guiding principle for the company’s full-year operations, driving the commercial channel to achieve comprehensive breakthroughs in scale, quality, and innovation.

The shopping center segment continued to consolidate its position as the “industry’s top comprehensive strength.” By the end of 2025, the company had opened 14 new shopping centers during the year, with a total of 135 operating projects, covering key cities and potential regions nationwide. The quality advantage further highlighted that among the 135 operating projects, 54 projects ranked first in retail sales in their local markets, and 105 projects ranked in the top three, with market share increasingly concentrated among leading players.

Strong growth in operating performance, outpacing the growth rate of total retail sales of consumer goods. The full-year retail sales of the shopping centers reached 266 billion yuan, a substantial increase of 23.7% year-on-year, with luxury projects’ retail sales up 18.5%, and non-luxury projects up 26.9%, precisely aligning with the dual trend of stable high-end consumption and upgraded mass consumption amid consumer segmentation. Rent income from property owners reached 30.7 billion yuan, up 16.9%, with operating profit margin increasing by 0.6 percentage points to 65.7%, continuously optimizing profitability efficiency.

Third-party expansion saw both volume and quality improve, with more precise strategic deployment. In 2025, the company focused on core city TOD and potential cities, signing 12 new third-party shopping center projects, with an average GFA exceeding 100k square meters. Among them, five projects are existing or under construction, further strengthening the “one city multiple hubs” and “multiple cities multiple hubs” layout. By year-end, there were 72 projects not yet opened, including 32 owned by the parent company and 40 third-party projects, providing ample momentum for future large-scale, high-quality development of the commercial management business.

Product track continuously optimized, with innovative layouts across diverse scenarios. The company built a “Super Luxury, City Flagship, Quality Life, Frontier Innovation” four-track system, establishing clear management rules and operational standards for each, enabling precise deployment. Last year, the company successfully entered niche tracks such as outlet malls and airport commercial spaces, with projects like MixC Binhai Shopping Village and Xi’an MIXC AIR launched, enriching the product matrix and further expanding commercial boundaries.

Office building business gradually recovered, with steady improvement in operational efficiency. Benefiting from the office market recovery, the leasing rate of office properties increased by 3.6 percentage points to 77.2%, with 277k square meters of new leasing area during the year, up 19% year-on-year. By year-end, there were 233 managed property service projects covering 18.15 million square meters; 250 contracted projects with a total area of 22.52 million square meters. Relying on the integrated advantages of “leasing + operation + property management,” the company strengthened its core competitiveness in office space operations.

The property management channel, with the strategic positioning of “urban space operation service provider,” relies on high-quality services to solidify development foundations and promote coordinated internal growth and external expansion. In 2025, the managed area reached 426 million square meters, up 3.2%, with contracted area of 464 million square meters, maintaining scale advantages. Revenue from property management reached 100k yuan, up 1.1%, with gross profit margin of basic property services increasing by 1.2 percentage points to 15.2%, as cost control and profitability efficiency continued to improve.

Community space business deepened efforts, with customer satisfaction remaining among the industry’s top levels. Through the “Brand Service Year” campaign, the company comprehensively upgraded basic services, community operation, and social group operation capabilities, achieving a customer satisfaction score of 92.71 points, up 0.95 points year-on-year. Relying on the “Run Cheng Plan,” 69 new mid-to-high-end residential projects were added during the year, with nearly 100% retention rate of existing projects, achieving both scale and reputation improvements.

Urban space operation highlights continued, with ongoing enhancement of full-chain operational capabilities. Focusing on “planning, inquiry, recruitment, operation” full-chain service capabilities, the company upgraded the “Wenzhou Longgang” district coordination model, implementing a new integrated urban space operation paradigm in Shunde, Foshan, and adding projects such as Wenzhou Longgang Civic Center, Shenzhen Xili Lake Greenway, and Liaoning Tumor Hospital. Full-year revenue from urban space business reached 2.04 billion yuan, up 12.0%, with collection rate at 92.6% and debt recovery rate at 86.5%, significantly improving operational efficiency and revenue quality.

Ecosystem business experienced explosive growth, becoming a key support for the company’s innovation development. In 2025, revenue from the ecosystem business was 269 million yuan, up 72.2%, covering smart services, cross-industry cooperation, and other fields. Relying on the company’s scene and resource advantages, it continuously explores space service value, empowering the commercial and property channels, and creating synergistic effects.

Membership business accelerated integration, with deepened ecological value release. The company completed the acquisition and resource integration of “China Resources Pass,” clarifying the “points + consumption” operation model, turning losses into profits. By year-end, total members exceeded 83 million, up 36%; commercial members reached 65 million, up 32%, with both consumption and repurchase members increasing by over 30%. The total points issued by MixC Star reached 1.31 billion yuan, up 27.2%, with cross-industry redemption participants increasing by 41.7%, making the membership system a core link connecting various business segments, enhancing user stickiness and consumption conversion.

Technology empowerment has become the core engine for quality improvement and efficiency enhancement. The company advanced the “Five Modernizations” construction, deploying an enterprise-level AI development platform, fully implementing AI passenger flow systems in the commercial channel, and scaling up the smart operation platform for property management, enabling remote monitoring, inspection, and allocation of smart devices across the entire chain. Data assetization has achieved notable results, with the “One Point Wanzhi” app’s online retail sales surpassing 10 billion yuan; green and low-carbon achievements are prominent, with seven shopping centers completing the “Wanzhi Cloud” intelligent management system pilot, reducing annual average energy consumption by over 17%.

ESG practices continued to deepen, demonstrating corporate social responsibility. The company reached a strategic cooperation with Kering Group on sustainable development, launching zero-carbon store pilot projects; took over operations of two China Resources Hope Towns, totaling 12; “Warm Heart Stations” in 40 cities benefited 400k people, with 26 benchmark waste-free community projects in 21 cities. Participating in CDP climate disclosure for the first year, the company received a B rating, ranking among the leading companies in China’s real estate service industry. It also co-developed the “Mall Building Energy Consumption and Carbon Emission Calculation Standard,” filling an industry gap, with ESG influence and sustainable development capabilities continuously improving.

2026 is the first year of the “14th Five-Year Plan” and a crucial year for China Resources MixC Lifestyle to consolidate achievements and move toward a new stage of high-quality development. Management clarified that the company will seize strategic opportunities, deepen the integrated “2+1” business model of property management, commercial management, and big membership, focusing on three core directions:

First, focus on scale and quality coordination, optimize layout structure. The commercial channel will continue to deepen core city high-quality targets, enhance the “concentration” of projects in first- and second-tier cities, selectively enter populous and industry-concentrated third-tier cities to build leading urban projects; strictly control project quality, promote external third-party expansion and renovation of existing projects simultaneously, ensuring scale growth does not dilute operational quality.

Second, deepen operational efficiency improvements, return to the essence of business. Continuously optimize the operation standards of the four major tracks, strengthen lean management, and promote the transformation of the commercial channel from scale-driven to efficiency-driven; the office business will leverage recovery trends to further improve leasing rates and rental income, consolidating office space operation advantages.

Third, strengthen ecological collaboration and technological empowerment to build a competitive barrier. Continue to expand the big membership ecosystem, deepen cross-industry alliance cooperation, unleash platform economic value; accelerate the deployment of AI, big data, and other technologies, expand smart application scenarios, and promote data assetization; practice ESG concepts, using green low-carbon and sustainable development to empower long-term value growth.

Despite the impressive performance in 2025, China Resources MixC Lifestyle still faces dual industry development challenges. On one hand, consumer segmentation continues, competition in some regional markets intensifies, and the operation pressure of mass consumer scenarios becomes apparent; on the other hand, the industry remains in a period of transformation, with the weakening of real estate attributes requiring more refined management of commercial operations and costs.

In response to these challenges, the company has made early arrangements. By building a multi-track product system to precisely cover different consumer scenarios, it hedges against risks from single-track fluctuations; by strengthening lean management, optimizing cost structures, and improving operational efficiency, it ensures stable profitability; by increasing investment in technology and ESG, it aims to enhance operational efficiency through digital transformation and strengthen brand resilience through sustainable development, comprehensively improving cyclical resistance.

In 2025, with outstanding performance, clear strategic transformation, and strong growth momentum, China Resources MixC Lifestyle established its leading position amid industry transformation, demonstrating that “returning to the essence of business” is the core direction of industry development. Standing at the new starting point of the “14th Five-Year Plan,” the company will continue to uphold long-termism, focus on high-quality development, leverage lean operations, technological empowerment, and ecological collaboration, continuously consolidate core competitiveness, and steadily advance toward the goal of “world-class urban quality life service provider,” contributing to industry transformation and urban quality improvement.