Everbright Securities issued a research report maintaining a "Buy" rating on CHINA RES MIXC (01209), citing outstanding shopping center operating performance and steady sales from related party China Resources Land, which remains active in land acquisition. The firm maintains its net profit attributable to shareholders forecasts for 2025-2027 at 39.9/44.6/50.0 billion yuan.

In 2025H1, the company's operating profit (gross profit minus selling and administrative expenses) reached 26.3 billion yuan, up 20.2% year-over-year. The company declared interim and special dividends totaling 0.881 yuan per share, representing 100% of core net profit attributable to shareholders, demonstrating generous dividend distribution.

As of June 30, 2025, the company provides commercial operation services for 120 shopping centers and 27 office buildings, while undertaking 5 shopping center sublease projects. During the first half, 4 new shopping centers opened, and 6 high-quality commercial light-asset expansion projects were newly signed (4 TOD projects and 2 existing operational projects).

The company's operational shopping centers performed excellently in the first half, achieving retail sales of 122 billion yuan, up 21.1% year-over-year, with landlord rental income of 14.7 billion yuan, up 17.2% year-over-year. This drove the company's shopping center business to generate revenue of 2.26 billion yuan, up 19.8% year-over-year, with gross profit of 1.78 billion yuan, up 30.0% year-over-year, and gross margin of 78.7%, up 6.2 percentage points year-over-year.

The research report noted that the company's property segment revenue fell short of expectations in the first half, mainly due to contraction in value-added services. Non-owner value-added revenue declined 34.6% year-over-year to 220 million yuan, as the parent company's land acquisition and delivery project areas decreased compared to previous periods, while service unit prices for pre-delivery preparation and preliminary consulting services also faced downward pressure. Owner value-added revenue fell 32.7% year-over-year to 490 million yuan, as the company divested some businesses with weak profitability, high inventory costs, and limited growth potential, focusing on transforming core businesses toward platform-based and light-asset models, resulting in temporary revenue decline.

However, benefiting from property management scale expansion, property management business revenue grew 8.8% year-over-year to 3.5 billion yuan. As of June 30, the company's total community management area reached 280 million square meters, with contracted area of 300 million square meters, providing certain scale advantages.