CHINA RES MIXC LIFE has announced its 2025 financial results, revealing a year of solid overall performance. The company reported total revenue of 18.022 billion yuan, an increase of 5.06% year-on-year. Gross profit reached 6.41 billion yuan, up 13.3%, while net profit attributable to equity shareholders was 3.97 billion yuan, growing 10.3%.

Despite the positive headline figures, a deeper look into the report highlights a significant divergence between the company's two core business segments. The commercial segment demonstrated robust growth, with revenue of 6.91 billion yuan, a 10.1% increase from the previous year. This was largely driven by its shopping malls, where retail sales surged 23.7%. In contrast, the property management segment, traditionally considered the company's stable core, showed signs of strain. Revenue from this segment was 10.85 billion yuan, growing a mere 1.1%, indicating a substantial slowdown.

The commercial segment's strong performance was further evidenced by improved profitability, with its gross profit margin rising 2.9 percentage points to 63.1%. The segment, comprising shopping malls and office buildings, saw retail sales from its operational malls hit 266 billion yuan. By the end of 2025, the number of shopping malls in operation had increased to 135.

The near-stagnation in the property management segment was primarily attributed to a contraction in two value-added services. Revenue from non-property-owner value-added services for developers fell 27.7% to 520 million yuan, a decline linked to the ongoing adjustments in the real estate sector. Similarly, revenue from community value-added services dropped 26.3% to 1.12 billion yuan, which the company stated was due to a strategic exit from less profitable businesses to focus on a platform-based, capital-light model.

A notable risk highlighted in the report is the rise in trade receivables and bills, which increased 17.8% to 2.97 billion yuan. The proportion of receivables aged over one year also grew. Furthermore, the company's cash and cash equivalents fell significantly to 5.54 billion yuan from 9.6 billion yuan a year earlier, marking the fourth consecutive year of decline. However, the company maintained a strong operational cash flow coverage ratio of 103.3% for its core net profit and reported no bank loans or other borrowings.