Five years after its listing, China Res Mixc (01209.HK) continues to dominate the commercial property management sector. On December 9, the company’s stock closed at HK$43.12 per share, maintaining its position as the industry’s market cap leader. Just four days prior, it topped the "2025 China Top 100 Commercial Retail Enterprises" ranking, reinforcing its leadership amid a sector-wide downturn.
While the commercial real estate industry grapples with cost-cutting and survival strategies, China Res Mixc has charted a unique growth trajectory. Its commercial segment has achieved a compound annual revenue growth rate exceeding 20%, launched over 80 new projects in five years, and steadily expanded market share—solidifying its role as the core driver of its capital market performance.
### 01. Core Breakthrough: Counter-Cyclical Growth in Commercial Operations Despite macroeconomic pressures, China’s GDP grew 5.2% YoY in the first three quarters of 2025, with retail sales showing a resilient 4.5% recovery. China Res Mixc stands out as a rare "high-growth + high-profit" case, balancing scale and profitability.
**Scale & Profit Dual Engine**: Since its 2020 IPO, the company’s managed area surged 274% to 420 million sqm, while shopping center operations grew 119% to 13.56 million sqm. Revenue doubled from RMB6.78 billion in 2020 to RMB17.04 billion in 2024, with a 25.9% CAGR. Net profit margins defied industry norms, rising from RMB816 million to RMB3.51 billion (44% CAGR), supported by an 82.3% dividend payout ratio.
**Mixc Commercial: The Profit Anchor**: The commercial segment, contributing 68.2% of gross profit with just 38.3% of revenue, saw 21% CAGR (RMB2.9 billion to RMB6.3 billion). Its H1 2025 gross profit jumped 24.4% YoY to RMB2.16 billion, underpinned by a 97.1% occupancy rate (vs. industry’s 91.3%).
**Expansion Amid Contraction**: While industry growth slowed to 6% in 2024, China Res Mixc expanded aggressively, entering 60 cities with 125 shopping centers (35% via light-asset models). Key strategies included: - **Light-Asset Focus**: 31 third-party projects (24.8% of portfolio) drove 30.7% of revenue and 23.9% of pre-tax profit, with plans to reach 36 by year-end. - **Product Line Synergy**: Its "Mixc City," "Mixc World," and "Mixc Horizon" brands catered to luxury, premium, and mass markets, while innovations like airport retail (e.g., Xi’an Terminal) and outlet villages (e.g., Mixc滨海购物村) diversified growth. - **Operational Edge**: High-end malls outperformed peers by 4.6% in foot traffic, with mid-tier formats leading by 11.8–35.8%.
### 02. Capital Confidence: Four Pillars of Resilience 1. **Commercial Resilience**: A 66.1% gross margin (vs. 41.7% industry average) and RMB122 billion retail sales (+21.1% YoY) in H1 2025. 2. **Ecosystem Moats**: The "Commercial + Property + Membership" model integrated 72 million users (65 million commercial), with cross-sector loyalty points (RMB590 million issued in H1). 3. **Brand Leverage**: 40.75% S/A-grade tenants (vs. 28.7% industry), 1,500+ international brand partnerships, and 36% share of new flagship store openings. 4. **Innovation Drive**: Projects like Guangzhou’s Mixc City (500+ luxury brands) and ESG initiatives (e.g., carbon-neutral pilot with Kering) fortified long-term growth.
China Res Mixc’s "moat" lies in these pillars—commercial stability, ecosystem synergies, brand authority, and innovation—positioning it as a benchmark for resilient growth in turbulent times.
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