Midea Real Estate (Midea Real Estate Holding Limited) released its audited 2025 results, the first full year after divesting its development arm.
Revenue from continuing operations grew 11.4% year on year to RMB4.15 billion, driven mainly by a 227.1% surge in project management services to RMB0.96 billion. Property management services edged up 3.5% to RMB1.90 billion. Asset operation revenue fell 15.4% to RMB0.83 billion and real-estate technology revenue declined 25.4% to RMB0.45 billion amid weaker construction starts.
Gross profit increased 2.5% to RMB1.37 billion. The gross margin narrowed 2.8 percentage points to 32.9% as cost of sales outpaced top-line growth.
Operating profit rose 1.1% to RMB0.83 billion, while net finance income swung from a RMB92.03 million cost in 2024 to a RMB20.04 million gain, reflecting lower interest expenses. Profit from continuing operations attributable to shareholders climbed 16.9% to RMB559.30 million. Core net profit improved 19.3% to RMB601.04 million.
The board recommends a final dividend of HK$0.19 per share, bringing full-year dividends to HK$0.34, up from HK$0.27 a year earlier.
As at 31 December 2025, cash and cash equivalents stood at RMB1.60 billion with restricted cash of RMB44.97 million. Borrowings totaled RMB591.92 million, all classified as current, while non-current borrowings were nil. Total equity was RMB5.04 billion against total liabilities of RMB4.59 billion.
Operationally, contracted property-management area reached 99.64 million square metres, with 86.32 million square metres under management. The group added eight light-asset asset-operation projects during the year and secured four external project-management mandates.
Management expects continued focus on “project management + property management + asset operation + real-estate technology”, aiming to enhance product, service and operating capabilities while maintaining a stable financial base.
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