On March 31, MIDEA REAL EST (3990.HK) announced its financial results for the 2025 fiscal year. This marked the first full operational year following a major asset restructuring. The company deeply focused on its four core business segments—development services, property management services, asset operations, and real estate technology—anchored by the principles of "quality housing, quality service, and quality operations." Guided by an emphasis on core businesses, customer needs, and value creation, and supported by high-quality held assets and asset-light operational capabilities, the company continued to strengthen its financial health. It achieved a critical transition from "business restructuring" to "efficiency and quality improvement," demonstrating resilience across cycles and potential for sustainable, high-quality development.
Revenue and net profit both increased, while shareholder returns continued to improve. In 2025, MIDEA REAL EST recorded revenue of RMB 4.15 billion, up 11.4% year-on-year. Gross profit reached RMB 1.37 billion, an increase of 2.5%, with a gross margin of 32.9%. Net profit attributable to owners of the parent was RMB 559 million, rising 16.9% year-on-year, while core net profit attributable to owners increased 19.3% to RMB 601 million.
Financially, the company showed stability and strong risk resistance. Total assets stood at RMB 9.63 billion, with net assets of RMB 5.04 billion. The debt-to-asset ratio improved to 47.7%, reflecting a healthy capital structure. Return on equity was 11.4%, and the company maintained ample cash reserves of RMB 1.65 billion. This solid financial foundation supports the group’s ability to continue creating value and seizing opportunities amid industry transformation.
In terms of shareholder returns, MIDEA REAL EST maintained its consistent high-dividend policy. A final dividend of HKD 0.19 per share was declared for the end of 2025, along with an interim dividend of HKD 0.15 per share, bringing the total annual dividend to HKD 0.34 per share. The company remains committed to prioritizing shareholder value, with the dividend payout ratio rising to 73%, continuing its competitive dividend policy in the industry.
The four core businesses operated in high synergy, with a deep focus on "quality housing, quality service, and quality operations." In 2025, as the first year of deepened transformation, MIDEA REAL EST further strengthened the coordinated development of its four business segments. It concentrated on high value-added areas across the real estate value chain, solidified its financial stability, and continued optimizing its asset structure. By building core competitiveness around "high-quality held assets as the foundation and asset-light operational capabilities as support," the company cultivated internal growth drivers to ensure stable operations amid industry fluctuations.
Development services, a new business segment post-restructuring, centered on "tech-enabled residential properties." It deeply explored user needs and created user value, leveraging resources across the industrial chain to drive supply chain upgrades. The segment reviewed product modules and aligned with industry quality and craftsmanship standards, adhering to principles of modern industrial aesthetics, functional priority, and high-quality materials. With industrial-grade quality control, it developed benchmark products. Full-year revenue from development services reached approximately RMB 958 million. Additionally, the company expanded third-party development services based on its product reputation, signing four external projects. Among them, the Wuxi Eastview Mansion project achieved a sell-through rate exceeding 90% at its launch, with pricing and sales performance exceeding client expectations, demonstrating the group’s product strength and development management capabilities.
In property management services, a core profit pillar for the group, the focus remained on service excellence, customer experience, and value creation. A professional and caring property service system was established. Revenue from property management services reached RMB 1.904 billion, with contracted area of 99.64 million square meters and managed area of 86.32 million square meters. Residential property management integrated with development services, enabling full lifecycle management through deep product-service integration. Guided by the service philosophy of "making our communities better places to live," the company integrated development resources to deliver community-building and lifestyle services that exceed owner expectations, forming a virtuous cycle where "development empowers service, and service enhances reputation." It also served 82 industrial parks, continuously building integrated logistics support capabilities, and provided services to four medical and wellness institutions, focusing on basic support, medical assistance, specialized departments, humane care, and smart operations under the "S-LIFE full-cycle medical and wellness service matrix."
In asset operations, leveraging professional commercial and industrial park management teams, MIDEA REAL EST refined existing asset operations while actively exploring asset-light output. During the period, commercial operations grew steadily, with Foshan Yuera Plaza maintaining a high operating profit margin. Industrial park operations remained strong, with Shanghua Industrial Park achieving a 98% occupancy rate. In 2025, the company added eight asset-light operation projects through management mandates and brand licensing, successfully launching benchmark projects such as Guangzhou Nansha Wanqingsha Complex and Shunbei Ruichuang Smart Manufacturing Park, validating its market-oriented asset-light capabilities.
In real estate technology, centered on the goal of "building better homes," the company leveraged its "real estate + tech manufacturing" heritage to focus on design technology and smart home sectors. It built the REMAC+ industrial ecosystem, offering full-scenario smart solutions centered on intelligent devices, empowering the smart upgrade of living spaces. Through dedicated efforts in design technology and smart homes, the company secured contracts worth approximately RMB 457 million during the year, continuously providing digital and smart solutions for "quality housing."
The real estate industry is accelerating into a new phase characterized by "improving existing stock and diversified coexistence," with the concept of "quality housing" becoming a core industry direction. Looking ahead, MIDEA REAL EST will uphold a long-term approach, accumulating product and service strength, precisely optimizing the industrial chain, and building core competitiveness around "new naturalism + precision technology." It will cultivate internal growth momentum, supported by high-quality held assets and asset-light capabilities, steadily advancing the synergistic development of its four business segments. By strengthening its three core competencies—product, service, and operations—and leveraging support from its controlling shareholder and its own expertise, the company aims to seize opportunities, deepen value creation, and deliver sustained, stable returns to shareholders while achieving high-quality development.
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