Company Coverage
China Resources Mixc Lifestyle (1209 HK): 1H26: Results In Line; Commercial Drives Margin Expansion; Maintains 100% Payout Ratio
BUY (Maintained)
Current price:
Target price:
Upside:
HK$39.10
HK$55.00
+40.7%
Analyst
Analyst
Highlights
1H26 core net profit rose 10.8% yoy to Rmb2.23b. This is in line with the double-digit growth we had forecast during our 22 July results preview and also equivalent to 50.9% of our full-year estimate.
Gross profit margin expanded 0.9ppt yoy to 38.0%, driven by mix as commercial lifted its share of revenue to 40.1% from 38.3%; within-segment margins were flat to lower.
An interim DPS of Rmb0.586 and a special interim DPS of Rmb0.391 kept the payout at 100% of core net profit. Maintain BUY. Target price: HK$55.00.
Analysis
1H26 results in line with expectation; margin expanded, with 100% payout sustained. CR Mixc Lifestyle’s (CR Mixc) core attributable net profit increased 10.8% yoy to Rmb2,229m in 1H26, in line with expectation and accounting for 50.9% of our full-year estimate. Growth was driven by an 8.1% yoy revenue growth to Rmb9,216.8m, led by the commercial segment (+13.2% yoy), and a 0.9ppt yoy expansion in gross profit margin to 38.0%, as the higher-margin commercial segment increased its revenue contribution to 40.1% (1H25: 38.3%). This was partly offset by the SG&A-to-revenue ratio widening 0.4ppt yoy to 6.7%. The company declared an interim basic DPS of Rmb0.586 and a special DPS of Rmb0.391, together up 10.8% yoy, and maintaining a total payout ratio of 100% of core net profit.
Highlights
1H26 core net profit rose 10.8% yoy to Rmb2.23b. This is in line with the double-digit growth we had forecast during our 22 July results preview and also equivalent to 50.9% of our full-year estimate.
Gross profit margin expanded 0.9ppt yoy to 38.0%, driven by mix as commercial lifted its share of revenue to 40.1% from 38.3%; within-segment margins were flat to lower.
An interim DPS of Rmb0.586 and a special interim DPS of Rmb0.391 kept the payout at 100% of core net profit. Maintain BUY. Target price: HK$55.00.
Analysis
1H26 results in line with expectation; margin expanded, with 100% payout sustained. CR Mixc Lifestyle’s (CR Mixc) core attributable net profit increased 10.8% yoy to Rmb2,229m in 1H26, in line with expectation and accounting for 50.9% of our full-year estimate. Growth was driven by an 8.1% yoy revenue growth to Rmb9,216.8m, led by the commercial segment (+13.2% yoy), and a 0.9ppt yoy expansion in gross profit margin to 38.0%, as the higher-margin commercial segment increased its revenue contribution to 40.1% (1H25: 38.3%). This was partly offset by the SG&A-to-revenue ratio widening 0.4ppt yoy to 6.7%. The company declared an interim basic DPS of Rmb0.586 and a special DPS of Rmb0.391, together up 10.8% yoy, and maintaining a total payout ratio of 100% of core net profit.
BUY (Maintained)
Current price:
Target price:
Upside:
HK$39.10
HK$55.00
+40.7%
Analyst
Analyst
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