# China Resources Mixc Lifestyle Serv (1209.HK)

Canonical: https://gigainvestors.com/s/1209.HK

Analysis as of: 2026-10-16T07:35:42.367Z. Financial observations: FY2017–FY2025.

Listing currency: HKD. Reporting currency: CNY.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: HKD 38.78 per share; close as of 2026-10-15.

Estimated value: low HKD 20.35 per share, central HKD 22.49 per share, high HKD 25.33 per share. Buy at or below the central value HKD 22.49 per share. Valuation as of 2026-10-16T07:35:42.367Z; scenarios are not confidence intervals.

Expected annual return: 6.6% at the stated quote. About 6.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; HK 10-year bond 4.0% + 4 points).

## Checklist

### understandable: pass

- Positive operating margins follow a sustained upward trend (at least 90% explained, low residual variation), with no net losses or latest decline; improvement passes the margin-variation check

- 0 revenue declines in the last 10 years (informational)

- Financial history: 9 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.45×

- Sustained margin improvement: Yes

- Variation explained by rising trend: 95.6%

- Variation around the rising trend: 0.09×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.06×

- FY2018: 0.07×

- FY2019: 0.09×

- FY2020: 0.15×

- FY2021: 0.21×

- FY2022: 0.20×

- FY2023: 0.23×

- FY2024: 0.26×

- FY2025: 0.28×

### moat: pass

- ROIC, median of available years: 61.9%

- ROIC, second-lowest year: 23.4%

- Typical minus recent gross margin: -2.9 pp

- Typical gross margin (annual median): 30.1%

- Recent gross margin (lower of latest and 3-year median): 32.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.9%

- ROIC including acquisitions, ten-year median: 45.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 19.6%

- FY2018: 28.3%

- FY2019: 23.4%

- FY2020: >100%

- FY2021: 59.2%

- FY2022: 80.3%

- FY2023: >100%

- FY2024: 71.7%

- FY2025: 61.9%

### economics: pass

- Owner earnings / net income, 5-yr: 0.83×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 12B

- Net income, five-year total: CNY 14B

- Return on incremental invested capital: 114.9%

- Working capital / revenue, annual change: 0.8 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.73×

- FY2022: 0.83×

- FY2023: 0.76×

- FY2024: 0.85×

- FY2025: 0.89×

### management: pass

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 23.4% vs 71.7%

- Per-share earnings: 0.19 to 1.59 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- Per-share value growth: 42.2%

- Per-share value change: CNY 1.40

- Per-share value, starting three-year median: CNY 0.19

- Per-share value, ending three-year median: CNY 1.59

- Buyback history: 0 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 23.4%

- ROIC, last three-year median: 71.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: CNY 0.18

- FY2018: CNY 0.19

- FY2019: CNY 0.22

- FY2020: CNY 0.36

- FY2021: CNY 0.76

- FY2022: CNY 0.97

- FY2023: CNY 1.28

- FY2024: CNY 1.59

- FY2025: CNY 1.74

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -0.4%

- Receivables to sales index (DSRI): 1.70×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.03×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.18×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -3.6%

- FY2018: -12.5%

- FY2019: -1.3%

- FY2020: -1.5%

- FY2021: -2.6%

- FY2022: 1.2%

- FY2023: -0.4%

- FY2024: -2.2%

- FY2025: -0.4%

## Holders

## Price story

Price needs cash profits to grow 9.1% a year for ten years · sales +5.7%

Story as of 2026-10-16T10:00:05.863Z; price observation 2026-10-15.

Price needs cash profits to grow 9.1% a year for ten years

### Sales · FY2024–2025

sales +5.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: CNY 3.1B 

- FY2018: CNY 4.4B 

- FY2019: CNY 5.9B 

- FY2020: CNY 6.8B 

- FY2021: CNY 8.9B 

- FY2022: CNY 12B 

- FY2023: CNY 15B 

- FY2024: CNY 17B 

- FY2025: CNY 18B 

### Gross margin · FY2025

gross margin 35.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 13.0% 

- FY2018: 15.0% 

- FY2019: 16.1% 

- FY2020: 27.0% 

- FY2021: 31.1% 

- FY2022: 30.1% 

- FY2023: 31.8% 

- FY2024: 32.9% 

- FY2025: 35.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in real estate services; annual sales are CNY 18 billion.

- Source: https://eodhd.com/api/fundamentals/1209.HK.json#2025-12-31 (filed 2026-10-16T07:35:42.367Z); FY2025: revenue 18021618000; grossProfit 6405570000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 1209.HK: China Resources Mixc Lifestyle Services Limited, an investment holding company, engages in the provision of property management and commercial operational services in the People's Republic of China. It operates through Commercial Management Business; Property Management Business; and Ecosystem Business segments. The company offers commercial management services for shopping malls and office buildings, such as commercial operational services, including pre-opening management and operation management services; property management and other services comprising security, cleaning and greening, repair and maintenance, and other value-added services; and commercial subleasing services. It also provides property management services to families and residents living in residential communities comprising security, cleaning, and greening; repair and maintenance services to property owners and property owners' associations, or residents for properties sold and delivered; consultancy, preliminary preparation, and predelivery marketing services; and community life-style services, brokerage and asset management services, and housing decoration. In addition, it offers tenant sourcing and operation, venue leasing, and event support services; and eco-services, including self-owned cosmetics, cultural operation, and other services. The company was founded in 1994 and is headquartered in Shenzhen, the People's Republic of China. China Resources Mixc Lifestyle Services Limited is a subsidiary of China Resources Land Limited.

### Why customers stay

Margins ranged from 31.8% to 35.5% during 2023–25; it earns 61.9% on its capital.

- Source: https://eodhd.com/api/fundamentals/1209.HK.json#2023-12-31 (filed 2026-10-16T07:35:42.367Z); FY2023: grossProfit / revenue = 31.8%.

- Source: https://eodhd.com/api/fundamentals/1209.HK.json#2024-12-31 (filed 2026-10-16T07:35:42.367Z); FY2024: grossProfit / revenue = 32.9%.

- Source: https://eodhd.com/api/fundamentals/1209.HK.json#2025-12-31 (filed 2026-10-16T07:35:42.367Z); FY2025: grossProfit / revenue = 35.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:42.367Z); 9-year return on capital observations [[2017,0.19613942757760747],[2018,0.28325513379334627],[2019,0.2337801925592841],[2020,5.154911337184883],[2021,0.5915987039494232],[2022,0.8026025880107202],[2023,3.1200642772301994],[2024,0.7166539489458607],[2025,0.6192600569124771]]; median 0.6192600569124771. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 30% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:42.367Z); Gross margin observations: [[2021,0.3108054817684508],[2022,0.30050600943943995],[2023,0.317890787482752]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 9 of 9 years.

- Source: https://eodhd.com/api/fundamentals/1209.HK.json#2017-12-31 (filed 2026-10-16T07:35:42.367Z); FY2017: growth capex 0; upkeep 60829000; owner earnings 360557000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/1209.HK.json#2018-12-31 (filed 2026-10-16T07:35:42.367Z); FY2018: growth capex 39740000; upkeep 41571000; owner earnings 422918000. Growth capex / owner earnings = 0.09396620621491637.

- Source: https://eodhd.com/api/fundamentals/1209.HK.json#2019-12-31 (filed 2026-10-16T07:35:42.367Z); FY2019: growth capex 24359000; upkeep 52757000; owner earnings 104017000. Growth capex / owner earnings = 0.2341828739532961.

- Source: https://eodhd.com/api/fundamentals/1209.HK.json#2020-12-31 (filed 2026-10-16T07:35:42.367Z); FY2020: growth capex 46309004.44521806; upkeep 162550995.55478194; owner earnings 461673604.4452181. Growth capex / owner earnings = 0.10030680549923676.

- Source: https://eodhd.com/api/fundamentals/1209.HK.json#2021-12-31 (filed 2026-10-16T07:35:42.367Z); FY2021: growth capex 115045847.04552299; upkeep 255862152.954477; owner earnings 1266244847.045523. Growth capex / owner earnings = 0.09085592515061738.

- Source: https://eodhd.com/api/fundamentals/1209.HK.json#2022-12-31 (filed 2026-10-16T07:35:42.367Z); FY2022: growth capex 0; upkeep 121045000; cash acquisitions 1263502000; owner earnings 1839269600. Growth capex plus acquisitions / owner earnings = 0.6869585622466657.

- Source: https://eodhd.com/api/fundamentals/1209.HK.json#2023-12-31 (filed 2026-10-16T07:35:42.367Z); FY2023: growth capex 155013567.11953104; upkeep 426660432.88046896; cash acquisitions 0; owner earnings 2216022767.119531. Growth capex plus acquisitions / owner earnings = 0.06995125204468158.

- Source: https://eodhd.com/api/fundamentals/1209.HK.json#2024-12-31 (filed 2026-10-16T07:35:42.367Z); FY2024: growth capex 127739614.84341282; upkeep 264331385.15658718; cash acquisitions 142377000; owner earnings 3101417014.843413. Growth capex plus acquisitions / owner earnings = 0.08709458081600507.

- Source: https://eodhd.com/api/fundamentals/1209.HK.json#2025-12-31 (filed 2026-10-16T07:35:42.367Z); FY2025: growth capex 0; upkeep 211148000; cash acquisitions 0; owner earnings 3536073600. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:42.367Z); Dividend observations: [[2017,35773000],[2018,70000000],[2019,667597000],[2020,667597000],[2021,300077000],[2022,962775000],[2023,2089868000],[2024,3052239000],[2025,4880547000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 71.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 1209.HK SharesStats.PercentInsiders = 71.573 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:42.367Z); Ten-year compound average after fade. Initial solved rate 0.11811804965010853. Price 38.78; FX 1.1727222788982186; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (HKD per share)

- 2020-12: HKD 35.95 per share

- 2021-01: HKD 40.80 per share

- 2021-02: HKD 47.85 per share

- 2021-03: HKD 46.30 per share

- 2021-04: HKD 45.85 per share

- 2021-05: HKD 46.70 per share

- 2021-06: HKD 53.15 per share

- 2021-07: HKD 47.05 per share

- 2021-08: HKD 40.85 per share

- 2021-09: HKD 43.25 per share

- 2021-10: HKD 40.95 per share

- 2021-11: HKD 38.60 per share

- 2021-12: HKD 36.35 per share

- 2022-01: HKD 45.65 per share

- 2022-02: HKD 40.20 per share

- 2022-03: HKD 38.75 per share

- 2022-04: HKD 38.15 per share

- 2022-05: HKD 38.70 per share

- 2022-06: HKD 38.90 per share

- 2022-07: HKD 33.30 per share

- 2022-08: HKD 35.70 per share

- 2022-09: HKD 30.15 per share

- 2022-10: HKD 23.00 per share

- 2022-11: HKD 36.95 per share

- 2022-12: HKD 39.65 per share

- 2023-01: HKD 45.15 per share

- 2023-02: HKD 43.00 per share

- 2023-03: HKD 41.25 per share

- 2023-04: HKD 41.45 per share

- 2023-05: HKD 35.65 per share

- 2023-06: HKD 38.90 per share

- 2023-07: HKD 37.50 per share

- 2023-08: HKD 33.85 per share

- 2023-09: HKD 31.60 per share

- 2023-10: HKD 30.50 per share

- 2023-11: HKD 29.55 per share

- 2023-12: HKD 27.85 per share

- 2024-01: HKD 22.55 per share

- 2024-02: HKD 23.70 per share

- 2024-03: HKD 24.75 per share

- 2024-04: HKD 27.85 per share

- 2024-05: HKD 27.20 per share

- 2024-06: HKD 25.85 per share

- 2024-07: HKD 21.95 per share

- 2024-08: HKD 25.90 per share

- 2024-09: HKD 34.95 per share

- 2024-10: HKD 32.05 per share

- 2024-11: HKD 29.25 per share

- 2024-12: HKD 28.90 per share

- 2025-01: HKD 29.40 per share

- 2025-02: HKD 32.30 per share

- 2025-03: HKD 34.35 per share

- 2025-04: HKD 37.30 per share

- 2025-05: HKD 37.35 per share

- 2025-06: HKD 37.95 per share

- 2025-07: HKD 36.50 per share

- 2025-08: HKD 38.74 per share

- 2025-09: HKD 41.34 per share

- 2025-10: HKD 40.62 per share

- 2025-11: HKD 44.32 per share

- 2025-12: HKD 42.94 per share

- 2026-01: HKD 46.32 per share

- 2026-02: HKD 47.60 per share

- 2026-03: HKD 47.04 per share

- 2026-04: HKD 46.84 per share

- 2026-05: HKD 41.60 per share

- 2026-06: HKD 36.68 per share

- 2026-07: HKD 39.92 per share

- 2026-08: HKD 39.10 per share

- 2026-09: HKD 38.20 per share

- 2026-10: HKD 38.78 per share

## Annual estimated value (HKD per share)

- FY2021: low HKD 11.70 per share, central HKD 12.36 per share, high HKD 13.23 per share

- FY2022: low HKD 12.79 per share, central HKD 13.67 per share, high HKD 14.86 per share

- FY2023: low HKD 19.71 per share, central HKD 21.34 per share, high HKD 23.51 per share

- FY2024: low HKD 20.54 per share, central HKD 22.52 per share, high HKD 25.16 per share

- FY2025: low HKD 20.35 per share, central HKD 22.49 per share, high HKD 25.33 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations