华润万象生活：FY24 earnings dragged by VAS, shopping malls biz kept shining-20250331

31 Mar 2025 CMB International Global Markets | Equity Research | Company Update CR MixC Lifestyle (1209 HK) FY24 earnings dragged by VAS, shopping malls biz kept shining CR Mixc's FY24 revenue rose 15% YoY to RMB 17bn, missing guidance by 3%, mainly dragged down by value-added services (VAS). Net profit went up 24% YoY to RMB 3.6bn, beating guidance by 4%, driven by higher revenue contribution from shopping mall biz with high gross margin (~73%) and effective cost control bringing a lower SG&A ratio. The co ...