2025H1，社区空间业务收入为42 亿元，同比-2%，主要受增值服务业务下滑的影响（社区增值服务收 入同比-33%、非业主增值服务收入同比-35%）；毛利率19.8%，同比提升0.2pct；核心业务(基础物业服 务和社区增值服务)的收入和毛利占社区空间业务的比重分别为95%和93%，持续提升。2025H1，城市 空间收入为9 亿元，同比+15%；毛利率14.2%，同比下降0.9%。 投资建议：我们维持此前的盈利预测，预计公司2025-2026 年的归母净利润分别为40.8/45.6 亿元，对应 每股收益分别为1.79/2.00 元，对应当前股价PE 为19.7/17.7 倍，维持"优于大市"评级。 机构：国信证券 研究员：任鹤/王粤雷/王静 核心净利润同比+15%。2025H1，公司实现营业收入85 亿元，同比+7%；核心净利润20.1 亿元，同比 +15%；核心净利率23.6%，同比提升1.7pct，主要因为毛利率37.1%，同比提升了3.1pct。拆分业务结 构，公司两大主营业务物业航道和商业航道，2025H1 毛利率分别为18.8%和66.1%，同比分别变动 了-0.1pct 和+5.2pct。202 ...

2025 年 9 月 5 日 行业研究 8 月 TOP10 房企销售额环比+12%，同比增速分化加大 ——百强房企销售跟踪（2025 年 8 月） 要点 8 月 TOP10/TOP100 房企全口径销售额同比-3%/-19%，环比+12%/-3%。 1）2025 年 8 月，TOP10 房企的全口径销售金额、权益销售金额、全口径销售 面积分别为 1,197 亿元、810 亿元、576 万平，同比分别为-3.1%、-11.2%、-17.1%， 环比分别为+11.6%、+8.1%、-6.3%。 2）2025 年 1-8 月，TOP10 房企的全口径销售金额、权益销售金额、全口径销 售面积分别为 1.08 万亿元、7,743 亿元、5,060 万平，同比分别为-13.1%、-14.3%、 -22.2%，累计同比较 1-7 月变化+1.1pct、+0.4pct、+0.6pct。 3）2025 年 8 月，TOP100 房企的全口径销售金额、权益销售金额、全口径销售 面积分别为 2,202 亿元、1,542 亿元、1,098 万平，同比分别为-19.2%、-22.5%、 -29.2%，环比分别为-2.8%、-6.0%、 ...

上市物企上半年成绩单正式出炉。据克而瑞研究院统计，截至目前，除新城悦服务、瑞森生活服务中报延期外，63家上市物企2025年中期业绩已 全部发布。整体来看，上市物企规模扩张速度放缓，行业进一步分化。 从在管面积来看，碧桂园服务在管面积最高，为10.63亿平方米，堪称"规模之王"；从合约面积看，保利物业排名第一，合约面积达9.96亿平方 米；而营业收入居榜首的是碧桂园服务，达231.85亿元；净利润居首位的企业为华润万象生活，高达20.68亿元，成为最会"赚钱"的物企。 重点指标排名居首的 上市物企一览 新京报贝壳财经记者根据公开信息整理。 关键词：在管面积 整体增速下滑，碧桂园服务稳坐"规模之王" 据克而瑞研究中心统计，2025年上半年，披露在管面积的53家上市物企总在管面积约77.9亿平方米，同比增长3.8%，增速较去年同期下滑5.3个百 分点。 从在管面积来看，排名前三的为碧桂园服务、保利物业和恒大物业，在管面积分别为10.63亿平方米、8.34亿平方米、5.96亿平方米。 图/中指研究院 从合约面积来看，在披露相关数据企业中，合约面积最高的是保利物业，达9.96亿平方米，雅生活服务以6.92亿平方米位居第 ...

证券研究报告 | 2025年09月04日 华润万象生活（01209.HK） 优于大市 商业航道收入利润贡献双增，首次在中期实现派息率 100% | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 14,767 | 17,043 | 19,135 | 20,957 | 22,577 | | (+/-%) | 22.9% | 15.4% | 12.3% | 9.5% | 7.7% | | 归母净利润(百万元) | 2929 | 3629 | 4082 | 4562 | 4955 | | (+/-%) | 32.8% | 23.9% | 12.5% | 11.8% | 8.6% | | 每股收益（元） | 1.28 | 1.59 | 1.79 | 2.00 | 2.17 | | EBIT Margin | 23.1% | 25.0% | 26.6% | 27.5% | 28.2% | | 净资产收益率（ROE） | 19.4% | 22.4% | 24.7% | ...

Core Insights - The report from the China Index Academy highlights the expansion of the top 50 property service companies in China, with a total new contract area of approximately 54.9 million square meters in August 2025, averaging 1.1 million square meters per company [1][2]. Group 1: Top 50 Companies by New Contract Area - China Resources Vientiane Life Co., Ltd., Shanghai Yongsheng Property Management Co., Ltd., and Shimao Service Holdings Co., Ltd. are leading the expansion, each exceeding 5 million square meters in new contract area [1][2]. - The average new contract area for the top 50 companies is 1.1 million square meters, indicating a robust growth trend in the property service sector [1][2]. Group 2: Third-Party Market Expansion - The total third-party market expansion area for the top 50 property service companies reached 47.14 million square meters in August 2025, with an average of 940,000 square meters per company [6][7]. - Shanghai Yongsheng Property Management Co., Ltd. and China Resources Vientiane Life Co., Ltd. led the third-party market expansion with areas of 563,000 square meters and 557,000 square meters, respectively [6][7]. Group 3: Associated Area Analysis - The total area contracted from associated developers by the top 50 companies was approximately 9.86 million square meters, with an average of 200,000 square meters per company [12]. - Companies like Wuhan Urban Services Group Co., Ltd., China Overseas Property Management Co., Ltd., and Poly Property Services Co., Ltd. are expected to add over 700,000 square meters to their managed area due to support from parent companies [12]. Group 4: City Service Bidding - In August 2025, the top five companies in city service bidding included Shenzhen Jindi Property Management Co., Ltd. with a winning bid of 47.48 million yuan, followed by Shenzhen Xinghe Zhishan Life Co., Ltd. and China Overseas Property Management Co., Ltd. [13][14]. - The report notes significant wins in city service projects, particularly for Shenzhen Jindi Property Management Co., Ltd. in the public affairs center project in Pingshan District, Shenzhen [14].

Core Insights - The report from the China Index Academy indicates that in August 2025, the top 50 property service companies in China added approximately 54.9 million square meters of new contract area, reflecting continuous expansion among leading firms [1] - The average new contract area for these companies was 1.1 million square meters [1] - Notable companies such as China Resources Vientiane Life Co., Shanghai Yongsheng Property Management Co., and Shimao Services Holdings Ltd. experienced rapid growth, each adding over 5 million square meters of new contract area [1]

Core Viewpoint - Morgan Stanley indicates that Chinese property developers' performance in the first half of the year was as expected, but they maintain a generally positive outlook for the second half and beyond, particularly regarding the recovery of development profit margins and rental growth [1] Industry Summary - Major developers experienced an average core profit decline of 17% year-on-year in the first half, while dividend payout ratios remained stable [1] - Liquidity risks in the industry appear to have been largely mitigated, although differentiation among companies persists; state-owned enterprises continue to perform well with improvements in profit margins and balance sheets [1] - The fourth quarter is expected to see accelerated real estate sales, driven by state-owned enterprises having ample sellable resources in high-tier cities; however, the average sales for the remaining year are still projected to decline by 2% year-on-year [1] - Company management anticipates a decrease in development gross margins by 1-2 percentage points this year, with a potential recovery starting in 2026; destocking remains a primary task for the coming years [1] Company Recommendations - Morgan Stanley continues to recommend focusing on high-quality state-owned enterprises with good prospects, such as China Resources Land (01109) and China Resources Mixc Lifestyle (01209), as well as high-dividend stocks like Jianfa International Group (01908) [1]

致：香港交易及結算所有限公司 公司名稱: 華潤萬象生活有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01209 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | 本月底法定/註冊股本總額 ...

Core Viewpoint - The report from CICC indicates that the performance of key commercial operators in the retail sector has shown differentiation in the first half of 2025, with expectations for leading companies to strengthen their competitive advantages in the medium to long term due to location, customer loyalty, and operational capabilities [1][5]. Group 1: Performance Overview - Key commercial operators reported their 1H25 performance, with China Resources Vientiane Life's core net profit increasing by 15%, while major Hong Kong developers saw a core net profit decline of 4-9%, aligning with market expectations [1]. - High-end commercial operators experienced an average same-store sales growth of 2.2% in 1H25, an increase of 8.6 percentage points compared to the full year of 2024, while mass-market operators saw a slight increase of 0.1 percentage points to 7.6% [2]. Group 2: Rental and Operational Efficiency - Rental income for major operators in mainland China showed resilience, with average rental growth of 0.5% in both 2024 and 1H25, which is significantly better than retail sales performance [3]. - Heavy asset operators reported a gross profit margin increase of 0.3 percentage points to 73.9%, indicating ongoing operational efficiency improvements [4]. Group 3: Future Trends - The industry is expected to benefit from a "Matthew Effect," with leading commercial operators likely to solidify their competitive barriers in the medium to long term [5]. - The second half of the year is anticipated to have positive catalysts, including low base effects from last year's retail sales and continued supportive consumption policies [5]. Group 4: Investment Recommendations - The report recommends China Resources Vientiane Life and Swire Properties for their dual returns of growth and dividends, while suggesting to accumulate Hongkong Land at lower prices to capitalize on the Federal Reserve's interest rate cut window [6].

Core Insights - The report by the China Index Academy highlights the performance of listed property companies in the first half of 2025, focusing on market capitalization, operational performance, and management scale [1] Market Capitalization - China Resources Vientiane Life has the highest market capitalization at 80.605 billion yuan, significantly ahead of other listed companies. As of August 29, seven property service companies have a market capitalization exceeding 10 billion yuan [3] Valuation Levels - Zhujiang Holdings has the highest price-to-earnings (PE) ratio at 178.99 times, followed closely by Zhongtian Service at 176.50 times. The top ten listed companies have PE ratios all above 20 times [3] Operational Performance - In H1 2025, the highest revenue was generated by Country Garden Services, amounting to 23.185 billion yuan, while the fastest revenue growth was seen in Binjiang Services with a year-on-year increase of 22.70%. The highest proportion of diversified operating income was reported by Jingfa Property at 73.15% [4] - Country Garden Services also reported the highest gross profit of 4.299 billion yuan, with Songdu Services showing the highest gross profit growth at 40.94%. Xing Sheng Commercial achieved the highest gross profit margin at 52.31% [4] - The leading net profit was recorded by China Resources Vientiane Life at 2.068 billion yuan, while Zhujiang Holdings exhibited the fastest net profit growth rate at 857.31%. The highest net profit margin was reported by Qifu Life Services at 46.62% [4] Strategic Focus - Property companies are shifting their strategic focus from "scale expansion" to "quality growth." They are conducting careful evaluations based on operational factors and selectively expanding while actively divesting underperforming projects to optimize their project portfolios and stabilize revenue [4] Management Scale - Among the disclosed data companies, Country Garden Services manages an area of approximately 1.063 billion square meters, ranking first. Poly Property, Evergrande Property, Greentown Services, and Yalife Services each manage over 500 million square meters. The fastest growth in managed area was reported by Suxin Services at 62.81% [4] - In terms of contracted area, Poly Property leads with 996 million square meters, followed by Yalife Services at 692 million square meters. Suxin Services also reported the fastest growth in contracted area at 57.20% [5]