房地产 2026 年 04 月 01 日 保利物业(6049.HK) 业绩分红稳健，战略定位升级 推荐（维持） 股价：31.2 港元 主要数据 | 行业 | 房地产 | | --- | --- | | 公司网址 | www.poly wuye.com | | 大股东/持股 | 保利发展/72.29% | | 实际控制人 | 国务院国有资产监督管理委员会 | | 总股本(百万股) | 553.3 | | 流通 A 股(百万股) | 0 | | 流通 B/H 股(百万股) | 553.3 | | 总市值（亿元） | 152.4 | | 流通 A 股市值(亿元) | 0 | | 每股净资产(元) | 19.07 | | 资产负债率(%) | 41.17 | 行情走势图 相关研究报告 【平安证券】保利物业（6049.HK）*半年报点评*业绩 稳健前行，市拓量质齐优*推荐20250826 【平安证券】保利物业（6049.HK）*年报点评*业绩夯 实，分红提升*推荐20250331 证券分析师 | 杨侃 | 投资咨询资格编号 | | --- | --- | | | S1060514080002 | | | BQV514 ...

Investment Rating - The investment rating for Poly Property (06049.HK) is "Buy" (maintained) [6] Core Views - The report highlights that Poly Property has achieved steady revenue and profit growth, although gross margins have declined due to intensified industry competition. The company has adjusted its profit forecasts for 2026-2028, now expecting net profits of 1.66 billion, 1.77 billion, and 1.93 billion yuan respectively, with corresponding EPS of 3.00, 3.21, and 3.49 yuan. The current stock price corresponds to P/E ratios of 9.2, 8.6, and 7.9 times for the respective years. The company is expanding its management scale, with property management revenue growing at double-digit rates, and the quality of new projects is improving, indicating potential for profit recovery [6][7][8]. Financial Performance - In 2025, Poly Property achieved a revenue of 17.13 billion yuan, representing a year-on-year increase of 4.8%. The net profit for the same period was 1.55 billion yuan, up by 5.1%. The gross margin and net margin were 17.4% and 9.2%, reflecting a decrease of 0.8 percentage points and an increase of 0.1 percentage points year-on-year, respectively. The management fee ratio decreased by 1.1 percentage points to 5.8%. The operating cash flow was 1.83 billion yuan, covering net profit by a factor of 1.2. At year-end, cash and bank balances stood at 12.89 billion yuan, up by 8.6% year-on-year, while trade receivables were 3.44 billion yuan, an increase of 22.3% [7][8]. Property Management Revenue - The property management revenue for 2025 was 13.15 billion yuan, reflecting a year-on-year growth of 12.6%, with the revenue share increasing by 5.3 percentage points to 76.7%. The gross margin for property management decreased by 0.9 percentage points to 13.4%. By year-end, the contracted area was 1.012 billion square meters, with third-party projects accounting for 64.1%. The managed area reached 855 million square meters, with third-party projects making up 66.0%, and residential properties comprising 38.7%. The company successfully expanded third-party projects worth 2.93 billion yuan, maintaining stable growth for three consecutive years, with the proportion of new commercial projects increasing by 6.5 percentage points to 43.6%. The average property management fee for residential properties rose by 0.06 yuan to 2.47 yuan per square meter per month [8]. Value-Added Services - The report indicates that revenue from non-owner value-added services was 1.64 billion yuan, down by 16.5% due to a decrease in the number of project collaboration services and a decline in office leasing income. Other non-value-added business revenues increased by 5.8%, with a gross margin of 15.8%, down by 0.2 percentage points year-on-year. The revenue from owner value-added services was 2.34 billion yuan, a decrease of 13.6%, but the gross margin improved by 4.4 percentage points to 41.2% [9].

上 市 公 司 房地产 2026 年 04 月 01 日 保利物业 (06049) ——业绩稳定增长，股息率可观 报告原因：有业绩公布需要点评 袁豪 A0230520120001 yuanhao@swsresearch.com 曹曼 A0230520120003 caoman@swsresearch.com 联系人 曹曼 A0230520120003 caoman@swsresearch.com 买入（维持） | 市场数据： | 2026 年 03 月 31 日 | | --- | --- | | 收盘价（港币） | 31.20 | | 恒生中国企业指数 | 8374.3 | | 52 周最高/最低（港币） | 38.02/29.10 | | H 股市值（亿港币） | 172.64 | | 流通 H 股（百万股） | 347.00 | | 汇率（港币/人民币） | 0.8830 | 一年内股价与基准指数对比走势： -15% 5% 25% 45% HSCEI 保利物业 资料来源：Bloomberg 相关研究 - 证券分析师 投资要点： 财务数据及盈利预测 | 2024 | 2025 | 2026E | | 20 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 POLY PROPERTY SERVICES CO., LTD. 保利物業服務股份有限公司（「本公司」）宣佈，本公司已完成第四屆董事會（「董事 會」）的董事（「董事」）候選人提名工作。董事會已決議提名劉平先生及劉智慧先 生為第四屆董事會非執行董事候選人，吳蘭玉女士及王英男先生為第四屆董事會 執行董事候選人，王小軍先生、譚燕女士及張禮卿先生為第四屆董事會獨立非執 行董事候選人（統稱「董事候選人」）。第四屆董事會董事候選人之履歷詳情載於本 公告附錄一。第四屆董事會董事候選人名單將提呈本公司2025年度股東周年大會 （「股東周年大會」）供本公司股東（「股東」）審議及批准。 董事會換屆選舉的議案於股東周年大會上獲股東批准後，本公司將與各董事訂立 或續訂服務合同。根據本公司《公司章程》（「公司章程」），第四屆董事會任期為三 年，各董事的任期自股東在股東周年大會上批准之日起生效，至第四屆董事會任 期屆滿之日止。董事 ...

EF001 其他信息 其他信息 不適用 發行人董事 於本公告日期，本公司執行董事為吳蘭玉女士及王英男先生；本公司非執行董事為劉平先生及劉智慧先生；及本公司獨立非執行董 事為王小軍先生、譚燕女士及張禮卿先生。 第 2 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 保利物業服務股份有限公司 | | 股份代號 | 06049 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止年度全年業績公告 | | 公告日期 | 2026年3月31日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 POLY PROPERTY SERVICES CO., LTD. 保利物業服務股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：06049） 截至2025年12月31日止年度 全年業績公告 財務概要 | | 截至12月31日止年度 | | | | --- | --- | --- | --- | | | 2025年 | 2024年 | 變動 | | | 人民幣百萬元 | 人民幣百萬元 | | | 收入 | 17,126.1 | 16,342.3 | 增加4.8% | | 毛利 | 2,985.1 | 2,984.3 | 增加0.03% | | 年內溢利 | 1,567.9 | 1,489.4 | 增加5.3% | | 淨利率 | 9.2% | 9.1% | 提高0.1個 | | | | | 百分點 | | 本公司擁有人應佔年內溢利 | 1,549.5 | 1,473.9 | 增加5.1 ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [1] Core Insights - The overall transaction scale in the real estate market remains stable, with land supply shifting towards core areas. In early 2026, new home transactions in Beijing showed a year-on-year decrease of 5.0%, while second-hand home transactions decreased by 4.2% [5][16] - The policy environment has seen two rounds of relaxation in purchase restrictions, aimed at facilitating the housing exchange chain and stimulating demand [6][50] - The market is experiencing a differentiation in new home demand, with a focus on quality products under the "Good House" policy, particularly in high-demand areas like Haidian and Chaoyang [8][53] Market Overview - **Residential Transactions**: New home transactions in Beijing decreased by 11.8% year-on-year in 2025, totaling 104,000 units, while second-hand home transactions remained robust at 195,000 units, accounting for over 60% of total residential transactions [16][30] - **Inventory**: The available inventory of new homes in Beijing decreased, with a current sellable area of 8.85 million square meters and a decommissioning cycle of approximately 25.8 months as of February 2026 [30][35] - **Land Supply**: In 2025, Beijing saw a total of 61 land transactions, with a total area of 3.59 million square meters, reflecting a year-on-year decrease of 21%. The average floor price reached 39,800 yuan per square meter [36][39] Policy Developments - The policy adjustments included two reductions in public housing loan interest rates and modifications to purchase restrictions, which are expected to release some incremental demand [6][50][51] - Specific changes included lowering the required social security payment period for non-Beijing residents from three years to two years for purchasing homes within the fifth ring road [50][52] Project Insights - The top ten new home projects in Beijing accounted for 23% of total sales in 2025, with a significant focus on improvement-type housing in core districts [40][43] - The trend in new home projects is towards smaller, affordable units, with several upcoming projects offering units under 80 square meters [47][48]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the recent weekly transaction data shows a continued year-on-year decline in new and second-hand housing sales across 30 cities, reflecting a slight shortfall in the expected "small spring" recovery. However, new local policies in cities like Suzhou, Nanchang, Qingdao, and Guangzhou are expected to improve supply and demand dynamics, leading to price stabilization in the real estate market [5][6][46]. Summary by Sections Policy Developments - Multiple cities have introduced local policies aimed at revitalizing the real estate market, including: - Suzhou's implementation of a housing fund interest subsidy for young talents starting April 1, 2026, covering 50% of the actual interest paid on housing fund loans, with a maximum subsidy of 50,000 yuan [6][13]. - Qingdao's initiative to explore efficient utilization of idle land resources [6][14]. - Guangzhou's measures to promote modular construction in new public housing projects [6][15]. Market Performance - Sales data shows a decline in both new and second-hand housing transactions: - In the 13th week of 2026, the new housing transaction area in 30 cities was 2.912 million square meters, down 8.5% year-on-year, with a cumulative decline of 18.4% [7][16]. - The second-hand housing transaction area in 15 cities was 200.2 million square meters, down 8% year-on-year, with a cumulative decline of 8.5% [24][25]. Investment Trends - The land transaction area in 100 major cities increased by 21% year-on-year in the 13th week of 2026, totaling 2.554 million square meters. However, the cumulative land transaction area for the first 13 weeks of 2026 showed a decline of 5% [32][33]. Price Trends - The Iceberg 100 Index, which tracks second-hand housing prices, was reported at 9983, reflecting a week-on-week decrease of 0.1% and a year-on-year decrease of 12.4% [42][44]. Investment Recommendations - The report maintains a "Positive" rating for the industry, suggesting that the recent local policies will lead to improved market conditions. Recommended stocks include: - Strong credit real estate companies that cater to improving customer demand: China Jinmao, Jianfa International Group, China Merchants Shekou, and others [5][46]. - Companies benefiting from both residential and commercial real estate recovery: China Resources Land, New Town Holdings, and Longfor Group [5][46]. - Quality property management firms under the "Good House, Good Service" policy: China Resources Mixc Life, Greentown Service, and others [5][46].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6] Core Insights - The real estate market is showing positive signals, particularly in core cities, with Shanghai's second-hand housing transactions nearing recent highs. In March 2026, the number of second-hand homes sold in Shanghai, Beijing, and Shenzhen were 27,733, 17,153, and 4,671 respectively, with year-on-year changes of +4.5%, -1.3%, and -17.0% [1][11] - The new housing market in 30 cities recorded a transaction area of 2.277 million square meters this week, a month-on-month increase of 16.1% but a year-on-year decrease of 6.7%. The first-tier cities accounted for 546,000 square meters, with a month-on-month increase of 9.1% and a year-on-year decrease of 10.2% [2][34] - The report emphasizes the importance of observing real estate data over a longer cycle and the transmission chain from second-hand to new housing [1][11] Summary by Sections Second-hand Housing Market - In March 2026, Shanghai's second-hand housing transactions are expected to exceed 30,000 units, with a significant daily transaction peak of 1,585 units on March 28, the highest since 2022 [1][11] - The average daily transaction volumes for Shanghai, Beijing, and Shenzhen are 991, 613, and 167 units respectively [1][11] New Housing Market - The new housing transaction area in first-tier cities was 546,000 square meters, while second-tier cities saw 1.248 million square meters, and third-tier cities recorded 482,000 square meters [2][34] - Cumulative new housing transaction area for the first 12 weeks of the year in 30 cities is 1,538.9 million square meters, reflecting a year-on-year decrease of 29.6% [2][34] Credit Bond Market - A total of 14 credit bonds were issued by real estate companies this week, amounting to 10.301 billion yuan, a decrease of 5.33 billion yuan from the previous week [3][49] - The net financing amount was -4.885 billion yuan, indicating a significant increase in the repayment volume [3][49] Investment Recommendations - The report suggests focusing on real estate-related stocks due to the expected policy support and improving competitive landscape, particularly favoring first-tier and select second-tier cities [4][6]

Core Insights - The report indicates a recovery in real estate prices, with capital market sentiment expected to reach a "singularity" soon [1] - The industry rating remains at "Buy," consistent with previous assessments [2] Policy Updates - Local governments are implementing targeted policies, such as Nanjing's "sell old buy new" loan interest subsidy, which offers a 1% subsidy on total loan amounts for buyers completing transactions by the end of 2026 [5][16] - Other cities like Zhengzhou and Chengdu are optimizing housing fund policies to support home purchases [16][17] Transaction Performance - The new housing market is showing signs of improvement, with a 31.6% week-on-week increase in transaction area across 49 cities, and a year-on-year increase of 48.1% when aligned with the Spring Festival [19][20] - Second-hand housing transactions also saw a 7.5% week-on-week increase, with a year-on-year growth of 13.5% [19] Market Sentiment - The report notes a significant increase in new housing supply, with a 58% week-on-week rise in new housing launches, while second-hand listings continue to decline [5] - The sentiment in the second-hand housing market remains unexpectedly strong, contributing to a gradual recovery in market confidence [5] Land Market Performance - The report highlights a decrease in land transaction volumes, with a 37.3% week-on-week drop in land sales revenue across 300 cities [19] Company Valuations and Financial Analysis - Key companies in the real estate sector are rated as "Buy," with reasonable values set for several firms, including Vanke A at 7.64 RMB and China Overseas Development at 16.02 HKD [6] - The report provides detailed financial metrics for various companies, indicating potential for valuation recovery [6] C-REITs Market Overview - The C-REITs sector saw a 0.85% decline in the comprehensive return index, with 12 out of 78 REITs experiencing gains [5]