智通财经APP获悉，高盛发布研报称，碧桂园服务(06098)上半年核心净利润为16亿元人民币，同比减 15%，相当于该行原先对其全年预测的53%。即使本身规模庞大，其核心业务收入增幅跑赢同业，但毛 利率同比减少3个百分点。该行指，将公司在2025年至2027年核心净利润预测平均上调4%，同时将其目 标价由5.1港元上调至6.3港元，其评级由"沽售"升至"中性"，主要是集团经过多年艰苦的业务重组，包 括退出业绩不佳的合同，以及透过缩减非核心业务重新聚焦核心业务，经常性业务规模保持稳定，现金 流前景改善。 ...

记者丨吴抒颖 编辑丨张伟贤 碧桂园服务还未能从失落中走出，这家规模排名前列的物业企业仍在调整之中。8月27日，碧桂园服务 发布的2025年中期业绩报告显示，今年上半年，碧桂园服务营收实现231.9亿元，同比增长10.2%，在管 物业项目总数达8108个，收费管理面积增至10.6亿平方米，延续了规模化优势。 拆分营收贡献来看，碧桂园服务主要业务板块营收均实现正增长。其中，物业管理服务收入136.1亿 元，同比增长6.7%；社区增值服务收入21亿元，同比增长5.3%；"三供一业"业务则大幅增长至50.7亿 元，同比增幅高达51.6%。 虽然规模仍然保持在行业的较优区间，但碧桂园服务利润表现却继续下探。 今年上半年，碧桂园服务录得整体毛利约42.99亿元，同比下降3.5%；归母核心净利润约15.68亿元，同 比下降14.8%。毛利率则下降至18.5%。据碧桂园服务管理层的解读，利润下滑主要来自于两个方面的 原因，第一是清理历史应收账款过程中作出了折让带来了折损；二是主动收缩相对低效的环卫、城市服 务等板块所产生的阶段性冲击。 根据财报，碧桂园服务今年上半年出售附属公司带来的损失为1.08亿元，按公允价值计量且变动计 ...

新华财经上海8月28日电（谈瑞） 碧桂园服务（6098.HK）27日发布的2025年中报显示，今年上半年公司实现营业收入231.9亿元，同比增长10.2%，股东应 占核心净利润约15.7亿元，期末银行存款和结构性存款约164.7亿元，经营和现金流总体保持稳健。 业绩会上披露的信息显示，上半年碧桂园服务核心业务收入保持增长态势，经营基础进一步巩固。具体来看，物业管理服务收入达136.1亿元，同比增长 6.7%；社区增值服务收入21.0亿元，同比增长5.3%；"三供一业"（供电、供水、供暖以及物业管理）服务收入50.7亿元，同比增长51.6%。摩根大通最新报 告认为，物业管理业务的收入及毛利按年分别增长7%及2%，高于该行此前预估值。 比如，在社区增值服务领域，碧桂园服务自营品牌"智享楼下充电"，通过自营设备为业主提供安全、便利的两轮充电服务。截至上半年，已累计在全国超 5000个社区运营约60万个充电插座，累计注册用户数超550万，累计服务超1亿人次。据悉，公司正在加速布局外部市场，为市场化项目提供一站式场地管理 充电解决方案。 截至6月30日，碧桂园服务管理物业项目总数达8108个，遍布中国内地31个省市、香 ...

21世纪经济报道记者 吴抒颖 在现金储备方面，碧桂园服务与行业的整体水平表现匹配。截至2025年6月30日，碧桂园服务的银行存 款和结构性存款约164.7亿元，在手现金较为充裕；银行及其他借款约8.58亿元，报告期内所有到期借款 均得以按时偿还；公司流动资产净值约120.4亿元，流动比率为1.4倍。 除了业务表现之外，碧桂园服务与关联方之间的业务处理，也是影响碧桂园服务近年业绩表现的重要方 面。中报显示，截至6月30日，碧桂园服务关联方收入占总收入的比例从2018年的20.3%持续下降， 2025年上半年降至1.1%的水平，已基本实现从传统地产依赖型模式向独立市场化运营的转型。 今年以来，全国屡有小区要求下降物业费，碧桂园服务也为此做好准备。碧桂园服务执行董事、总裁徐 彬淮在业绩发布会上表示，当前物业费降价的呼声反映了行业发展还不够规范的现状。近期国家关于扎 实开展物业服务领域突出问题集中整治的政策出台，对物业企业的诚信经营、合规经营提出了更高的要 求，中长期来看对推动行业规范稳健发展是好事情。 碧桂园服务在今年上半年也开始在低物业费市场取得进展，已经进入了近20个低物业费社区。碧桂园服 务计划在细分市场加速 ...

Core Viewpoint - Country Garden Services reported a revenue of 23.19 billion yuan for the first half of 2025, reflecting a year-on-year growth of 10.2%, despite a slight decline in gross profit and fluctuations in core net profit due to debt management and operational adjustments [3][4]. Financial Performance - The company achieved a revenue of 23.19 billion yuan, with a gross profit of 4.3 billion yuan, down 3.5% year-on-year, and a core net profit attributable to shareholders of approximately 1.57 billion yuan [3]. - As of June 30, the total number of managed property projects reached 8,108, with a managed area of 1.06 billion square meters, of which approximately 40.2% is located in first- and second-tier cities [3]. Market Environment - The property market is experiencing a downward trend in new projects, with increasing turnover rates and intensified competition [4]. - Recent government policies aimed at addressing issues in the property service sector are expected to promote more standardized and stable industry development, benefiting leading companies [4]. Strategic Focus - The company plans to return to a customer-oriented approach over the next three to five years, aiming for reasonable profit margins and aligning service pricing with customer needs [4]. - The revenue from property management services reached 13.61 billion yuan, up 6.7% year-on-year, while community value-added services and "three supplies and one industry" services saw significant growth [4]. Operational Improvements - The company is enhancing operational quality through service stratification, digital operations, and improved customer relationship management, resulting in a 3.5 percentage point increase in overall charging rates [5]. - The third-party market expansion signed area reached 6.477 million square meters, a 66% increase year-on-year, indicating a shift towards independent market operations [5]. Future Outlook - Despite current performance pressures, the company believes there are substantial opportunities in the market, emphasizing the need to stabilize core business and enhance product offerings for sustainable financial growth [6]. - The management expresses confidence that the capital market will eventually recognize the company's value as it continues to deliver strong performance [6].

Core Viewpoint - The company acknowledges current performance pressures and transformation pains but emphasizes the existence of significant opportunities within the industry [2][4]. Financial Performance - In the first half of the year, the company achieved revenue growth, with total revenue reaching 23.19 billion yuan, a year-on-year increase of 10.2% [2]. - The total number of managed property projects reached 8,108, with the managed area increasing to 10.6 billion square meters [2]. - However, several financial indicators faced pressure, with gross profit approximately 4.299 billion yuan, a year-on-year decline of 3.5%, and core net profit around 1.568 billion yuan, down 14.8% [2][3]. Business Segments - Core business revenue continued to grow, with property management service revenue at 13.61 billion yuan, up 6.7%, community value-added service revenue at 2.1 billion yuan, up 5.3%, and "three supplies and one industry" service revenue at 5.07 billion yuan, up 51.6% [3]. - The company plans to prioritize cash flow over scale growth, strategically exiting less profitable projects [3]. Industry Outlook - The property industry is currently undervalued, with significant opportunities in areas such as construction, elderly care, smart spaces, and digital home services [4]. - The company is investing in technology, including the deployment of nearly 100 cleaning robots and plans to implement over 1,000 units in South China by the end of the year [5]. Regulatory Environment - Ongoing calls for reduced property fees reflect the industry's need for more standardized development [5]. - Recent government policies aimed at addressing issues in the property service sector are expected to create more opportunities for leading companies [5]. Future Strategy - The company aims to return to a customer-oriented approach and achieve reasonable profit margins over the next three to five years [5]. - It is focusing on building core capabilities in low property fees, having entered nearly 20 low-fee communities this year [5].

彭雨说，碧桂园服务的战略定力清晰可见——主动收缩非核心业务、重投入服务品质与数字基座、压降 关联风险敞口。他说，短期阵痛或为长期价值让渡空间：服务分级的深化、人机协作模式的验证、增值 业务生态的成熟，正逐步构筑差异化竞争壁垒。中指研究院认为，当行业从规模竞赛转向能力竞逐，碧 桂园服务在科技赋能与品质升级上的前瞻投入，或将成为破局同质化竞争的关键变量。未来半年，如何 将管理面积优势转化为可持续的盈利能力，将是观察企业战略转型成色的核心标尺。 编辑：王媛媛 转自：新华财经 新华财经北京8月28日电（记者高婷）碧桂园服务（06098)发布截至2025年6月30日止六个月业绩，收入 231.855亿元，同比增长10.2%；公司股东应占利润9.97亿元，同比下降30.8%；每股基本盈利29.82分。 中指研究院物业事业部研究副总监彭雨表示，碧桂园服务中期业绩折射出物管企业面临的共性命题：如 何在规模扩张中守住盈利底线，在行业调整期实现发展模式的质变。公司通过"三供一业"整合、增值服 务市场化转型、科技效能提升的组合策略，在营收端保持双位数增长，展现龙头韧性。但毛利率下滑与 现金流压力亦揭示行业面临的成本刚性约束与服务溢 ...

Core Insights - The company reported a revenue of 23.19 billion yuan for the first half of 2025, representing a year-on-year growth of 10.2%, while the net profit attributable to shareholders decreased by 14.8% to approximately 1.57 billion yuan [2] - The property management service revenue was 13.61 billion yuan, up 6.7%, community value-added services revenue was 2.1 billion yuan, up 5.3%, and the "three supplies and one industry" service revenue surged by 51.6% to 5.07 billion yuan [2] Business Expansion - In the first half of 2025, the company signed a total area of 64.77 million square meters for third-party expansion, marking a significant year-on-year increase of 66% [3] - The residential and commercial sectors contributed approximately 71.4% to the new annualized revenue from signed contracts, with the company successfully implementing a model for expanding into old residential areas across 11 cities including Beijing, Shanghai, and Wuhan [3] - As of June 30, the total number of managed property projects reached 8,108, with a total managed area of 1.06 billion square meters, of which projects in first- and second-tier cities accounted for about 40.2% [3] Market Challenges and Strategies - The property market is experiencing a decline in incremental growth, with increasing turnover rates for residential properties and intensified competition within the industry [3] - The management indicated that the industry is entering a painful period of reform, expecting more competitive conditions in the future [3] - The company plans to return to a customer-oriented approach over the next three to five years, aiming for reasonable profit margins and emphasizing that pricing power should belong to customers [3] Operational Adjustments - The company aims to objectively adjust its gross profit to reasonable levels in line with customer needs, with a core strategy focusing on "operational systems + data-driven decision-making + mechanism reform" to address the declining gross profit trend [3] - The company has also highlighted its new energy business, with its self-operated brand "Smart Charging" having deployed around 600,000 charging sockets in over 5,000 communities nationwide, serving more than 2 million active users monthly [3][4] Market Transformation - The proportion of revenue from related parties has significantly decreased from 20.3% in 2018 to 1.1% in the first half of 2025, indicating a successful transition from a traditional real estate-dependent model to an independent market-oriented operation [4]

Core Viewpoint - Country Garden Services reported over 10% revenue growth in the first half of the year, but profit performance declined, with management emphasizing that the annual operational goals remain unchanged [1][2]. Financial Performance - The company achieved operating revenue of 23.19 billion yuan, a year-on-year increase of 10.2%, with core property management service revenue reaching 13.61 billion yuan, up 6.7% [1]. - Community value-added service revenue was 2.1 billion yuan, growing by 5.3%, while "Three Supplies and One Industry" service revenue surged to 5.07 billion yuan, marking a 51.6% increase [1]. - The core net profit attributable to shareholders was approximately 1.568 billion yuan, which contributed to a decline in stock price [1]. Operational Scale - As of June 30, the total number of property projects managed by Country Garden Services reached 8,108, with a managed area of 1.06 billion square meters, including 90 million square meters from "Three Supplies and One Industry" residential management [1]. - Projects located in first- and second-tier cities accounted for approximately 40.2% of the managed area [1]. Strategic Focus - Management stated that the decline in profit is attributed to temporary factors, including the impact of long-term receivables clearance and strategic contraction in the relatively inefficient sanitation sector [2]. - The company is prioritizing cash flow over scale growth and is actively seeking solutions to improve cash flow from less profitable projects [2]. - Country Garden Services is undergoing digital transformation to enhance customer experience, service quality, and operational efficiency, with nearly 100 self-developed "Zero Resident" cleaning robots already in use [2]. Market Positioning - In response to the trend of reducing property management fees in the industry, Country Garden Services is building core capabilities in low property fee markets and has made progress by entering nearly 20 low property fee communities this year [3]. - The company plans to accelerate differentiation in new business markets within the segmented market [3].

Core Insights - The company reported a revenue of 23.19 billion yuan for the first half of 2025, representing a year-on-year growth of 10.2%, while the net profit attributable to shareholders decreased by 14.8% to approximately 1.57 billion yuan [2] - The property management service revenue was 13.61 billion yuan, up 6.7%, community value-added services revenue was 2.1 billion yuan, up 5.3%, and the "three supplies and one industry" service revenue surged by 51.6% to 5.07 billion yuan [2] Business Expansion - In the first half of 2025, the company signed a contracted area of 64.77 million square meters for third-party expansion, marking a 66% year-on-year increase, with residential and commercial properties contributing approximately 71.4% of the new annualized revenue [3] - The total number of managed property projects reached 8,108, with a total managed area of 1.06 billion square meters, of which projects in first- and second-tier cities accounted for about 40.2% [3] Market Conditions - The property market is experiencing a downward trend in growth, with increasing turnover rates for residential properties and intensified competition within the industry [3] - The management indicated that the industry is entering a painful period of reform, expecting more competitive conditions in the future [3] Pricing Strategy - The company’s president noted that the current calls for property fee reductions reflect the industry's lack of standardization, which could ultimately benefit the sector's long-term development [3] - The company aims to return to a customer-oriented approach over the next three to five years, focusing on reasonable profit margins and aligning pricing with customer needs [3] Operational Adjustments - To address the declining gross profit trend, the core strategy will involve "operational systems + data-driven decision-making + mechanism reform" [3] - The company is also expanding its new energy business, with its self-operated brand "Smart Charging" having deployed around 600,000 charging sockets across over 5,000 communities [3][4] Market Transformation - The proportion of revenue from related parties has significantly decreased from 20.3% in 2018 to 1.1% in the first half of 2025, indicating a successful transition from a traditional real estate-dependent model to an independent market-oriented operation [4]