Core Viewpoint - The performance report for listed property companies in the first half of 2025 shows a slowdown in growth and further industry differentiation, with 63 companies having released their mid-year results, except for two that delayed their reports [1] Group 1: Company Performance Metrics - Country Garden Services leads in managed area with 1.063 billion square meters, earning the title of "scale king" [2][5] - Poly Property ranks first in contracted area with 996 million square meters, while Country Garden Services tops in revenue at 23.185 billion yuan [2][4] - China Resources Vientiane Life achieved the highest net profit at 2.068 billion yuan, marking it as the most profitable property company [2][4] Group 2: Industry Growth Trends - The total managed area of 53 listed property companies reached approximately 7.79 billion square meters, reflecting a year-on-year growth of 3.8%, but a decline of 5.3 percentage points compared to the previous year [5] - The fastest growth in managed and contracted areas was seen in Su Xin Services, with increases of 62.81% and 57.20% respectively [8] - The proportion of third-party managed area decreased to about 65.0%, down 0.4 percentage points from the previous year [9] Group 3: Revenue Insights - The total revenue of 63 listed property companies grew to 148.79 billion yuan, a year-on-year increase of 4.1%, but a decline of 0.5 percentage points compared to the previous year [10] - Basic property services accounted for 72.4% of revenue, indicating a stronger emphasis on core services, while community value-added services saw a decline [10] - Country Garden Services reported a revenue increase of 2.139 billion yuan, maintaining its leading position in the industry [10] Group 4: Profitability Analysis - The average net profit for 63 listed property companies reached 170 million yuan, a year-on-year increase of 20%, with a net profit margin of 7.2% [14] - China Resources Vientiane Life led in net profit at 2.068 billion yuan, while Zhujiang Shares experienced the highest growth rate in net profit at 857.31% [14] - The overall decline in gross profit and gross margin reflects ongoing pressures in the industry, with the average gross margin dropping to 19.4% [14][17]
上市物企哪家强？华润万象生活最“赚钱”，碧桂园服务营收最高