地产经纬丨物管“撤场潮”穿透高端楼盘，“质价相符”成破局关键

Core Insights - The property management industry is transitioning from rapid expansion to a focus on quality and refined operations due to increasing repayment pressures and declining owner satisfaction [1][4][6] Industry Growth and Market Dynamics - The property management market is expected to grow significantly, with total managed area projected to reach 33 billion square meters by the end of 2025 and nearly 40 billion square meters by 2030 [2] - In 2023, the total revenue of property management enterprises reached 1,696.05 billion yuan, surpassing several other labor-intensive service sectors, indicating strong market demand and potential for business development [2] Revenue Growth Trends - The industry has entered a phase of moderate growth, with major property management companies expected to see revenue growth primarily driven by basic property management services, which will account for 70-80% of total revenue, with an average compound growth rate of about 10% [3] - Revenue growth for major companies is projected to be around 7% year-on-year from 2025 to 2026 [3] Operational Challenges - The property management industry faces significant challenges, including downward pressure on service prices and declining collection rates, leading to increased repayment pressures [4] - The average collection rate for the top 100 property service companies in 2024 is projected to be 88.17%, a decline from previous years [4] Market Withdrawal Trends - High-end property management companies, such as Jinmao Property, are experiencing withdrawal from projects due to low collection rates, exemplifying a broader trend of operational pressure across the industry [5] - The average withdrawal rate for key property companies is projected to be 6.4%, 8.6%, and 7.2% from 2022 to 2024, with a 5.1% rate in the first half of 2025 [7] Quality and Pricing Dynamics - The industry is witnessing a shift towards a dual selection process between property companies and owners, emphasizing the importance of "quality and price matching" for sustainable development [6] - A positive cycle of "quality improvement - price increase - further quality improvement" is emerging, driven by rising service quality demands from owners [8] - Property management companies are diversifying their service offerings and expanding into non-residential sectors, which helps mitigate risks and create new profit growth points [8]