物业真的是“暴利”行业吗？数字背后真相令人惊讶

Core Insights - The property management industry is often perceived as a "high-profit industry," but recent data reveals that the average gross margin for listed property companies in the first half of 2025 is only 20.00%, with a net profit margin of just 7.31% [1][19][20] Industry Profitability Analysis - The net profit margin for listed property companies in the first half of 2025 is 7.31%, which, although an improvement from 2024, is significantly lower than the approximately 15% seen in 2021 [2][20] - The average gross margin for these companies has been declining, with a 20.00% gross margin in the first half of 2025, down 1.26 percentage points year-on-year and nearly 10 percentage points lower than the nearly 30% gross margin in 2021 [2][20][25] - Compared to other sectors, the property management industry ranks ninth in gross margin and third in net profit margin among 12 industry categories, indicating it is a "low-margin, stable profit" sector rather than a "high-profit" one [5][23] Revenue and Profit Trends - In the first half of 2025, the average revenue for listed property companies grew by 3.57% year-on-year, but the average gross profit declined by 2.56%, indicating a trend of "increased revenue without increased profit" [8][25] - The average managed area for listed property companies was approximately 166 million square meters, with a year-on-year growth of only 3.11%, reflecting a significant slowdown in growth compared to previous years [9][26] Challenges Facing the Industry - The property management industry is facing multiple pressures, including a slowdown in the growth of managed areas and challenges related to property fee pricing and collection rates [9][28] - Property fee averages have decreased in several cities, and the collection rate for property fees among the top 100 property service companies fell to 88.17% in 2024, down 4.54 percentage points [12][28] - Customer satisfaction scores for property services have been declining, with a score of 72.9 in 2025, which impacts the collection rates of property fees [12][28] Future Development and Strategic Focus - The property management industry is expected to transition towards high-quality development, with a focus on quality improvement as a core theme for future growth [16][32] - The industry is increasingly integrated into urban governance, with responsibilities tied to urban renewal and community management, emphasizing the importance of service quality over profit margins [17][33] - Companies are encouraged to adopt a "quality-price matching" mechanism, ensuring that service quality aligns with pricing, which is essential for sustainable development in the sector [13][29]