Core Viewpoint - UBS reports that the profitability of Chinese property management companies is expected to increase by 10% year-on-year in 2025, which is 12% higher than market expectations, although growth is expected to slow compared to 15% and 12% increases in 2024 and the first half of 2025, respectively, primarily due to a decline in cash collection rates and a decrease in value-added service revenue and profit margins [1] Group 1 - The expected profitability growth for Chinese property management companies in 2025 is 10% year-on-year [1] - This growth is 12% above market expectations, indicating a positive outlook [1] - The anticipated slowdown in growth is attributed to declining cash collection rates and reduced revenue and profit margins from value-added services [1] Group 2 - Among major property management companies, Greentown Service (02869) is expected to outperform, followed by China Resources Mixc Lifestyle (01209), Poly Property (06049), China Overseas Property (02669), Wanwu Cloud (02602), and Country Garden Services (06098) [1] - The top picks for investment are China Resources Mixc Lifestyle and Greentown Service [1]
瑞银：料中国物管公司盈利增长放缓 首选华润万象生活(01209)及绿城服务