Core Viewpoint - The property management industry in China possesses unique attributes such as public service, consumption, and asset management, benefiting government, residents, and owners, leading to a win-win situation for all parties involved [1] Group 1: Industry Performance - In H1 2025, the overall revenue of the property management sector increased by 4.8% year-on-year, showing a slowdown compared to the previous year [2] - The net profit attributable to shareholders for the property management sector grew by 1.1% year-on-year, a significant decrease from the previous year's growth of 12.9% [2] - The performance of property management companies is increasingly polarized, with first-tier companies showing a revenue growth of 7.1% while second-tier companies only grew by 0.6% [2] Group 2: Financial Metrics - The overall gross margin for the property management sector in H1 2025 was 19.3%, a decrease of 1.0 percentage points year-on-year [3] - The net profit margin for the sector was 7.1%, reflecting a slight increase of 0.3 percentage points year-on-year [3] - The average accounts receivable balance reached 4.4 billion yuan, with a year-on-year increase of 0.3%, while the average impairment of accounts receivable rose by 24% [3] Group 3: Revenue Composition - In H1 2025, the revenue from property management services accounted for 75%, while non-owner value-added services and owner value-added services contributed 9% each [4] - The average area under management for 13 mainstream property management companies increased by 5% year-on-year, while the contract area decreased by 0.3% [4] - The average contract-to-managed area ratio for these companies was 1.27 times, slightly down from the end of 2024 [4] Group 4: Financial Ratios - The overall return on equity (ROE) for the property management sector was 4.6%, a decrease of 0.5 percentage points year-on-year [5] - The asset-liability ratio for the sector stood at 43.7%, down by 3.7 percentage points year-on-year [5] - The asset turnover ratio for the sector was 0.36 times, reflecting a decline of 0.02 times year-on-year [5]

智通财经APP获悉，招银国际发布研报称，保利物业(06049)上半年纯利同比升5.3%%，符合市场预测; 总收入同比增6.6%。公司第三方扩展强劲增长，非业主增值服务收入同比降16.1%;社区增值服务跌 3.7%。该行维持公司"买入"评级，目标价上调2%，由54.03港元升至54.91港元。不过，该行指出，公司 维持不派中期息的政策，未能达到部分投资者的期望，因为虽然公司2024财年的派息率提高10个百分点 至50%，但与同行相比仍处于相对较低的水平。 ...

( 来源：富途行情 ) 在当前牛市背景下，物业管理板块作为兼具防御性与成长性的赛道，正重新获得资金青睐。今年以来物业管 理板块年内涨幅达到23%，与大市保持同频(恒生指数年涨幅25%)，不过行业内部的分化势头也仍然存在，因 此更需要认真甄别挖掘各家物企独特的价值锚点。 近日，世茂服务(00873.HK)公布其2025年中期业绩。上半年公司实现收入36.20亿元，毛利润7.09亿元，核心 净利润2.82亿元。透过这份稳健的半年度成绩单再来看公司年内在资本市场的表现，不难看到其与市场认知 之间存在显著预期差。 显然，市场可能仍然过度关注其短期业绩波动和地产关联风险，忽略了公司基础物管的稳健性、业务结构优 化的持续性以及新赛道布局的战略价值。 不妨就此进行深入探讨。 1、物业股进入新窗口期，牛市环境兼具稳健和弹性 对于投资者来说，物业股一直以来都具有其独特的吸引力，尤其是在外部环境不确定性升温的背景下，其高 股息和稳定现金流优势，能够带来一定的安全垫，具备低风险和抗周期性。 然而回顾过去几年，整个房地产市场深度的调整背景下，物业股一定程度也遭遇到了调整的压力。这背后核 心原因在于开发商作为物业公司的关联方，尽管物业 ...