2025年12月31日，"物业躺着赚钱的日子到头了"这一话题登上热搜，引发广泛关注。在众多自媒体的描述中，物业服务行业常 被刻画为"暴利行业"，然而事实真的如此吗？ 根据中指研究院发布的《2025中国物业管理市场总结&2026趋势展望》报告，上市物业企业2025年上半年的毛利率均值为 20.00%，净利率均值更是仅有7.31%。这样的利润率水平，远非公众想象的"暴利行业"。 行业真实利润大起底 曾经，在房地产市场高度繁荣的时期，优质的物业服务企业备受资本市场青睐，上市物企亮眼的财报数据，也给公众留下了物 业管理是"高利润行业"的印象。然而，随着房地产市场进入调整阶段，身处产业链末端的物业管理行业，其真实的盈利水平正 逐步回归理性与常态。 2025年上半年，上市物业企业的净利润率均值仅为7.31%，虽然相比2024年同期有所回升，但仍远低于2021年约15%的水平。 更加引人关注的是，物业服务企业的毛利率持续下行。2025年上半年，上市物企毛利率均值为20.00%，同比下降1.26个百分 点，继续呈现下探趋势。这一数字与2021年近30%的毛利率相比，大幅下降了约10个百分点。 图：2021H1-2025H1 ...

核心城市新盘物业费定价越来越高。 以上海为代表的核心城市豪宅项目（含公寓），物业费屡创新高，如海泰北外滩物业费已达到36元/平方米/月；但另一边，存量房物业费稳中有降，多地 出现物业费降价潮，不少物业企业甚至主动撤出小区。 中物智库高级研究员宋子谦在接受《每日经济新闻》记者采访时表示，"天价物业费"其实是高端房地产市场价值逻辑演进的必然结果，其背后有多重原 因。 01 上海无疑是高物业费的"聚集地"。 10月18日，上海黄浦区高福云境项目开盘，25套总价1.3亿～1.7亿元的超大平层"一日售罄"，单盘成交金额高达60.54亿元。其物业费同样引人注目，超高 层部分物业费为18元/平方米/月，别墅部分为25元/平方米/月。 图源｜贝壳找房 公开资料显示，海泰北外滩项目面积段在370～1500平方米，物业费达到36元/平方米/月，这也意味着该楼盘业主一年最低物业费为16万元，最高则达到 了65万元。 今年全国单盘销冠融创上海壹号院，物业费为28元/平方米/月。 据克而瑞监测，2023年上海新入市的项目中，物业费均值是7.46元/平方米/月，中位数6.73元/平方米/月，其中黄浦、静安、杨浦三区的平均物业费最高， 分 ...

上海无疑是高物业费的"聚集地"。 10月18日，上海黄浦区高福云境项目开盘，25套总价1.3亿～1.7亿元的超大平层"一日售罄"，单盘成交金额高达60.54亿元。其物业费同样引人注目，超高 层部分物业费为18元/平方米/月，别墅部分为25元/平方米/月。 核心城市新盘物业费定价越来越高。 以上海为代表的核心城市豪宅项目（含公寓），物业费屡创新高，如海泰北外滩物业费已达到36元/平方米/月；但另一边，存量房物业费稳中有降，多地 出现物业费降价潮，不少物业企业甚至主动撤出小区。 中物智库高级研究员宋子谦在接受《每日经济新闻》记者采访时表示，"天价物业费"其实是高端房地产市场价值逻辑演进的必然结果，其背后有多重原 因。 每平方米物业费36元 值得一提的是，今年以来，全国豪宅成交量持续攀高。克而瑞统计显示，2025年前三季度，全国11个重点城市总价1000万元以上商品住宅成交27372套， 较2024年同期增长15.6%。 "新盘物业费上涨，核心不是'物业公司敢收这么高'，而是产品升级使得长期运营成本显性化了。"宋子谦分析指出，当前高端新盘更强调会所、公区精 装、中央空调/新风、复杂机电系统、更多出入口与安防体系等， ...

撰文｜陈利 编辑｜陈梦妤 封面｜每经资料图 核心城市新盘物业费定价越来越高。 以上海为代表的核心城市豪宅项目（含公寓），物业费屡创新高，如海泰北外滩物业费已达到36元/平方米/月；但另一边，存量房物业费稳中有降，多地 出现物业费降价潮，不少物业企业甚至主动撤出小区。 每平方米物业费36元 1 上海无疑是高物业费的"聚集地"。 10月18日，上海黄浦区高福云境项目开盘，25套总价1.3亿～1.7亿元的超大平层"一日售罄"，单盘成交金额高达60.54亿元。其物业费同样引人注目，超高 层部分物业费为18元/平方米/月，别墅部分为25元/平方米/月。 公开资料显示，海泰北外滩项目面积段在370～1500平方米，物业费达到36元/平方米/月，这也意味着该楼盘业主一年最低物业费为16万元，最高则达到 了65万元。 中物智库高级研究员宋子谦在接受《每日经济新闻》记者采访时表示，"天价物业费"其实是高端房地产市场价值逻辑演进的必然结果，其背后有多重原 因。 今年全国单盘销冠融创上海壹号院，物业费为28元/平方米/月。 据克而瑞监测，2023年上海新入市的项目中，物业费均值是7.46元/平方米/月，中位数6.73元/平方米/月 ...

每经记者｜陈利 每经编辑｜何小桃 陈梦妤 图片来源：每经资料图 核心城市新盘物业费定价越来越高。 以上海为代表的核心城市豪宅项目（含公寓），物业费屡创新高，如海泰北外滩物业费已达到36元/平方米/月；但另一边，存量房物业费稳中有降，多地 出现物业费降价潮，不少物业企业甚至主动撤出小区。 中物智库高级研究员宋子谦在接受《每日经济新闻》记者采访时表示，"天价物业费"其实是高端房地产市场价值逻辑演进的必然结果，其背后有多重原 因。 每平方米物业费36元 上海无疑是高物业费的"聚集地"。 10月18日，上海黄浦区高福云境项目开盘，25套总价1.3亿～1.7亿元的超大平层"一日售罄"，单盘成交金额高达60.54亿元。其物业费同样引人注目，超高 层部分物业费为18元/平方米/月，别墅部分为25元/平方米/月。 图源｜贝壳找房 公开资料显示，海泰北外滩项目面积段在370～1500平方米，物业费达到36元/平方米/月，这也意味着该楼盘业主一年最低物业费为16万元，最高则达到 了65万元。 在成都，嘉佰道的物业费为12元/平方米/月；近期为市场所热议的贝宸S1项目，物业费则来到了13.8元/平方米/月。 今年全国单盘销冠融创上 ...

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]

Core Insights - The property service industry is undergoing significant transformation, with owners increasingly focused on service quality and facing challenges in fee collection [1] - The concept of "quality-price alignment" has emerged as a key to breaking through the current industry challenges, requiring property companies to meet strict assessments from owners to receive full fees [1] Group 1: Service Transparency - Traditional property service models often leave owners passively accepting service content, leading to dissatisfaction due to a lack of involvement in decision-making [3] - Some property companies are exploring new models by breaking down service content into detailed lists, allowing owners to choose specific services and frequencies, thus enhancing transparency and customization [3] - This shift towards transparent and refined services helps resolve deeper community governance issues while linking service standards more closely to pricing [3] Group 2: Strategic Shift in Property Companies - Property companies are shifting their strategies from "pursuing scale" to "pursuing quality," focusing on high-quality projects and exiting low-quality ones due to difficulties in fee collection leading to operational losses [4] - The turnover rate of residential properties has increased, indicating a significant number of residential communities changing property companies annually, reflecting a collective response to industry pressures and evolving owner demands [4] - Some property companies are innovating service models to acquire new projects in a saturated market, leading to year-on-year growth in annualized revenue and improved fee collection rates [4] - The industry is transitioning from "scale expansion" to "quality competition," necessitating clear service and pricing standards, and adherence to contractual obligations to achieve the "quality-price alignment" goal [4]

Core Viewpoint - The property management industry is shifting from "scale expansion" to "quality competition" as homeowners become more sensitive to service quality and pricing amid market adjustments [4][9]. Industry Trends - A nationwide trend of reducing property management fees has emerged, driven by government policies and homeowner initiatives [4][9]. - The turnover rate of residential properties is expected to increase from 1.7% in 2021 to 3.3% in 2024, indicating that approximately 20,000 residential communities will change property management companies each year [4]. Company Strategies - Wanwu Cloud has introduced an "elastic pricing" model, allowing homeowners to choose from 158 mandatory services and 350 optional services, thereby returning pricing power to the homeowners [4][5]. - The "elastic pricing" model has been implemented in cities like Chongqing, Qingdao, and Taiyuan, improving transparency and customization in property services [4][5]. Homeowner Engagement - In Qingdao's Vanke Jinyu Blue Bay community, homeowners actively participated in negotiating service contracts, leading to improved satisfaction and reduced conflicts over service quality [5][6]. - The negotiation process involved 13 rounds of discussions, resulting in a final agreement on property fees that reflected homeowner preferences [7]. Market Dynamics - The property management sector is experiencing a shift from a focus on quantity to a focus on quality, with companies increasingly exiting poorly performing projects due to financial pressures [11][12]. - The trend of companies withdrawing from management projects is attributed to challenges in fee collection and the need to maintain profitability [11][12]. Financial Performance - Wanwu Cloud reported a 20% increase in property fee collection rates in projects utilizing the "elastic pricing" model, indicating a positive impact on financial performance [10]. - The company achieved a year-on-year revenue growth of 31.5% in its existing market through the combination of the "butterfly city strategy" and "elastic pricing" [10].

Core Viewpoint - The property management industry is undergoing a transformation driven by owners' increasing awareness and demands for transparency, standardization, and reasonable pricing in property services [1][3]. Group 1: New Property Management Models - Guangzhou is experimenting with a trust-based property service model to enhance transparency in property fee collection and management, allowing owners to monitor expenditures and approve budgets [3][4]. - The trust model differs from traditional management by ensuring that property fees and public revenues are collectively owned by all owners, with funds managed by a property company acting as a trustee [3][4]. - Vanke Property has introduced an "elastic pricing" model, allowing owners to choose from a menu of services based on their needs, thus addressing the demand for personalized and transparent service options [4][5]. Group 2: Industry Challenges and Responses - The property management sector faces challenges such as increasing difficulty in fee collection and rising owner sensitivity to service quality, leading to demands for lower fees in various cities [7][8]. - Many property companies are exploring new solutions to meet owner expectations, with some achieving a 100% fee collection rate through innovative models like the trust system [4]. - The traditional property service model, which often lacks flexibility and responsiveness to owner needs, is being criticized for its disconnect from service quality and owner satisfaction [9][10]. Group 3: Future Directions - The industry is moving towards a new ecosystem characterized by transparent operations, precise services, and efficient management, with various models being tested to address existing challenges [5][10]. - Key factors for successful transformation include establishing third-party service evaluations, leveraging technology for cost reduction, and fostering a collaborative governance mindset among owners [10].

Core Viewpoint - The property management industry is entering a critical phase of value reconstruction and service upgrade, driven by homeowners' increasing awareness and demands for transparency, standardization, and reasonable pricing in property services [1][7]. Group 1: New Property Management Models - Guangzhou is experimenting with a trust-based property service model to enhance transparency in property fee management and avoid conflicts arising from mismatched service quality and pricing [2][5]. - The trust model allows homeowners to collectively own property fees and public revenues, with all funds managed in a designated trust account, ensuring financial transparency and accountability [2][3]. - Vanke Property has introduced an "elastic pricing" model, allowing homeowners to select services based on their needs, thus addressing the demand for personalized and transparent service options [3][4]. Group 2: Industry Challenges and Responses - The property management industry faces challenges such as increasing difficulty in fee collection and rising homeowner sensitivity to service quality, leading to a need for innovative solutions [5][6]. - The traditional property service model, often dictated by developers, has resulted in a disconnect between service standards and homeowner expectations, prompting a shift towards more responsive management practices [7][8]. - Homeowners are increasingly demanding quality services that match the fees they pay, with a notable rise in disputes related to service quality, indicating a shift in homeowner expectations towards higher service standards [7][8]. Group 3: Future Directions - The industry is exploring various models, including "area-based collective operations" and "smart management systems," to enhance operational efficiency and service quality [5][8]. - Achieving a balance between service quality and pricing is seen as crucial for the industry's future, with emphasis on transparency, cost optimization, and collaborative governance among stakeholders [8].