碧桂园服务还未能从失落中走出，这家规模排名前列的物业企业仍在调整之中。8月27日，碧 桂园服务发布的2025年中期业绩报告显示，今年上半年，碧桂园服务营收实现231.9亿元，同 比增长10.2%，在管物业项目总数达8108个，收费管理面积增至10.6亿平方米，延续了规模化 优势。 拆分营收贡献来看，碧桂园服务主要业务板块营收均实现正增长。 其中，物业管理服务收入 136.1亿元，同比增长6.7%；社区增值服务收入21亿元，同比增长5.3%；"三供一业"业务则大 幅增长至50.7亿元，同比增幅高达51.6%。 虽然规模仍然保持在行业的较优区间，但碧桂园服务利润表现却继续下探。 今年上半年，碧桂园服务录得整体毛利约42.99亿元，同比下降3.5%；归母核心净利润约15.68 亿元，同比下降14.8%。毛利率则下降至18.5%。据碧桂园服务管理层的解读，利润下滑主要 来自于两个方面的原因，第一是清理历史应收账款过程中作出了折让带来了折损；二是主动收 缩相对低效的环卫、城市服务等板块所产生的阶段性冲击。 根据财报，碧桂园服务今年上半年出售附属公司带来的损失为1.08亿元，按公允价值计量且变 动计入金融资产公允价值变动 ...

21世纪经济报道记者 吴抒颖 在现金储备方面，碧桂园服务与行业的整体水平表现匹配。截至2025年6月30日，碧桂园服务的银行存 款和结构性存款约164.7亿元，在手现金较为充裕；银行及其他借款约8.58亿元，报告期内所有到期借款 均得以按时偿还；公司流动资产净值约120.4亿元，流动比率为1.4倍。 除了业务表现之外，碧桂园服务与关联方之间的业务处理，也是影响碧桂园服务近年业绩表现的重要方 面。中报显示，截至6月30日，碧桂园服务关联方收入占总收入的比例从2018年的20.3%持续下降， 2025年上半年降至1.1%的水平，已基本实现从传统地产依赖型模式向独立市场化运营的转型。 今年以来，全国屡有小区要求下降物业费，碧桂园服务也为此做好准备。碧桂园服务执行董事、总裁徐 彬淮在业绩发布会上表示，当前物业费降价的呼声反映了行业发展还不够规范的现状。近期国家关于扎 实开展物业服务领域突出问题集中整治的政策出台，对物业企业的诚信经营、合规经营提出了更高的要 求，中长期来看对推动行业规范稳健发展是好事情。 碧桂园服务在今年上半年也开始在低物业费市场取得进展，已经进入了近20个低物业费社区。碧桂园服 务计划在细分市场加速 ...

Core Viewpoint - Country Garden Services reported a revenue of approximately 23.2 billion yuan for the first half of 2025, reflecting a year-on-year growth of about 10.2%, despite a decline in gross profit and net profit [1][2] Financial Performance - Revenue for the first half of 2025 was approximately 23.2 billion yuan, a year-on-year increase of about 10.2% [1] - Gross profit was approximately 4.299 billion yuan, a year-on-year decrease of 3.5% [1] - Net profit was approximately 1.003 billion yuan, a year-on-year decline of 35.1% [1] - Core net profit was approximately 1.568 billion yuan, a year-on-year decrease of 14.8% [1] - The company’s cash flow from operating activities showed a net outflow of approximately 875 million yuan [7] Business Operations - The total number of managed property projects reached 8,108, with a managed area of 1.06 billion square meters, of which approximately 40.2% is located in first- and second-tier cities [1] - The property management service revenue was approximately 13.606 billion yuan, a year-on-year increase of 6.7%, accounting for about 58.7% of total revenue [2] - Third-party expansion signed area grew by 66% to approximately 64.77 million square meters [5] Strategic Focus - The company aims to maintain a cash flow target of at least a 1:1 ratio with net profit for the year 2025 [7] - The management emphasized a strategy focused on "operation system + data decision + mechanism reform" to address industry challenges [7] - Future pricing power in property services is expected to be held by customers, with the company aiming to align its services accordingly [8] Market Environment - The property market has seen a decline in incremental growth, with increasing competition and a rising turnover rate for residential properties [2] - Recent government policies aimed at addressing issues in the property service sector are expected to promote more standardized and stable industry development [2]

格隆汇8月27日丨碧桂园服务(06098.HK)公告，截至2025年6月30日止6个月，总收入同比增加约10.2%至 约人民币231.86亿元。公司股东应占利润约人民币9.97亿元，同比下降约30.8%。每股基本盈利29.82人 民币分。 总收入增长主要由于集团物业管理服务、社区增值服务及"三供一业"业务收入均保持增长，合计收入较 2024年同期增长14.9%，叠加集团主动压降信用风险显著上升的客户("风险客商")的业务规模导致非业 主增值服务收入随有所下降，以及城市服务及商业运营服务收入减少的综合影响导致。 ...

Core Viewpoint - The company aims to achieve a certain percentage of growth in both revenue scale and overall profitability by 2025 [7] Financial Performance - In 2024, the company reported total revenue of 43.99 billion yuan, a year-on-year increase of 3.2% [2] - Gross profit was approximately 8.4 billion yuan, a decline of 3.8% year-on-year [2] - Net profit reached about 1.875 billion yuan, showing a significant year-on-year increase of 262.8% [2] - The substantial increase in net profit is attributed to previous business adjustments and risk management measures taken in 2023 [2] Business Segments - The core business consists of property management services, community value-added services, and "three supplies and one industry" services, generating a combined revenue of approximately 38.26 billion yuan, a year-on-year growth of 10.2% [2] - The revenue structure has improved, with the core business now accounting for 87% of total revenue [2] Cash Flow Management - As of the end of 2024, the company had total cash resources of 18.18 billion yuan, with net cash from operating activities at 3.87 billion yuan, which is 1.3 times the core net profit attributable to shareholders [3] - The company aims to maintain a long-term goal of a 1:1 ratio between net cash flow and net profit [3] - The comprehensive collection rate for property fees reached 96.17% in 2024, with an improvement noted in the first quarter of 2025 [3] Market Expansion - The company has set higher market expansion targets for 2025, having already entered over 100 new property management projects by February [4] - By the end of March, the company was on track to achieve 25% of its annual market expansion goal [4] Risk Management - The company has reduced its reliance on related developers, with related transactions now accounting for only 0.9% of total revenue [4] - Non-owner value-added service revenue decreased by approximately 54.6% year-on-year, while commercial operation service revenue fell by about 38.1% [4][5] - The company has implemented stricter measures for dealing with high-risk clients, ensuring that revenue is only recognized after fulfilling contractual obligations [6] Accounts Receivable - The company reported trade receivables net amounting to approximately 17.689 billion yuan, an increase of 1.31 billion yuan compared to the same period in 2023 [6] - The management acknowledges the complexity of these receivables and plans to address long-aged accounts receivable as a core focus for 2025 [6]