2025 年 8 月 28 日│中国香港 物业管理 公司 8 月 27 日发布半年报，25H1 实现营收 231.9 亿元，同比+10%；归母 净利润 10.0 亿元，同比-31%；核心净利润 15.7 亿元，同比-15%。公司营 收增速高于我们预期（全年同比+5%），但核心净利润低于我们预期（全年 同比-0.2%），主要因为三供一业营收规模快速增长，但利润端和现金流表 现承压。公司核心业务营收实现双位数增长，大幅提升 25 年派息率计划， 25E 股息率具有吸引力，但我们认为仍需时间观察利润端和现金流的表现。 维持"增持"评级。 核心业务营收实现双位数增长，但利润端承压 证券研究报告 碧桂园服务 (6098 HK) 港股通 利润端和现金流表现承压，大幅提升 派息计划 25H1 公司营收同比增速较 23-24 年有所修复，主要因为公司增持了三供一 业物管业务的若干合联营公司，使其转为并表子公司，推动该业务营收同比 +68%。此外，基础物管/社区增值服务营收同比+7%/5%，均取得稳健增长。 核心净利润出现同比下滑，主要因为：1、毛利率同比-2.6pct 至 18.5%，各 业务毛利率均出现同比下滑，主要受增加 ...

2024年-2025年上半年，世茂服务主动优化业务结构，聚焦核心主业，并对部分非核心业务进行调整， 其中包括处置金沙田等子公司。这些调整在短期内对利润造成阶段性影响，但对于企业总体来看，是优 化了经营结构盘面，提升了公司应对市场和政策变化风险的能力。 与此同时，公司市场拓展成果显著，新增合约面积达 4,010万㎡，同比增长126.6%，新增年饱和收入达 到 10亿元，同比增长66.7%，双双创下历史新高。市拓质效并举的提升，不仅体现了公司在高质量项目 拓展上的能力，也进一步强化了独立发展的自生力。 因此，实际上在剔除金沙田等子公司影响后，公司整体收入仍实现了约 3% 的增长。其中，基础物管业 务保持稳健增长，收入超 28 亿元，同比提升近 3% 。 目前，公司近80%的合约面积来自第三方客户，经营基本盘稳定，收入结构持续优化。通过精细化管理 和数字化运营，公司经营效率与抗周期能力不断增强，为长期稳健发展奠定了坚实基础。 ...

8月27日，碧桂园服务（6098.HK）发布最新中报显示，公司在行业大环境承压的背景下保持了收入的 持续增长和管理面积的扩大，核心业务基本盘稳固，展现出头部企业的韧性和实力。 2025年上半年，碧桂园服务共实现营业收入231.9亿元，同比增长10.2%。同期，公司核心业务（即基础 物管服务、社区增值服务、非业主增值服务）的合计收入实现同比增长5.5%，其中基础物管服务收入 136.1亿元，同比增长6.7%。截至6月30日，收费管理面积增至10.6亿平方米，上半年第三方拓展签约面 积达6477万平方米，同比增长66%，远超行业平均水平。 摩根大通发布报告指出，碧桂园服务物业管理毛利出乎意料地好于预期，物业管理业务的收入及毛利按 年分别增长7%及2%，高于该行此前预估值。 随着人工智能技术进入大规模商用阶段，物业服务行业正迎来颠覆性变革。除了持续构建高效精益运营 体系、深化服务分级，碧桂园服务还积极投入智能研发创新、人工智慧及物联网等核心能力建设，持续 提升服务品质、运营效率及客户体验。据碧桂园服务报告，该公司自主研发的"零号居民"清洁机器人已 在其服务项目中投入使用近100台，并计划于年内实现在华南地区项目落地 ...

机构：中信建投证券 研究员：竺劲 核心观点 事件 公司发布2025 年中期业绩公告，2025 年上半年公司实现营业收入70.9 亿元，同比增长3.7%；实现归母 净利润7.7 亿元，同比增长4.3%。 简评 经营业绩稳健增长。2025 年上半年公司实现营业收入70.9 亿元，同比增长3.7%；实现归母净利润7.7 亿 元，同比增长4.3%。公司利润增速略高于收入增速主要在于1）毛利率有所提高，受益于公司持续优化 业务结构和项目治理，公司上半年毛利率为17.0%，较上年同期上升0.2 个百分点；2）费用率有所下 降，上半年销售、管理、财务三项费用率合计2.2%，较上年同期下降0.6 个百分点。 积极拓展城市运营业态。上半年公司新增在管面积3180 万平，其中84%来自于独立第三方，59%来自非 住项目，同时公司积极优化项目结构，上半年退盘2680 万平；截至6 月底公司在管面积4.36 亿平，较去 年底增加500 万平。从业态来看，上半年公司积极外拓城市运营业态，包括天津东丽区环卫一体化项 目、香港东区海滨长廊项目；上半年城市运营新增项目合约额达6.25 亿元，同比增长60.3%，城市运营 合约占比达64%，较 ...

Core Insights - The property management industry in China is experiencing a modest revenue growth of 4% in 2024, with total revenue reaching 293.87 billion yuan [1][17] - The average revenue per listed property company is 4.665 billion yuan, with a median of 1.74 billion yuan, reflecting a year-on-year increase of 4.0% and 11.3% respectively [1][17] - The industry is facing challenges due to economic uncertainties and the need for structural adjustments and upgrades [2] Capital Market Performance - The property sector continues to underperform compared to the broader market, with the Hang Seng Property Services Index declining by 5.8% in 2024 [2][4] - State-owned enterprises (SOEs) show stronger resilience in stock performance, with an average stock price change of 35.1%, while private enterprises saw a decline of 10.7% [4] - The average dividend payout ratio for listed property companies reached 91.3%, indicating an attractive investment value [7] Valuation - The average price-to-earnings (P/E) ratio for listed property companies increased to approximately 9.9, up from 9.7 in the previous year [11] - The valuation of property stocks has seen fluctuations, with a historical low of 8.4 times and a peak of 12.8 times in 2023 [11] Market Capitalization - The number of property companies with a market capitalization exceeding 10 billion yuan increased to 7, while companies with a market cap below 3 billion yuan account for 75.8% of the total [14] Operational Scale Analysis - The revenue growth rate for the property management sector has slowed to 4.0%, down 3.7 percentage points from the previous year [29] - The total managed area for listed property companies grew to 7.66 billion square meters, with a year-on-year growth rate of 6.3% [35] Revenue Growth Rate - The revenue growth rate for head companies is 5.7%, while large companies are experiencing negative growth at -0.2% [32] - Small and medium-sized companies also saw a decline in revenue growth rates, with small companies at 2.4% [32] Profitability Analysis - The average gross profit margin for listed property companies decreased to 19.0%, down 1.2 percentage points year-on-year [65] - The average net profit margin also fell to 4.2%, reflecting the pressures from reduced property fees and rising labor costs [65] Employment and Tax Contributions - The total tax contribution from 62 listed property companies was approximately 6.52 billion yuan, with head companies contributing nearly 70% of the total [130] - The employment numbers remained stable, with 54 listed companies employing around 1.035 million people [131] ESG Management - Property companies are increasingly focusing on ESG (Environmental, Social, and Governance) management, with many implementing energy management systems and promoting green operations [135][136] - Despite progress, challenges remain in standardizing carbon reduction and social responsibility initiatives [136]

证券研究报告 招商积余 (001914 CH) 市拓转化和蛇口赋能驱动营收增长 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 物业管理 | 公司 4 月 28 日发布一季报，25Q1 实现营收 44.6 亿元，同比+20%，归母 净利润 2.2 亿元，同比+15%，主要来自物业管理板块的贡献。在逆势交出 高质量的年报答卷后，25Q1 公司继续呈现较高的业绩增速，全年在盈利能 力、市拓、增值服务等方面具备看点。维持"买入"评级。 物管板块驱动 25Q1 营收同比较快增长，全年盈利能力有望进一步改善 25Q1 公司营收实现较快增长，我们认为主要来自物业管理板块的贡献。其 中，基础物管服务受益于市拓项目转化和在管面积扩张，增值服务受益于招 商蛇口的赋能支持。25Q1 公司毛利率同比略降 0.2pct、期间费用率同比略 升 0.1pct，主要受奖金支出等因素的影响，全年来看我们仍然期待"提质增 效"战略驱动下公司能够实现盈利能力的进一步改善。 物管：新签年度合同额实现同比增长，重点增值服务取得进展 基础物管方面，2 ...

Core Viewpoint - The company, Yongsheng Service, is actively expanding its project portfolio with over 50 new projects planned for early 2025, focusing on deepening urban engagement and diversifying service offerings to meet varied customer needs [2][3]. Group 1: Financial Performance - In the first half of 2024, the company achieved revenue of 3.37 billion yuan, a year-on-year increase of 5.9%, with a gross profit of 720 million yuan, up 11.4%, and a net profit attributable to shareholders of 265 million yuan, reflecting a growth of 10.3% [3]. - The revenue breakdown for different segments in 2024H1 shows that the core property management segment generated 2.46 billion yuan, growing by 12.4%, while community value-added services, non-owner value-added services, and urban services experienced declines [3]. - The property management segment accounted for 73.1% of total revenue, demonstrating strong resilience against cyclical downturns in the real estate sector [3]. Group 2: Project Expansion and Quality - The company has successfully expanded into over 50 high-quality property management projects, including collaborations with notable clients such as the Industrial and Commercial Bank of China and JD.com, enhancing its market position and project density in local cities [4]. - The quality of new projects is expected to help maintain profit margins and strengthen the company's competitive edge in the market [4]. Group 3: Profitability and Dividends - The gross profit margins for various segments in 2024H1 were reported as follows: property management at 20.5%, community value-added services at 37.1%, non-owner value-added services at 12.4%, and urban services at 11.7%, indicating a stabilization in profitability [4]. - The company declared an interim dividend of 0.0839 HKD per share and a special dividend of 0.0336 HKD per share, totaling approximately 200 million HKD, resulting in a dividend yield of 5.6% as of February 28, 2025, which is considered attractive [4].