主动出清风险 利润短期承压 本报记者 陈潇 "目前来看，公司在经营基本面上，基本达成了2025年初的既定目标。我们本次发布会的主题是'以稳筑基，共享未来'，我 们希望稳健发展的同时，打牢基础，用真正的核心竞争力驱动未来可持续的发展。"3月27日，在碧桂园服务业绩会上，碧桂园 服务执行董事、总裁徐彬淮在业绩会上对《证券日报》等媒体表示。 年报显示，2025年碧桂园服务实现总营收483.54亿元，同比增长9.9%；归母净利润受非经营性因素影响有所回调，为6.01 亿元，剔除相关因素后，公司归母核心净利润仍达25.2亿元。 利润端的波动，成为本次业绩会的关注重点。对此，碧桂园服务新任CFO田田向《证券日报》等媒体表示，归母净利润的 调整项均为非经营性因素，包括历史并购带来的客户关系等无形资产摊销成本，商誉及其他无形资产的减值，应收关联方款项 的减值冲回及其他因素。例如，报告期内对满国环境项目进行了一次性大额计提减值。 "简单总结，公司利润阶段性承压，主要是由于主动的一些财务出清动作。"田田表示，利润的短期波动是财务健康度升级 的阶段性代价。 从经营基本面来看，公司仍保持较强韧性。2025年，大物业板块实现收入331 ...

Group 1: Industry Trends - The property management industry is undergoing a transformation from basic services to specialized and differentiated offerings, creating competitive advantages through professionalization [1] - Companies are shifting from a focus on traditional property management to asset management, with an emphasis on enhancing service value and establishing business moats [1][5] - The industry is moving away from homogeneous competition towards differentiated development based on core competencies, with opportunities in vertical market exploration [1] Group 2: Company Strategies - Poly Property has introduced the "All-Domain Scenic City" model, integrating property services with cultural tourism to create new profit models [1][4] - Poly Property is enhancing its service offerings in scenic areas like Xichong by transitioning from basic services to operational management, including ticketing and event planning [2][3] - Wanwu Cloud is transitioning from traditional property management to asset services and AI solutions, aiming to address pain points in asset management through its "Lingstone 3.0" system [5][6] - Country Garden Services is focusing on basic services and old community management, establishing a separate brand "Yuebaijia" to provide modern property services in aging neighborhoods [7][9] Group 3: Operational Improvements - Poly Property's operational improvements in Xichong have led to a 78% increase in secondary consumption and enhanced visitor experience within six months [3] - Wanwu Cloud's "Lingstone" system has improved inspection efficiency by 95% and reduced traffic congestion by 70% in various projects [6] - Country Garden Services is implementing diverse value-added services in old communities, such as community retail and home services, to achieve sustainable profitability [9][10]