Core Viewpoint - The property management industry is transitioning towards high-quality development, focusing on service value rather than merely increasing management area, as companies actively withdraw from low-quality projects to ensure survival and growth in a challenging market environment [1][3]. Market Overview - As of June 24, the total market capitalization of 67 listed property management companies is approximately 259.82 billion yuan, with an average PE ratio of 21.18, showing recovery compared to the previous year [1][7]. - By the end of 2024, the total managed area in the property management industry is expected to reach 31.41 billion square meters, growing to 37.54 billion square meters by 2029 [1]. Industry Trends - The industry is experiencing a significant decline in project retention rates, with the top 100 property companies' project retention rate at 96.81% in 2024, down 1.36 percentage points from the previous year [4]. - Companies are shifting their strategies from pursuing scale to focusing on quality and profitability, leading to a trend of withdrawing from underperforming projects [3][5]. Company Actions - Several property management companies, including China Overseas Property and Longfor Intelligent Life, have announced or planned to exit certain projects due to low occupancy rates and difficulties in collecting property fees, resulting in operational losses [3][5]. - The withdrawal of projects is seen as a necessary measure for quality control rather than a goal, emphasizing the importance of both maintaining and expanding quality projects [5]. Service Innovations - Companies are innovating service offerings, such as the introduction of flexible pricing models that allow homeowners to choose services and set property fees based on their needs [6]. - Property management firms are focusing on high-value projects in core cities and targeting high-net-worth individuals, while also enhancing service transparency and standardization [6]. Investment Climate - The property management sector is witnessing a recovery in stock valuations, although significant disparities exist among individual companies [7][10]. - The industry is characterized by stable cash flows and strong anti-cyclical properties, providing potential for recovery despite challenges in the real estate market [10]. Market Exit Trends - Some listed property management companies are choosing to exit the capital market, with examples including the privatization of Ronshine Services [11].

华夏时报（www.chinatimes.net.cn）记者 李贝贝 上海报道 2024年，物企营收增速放缓，盈利空间进一步压缩，百强企业营业收入均值为16.05亿元，同比增长3.52%，增速 较上年回落1.04个百分点。管理规模增长乏力的同时，物管行业并购市场也继续遇冷。 中指研究院方面认为，房地产市场迈入下半场，行业重心由开发销售转向长效运营。尽管规模增量市场逐步收 缩，但存量市场依然持续增长，前景广阔。从存量市场来看，市场仍存结构性机会，尤其在非住宅领域。百强企 业需根据自身战略方向，聚焦专业细分赛道，进一步挖掘市场空间。 目前，多家物企仍对物管行业的前景持乐观看法。4月22日下午，龙湖智创生活方面向《华夏时报》记者强 调，"中国城市发展到现在，面临着从速度到质量，从增量到存量的转变。目前从政策的导向到市场客户的需求都 在呼唤'好房子''好服务'，在这个过程中我们坚定地相信物业服务这样一个行业，是大有前途，大有作为的。" 营收增速放缓，盈利空间进一步压缩 规模弱化，比拼"内卷式"深耕服务 近期，物业上市公司陆续公布2024年业绩报告，整体来看，业绩增长乏力仍是普遍现象。数据显示，2024年，60 家上市物 ...