编辑 | 张晓玲 深夜的住宅楼道内，一台机器人正无声地洗地。它能自主呼叫电梯、跨楼层作业，能智能识别并规避业 主随意堆放的快递盒、自行车甚至宠物，还能针对南方的"回南天"自动识别地面积水并提速回收。 这个机器人并非出自科沃斯、云迹这些机器人公司，而是由物业公司自主研发。 作者 | 周智宇 华尔街见闻10月21日获悉，物业巨头碧桂园服务正加速其自主研发的"零号居民"清洁机器人规模化落 地。 截至今年10月20日，这款机器人已在广州、北京、上海等地的17个项目中投入使用超130台。按照碧桂 园服务方面计划，年内这一数字将突破1000台。 碧桂园服务总裁徐彬淮对华尔街见闻表示，这不仅是技术的迭代升级，更是构建企业核心竞争力的战略 支点，公司会非常坚定地在这条道路上持续投入。 不动产和机器人，几乎是天生一对。住宅社区、商场、写字楼，这些不动产空间正是机器人最理想、最 庞大的应用场景。 碧桂园服务首席技术官赵晓光向华尔街见闻坦言，之所以"自研"，是因为通用型机器人无法解决物业场 景的真正痛点。 充满想象力的是，碧桂园服务作为国内规模最大的物业公司，其庞大的在管面积成为了机器人应用最理 想的试验场和孵化器。2025年上半 ...

"物业行业正加速迈向以数字化、人工智能与AIoT为核心的未来。公司深刻认识到，这不仅是技术的迭 代升级，更是构建企业核心竞争力的战略支点。"碧桂园服务（06098.HK）总裁徐彬淮向证券时报记者 表示。 10月21日，证券时报记者实地探访了碧桂园服务位于广州的盈禧花园社区，在该项目中，碧桂园服务展 示了自主研发并已投入应用的"零号居民"清洁机器人。记者在现场看到，"零号居民"清洁机器人能够通 过边刷聚拢、中扫卷入尘盒处理石子、螺钉、纸团等固体垃圾，还能通过"活水洗地+浮动刮板"系统即 时回收污水，对酱油、可乐等常见湿垃圾实现"即洗即干"。 据工作人员介绍，"零号居民"还具有超强避障功能，搭载了多传感器融合导航避障系统，具备毫米级超 感知贴边能力。其采用高算力芯片，专为住宅场景定制算法，能智能识别佛龛、快递、宠物等数十种障 碍物并设定不同避让策略，确保在高动态环境中安全、流畅作业。目前该社区共有4台清洁机器人负责 全项目楼宇地面保洁，实现了显著的效率提升和成本节约。机器人也受到社区业主的欢迎，保洁满意度 也有了明显提升。 徐彬淮表示，未来碧桂园服务会非常坚定地在这条道路上持续投入，努力将智能化打造成企业核心优 ...

Core Viewpoint - The property robot sector is poised for significant growth, with expectations of technological maturity and cost optimization leading to a breakthrough in market penetration by 2025, fundamentally transforming property management efficiency, cost, and user experience [1][3][20]. Group 1: Key Developments in Property Robots - Property robots have rapidly integrated into communities, becoming essential tools for property management, with capabilities such as cleaning and patrols [1]. - Leading property management companies have collaborated with robot manufacturers to establish operational data, algorithm adaptations, and multi-functional product upgrades, laying the groundwork for large-scale implementation [3][12]. - The current low penetration rate of property robots indicates a pre-explosion phase, with expectations for high-frequency, low-speed applications to achieve over 10% market penetration within the next year [4]. Group 2: Economic Drivers for Adoption - The property management industry faces significant labor cost pressures, with personnel costs constituting approximately 70% of total expenses, necessitating the adoption of robots to reduce costs and improve service quality [6][9]. - Robots can replace 1-2 cleaning staff, eliminating additional costs such as social security and accommodation, leading to substantial long-term savings [6]. - The introduction of robots has resulted in improved service efficiency, transitioning from reactive to proactive service models, enhancing overall operational effectiveness [7][9]. Group 3: Technological and Cost Breakthroughs - Advances in technology and cost reductions are critical for the widespread adoption of property robots, with key components like laser radar seeing price drops from tens of thousands to thousands of yuan [11]. - The integration of AI algorithms and lower-cost camera modules has significantly improved the robots' ability to accurately identify obstacles and enhance operational efficiency [11]. - The scaling of production by leading companies is expected to further reduce costs, with estimates suggesting a 20%-30% decrease in hardware costs as production volumes increase [12]. Group 4: Innovative Business Models - New business models, such as leasing instead of outright purchases, have emerged, allowing property management companies to reduce financial burdens and operational risks associated with technology obsolescence [15]. - The collaborative model between robots and human staff enhances service quality, with robots handling routine tasks while humans focus on specialized cleaning [16]. - Flexible pricing models linked to service usage rather than personnel numbers are being introduced, allowing property management companies to better align costs with service delivery [18]. Group 5: Future Market Potential - The property management sector in China generated revenues of 1.69 trillion yuan in 2023, with labor costs exceeding 56%, indicating a substantial market opportunity for property robots [19]. - The future of property robots is expected to encompass multifunctional capabilities, integrating cleaning, inspection, security, and customer service into a single platform [19]. - Leading property management firms are transitioning from buyers to co-developers of robotic solutions, fostering deeper collaboration with technology providers to enhance product offerings [19].

Core Insights - The home service market is experiencing significant growth driven by the aging population and increasing demand for high-end services, with the market size expected to exceed 1.2 trillion yuan by 2024 [3][4] - New technologies, particularly robotics, are entering the home service sector, enhancing service efficiency and creating new service categories [2][5][10] - The demand for skilled labor in the home service industry is rising, with a projected shortfall of over 20 million workers by the end of 2024 [9][10] Group 1: Market Potential and Growth - The home service market is projected to grow by 120% from 2020 to 2025, with elderly care, maternal and infant care, and high-end cleaning services contributing 65% of this growth [4][10] - The market is expected to see an annual growth rate exceeding 25% by 2025, driven by the increasing demand for essential services [4][10] - High-net-worth families are driving demand for comprehensive service models, which have shown stable growth and high renewal rates [8][10] Group 2: Technological Integration - Companies are actively developing and deploying robots for home services, with examples including the Astribot S1 and the HIVA robot, which can perform various household tasks [2][5] - The integration of AI and robotics is still in the early stages, particularly in complex service areas like elderly care and childcare, but there is optimism about future developments [5][7] - The industry is transitioning from labor-intensive to technology-driven models, with AI and robotics expected to play a significant role in service delivery [9][10] Group 3: Changing Consumer Demands - New service demands are emerging, including health management, sleep management, and pet care services, reflecting changing consumer lifestyles [9][10] - The demand for specialized roles such as childcare providers and elderly care workers is increasing, with a notable rise in the need for high-quality talent [9][10] - The market is witnessing a structural shift, with high-end service demands in urban areas reaching 35%, necessitating skilled personnel with higher education [7][9] Group 4: Policy Support and Industry Development - Multiple government departments have introduced policies to support the home service industry, focusing on service innovation, talent training, and financial support [10][12] - Local initiatives, such as Guangdong's "Nanyue Home Service" project, aim to standardize and professionalize the industry, resulting in significant growth in service providers and workforce [12][13] - The emphasis on training and developing high-quality talent is crucial for the industry's future, with plans to train 1.5 million individuals annually [10][13]

Core Viewpoint - Country Garden Services reported a revenue of 23.19 billion yuan for the first half of the year, marking a year-on-year growth of 10.2%, while the core net profit attributable to shareholders was approximately 1.57 billion yuan, indicating a stable operational and cash flow situation despite increasing competition in the residential property sector [2][4]. Financial Performance - The company's core business revenue showed a growth trend, with property management service revenue reaching 13.61 billion yuan, up 6.7% year-on-year; community value-added service revenue was 2.1 billion yuan, increasing by 5.3%; and the "Three Supplies and One Industry" service revenue surged by 51.6% to 5.07 billion yuan [4][5]. - The proportion of revenue from related parties has significantly decreased from 20.3% in 2018 to 1.1% in the first half of 2025, indicating a successful transition from a traditional real estate-dependent model to an independent market-oriented operation [6]. Market Position and Strategy - The management emphasized that the recent calls for property fee reductions reflect the industry's need for more standardized development, and that leading companies will have more opportunities due to their advantages in compliance, brand importance, and digital capabilities [4]. - The company plans to focus on customer orientation and adjust profit margins to reasonable levels while actively expanding the market and promoting high-quality development over the next three to five years [4]. Service Expansion and Innovation - Country Garden Services has launched its self-operated brand "Smart Charging" to provide safe and convenient charging services for two-wheelers, operating approximately 600,000 charging sockets across over 5,000 communities nationwide [5]. - The company has invested approximately 259 million yuan in upgrading community recreational facilities and old facilities to enhance customer experience [5]. Digital Transformation - The company has implemented comprehensive management in security, cleaning, engineering, and elevator services, utilizing NFC technology for service tracking visualization [6]. - The introduction of the self-developed "Zero Resident" cleaning robot, with nearly 100 units already in use and plans to deploy over 1,000 units in South China by the end of the year, highlights the company's commitment to digital and intelligent transformation [6].

Core Viewpoint - The company acknowledges current performance pressures and transformation pains but emphasizes the existence of significant opportunities within the industry [2][4]. Financial Performance - In the first half of the year, the company achieved revenue growth, with total revenue reaching 23.19 billion yuan, a year-on-year increase of 10.2% [2]. - The total number of managed property projects reached 8,108, with the managed area increasing to 10.6 billion square meters [2]. - However, several financial indicators faced pressure, with gross profit approximately 4.299 billion yuan, a year-on-year decline of 3.5%, and core net profit around 1.568 billion yuan, down 14.8% [2][3]. Business Segments - Core business revenue continued to grow, with property management service revenue at 13.61 billion yuan, up 6.7%, community value-added service revenue at 2.1 billion yuan, up 5.3%, and "three supplies and one industry" service revenue at 5.07 billion yuan, up 51.6% [3]. - The company plans to prioritize cash flow over scale growth, strategically exiting less profitable projects [3]. Industry Outlook - The property industry is currently undervalued, with significant opportunities in areas such as construction, elderly care, smart spaces, and digital home services [4]. - The company is investing in technology, including the deployment of nearly 100 cleaning robots and plans to implement over 1,000 units in South China by the end of the year [5]. Regulatory Environment - Ongoing calls for reduced property fees reflect the industry's need for more standardized development [5]. - Recent government policies aimed at addressing issues in the property service sector are expected to create more opportunities for leading companies [5]. Future Strategy - The company aims to return to a customer-oriented approach and achieve reasonable profit margins over the next three to five years [5]. - It is focusing on building core capabilities in low property fees, having entered nearly 20 low-fee communities this year [5].

Core Viewpoint - Country Garden Services reported over 10% revenue growth in the first half of the year, but profit performance declined, with management emphasizing that the annual operational goals remain unchanged [1][2]. Financial Performance - The company achieved operating revenue of 23.19 billion yuan, a year-on-year increase of 10.2%, with core property management service revenue reaching 13.61 billion yuan, up 6.7% [1]. - Community value-added service revenue was 2.1 billion yuan, growing by 5.3%, while "Three Supplies and One Industry" service revenue surged to 5.07 billion yuan, marking a 51.6% increase [1]. - The core net profit attributable to shareholders was approximately 1.568 billion yuan, which contributed to a decline in stock price [1]. Operational Scale - As of June 30, the total number of property projects managed by Country Garden Services reached 8,108, with a managed area of 1.06 billion square meters, including 90 million square meters from "Three Supplies and One Industry" residential management [1]. - Projects located in first- and second-tier cities accounted for approximately 40.2% of the managed area [1]. Strategic Focus - Management stated that the decline in profit is attributed to temporary factors, including the impact of long-term receivables clearance and strategic contraction in the relatively inefficient sanitation sector [2]. - The company is prioritizing cash flow over scale growth and is actively seeking solutions to improve cash flow from less profitable projects [2]. - Country Garden Services is undergoing digital transformation to enhance customer experience, service quality, and operational efficiency, with nearly 100 self-developed "Zero Resident" cleaning robots already in use [2]. Market Positioning - In response to the trend of reducing property management fees in the industry, Country Garden Services is building core capabilities in low property fee markets and has made progress by entering nearly 20 low property fee communities this year [3]. - The company plans to accelerate differentiation in new business markets within the segmented market [3].

Core Viewpoint - The company aims to return to a customer-oriented approach over the next three to five years, focusing on reasonable profit margins and market expansion while maintaining steady growth in gross profit [1] Financial Performance - In the first half of 2025, the company reported revenue of 23.19 billion yuan, a year-on-year increase of 10.2%, with core net profit attributable to shareholders around 1.57 billion yuan [1] - The company's bank deposits and structured deposits totaled approximately 16.47 billion yuan, indicating overall stable operating and cash flow [1] Business Strategy - The company is actively reducing related party transactions, with the proportion of income from related parties decreasing from 20.3% in 2018 to 1.1% in the first half of 2025, marking a shift towards independent market operations [1] - The company has signed contracts for a total area of 64.77 million square meters in the third-party market, representing a 66% year-on-year growth [2] Service Expansion - The company has established a dedicated Integrated Facilities Management (IFM) business group, achieving significant breakthroughs in this area with projects from major clients like China Coal Group and Hong Kong University [2] - Various value-added services, including wine, charging stations, and home services, have shown double-digit to triple-digit growth, with expectations of generating over 1 billion yuan in revenue from these segments [2] Technological Innovation - The company is investing in robotics for property services, with a focus on patrol, cleaning, and companion robots, which are seen as essential for future applications in the industry [3] - The company has deployed nearly 100 "Zero Resident" cleaning robots in its service projects and plans to expand this to over 1,000 units in South China by the end of the year [3] Market Outlook - The management acknowledges the current challenges in the property market but emphasizes the significant unmet demand for lifestyle services, presenting opportunities for business expansion [5] - The company is committed to enhancing its service capabilities and fostering organic growth, believing that improved performance will lead to market recognition and reasonable valuation [5]

Core Viewpoint - Country Garden Services reported a solid performance in the first half of 2025, with revenue of 23.19 billion yuan, a year-on-year increase of 10.2%, and a core net profit attributable to shareholders of approximately 1.57 billion yuan, indicating stable cash flow and operational health [1][4]. Financial Performance - The company's core business revenue showed growth, with property management service revenue reaching 13.61 billion yuan, up 6.7% year-on-year; community value-added service revenue at 2.1 billion yuan, up 5.3%; and "Three Supplies and One Industry" service revenue at 5.07 billion yuan, up 51.6% [4][5]. - The proportion of revenue from related parties decreased significantly from 20.3% in 2018 to 1.1% in the first half of 2025, indicating a shift towards independent market operations [5]. Market Expansion and Strategy - The company achieved a significant increase in third-party market expansion, with contracted area reaching 64.77 million square meters, a year-on-year growth of 66%, surpassing the industry average [6]. - Country Garden Services established a dedicated Integrated Facility Management (IFM) business group to enhance service capabilities and deepen customer value [6]. Community Value-Added Services - Community value-added service revenue was approximately 2.1 billion yuan, accounting for about 9.1% of total revenue, with a focus on enhancing customer experience through initiatives like the "Smart Charging" service [7]. - The company has deployed over 600,000 charging sockets across more than 5,000 communities, with over 5.5 million registered users [7]. Digital Transformation and Innovation - The company is actively investing in digital and intelligent transformation, utilizing AI and IoT technologies to improve operational efficiency and service quality [8][9]. - The introduction of AI applications such as "Zero Assistant" and "One Look" supports rapid decision-making and enhances business efficiency [8]. - The implementation of a full-loop customer complaint mechanism using big data and AI models aims to improve service quality and responsiveness [8][9].

Group 1 - The core viewpoint of the articles highlights that Country Garden Services has demonstrated resilience and strength in maintaining revenue growth and expanding management area despite industry challenges [1][2] - For the first half of 2025, Country Garden Services achieved a revenue of 23.19 billion yuan, representing a year-on-year growth of 10.2%. The core business revenue, including basic property management services, community value-added services, and non-owner value-added services, grew by 5.5% [1] - The gross profit margin of property management was unexpectedly better than anticipated, with revenue and gross profit from property management increasing by 7% and 2% year-on-year, respectively, surpassing previous estimates by JPMorgan [1] Group 2 - The property service industry is undergoing a transformative change with the large-scale commercialization of artificial intelligence technology. Country Garden Services is actively investing in smart research and innovation, enhancing service quality, operational efficiency, and customer experience [2] - The company has deployed nearly 100 "Zero Resident" cleaning robots in its service projects and plans to implement over 1,000 units in the South China region by the end of the year, aiming to improve operational standards and efficiency through human-machine collaboration [2] - Analysts believe that the shift towards technology-intensive operations in property service companies is an inevitable trend, and Country Garden Services' proactive layout in smart operations may lead to a new path for improving service quality, releasing employee value, and balancing corporate efficiency [2]