于2025年6月30日，集团签约建筑面积约为4990万平方米，较2024年6月30日签约建筑面积5180万平方米 下降约3.7%，其中在管建筑面积约为4820万平方米，较2024年6月30日在管建筑面积4710万平方米增长 约2.3%。 格隆汇8月26日丨弘阳服务(01971.HK)公布中期业绩，截至2025年6月30日止六个月，集团收益达人民币 5.104亿元，较2024年同期上升9.7%；毛利为人民币1.134亿元，较2024年同期减少11.1%；毛利率为 22.2%，较2024年同期下降5.2个百分点；公司权益股东应占报告期内溢利为人民币2440万元，较2024年 同期下降33.2%，不派息。 2025年上半年，物业管理服务实现收益人民币4.20亿元，占总收益82.3%，较2024年同期增加11.9%；非 业主增值服务实现收益人民币1100万元，占总收益2.2%，较2024年同期减少45.8%；社区增值服务实现 收益人民币7940万元，占总收益15.5%，较2024年同期增加14.1%。 ...

新 报 告 股价走势图 -32% -16% 0% 16% 32% 48% 64% 2024-08 2024-12 2025-04 建发物业 恒生指数 数据来源：聚源 房地产/房地产服务 建发物业（02156.HK） 收入及利润水平稳健增长，基础物管规模稳中有进 2025 年 08 月 26 日 投资评级：买入（维持） | 日期 | 2025/8/25 | | --- | --- | | 当前股价(港元) | 3.190 | | 一年最高最低(港元) | 3.230/2.200 | | 总市值(亿港元) | 44.92 | | 流通市值(亿港元) | 44.92 | | 总股本(亿股) | 14.08 | | 流通港股(亿股) | 14.08 | | 近 3 个月换手率(%) | 10.38 | 基础物管规模稳中有进，业主增值服务收入高速增长 分业务结构看，2025 年上半年，公司物业管理服务收入 10.58 亿元，同比增长 23.1%；社区增值及协同服务收入 4.46 亿元，同比增长 23.5%；非业主增值服务 收 2.78 亿元，同比减少 19.4%。截至 2025 年上半年末，公司合约建筑面积为 1.13 ...

8月25日，保利物业发布2025年中期业绩。 报告显示，上半年，公司录得收入约为人民币83.92亿元，较2024年同期增加约6.6%。其中，物业管理 服务收入较2024年同期增加约13.1%至约人民币63.25亿元；非业主增值服务收入较2024年同期减少约 16.1%至约人民币8.63亿元；及社区增值服务收入较2024年同期减少约3.7%至约人民币12.04亿元。 上半年，公司录得毛利约为人民币16.27亿元，较2024年同期增加约1.0%，毛利率约为19.38%，较2024 年同期减少约1.08个百分点；期内溢利约为人民币9.04亿元，较2024年同期增加约5.8%，净利率约为 10.8%，较2024年同期减少约0.1个百分点；公司拥有人应占期内溢利约为人民币8.91亿元，较2024年同 期增加约5.3%。 ...

格隆汇8月25日丨保利物业(06049.HK)公布中期业绩，截至2025年6月30日止六个月，集团录得收入约为 人民币83.920亿元，较2024年同期增加约6.6%。集团三大业务所贡献的收入如下：(i)物业管理服务收入 较2024年同期增加约13.1%至约人民币63.248亿元；(ii)非业主增值服务收入较2024年同期减少约16.1% 至约人民币8.631亿元；及(iii)社区增值服务收入较2024年同期减少约3.7%至约人民币12.041亿元。 截至2025年6月30日止六个月，集团录得毛利约为人民币16.267亿元，较2024年同期增加约1.0%，毛利 率约为19.38%，较2024年同期减少约1.08个百分点；期内溢利约为人民币9.040亿元，较2024年同期增 加约5.8%，净利率约为10.8%，较2024年同期减少约0.1个百分点；公司拥有人应占期内溢利约为人民币 8.906亿元，较2024年同期增加约5.3%；及每股基本盈利约为人民币1.6178元。 ...

截至2025年上半年，滨江服务每股基本盈利1.08元，同比增长12.5%；中期股息为每股0.826港元，派息 比率达到70%，较去年提升10个百分点。 观点网 中报发出翌日，滨江服务"红了"。 8月22日，滨江服务股价最高去到25.40港元/股，收盘价24.92港元/股，较前一日收盘23.02港元/股，实 现涨幅8.25%。 据早前一天公布的中期业绩报告，滨江服务上半年实现营业收入20.25亿元，较去年同期增长22.7%；毛 利4.55亿元，同比增长7.9%；毛利率22.5%，同比下降3.1%；归母净利润2.98亿元，同比增长12.2%。 非业主增值服务毛利下降 中报数据显示，滨江服务上半年实现营业收入20.25亿元，较去年同期整体增长22.7%。 具体来看，作为集团主要收入来源，物业管理服务录得营收11.58亿元，占总收入57.2%，同比增 27.9%；非业主增值服务录得营收2.14亿元，占总收入10.6%，同比降14.6%；5S增值服务录得营收6.52 亿元，占总收入32.2%，同比增32.0%。 毛利及毛利率方面，滨江服务上半年实现毛利4.55亿元，同比增长7.9%；毛利率22.5%，同比下降 3.1% ...

截至2025年6月30日，滨江服务的在管建筑面积约7510万平方米，同比增长19.0%。合约建筑面积约 9640万平方米，同比增长7.1%。杭州地区在管面积同比增长18.8%，达4780万平方米，营收达人民币 8.18亿元，贡献了总物业管理营收的70.6%。 其中，物业管理服务收入为人民币11.58亿元、非业主增值服务收入为人民币2.14亿元及5S增值服务收 入为人民币6.53亿元。 报告期内，滨江服务的利润为人民币3.06亿元，同比增加12.2%；公司权益股东应占期内利润为人民币 2.98亿元，同比增加12.2%。 央广网北京8月23日消息（记者门庭婷）8月21日，滨江服务发布截至2025年6月30日止六个月中期业绩 公告。 2025年上半年，滨江服务实现收入20.25亿元，同比增加22.7%；毛利为4.55亿元，同比增加7.9%；毛利 率22.5%，较2024年同期下降3.1个百分点。 ...

Summary of Poly Property Conference Call Company Overview - **Company**: Poly Property - **Period**: January to May 2025 Key Points Industry and Company Performance - **Contract Amount Growth**: In the first five months of 2025, the contract amount increased by a mid-to-high single-digit percentage year-on-year, exceeding initial expectations [2][5] - **Net Profit Growth**: The company achieved positive net profit growth, although it may not reach the full-year guidance of 5% [2][5] - **Revenue Growth**: Revenue growth met the 5% guidance, driven primarily by basic property management services, which are expected to grow by 10% [2][9] Revenue and Profit Drivers - **Third-Party Business Growth**: The growth rate of third-party expansion business is faster than that of internal system business, indicating a strong market position [2][9] - **Property Management Fees**: The average property management fee for newly delivered projects by Poly Real Estate is significantly higher, approaching 2.8 yuan in 2024, compared to 2.4 yuan for all managed projects [2][6] Market and Cash Flow - **Cash Collection**: The collection rate slightly declined year-on-year, but the company has increased collection efforts in June 2025 [4] - **Accounts Receivable**: The accounts receivable from the parent company is manageable, with a ratio of operating cash flow to net profit exceeding 1.5 times in 2024 [4][12] M&A Strategy - **Acquisition Plans**: The company is actively seeking acquisition opportunities, having increased its M&A team and exploring potential targets [2][7] - **Market Environment**: The current market environment is favorable for buyers, with less competition and prices returning to reasonable levels [7] Non-Owner Value-Added Services - **Revenue Decline**: Non-owner value-added service revenue decreased year-on-year, accounting for 12% of total revenue in 2024 [2][7] - **New Business Initiatives**: To counteract the decline in traditional business, the company established an engineering service business, although it is expected to face challenges in growth [7][8] Community Value-Added Services - **Service Growth**: The "at-home service" segment within community value-added services has shown slight growth, while asset management services are declining due to the real estate cycle [9] Future Outlook - **Revenue Growth Drivers**: The primary growth driver for future revenue is expected to be basic property management services, with an anticipated growth rate of 10% [9][10] - **Market Share Potential**: The company aims to increase its market share in the third-party property management sector, which is currently around 2% to 3% [17] Dividend Policy - **Dividend Rate**: The dividend rate has been increasing, reaching 50% in 2024, with a corresponding dividend yield of approximately 4.5% [4][20] - **Future Intentions**: The company expresses a clear intention to enhance shareholder returns, supported by a strong cash position [20] Industry Trends - **Market Dynamics**: The property management industry is experiencing a slowdown in revenue growth, influenced by the cyclical nature of the real estate sector [14] - **Profit Margin Pressures**: The industry faces downward pressure on profit margins due to the increasing share of lower-margin third-party projects [15][16] Conclusion - **Long-Term Confidence**: Despite short-term challenges, the company maintains confidence in long-term growth opportunities driven by market expansion and operational improvements [14]

Core Viewpoint - The China Securities Hong Kong Property Management and Services Theme Index has shown positive performance, with a 3.43% increase over the past month, a 4.43% increase over the past three months, and a year-to-date increase of 10.70% [1] Group 1: Index Performance - The index reported a value of 399.49 points, indicating a low opening followed by a rise [1] - The index is based on 30 listed companies in Hong Kong involved in property management services, community value-added services, and non-owner value-added services [1] - The index uses December 31, 2019, as the base date, with a base point of 1000.0 [1] Group 2: Index Holdings - The top ten weighted companies in the index include Evergrande Property (10.95%), Poly Property (10.34%), and Yongsheng Service (10.09%) among others [1] - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange, with a 100% representation [1] - The index's sample companies are exclusively from the real estate management sector, also accounting for 100% of the holdings [1] Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, specifically on the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with provisions for temporary adjustments under special circumstances [2] - New property management and service companies that rank in the top twenty by market capitalization will be included in the index on their eleventh trading day [2]

Investment Rating - Investment advice: Positive on the long-term value of the property sector, recommending Onewo, China Resources Mixc Lifestyle Services, China Overseas Property Holdings, Poly Property Services, China Merchants Property Operation & Service, ChongQing New DaZheng Property Group [3][91]. Core Insights - The property management industry is facing profit challenges due to multiple adverse factors, leading to a phenomenon of "revenue growth without profit growth" since 2022. Key issues include pressure from parent companies, weakened real estate development investment, weak ability to increase property fees, and significant asset impairment [4][92]. - The industry is shifting from capital logic to operational logic, focusing on cash flows and returning to cyclical business characteristics, emphasizing basic property services [4][93]. - There are new opportunities in long-term revenue and cost management, with China's property fee burden being significantly lower than that of the US and Japan, indicating potential for growth [5][94]. Summary by Sections 1. Industry Challenges - The property management sector is experiencing a profit crisis due to several overlapping adverse factors, including downward pressure from parent companies and a decline in new project scales [4][10]. - The phenomenon of "revenue growth without profit growth" has become prominent among top property companies since 2022, with revenue growth slowing while gross and net profits have shown negative growth [17][92]. 2. Operational Focus - The industry is transitioning to an operational focus, emphasizing cash flow and basic property services, moving away from high-valuation mergers and acquisitions [4][93]. - Companies are optimizing their operational capabilities and focusing on core business models to enhance profitability [38][40]. 3. Market Dynamics - The competitive landscape is stabilizing, with leading companies solidifying their positions. The market is expected to see continued demand for property management services, particularly in non-residential sectors [5][94]. - The introduction of technology and robotics is anticipated to reduce costs and improve service models, providing new growth avenues [66][70]. 4. Financial Performance - The property management business is characterized by low profit margins, with gross margins around 15% and net margins declining, indicating a return to a cash flow-centric business model [50][47]. - The cash flow stability of property management contracts, typically lasting 3-5 years, enhances companies' resilience against market fluctuations [77][78]. 5. Future Outlook - The long-term outlook for the property sector remains positive, with potential for growth in service consumption and technological advancements driving efficiency [60][61]. - The sector is expected to maintain a robust business model, focusing on high cash generation and sustainable growth strategies [94][81].

Investment Rating - The report maintains an "Accumulate" rating for the real estate service industry [1] Core Viewpoints - The long-term growth of property companies relies on high-quality third-party expansion, stable gross margins, and community value-added services [60] - The industry is experiencing a shift towards focusing on core property service revenue, with a notable increase in its share of total income [10][13] - The report emphasizes the importance of managing accounts receivable and cash flow to mitigate operational risks [61] Summary by Sections 1. Sources of Long-term Growth for Property Companies - High-quality third-party expansion is essential for sustainable growth, with a significant increase in the share of core property service revenue among sample companies [10][16] - Profitability stabilization is more critical than mere scale growth, with some companies showing signs of gross margin recovery after years of decline [20][25] - Community value-added services, while not a second growth engine, can contribute to stable revenue and profit growth during low-growth phases [57] 2. Operational Risks Facing Property Companies - The accumulation of accounts receivable and the aging of these receivables pose significant risks to cash flow, with many companies experiencing faster growth in receivables than in revenue [61][63] - The report highlights the need for property companies to control the rapid growth of receivables to maintain financial health [61] 3. Valuation Recovery Potential in the Industry - The valuation of property companies is influenced by growth potential, profitability quality, and shareholder return policies, with a focus on maintaining a dividend payout [3][24] - Companies that can achieve stable mid-term growth and manage operational risks effectively are likely to see improved valuations [4][19] 4. Investment Recommendations - The report recommends companies that demonstrate stable growth, effective risk management, and a commitment to high dividends, highlighting specific companies such as China Resources Vientiane Life, Greentown Service, and China Merchants Jinling [4][19]