房企2025财年业绩前瞻：开发商再探底部

浣葛观银01-25

中国房地产开发商及物业管理公司将于 3 月公布业绩。摩根大通预计开发商盈利同比下滑 29%，利润率持续受压；物管公司盈利增长分化趋势将持续（国企：增长 9%；民企：下滑 21%）。鉴于 2025 年下半年房地产市场持续恶化，开发商业绩疲软不足为奇。对于该行业，政策及销售和价格走势仍将是更重要的驱动因素。在开发商中，摩根大通首选华润置地及中国金茂；在物管公司中，看好华润万象生活及绿城服务；对万科持...

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年下半年房地产市场持续恶化，开发商业绩疲软不足为奇。对于该行业，政策及销售和价格走势仍将是更重要的驱动因素。在开发商中，摩根大通首选华润置地及中国金茂；在物管公司中，看好华润万象生活及绿城服务；对万科持...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260125212326a6aaa24a&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1570","symbol_name":"华润系","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260125212326a6aaa24a&s=b","article_id":"2606257083","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260125212326a6aaa24a&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, 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11%），而民企物管公司盈利平均同比下滑 21%（融创服务预计下滑幅度最大，超 30%）。预计物管公司整体利润率将从 2024 财年的 16.2% 降至 2025 财年的 15.6%，不过预计国企物管公司利润率将保持稳定，维持在 14.6%。预计核心净利润率将进一步受压，从 10.2% 降至 9.5%，但国企物管公司核心净利润率将小幅改善，从 11.3% 升至 11.6%。摩根大通预计多数物管公司将维持稳定的派息率，惟中海物业除外 —— 正如其中期业绩中所披露，中海物业可能将派息率从 33% 上调至 60%。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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