华润置地利润下滑，预判地产行业最艰难的时期已过去_老虎社区_美港股上老虎

华润置地利润下滑，预判地产行业最艰难的时期已过去

第一财经03-30

身处行业震荡期，多航道并行的央企华润置地（01109.HK）也很难独善其身。　　3月30日，华润置地披露了2025年业绩，报告期内，其实现营业收入2814.4亿元，同比增长0.9%；毛利实现597.44亿元，同比微降约1%；股东应占净利润254.2亿元，同比微降0.5%；核心净利润实现224.8亿元，同比下挫11.4%，连续两年下降，且降幅超过上年同期。　　利润的下降，是受到开发销售板块的持续拖累...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

暂无评论

热议股票

7x24

全部

{"i18n":{"language":"zh_CN"},"data":{"share":"https://www.laohu8.com/m/news/2623432323?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-03-30 21:08","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2623432323","market":"hk","top_or_hot":-1,"title":"华润置地利润下滑，预判地产行业最艰难的时期已过去","media":"第一财经","content":"<div>\n<p>身处行业震荡期，多航道并行的央企华润置地（01109.HK）也很难独善其身。　　3月30日，华润置地披露了2025年业绩，报告期内，其实现营业收入2814.4亿元，同比增长0.9%；毛利实现597.44亿元，同比微降约1%；股东应占净利润254.2亿元，同比微降0.5%；核心净利润实现224.8亿元，同比下挫11.4%，连续两年下降，且降幅超过上年同期。　　利润的下降，是受到开发销售板块的持续拖累...</p>\n\n<a href=\"http://finance.eastmoney.com/a/202603303689059993.html\">网页链接</a>\n\n</div>\n","source":"stock_eastmoney","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>华润置地利润下滑，预判地产行业最艰难的时期已过去</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n华润置地利润下滑，预判地产行业最艰难的时期已过去\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-30 21:08 北京时间&nbsp;&nbsp;&nbsp;<a href=http://finance.eastmoney.com/a/202603303689059993.html><strong>第一财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>身处行业震荡期，多航道并行的央企华润置地（01109.HK）也很难独善其身。　　3月30日，华润置地披露了2025年业绩，报告期内，其实现营业收入2814.4亿元，同比增长0.9%；毛利实现597.44亿元，同比微降约1%；股东应占净利润254.2亿元，同比微降0.5%；核心净利润实现224.8亿元，同比下挫11.4%，连续两年下降，且降幅超过上年同期。　　利润的下降，是受到开发销售板块的持续拖累...</p>\n\n<a href=\"http://finance.eastmoney.com/a/202603303689059993.html\">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":"LU1366334578.USD","symbol_name":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","start_time":0,"source_url":"http://finance.eastmoney.com/a/202603303689059993.html","article_id":"2623432323","we_media_id":null,"thumbnails":[],"rights":{"source":"stock_eastmoney","url":"http://finance.eastmoney.com/a/202603303689059993.html","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2623432323","pubTimestamp":1774876091,"columns":[],"sourceInfo":{"source_id":"stock_eastmoney","name":"东方财富"},"weMediaInfo":null,"summary":"身处行业震荡期，多航道并行的央企华润置地（01109.HK）也很难独善其身。3月30日，华润置地披露了2025年业绩，报告期内，其实现营业收入2814.4亿元，同比增长0.9%；毛利实现597.44亿元，同比微降约1%；股东应占净利润254.2亿元，同比微降0.5%；核心净利润实现224.8亿元，同比下挫11.4%，连续两年下降，且降幅超过上年同期。","collect":0,"end_time":0,"defaultTopTitle":"eastmoney.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","LU2088748020.USD":"EASTSPRING INVESTMENTS ASIA REAL ESTATE MULTI ASSE \"ADM\" (USD) INC A","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","SG9999009997.SGD":"United Asia Pacific Real Estate Income Acc SGD","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","SG9999010052.SGD":"United Asia Pacific Real Estate Income Dis SGD","BK1589":"北水核心资产","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","LU2088748293.HKD":"EASTSPRING INVESTMENTS ASIA REAL ESTATE MULTI ASSE \"AHD\" (HKD) INC","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","BK1240":"房地产开发","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU3063872942.SGD":"FULLERTON LUX FUNDS ASIA EQUITIES \"I\" (SGD) ACC","01109":"华润置地","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","BK1555":"内房股","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","SG9999010078.USD":"UNITED ASIA PACIFIC REAL ESTATE INCOME (USDHDG) INC","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (USD) ACC","LU0048580855.USD":"富达大中华区A","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU0414403682.SGD":"Blackrock Asia Pacific Equity Income A5 SGD-H","BK1570":"华润系","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","LU0173614495.USD":"富达中国焦点A","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","SG9999014674.SGD":"Nikko AM All China Equity A SGD","LU0738912210.USD":"Blackrock Asia Pacific Equity Income A6 USD","LU0359201612.USD":"贝莱德中国基金A2","BK1521":"挪威政府全球养老基金持仓","LU0516422366.SGD":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC"},"translate_title":"China Resources Land's profit declines, predicting that the hardest period of real estate industry has passed","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01109":1.5},"content_text":"身处行业震荡期，多航道并行的央企华润置地（01109.HK）也很难独善其身。　　3月30日，华润置地披露了2025年业绩，报告期内，其实现营业收入2814.4亿元，同比增长0.9%；毛利实现597.44亿元，同比微降约1%；股东应占净利润254.2亿元，同比微降0.5%；核心净利润实现224.8亿元，同比下挫11.4%，连续两年下降，且降幅超过上年同期。　　利润的下降，是受到开发销售板块的持续拖累。财报显示，2025年，华润置地的开发销售型业务营业额实现2381.6亿元，同比微增0.4%，在总营收中占比接近85%，但贡献的核心净利润仅为108.3亿元，同比大幅下挫超28%。　　这背后是不断走低的结算毛利率。“开发结算收入中一二线城市的收入占比88%，结算单价也上升了10%，”华润置地首席财务官赵伟表示，“但受整个行业下行的影响，结算毛利率下降了1.3个百分点。”　　据披露，华润置地2025年的结算均价上升10.5%至24599元/平米，而在土地成本上涨约14%的影响下，其结算单方成本上升12.3%，将结算毛利率拉低至15.5%。　　记者梳理历年财报发现，华润置地开发销售业务的毛利率在2018年触及42.9%的历史高位，此后一路走低，直至2024年跌破20%，仅为16.8%，而今年再创新低。　　这一业务大盘盈利能力的持续走低，也带动着华润置地综合毛利率的走弱，截至2025末，该指标为21.1%，较上年再下降0.5个百分点，同样创下近年新低。　　相较而言，包含了经营性不动产收租型业务、轻资产管理收费型业务的经常性业务则表现更为稳定。报告期内，该业务板块合计实现收入432.8亿元，营收规模相对较小，但贡献的核心净利润达116.5亿元，已超过开发销售板块，在总核心净利润中占比接近52%。　　同时，上述两项业务的盈利能力突出，经营性不动产收租型业务毛利率为71.8%，同比提升1.8个百分点；以物业板块为核心的轻资产管理收费型业务毛利率同比提升2.5个百分点至35.5%。　　尽管在当前的行业调整期，开发销售业务表现持续受挫，但其作为业绩基本盘，仍被华润置地寄予了较高的期待。　　从今年3月前三周数据看，华润置地首席运营官、副总裁陈伟认为，当前市场已有结构性修复的特征，一方面新房成交环比1-2月有所增长，另一方面二手房成交同环比均有比较大幅度的增长，个别城市出现了近年来的高点。　　“我们密切关注到近期政策的持续出台与市场呈现的结构性信号，特别是在二手房市场，部分核心城市老旧房源的价格修复带动了成交量回升。”陈伟判断，行业最艰难的时期已经过去，正式进入筑底回升、深度分化周期：核心城市与优质板块将率先企稳，其余城市在逐步消化存量的基础上实现缓慢修复。　　华润置地目前在手货值比较充足，陈伟透露，当前公司整体可售资源约4500亿元，还不含2026年新获取土地贡献的资源；从结构上也聚焦于核心城市，其中一二线的城市占比是在92%。他预计，华润置地2026年的销售规模将基本与2025年持平。2025年，华润置地实现物业签约销售额2336亿元，维持行业第三的地位，实现签约面积922万平方米，同比减少18.6%。　　华润置地董事会主席李欣坦言，2026-2027年，开发销售型业务仍将承受一定市场压力，但随着投资质量的提升、“做一成一”的兑现，增量持续释放将带动开发业务企稳回升。　　“预计在‘十五五’末，开发销售型业务营收规模维持在2000亿-2500亿元左右，营收占比将维持在 70%-75%水平，利润占比近4成。”在谈到业绩指引时，李欣提到，同期，经营性不动产收租型业务营收预计将稳定在300亿元以上，营收占比接近15%，利润占比接近5成，而轻资产管理收费型业务营收规模200亿以上，利润占比10%-15%左右。（文章来源：第一财经）","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":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}