25H1物管行业经营表现“喜忧参半”。一方面，营收同比增速较24年持平，初步探明“L形”底部；归母净利润恢复正增长，主要因为关联房企应收账款和商誉减值减少；中期派息率延续提升。但另一方面，行业基本面仍面临挑战：物业费降价和收缴率压力等因素仍在发酵，多元服务仍然承压，减值关注点逐步切换至第三方应收账款。往前看，我们依然看好高股息、地产拖累减弱、消费回暖三大逻辑的持续演绎，看好头部物管公司在兑现具备...
Source Link25H1物管行业经营表现“喜忧参半”。一方面，营收同比增速较24年持平，初步探明“L形”底部；归母净利润恢复正增长，主要因为关联房企应收账款和商誉减值减少；中期派息率延续提升。但另一方面，行业基本面仍面临挑战：物业费降价和收缴率压力等因素仍在发酵，多元服务仍然承压，减值关注点逐步切换至第三方应收账款。往前看，我们依然看好高股息、地产拖累减弱、消费回暖三大逻辑的持续演绎，看好头部物管公司在兑现具备...
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