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79, 79);letter-spacing: normal;visibility: visible;">点击咨询【<b style="visibility: visible;">地产企业研究与推广</b>】</span></span><span style="font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;visibility: visible;"><span style="outline: 0px;color: rgb(79, 79, 79);letter-spacing: normal;visibility: visible;font-size: 12px;">获取<b style="outline: 0px;visibility: visible;">最新企业数据</b></span><span style="font-size: 12px;visibility: visible;"><br style="visibility: visible;" /></span></span></section><section style="outline: 0px;letter-spacing: 0.544px;line-height: normal;visibility: visible;"><span style="outline: 0px;letter-spacing: normal;color: rgb(79, 79, 79);visibility: visible;font-size: 12px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;">? 戳这里，加入<b style="outline: 0px;visibility: visible;">【中指社群】</b>地产/物业/投拓/产城</span></section></section></section><section style="background: rgb(255, 255, 255);line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;visibility: visible;"><br /></section><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;">2024年的中国房地产行业，在深度调整中加速分化。前百强房企权益销售额同比继续下降的背景下，招商蛇口（001979.SZ）交出了一份“稳中有进”的答卷：全年营收1789.48亿元，同比增长2.25%；经营性现金流净额319.64亿元，货币资金突破千亿大关至1003.51亿元，现金短债比提升至1.59，稳居“绿档”阵营。尽管归母净利润同比下降36.09%，但这背后是公司主动计提59.44亿元资产减值准备以夯实资产质量的战略选择。<o:p></o:p></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><br /></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;">透过这份年报，我们看到的不仅是一家头部房企的财务韧性，更是在房地产新发展模式下，通过开发业务、资产运营和物业服务协同发力的生动实践，全力构建穿越周期的第二增长曲线。<o:p></o:p></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><br /></p><section data-role="paragraph" style="margin-bottom: 0px;-webkit-tap-highlight-color: transparent;outline: 0px;letter-spacing: 0.544px;color: rgb(34, 34, 34);font-size: 14px;visibility: visible;font-family: system-ui, -apple-system, BlinkMacSystemFont, Arial, sans-serif;"><section style="padding: 12px 15px;-webkit-tap-highlight-color: transparent;outline: 0px;min-height: 1em;background-color: rgb(243, 243, 243);visibility: visible;word-break: normal !important;"><section style="-webkit-tap-highlight-color: transparent;outline: 0px;vertical-align: inherit;visibility: visible;line-height: normal;word-break: normal !important;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;text-align: center;font-size: 13px;visibility: visible;letter-spacing: normal;color: rgb(54, 54, 54);">更多</span><span style="-webkit-tap-highlight-color: transparent;outline: 0px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;text-align: center;font-size: 13px;visibility: visible;letter-spacing: normal;color: rgb(36, 72, 143);"><b style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(209, 20, 20);visibility: visible;">房地产企业</b></span><span style="-webkit-tap-highlight-color: transparent;outline: 0px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;visibility: visible;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;text-align: center;font-size: 13px;letter-spacing: normal;color: rgb(0, 0, 0);visibility: visible;">研究报告，</span><span style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(54, 54, 54);font-size: 13px;letter-spacing: normal;text-align: center;visibility: visible;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;letter-spacing: 0.544px;visibility: visible;">“</span><span style="-webkit-tap-highlight-color: transparent;outline: 0px;visibility: visible;color: rgb(217, 33, 66);"><b style="-webkit-tap-highlight-color: transparent;outline: 0px;visibility: visible;">中指云</b></span><span style="-webkit-tap-highlight-color: transparent;outline: 0px;letter-spacing: 0.544px;visibility: visible;">”获取 </span></span></span></section><section style="-webkit-tap-highlight-color: transparent;outline: 0px;vertical-align: inherit;visibility: visible;line-height: normal;word-break: normal !important;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;font-size: 12px;letter-spacing: 0.544px;text-align: center;visibility: visible;">https://u.fang.com/ytcrnn/</span></section></section></section><section style="margin-right: 8px;margin-bottom: 0px;margin-left: 8px;-webkit-tap-highlight-color: transparent;outline: 0px;letter-spacing: 0.578px;text-align: center;visibility: visible;"><br /></section><p style="outline: 0px;font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);text-align: center;visibility: visible;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><img alt="房价" class="rich_pages wxw-img" data-galleryid="" data-imgfileid="508108150" data-ratio="0.14888888888888888" data-s="300,640" src="//imgwcs3.soufunimg.com/open/2024_03/25/article/261b38d0-ffdc-42b4-ae3c-936843f8dcbd.png" data-type="png" data-w="900" style="outline: 0px;visibility: visible !important;width: 661px !important;"></p><p style="outline: 0px;font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><b style="color: rgb(7, 32, 89);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;font-size: var(--articleFontsize);letter-spacing: 0.034em;outline: 0px;"><span style="outline: 0px;letter-spacing: 2px;">财务底盘：安全边际与战略定力的双重注解</span></b><br /></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><b><br /></b></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;">在行业估值体系从“利润导向”向“现金流至上”转变的当下，招商蛇口凭借其千亿级的现金储备以及绿档身份，已然筑牢了抵御不确定性的“安全垫”。<o:p></o:p></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><br /></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;">流动性管理样本：在行业信用风险频发的2024年，招商蛇口经营性现金流同比增长1.69%，达到319.64亿元，货币资金同比增加13.66%，达到1003.51亿元，现金短债比提升至1.59，三项指标均创历史新高。这一成绩的背后，是公司“以销定投、以收定支”的严格现金流管控机制，以及央企背景下的低成本融资优势。招商蛇口2024年末综合资金成本仅2.99%，应该是行业最优的水平。<o:p></o:p></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><br /></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;">主动出清风险：2024年，招商蛇口计提资产减值59.44亿元，占净利润的147%。虽然这一举措，在短期内内对利润有所拖累，但实质是对低效资产的主动剥离。其中，存货跌价准备35.75亿元，主要针对三四线城市去化困难项目。与此同时，公司核心城市优质土储占比提升至53%（“6+10城”），为未来毛利率修复埋下了伏笔。<o:p></o:p></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><br /></span></p><p style="text-align: center;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><img alt="房价" class="rich_pages wxw-img" data-galleryid="" data-imgfileid="508051846" data-ratio="0.14888888888888888" data-s="300,640" src="//imgwcs3.soufunimg.com/open/2023_12/31/article/4da73cc4-11c4-40ac-87c3-84d1a3c075f2.png" data-type="png" data-w="900" style=""></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><b style="color: rgb(7, 32, 89);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;font-size: var(--articleFontsize);letter-spacing: 0.034em;outline: 0px;"><span style="outline: 0px;letter-spacing: 2px;">开发业务：从“土地红利”到“产品溢价”的范式革命</span></b><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><b><o:p></o:p></b></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><b><br /></b></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;">在房地产新发展模式下，开发业务不仅是招商蛇口的基本盘，更是其转型升级的重要支撑。2024年，公司确立了“品质优先、需求导向”的开发策略，通过产品力、服务力和营销力的协同提升，巩固了其在行业内的领先地位。<o:p></o:p></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><br /></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;">“3+1”产品系重构竞争壁垒：招商蛇口通过“首席设计师产品经理制”重构产品体系，以高定豪宅“玺系”和“天青系”“启序系”“揽阅系”等产品线迭新，精准匹配市场需求，在核心城市实现高溢价。例如，广州“招商林屿境”作为第四代住宅标杆，开盘当日去化率近100%，验证了产品创新对去化率的强力拉动。<o:p></o:p></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><br /></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;">城市深耕的“马太效应”：2024年招商蛇口实现签约销售面积935.90万平方米，签约销售金额2,193.02亿元。在西安、合肥等多个城市城销售金额排名位居第一，在深圳、成都、重庆等多个城市进入当地销售排名前五。这种高度聚焦的策略，使得其2024年新增土储中90%位于“核心10城”，在一线城市的投资占公司全部投资额的59%。<o:p></o:p></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><br /></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;">加快服务力变现：招商蛇口通过“十二维生活场景全周期体验系统”，强化社区运营，提升客户粘性，从城市界面到室内精工细节，营造“所见即所得”的品质交付，实现从“卖好房子”到“卖美好生活方式”的转型。这种服务模式提升了客户满意度，更为公司带来了高去化率和市场认可。<o:p></o:p></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><br /></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;">有业内人士指出，当行业陷入“以价换量”内卷时，招商蛇口通过产品细分和城市聚焦，正在改写“规模-利润”的负向循环逻辑。<o:p></o:p></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><br /></span></p><p style="text-align: center;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><img alt="房价" class="rich_pages wxw-img" data-galleryid="" data-imgfileid="508051847" data-ratio="0.14888888888888888" data-s="300,640" src="//imgwcs3.soufunimg.com/open/2025_03/18/article/72c7818c-fce6-467f-ae68-89df84d85289.png" data-type="png" data-w="900" style=""></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><b style="color: rgb(7, 32, 89);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;font-size: var(--articleFontsize);letter-spacing: 0.034em;outline: 0px;"><span style="outline: 0px;letter-spacing: 2px;">资产运营：REITs破局与生态化打造</span></b><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><b><o:p></o:p></b></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><b><br /></b></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;">招商蛇口在资产运营领域的表现尤为突出，通过构建“投、融、建、管、退”的全生命周期发展模式，打通了持有物业的资本化通道。2024年，招商蛇口主要持有物业全口径收入达到74.64亿元，同比上涨12%。<o:p></o:p></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><br /></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;">构建REITs常态化下的先发优势。招商蛇口积极响应国家政策，通过REITs创新盘活存量资产。2024年，公司成功发行蛇口租赁住房REIT，募集资金13.64亿元，成为行业典范。此外，公司在产业园区、集中商业等领域也积极布局REITs，构建了“开发—运营—资本化—再投资”的良性循环体系。<o:p></o:p></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><br /></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;">打造运营效率的“微笑曲线”。在运营能力提升方面，招商蛇口通过精细化管理和多元业态协同，实现了资产价值的最大化。公司管理的集中商业项目中，开业三年以上成熟商业项目出租率91%，EBITDA回报率6.24%；公司公寓业务运营收入为12.34亿元，开业1年以上精品公寓出租率达90%；同时，公司在长租公寓、写字楼等领域也通过优化运营策略，提升了出租率和客户满意度。<o:p></o:p></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><br /></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;">提升代建业务的想象空间。招商蛇口新成立的专业公司招商建管年内新增77个代建项目，新增代建管理面积约898万平方米,业务聚焦实现爆发式增长。凭借央企信用背书和“三大工程”政策红利，代建业务或成轻资产扩张新引擎。有分析师认为，招商蛇口资产运营板块的崛起，不仅优化了其利润结构，更使其估值逻辑从“开发商”向“不动产资管平台”跃迁。  </span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><br /></span></p><section style="margin-bottom: 0px;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><o:p></o:p></span></section><p style="text-align: center;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><img alt="房价" class="rich_pages wxw-img" data-galleryid="" data-imgfileid="508051845" data-ratio="0.14888888888888888" data-s="300,640" src="//imgwcs3.soufunimg.com/open/2024_01/02/article/56b55490-ad31-46c6-864e-5b8217b7945a.png" data-type="png" data-w="900" style=""></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><b style="color: rgb(7, 32, 89);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;font-size: var(--articleFontsize);letter-spacing: 0.034em;outline: 0px;"><span style="outline: 0px;letter-spacing: 2px;">物业服务：科技赋能与利润结构优化</span></b><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><b><o:p></o:p></b></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><b><br /></b></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;">招商蛇口旗下的物业服务和轻资产运营服务平台——招商积余，作为公司物业服务的核心力量，2024年坚持做大做强的战略定位，坚定不移地贯彻“轻型化、规模化、科技化、市场化”发展原则，坚定可持续发展。通过深耕优势赛道，打造主营业务相关多元化生态，通过加强科技应用赋能内部管理提效，不断提升服务质量和经营效率。<o:p></o:p></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><br /></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;">2024年，招商积余全面落实精益运营，首次达成利润增长超过收入增长的突破，实现营业收入171.72亿元，较上年增长9.89%；归母净利润8.40亿元，较上年增长14.24%。公司在物业服务领域的成功不仅体现在基础业务的夯实，更在于增值业务和数字化转型的推进。<o:p></o:p></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><br /></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;">基础业务夯实，规模与品质并重。招商积余通过精益运营，首次实现利润增长超过收入增长，标志着公司进入高质量发展的新阶段。截至2024年末，招商积余在管项目达2,296个，管理面积3.65亿平方米。公司在非住领域持续巩固头部服务商地位，通过“标杆项目+战略客户”双擎驱动，打造了差异化市场竞争能力。<o:p></o:p></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><br /></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;">增值业务与数字化转型，科技赋能服务。招商积余在增值业务方面取得了显著成果。平台增值业务实现营收5.36亿元，智慧能源业务加速布局，充电桩累计部署近3万台。同时，通过数字化转型，发布“积余服务”App及小程序，集成近70项智慧物业服务功能。这种科技赋能不仅提升了服务效率，更通过“千楼千面”定制化服务，满足了不同客户的需求。<o:p></o:p></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><br /></span></p><p style="text-align: center;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><img alt="房价" class="rich_pages wxw-img" data-galleryid="" data-imgfileid="508051848" data-ratio="0.14888888888888888" data-s="300,640" src="//imgwcs3.soufunimg.com/open/2024_01/04/article/d9b528b4-6874-49c9-b9da-25458a06b8bd.png" data-type="png" data-w="900" style=""></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><b style="color: rgb(7, 32, 89);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;font-size: var(--articleFontsize);letter-spacing: 0.034em;outline: 0px;"><span style="outline: 0px;letter-spacing: 2px;">智慧与绿色：ESG框架下的价值升维</span></b><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><b><o:p></o:p></b></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><b><br /></b></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;">在房地产新发展模式下，智慧化与绿色化成为企业可持续发展的关键。招商蛇口通过“AI+”战略，积极探索多智能体交互、多模态交互等前沿技术，推动智慧社区、智慧运营和智慧服务的落地。同时，公司在绿色建筑领域也取得了显著成就，2024年新增绿色建筑项目32个，<a data-word='建筑面积' href='//m.fang.com/baike/item/建筑面积/5950359' class='ct' style='white-space: nowrap'>建筑面积</a>达417.74万平方米。<o:p></o:p></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><br /></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;">智慧化转型的“三驾马车”。招商蛇口通过物联网、大数据和AI技术，打造了智慧社区、智慧能源和智慧运营体系。在智慧社区方面，公司发布的“One蛇口”一站式智慧服务平台，整合了住宅、商业、公寓等全场景服务，实现了客户需求的“一键触达、全程闭环”，客户需求响应效率提升明显；在智慧能源方面，充电桩部署近3万台，智慧能源业务方面，探索“社区微电网”新模式；在数字孪生方面，基于BIM技术的“数字蛇口”系统，使项目开发周期有效缩短，降低成本误差率。这种智慧化转型不仅提升了客户满意度，更为公司带来了运营效率的显著提升。<o:p></o:p></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><br /></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;">绿色建筑的长期主义。招商蛇口在绿色化发展方面展现了央企的责任与担当。公司通过装配式建筑和绿色建筑项目的推进，显著提升了能源利用效率。截至2024年末，公司累计建设绿色建筑项目518个，建筑面积达6,210.46万平方米。2024年，新增装配式建筑面积289.90万平方米，占新增建筑面积的88.90%。静安地王项目更以LEED金级认证，打造零碳社区样板。这种绿色化发展不仅符合国家“双碳”战略，更为公司带来了长期的经济效益和社会效益。<o:p></o:p></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><br /></span></p><p style="text-align: center;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><img alt="房价" class="rich_pages wxw-img" data-galleryid="" data-imgfileid="508051849" data-ratio="0.14888888888888888" data-s="300,640" src="//imgwcs3.soufunimg.com/open/2024_01/08/article/66c541db-6098-4f7a-ab7f-603756d3b362.png" data-type="png" data-w="900" style=""></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><b style="color: rgb(7, 32, 89);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;font-size: var(--articleFontsize);letter-spacing: 0.034em;outline: 0px;"><span style="outline: 0px;letter-spacing: 2px;">未来展望：重构业务韧性增长逻辑</span></b><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><b><o:p></o:p></b></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><b><br /></b></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;">在房地产行业加速变革的2024年，招商蛇口稳健的财务策略、精准的市场布局、强大的产品与服务力，以及创新的资本运作，成功构建了“开发—运营—服务”协同生态，不仅在行业寒冬中保持了韧性增长，更为房地产行业的新发展模式提供了可复制的样本。<o:p></o:p></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><br /></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;">对于投资者而言，当下的招商蛇口恰似一座“冰山”——水面之上是稳健的财务数据和传统开发业务，水面之下则是REITs资本化、智慧社区、绿色资产等尚未完全定价的隐性价值。当行业进入“剩者为王”时代，这种“显性安全+隐性成长”的组合，或将成为长期资本配置的重要标的。<o:p></o:p></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><br /></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;">展望未来，招商蛇口将深入研究房地产新发展模式的内涵与要求，继续锚定行业“五强”目标，时刻保持紧迫感，向市场要效益，向管理要效率，在新形势中寻找结构性机会，稳中求进、开拓进取，全面构筑高质量开发与高品质服务的新发展格局。<o:p></o:p></span></p><p style="line-height: 1.75em;margin-bottom: 0px;margin-left: 8px;margin-right: 8px;"><span style="font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(54, 54, 54);letter-spacing: 2px;"><o:p></o:p></span></p><section style="margin-right: 8px;margin-bottom: 0px;margin-left: 8px;color: rgb(62, 62, 62);-webkit-tap-highlight-color: transparent;outline: 0px;font-family: "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;font-size: 18.583px;background-color: rgb(255, 255, 255);text-align: center;"><img alt="图片" class="rich_pages wxw-img" data-backh="92" data-backw="578" data-galleryid="" data-imgfileid="508108151" data-ratio="0.16" data-s="300,640" src="//imgwcs3.soufunimg.com/open/2024_01/12/article/7bc74067-5d14-4c37-8655-b4b7de904d57.png" data-type="png" data-w="900" style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(36, 36, 36);font-size: 15px;letter-spacing: 0.578px;width: 661px !important;visibility: visible !important;"></section><section style="margin-right: 8px;margin-bottom: 0px;margin-left: 8px;color: rgb(62, 62, 62);-webkit-tap-highlight-color: transparent;outline: 0px;font-family: "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;font-size: 18.583px;background-color: rgb(255, 255, 255);text-align: center;"><span class="js_jump_icon h5_image_link" style="width: 562px;"><img alt="图片" class="rich_pages wxw-img" data-backh="144" data-backw="562" data-cropselx1="0" data-cropselx2="562" data-cropsely1="0" data-cropsely2="144" data-galleryid="" data-imgfileid="508108152" data-ratio="0.25555555555555554" data-s="300,640" src="//imgwcs3.soufunimg.com/open/2025_03/06/article/5b7018fe-4612-4dac-979f-c4541f321edd.jpg" data-type="png" data-w="900" style="color: rgb(62, 62, 62);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;font-size: 18.583px;letter-spacing: 0.544px;-webkit-tap-highlight-color: transparent;outline: 0px;border-width: 0px;border-style: initial;border-color: initial;width: 562px;visibility: visible !important;"></span></section><section style="margin-right: 8px;margin-bottom: 0px;margin-left: 8px;color: rgb(62, 62, 62);-webkit-tap-highlight-color: transparent;outline: 0px;font-family: "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;font-size: 18.583px;background-color: rgb(255, 255, 255);text-align: center;"><span style="font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;-webkit-tap-highlight-color: transparent;outline: 0px;vertical-align: bottom;user-select: none;width: 562px;"><span class="js_jump_icon h5_image_link" style="width: 562px;"><img alt="图片" class="rich_pages wxw-img js_insertlocalimg" data-backh="144" data-backw="562" data-cropselx1="0" data-cropselx2="562" data-cropsely1="0" data-cropsely2="144" data-imgfileid="508108155" data-ratio="0.25555555555555554" data-s="300,640" src="//imgwcs3.soufunimg.com/open/2025_03/01/article/ffed388a-660a-4b42-b621-34f53f696d09.jpg" data-type="png" data-w="900" style="-webkit-tap-highlight-color: transparent;outline: 0px;border-width: 0px;border-style: initial;border-color: initial;width: 562px;visibility: visible !important;"></span></span></section><section style="margin-right: 8px;margin-bottom: 0px;margin-left: 8px;padding-left: 6px;font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, 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招商蛇口:穿越周期的稳健样本与房地产新模式的实践先锋。? 点击咨询【地产企业研究与推广】获取最新企业数据? 戳这里，加入【中指社群】地产/物业/投拓/产城2024年的中国房地产行业，在深度调整中加速分化[&]前百强房企权益销售额同比继续下降的背景下，招商蛇口（001979.SZ）交出了一份“稳中有进”的答卷：全年营收1789.48亿元，同比增长2.25%；经营性现金流净额319.64亿元，货币资金突破千亿大关至1003.51亿元，现金短债比提升至1.59，稳居“绿档”阵营。尽管归母净利润同比下降36.09%，但这背后是公司主动计提59.44亿元资产减值准备以夯实资产质量的战略选择[&]透过这份年报，我们看到的不仅是一家头部房企的财务韧性，更是在房地产新发展模式下，通过开发业务、资产运营和物业服务协同发力的生动实践，全力构建穿越周期的第二增长曲线。更多房地产企业研究报告，“中指云”获取 https://u.fang.com/ytcrnn/。财务底盘：安全边际与战略定力的双重注解[&]在行业估值体系从“利润导向”向“现金流至上”转变的当下，招商蛇口凭借其千亿级的现金储备以及绿档身份，已然筑牢了抵御不确定性的“安全垫”。流动性管理样本：在行业信用风险频发的2024年，招商蛇口经营性现金流同比增长1.69%，达到319.64亿元，货币资金同比增加13.66%，达到1003.51亿元，现金短债比提升至1.59，三项指标均创历史新高[&]这一成绩的背后，是公司“以销定投、以收定支”的严格现金流管控机制，以及央企背景下的低成本融资优势。招商蛇口2024年末综合资金成本仅2.99%，应该是行业最优的水平。主动出清风险：2024年，招商蛇口计提资产减值59.44亿元，占净利润的147%。虽然这一举措，在短期内内对利润有所拖累，但实质是对低效资产的主动剥离。其中，存货跌价准备35.75亿元，主要针对三四线城市去化困难项目[&]与此同时，公司核心城市优质土储占比提升至53%（“6+10城”），为未来毛利率修复埋下了伏笔。开发业务：从“土地红利”到“产品溢价”的范式革命。在房地产新发展模式下，开发业务不仅是招商蛇口的基本盘，更是其转型升级的重要支撑。2024年，公司确立了“品质优先、需求导向”的开发策略，通过产品力、服务力和营销力的协同提升，巩固了其在行业内的领先地位[&]“3+1”产品系重构竞争壁垒：招商蛇口通过“首席设计师产品经理制”重构产品体系，以高定豪宅“玺系”和“天青系”“启序系”“揽阅系”等产品线迭新，精准匹配市场需求，在核心城市实现高溢价。例如，广州“招商林屿境”作为第四代住宅标杆，开盘当日去化率近100%，验证了产品创新对去化率的强力拉动。城市深耕的“马太效应”：2024年招商蛇口实现签约销售面积935.90万平方米，签约销售金额2,193.02亿元[&]在西安、合肥等多个城市城销售金额排名位居第一，在深圳、成都、重庆等多个城市进入当地销售排名前五。这种高度聚焦的策略，使得其2024年新增土储中90%位于“核心10城”，在一线城市的投资占公司全部投资额的59%。加快服务力变现：招商蛇口通过“十二维生活场景全周期体验系统”，强化社区运营，提升客户粘性，从城市界面到室内精工细节，营造“所见即所得”的品质交付，实现从“卖好房子”到“卖美好生活方式”的转型[&]这种服务模式提升了客户满意度，更为公司带来了高去化率和市场认可。有业内人士指出，当行业陷入“以价换量”内卷时，招商蛇口通过产品细分和城市聚焦，正在改写“规模-利润”的负向循环逻辑。资产运营：REITs破局与生态化打造。招商蛇口在资产运营领域的表现尤为突出，通过构建“投、融、建、管、退”的全生命周期发展模式，打通了持有物业的资本化通道[&]2024年，招商蛇口主要持有物业全口径收入达到74.64亿元，同比上涨12%。构建REITs常态化下的先发优势。招商蛇口积极响应国家政策，通过REITs创新盘活存量资产。2024年，公司成功发行蛇口租赁住房REIT，募集资金13.64亿元，成为行业典范。此外，公司在产业园区、集中商业等领域也积极布局REITs，构建了“开发—运营—资本化—再投资”的良性循环体系。打造运营效率的“微笑曲线”[&]在运营能力提升方面，招商蛇口通过精细化管理和多元业态协同，实现了资产价值的最大化。公司管理的集中商业项目中，开业三年以上成熟商业项目出租率91%，EBITDA回报率6.24%；公司公寓业务运营收入为12.34亿元，开业1年以上精品公寓出租率达90%；同时，公司在长租公寓、写字楼等领域也通过优化运营策略，提升了出租率和客户满意度。提升代建业务的想象空间[&]招商蛇口新成立的专业公司招商建管年内新增77个代建项目，新增代建管理面积约898万平方米,业务聚焦实现爆发式增长。凭借央企信用背书和“三大工程”政策红利，代建业务或成轻资产扩张新引擎。有分析师认为，招商蛇口资产运营板块的崛起，不仅优化了其利润结构，更使其估值逻辑从“开发商”向“不动产资管平台”跃迁。  。物业服务：科技赋能与利润结构优化[&]招商蛇口旗下的物业服务和轻资产运营服务平台——招商积余，作为公司物业服务的核心力量，2024年坚持做大做强的战略定位，坚定不移地贯彻“轻型化、规模化、科技化、市场化”发展原则，坚定可持续发展。通过深耕优势赛道，打造主营业务相关多元化生态，通过加强科技应用赋能内部管理提效，不断提升服务质量和经营效率[&]2024年，招商积余全面落实精益运营，首次达成利润增长超过收入增长的突破，实现营业收入171.72亿元，较上年增长9.89%；归母净利润8.40亿元，较上年增长14.24%。公司在物业服务领域的成功不仅体现在基础业务的夯实，更在于增值业务和数字化转型的推进。基础业务夯实，规模与品质并重。招商积余通过精益运营，首次实现利润增长超过收入增长，标志着公司进入高质量发展的新阶段[&]截至2024年末，招商积余在管项目达2,296个，管理面积3.65亿平方米。公司在非住领域持续巩固头部服务商地位，通过“标杆项目+战略客户”双擎驱动，打造了差异化市场竞争能力。增值业务与数字化转型，科技赋能服务。招商积余在增值业务方面取得了显著成果。平台增值业务实现营收5.36亿元，智慧能源业务加速布局，充电桩累计部署近3万台。同时，通过数字化转型，发布“积余服务”App及小程序，集成近70项智慧物业服务功能[&]这种科技赋能不仅提升了服务效率，更通过“千楼千面”定制化服务，满足了不同客户的需求。智慧与绿色：ESG框架下的价值升维。在房地产新发展模式下，智慧化与绿色化成为企业可持续发展的关键。招商蛇口通过“AI+”战略，积极探索多智能体交互、多模态交互等前沿技术，推动智慧社区、智慧运营和智慧服务的落地。同时，公司在绿色建筑领域也取得了显著成就，2024年新增绿色建筑项目32个，建筑面积达417.74万平方米[&]智慧化转型的“三驾马车”。招商蛇口通过物联网、大数据和AI技术，打造了智慧社区、智慧能源和智慧运营体系[&]在智慧社区方面，公司发布的“One蛇口”一站式智慧服务平台，整合了住宅、商业、公寓等全场景服务，实现了客户需求的“一键触达、全程闭环”，客户需求响应效率提升明显；在智慧能源方面，充电桩部署近3万台，智慧能源业务方面，探索“社区微电网”新模式；在数字孪生方面，基于BIM技术的“数字蛇口”系统，使项目开发周期有效缩短，降低成本误差率[&]这种智慧化转型不仅提升了客户满意度，更为公司带来了运营效率的显著提升。绿色建筑的长期主义。招商蛇口在绿色化发展方面展现了央企的责任与担当。公司通过装配式建筑和绿色建筑项目的推进，显著提升了能源利用效率。截至2024年末，公司累计建设绿色建筑项目518个，建筑面积达6,210.46万平方米。2024年，新增装配式建筑面积289.90万平方米，占新增建筑面积的88.90%。静安地王项目更以LEED金级认证，打造零碳社区样板[&]这种绿色化发展不仅符合国家“双碳”战略，更为公司带来了长期的经济效益和社会效益。未来展望：重构业务韧性增长逻辑。在房地产行业加速变革的2024年，招商蛇口稳健的财务策略、精准的市场布局、强大的产品与服务力，以及创新的资本运作，成功构建了“开发—运营—服务”协同生态，不仅在行业寒冬中保持了韧性增长，更为房地产行业的新发展模式提供了可复制的样本[&]对于投资者而言，当下的招商蛇口恰似一座“冰山”——水面之上是稳健的财务数据和传统开发业务，水面之下则是REITs资本化、智慧社区、绿色资产等尚未完全定价的隐性价值。当行业进入“剩者为王”时代，这种“显性安全+隐性成长”的组合，或将成为长期资本配置的重要标的[&]展望未来，招商蛇口将深入研究房地产新发展模式的内涵与要求，继续锚定行业“五强”目标，时刻保持紧迫感，向市场要效益，向管理要效率，在新形势中寻找结构性机会，稳中求进、开拓进取，全面构筑高质量开发与高品质服务的新发展格局。报告下载（电脑端复制链接）?政策解读[&]两部门联合发文，明确专项债用于土地储备的多项细则https://u.fang.com/yqew9v/落实两会精神，房地产市场止跌回稳的重要举措！https://u.fang.com/yqieqs/2025政府工作报告全文发布，楼市政策的七大看点！https://u.fang.com/yqsycd/从地方两会看2025年楼市政策方向https://u.fang.com/yqvakq/清单来了！地方拟收储超160宗地，总价超350亿元https://u.fang.com/yqvakg/土地专项债加速落地！广东省率先发行超300亿收购存量土地https://u.fang.com/yqvak6/?企业研究2025年1-2月中国房地产企业销售业绩排行榜https://u.fang.com/yqvajy/2025年1-2月全国房地产企业拿地TOP100排行榜https://u.fang.com/yqvaju/梳理600多个项目，看代建发展特征https://u.fang.com/yqvajo/?房地产市场2025年开年多地楼市保持平稳https://u.fang.com/yqvajg/开年土拍升温背后：优质地块加量与专项债收地提速https://u.fang.com/yqvajd/中指300城土地市场月报2025年02月https://u.fang.com/yqew4k/?指数研究中国房地产指数系统百城价格指数报告（2025年2月）https://u.fang.com/yqvamt/2024中国写字楼租金指数研究报告https://u.fang.com/yqvaj5/2024中国商铺租金指数研究报告https://u.fang.com/yqvaiy/?物业研究2025年1-2月中国物业服务企业新增合约面积TOP50https://u.fang.com/yqevxg/2024中国物业管理行业市场总结&2025趋势展望https://u.fang.com/yqvaiv/2024物业上市服务公司ESG测评研究报告https://u.fang.com/yqvait/中指研究院官网·中指云平台www.cih-index.com为行业提供：● 4万+房地产报告每日更新，涵盖住宅市场、房企研究、土地市场、物业研究、政策解读、指数研究等诸多领域；● 2300个城市地产数据、225万宗土地的推出成交信息、40万个住宅项目和5万栋商用物业的交易数据；● 中国城市投资吸引力排名，百城房价，查城市、查房企、查地产数据、查房地产政策；● 京津冀、长三角、珠三角、成渝、长江中游等核心城市群集中供地、土地拍卖快讯[&]戳“阅读原文” 免费试用中指产品！"/><input 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