2023年房企盈利能力报告：6成房企净利润亏损
<section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; color: rgba(0, 0, 0, 0.9); font-family: system-ui, -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important;"></section><p><br/></p><section data-role="paragraph" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgba(0, 0, 0, 0.9); font-family: system-ui, -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-wrap: wrap; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-align: center; line-height: 2em;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; letter-spacing: 0.578px; color: rgb(229, 0, 79); font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, Arial, sans-serif;">◎</span><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; letter-spacing: 0.578px; color: rgb(178, 178, 178); font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, Arial, sans-serif;"> 文 / 沈晓玲、汪慧、张少贤</span></span></section><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-align: center; line-height: 2em;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></section></section><section data-role="outer" label="edit by 135editor" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgba(0, 0, 0, 0.9); font-family: system-ui, -apple-system, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify; text-wrap: wrap; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><section data-role="outer" label="edit by 135editor" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><h1 style="margin-top: 0px; margin-bottom: 24px; padding: 0px; outline: 0px; font-weight: 400; font-size: 17px; max-width: 100%; line-height: 1.5em; box-sizing: border-box !important; overflow-wrap: break-word !important;"></h1><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><section style="margin: 10px auto; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: flex; justify-content: center;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: flex; align-items: flex-end;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px 5px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; color: rgb(42, 140, 140); text-align: center;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;"><strong data-brushtype="text" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">前言</strong></span></section></section><section style="margin: 0px 0px 0px -10px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; flex-shrink: 0;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; width: 35px;"></section></section></section></section></section><h1 style="margin-top: 0px; margin-bottom: 24px; padding: 0px; outline: 0px; font-weight: 400; font-size: 17px; max-width: 100%; line-height: 1.5em; box-sizing: border-box !important; overflow-wrap: break-word !important;"></h1><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light; font-size: 15px;">近年，房地产行业处于周期性调整，企业利润空间持续收窄。2023年，在“保交付”的共识下，行业整体营业收入略有上升，但利润规模延续负增长趋势，且连续两年表现为净亏损，各项利润率指标继续下探，降至历史最低水平。</span></section><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light; font-size: 15px;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">目前，市场仍在底部盘整，叠加低毛利项目销售资源进入交付结转期，可以预计行业盈利仍将继续承压。4月16日，</span><span class="wx_search_keyword_wrap" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: var(--weui-LINK); cursor: pointer; text-shadow: none; box-sizing: border-box !important; overflow-wrap: break-word !important;">万科A</span>亦在互动平台上表示今年的结算毛利率预计还会有一定压力，这也是大多企业面临的现状。面对多重负面因素叠加影响，企业还需积极调整，加强把关投资、管理、产品等环节，通过结构性调整拓展利润空间。</span></section><section data-role="paragraph" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></section></section><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><section style="margin: 10px auto; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: flex; justify-content: center;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: flex; justify-content: center;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 1.5px; color: rgb(227, 108, 9); font-style: oblique; text-align: center;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;"><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">0</strong><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">1</strong></span></section></section><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px 15px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section data-width="100%" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; width: 221.333px; border-left: 1px solid rgb(169, 220, 200); border-right: 1px solid rgb(169, 220, 200); height: 6px; border-top: 1px solid rgb(169, 220, 200); overflow: hidden;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></section></section><section style="margin: 0px; padding: 0px 15px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; background-color: rgb(244, 251, 248);"><section style="margin: 0px; padding: 5px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; color: rgb(42, 140, 140); text-align: center; letter-spacing: 1.5px; border-left: 1px solid rgb(169, 220, 200); border-right: 1px solid rgb(169, 220, 200);"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;"><strong data-brushtype="text" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">行业利润规模收缩<br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/>半数企业利润率水平不乐观</strong></span></section></section><section style="margin: 0px; padding: 0px 15px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section data-width="100%" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; width: 221.333px; border-left: 1px solid rgb(169, 220, 200); border-right: 1px solid rgb(169, 220, 200); height: 6px; border-bottom: 1px solid rgb(169, 220, 200); overflow: hidden;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></section></section></section></section></section></section><section data-role="paragraph" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></section></section><h2 style="margin-top: 0px; margin-bottom: 24px; padding: 0px; outline: 0px; font-weight: 400; font-size: 17px; max-width: 100%; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(89, 179, 158); letter-spacing: normal; line-height: 1.47em; font-size: 15px;"><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; line-height: 1.47em; text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light; box-sizing: border-box !important; overflow-wrap: break-word !important;">1、净利润、归母净利润连续亏损，利润持续承压</span></strong></span></h2><p style="margin-top: 0px; margin-bottom: 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light; font-size: 15px;">近年来，地产行业降杠杆的调控政策持续发力，伴随市场信心不足、购买力下降以及行业预期下行，房企销售去化受阻，盈利能力受到影响。根据CRIC监测情况显示，从2021年开始行业销售规模增速放缓，甚至部分房企业绩出现负增长，行业整体结算规模也开始收缩，前期高成本项目接连计入结算，行业整体成本持续上升。</span></p><p style="margin-top: 0px; margin-bottom: 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light; font-size: 15px;">从截至目前已披露2023年年报的企业数据来看，2023年行业典型上市房企1整体实现营业收入44578亿元、营业成本38743亿元，较去年分别同比提升2.6%、5.8%，营业成本的增速高于营业收入，企业营业收入和营业成本增速的中位数分别为-0.1%和4.7%。</span></p><p style="margin-top: 0px; margin-bottom: 24px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">从利润增速来看，行业利润增速从2018年出现下行趋势，2021年出现负增长，2022年规模房企整体的净利润首次出现净亏损。</span><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">2023年行业利润规模延续负增长趋势，且继续表现为净亏损。</span></strong><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">具体来看，2023年行业典型上市房企整体实现毛利润规模5436亿元，企业毛利润增速的中位数为-23%。净利润合计表现为净亏损1097亿元、归母净利润亏损1458亿元，企业净利润和归母净利润增速的中位数分别为-36.0%和-33.9%。</span></span></p><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-align: center; line-height: 2em;"></section><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-align: center; line-height: 2em;"></section><h2 style="margin-top: 0px; margin-bottom: 24px; padding: 0px; outline: 0px; font-weight: 400; font-size: 17px; max-width: 100%; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(89, 179, 158); letter-spacing: normal; line-height: 1.47em; font-size: 15px;"><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; line-height: 1.47em; text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light; box-sizing: border-box !important; overflow-wrap: break-word !important;">2、成本、减值压缩利润空间，行业利润率下行</span></strong></span></h2><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">从企业各项利润率指标来看，2023年行业典型上市房企整体的毛利率、净利率水平均延续2019年以来的下行趋势。</span><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">具体来看，2023年行业典型上市房企的毛利率中位数较上年末降低3.2个百分点至11.5%，净利率较上年末进一步降低5.5个百分点至-4.5%。</span></strong><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">2023年行业整体利润率持续下行探底，企业各项利润率指标降至历史最低水平。</span></span></section><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;"><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">综合来看，近年来行业整体利润空间收窄、多数典型上市房企利润率水平显著下降主要有以下几方面原因：</span></strong></span></section><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;"><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">第一，</span></strong><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">从成本端看，规模房企在行业上行阶段获取的高地价地块持续结算，拉升了结转出清的成本水平；</span></span></section><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;"><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">第二，</span></strong><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">从营收端看，房企销售的持续承压，过高的销售价格不利于加速项目去化，“以价换量”已成为房企保证项目去化的常规手段，营收规模增长动力不足。</span></span></section><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;"><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">第三，</span></strong><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">从资产缩水的角度看，近年来房企持续对存货以及投资物业等计提大量</span><span class="wx_search_keyword_wrap" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: var(--weui-LINK); cursor: pointer;">减值准备</span><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">，也在一定程度上侵蚀行业利润水平。</span></span></span></section><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-align: center; line-height: 2em;"></section><h2 style="margin-top: 0px; margin-bottom: 24px; padding: 0px; outline: 0px; font-weight: 400; font-size: 17px; max-width: 100%; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(89, 179, 158); letter-spacing: normal; line-height: 1.47em; font-size: 15px;"><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; line-height: 1.47em; text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light; box-sizing: border-box !important; overflow-wrap: break-word !important;">3、酒店运营复苏势头强劲，超8成企业投资物业收入增长</span></strong></span></h2><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light; font-size: 15px;">疫情得控，消费市场逐步回暖，包括酒店、商业等业务在内的商业地产运营也稳步修复，房企投资物业收入（包括租金收入及酒店运营收入）也在逐步复苏。</span></section><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;"><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">根据CRIC统计情况来看，2023年典型上市房企整体投资物业收入1267亿元，同比增长24.4%。</span></strong><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">从企业具体表现来看，实现同比增长的企业占比超8成，华润置地、富力地产、招商蛇口等房企增幅都表现可观。</span></span></section><section data-role="paragraph" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></section></section><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><section style="margin: 10px auto; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: flex; justify-content: center;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: flex; justify-content: center;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 1.5px; color: rgb(227, 108, 9); font-style: oblique; text-align: center;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;"><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">0</strong><strong data-num="2" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">2</strong></span></section></section><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px 15px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section data-width="100%" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; width: 238.833px; border-left: 1px solid rgb(169, 220, 200); border-right: 1px solid rgb(169, 220, 200); height: 6px; border-top: 1px solid rgb(169, 220, 200); overflow: hidden;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></section></section><section style="margin: 0px; padding: 0px 15px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; background-color: rgb(244, 251, 248);"><p style="margin-top: 0px; margin-bottom: 0px; padding: 5px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; text-align: center; font-size: 16px; color: rgb(42, 140, 140); letter-spacing: 1.5px; border-left: 1px solid rgb(169, 220, 200); border-right: 1px solid rgb(169, 220, 200); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;"><strong data-brushtype="text" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">9家房企净利亏损超百亿<br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/>过半数房企利润率三指标同降</strong></span></p></section><section style="margin: 0px; padding: 0px 15px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section data-width="100%" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; width: 238.833px; border-left: 1px solid rgb(169, 220, 200); border-right: 1px solid rgb(169, 220, 200); height: 6px; border-bottom: 1px solid rgb(169, 220, 200); overflow: hidden;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></section></section></section></section></section></section><section data-role="paragraph" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></section></section><h2 style="margin-top: 0px; margin-bottom: 24px; padding: 0px; outline: 0px; font-weight: 400; font-size: 17px; max-width: 100%; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(89, 179, 158); letter-spacing: normal; line-height: 1.47em; font-size: 15px;"><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; line-height: 1.47em; text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light; box-sizing: border-box !important; overflow-wrap: break-word !important;">1、超四成房企营收毛利同降，六成企业净利润亏损</span></strong></span></h2><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;"><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">从企业具体表现来看，2023年在行业典型上市房企中实现营收同比增长的企业占到近五成。</span></strong><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">但受结算结构影响以及结算项目利润率的不断走低，毛利润、净利润的表现并不尽如人意，在营收同比增长的企业中近1/3房企毛利润（剔除税金及附加）和净利润同比下滑，其中部分房企出现毛利亏损的情况。</span></span></section><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;"><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">“减收减利”现象较为普遍，营业收入与毛利润同时降低的企业数量占比为44.6%，</span></strong><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">万科、招商蛇口、</span><span class="wx_search_keyword_wrap" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: var(--weui-LINK); cursor: pointer;">龙湖集团</span><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">、中国金茂、金地集团等中大型房企也不例外。以招商蛇口为例，2023年招商蛇口实现营业收入1750亿元，同比下降4.4%，毛利润（剔除税金及附加）216亿元，同比下降21.1%。年内招商蛇口营业收入下降主要受到开发业务结转规模同比减少的影响，而毛利润下滑主要与企业结转地区结构变动有关，毛利水平较高的深圳区域年内营收规模同比下降30.1%，在整体营收中的占比降幅也超过4个百分点。</span></span></span></section><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;"><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">此外，2023年在行业典型上市房企中还有六成企业净利润出现亏损，</span></strong><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">净利润亏损房企数量较去年同期进一步增加，但净利大额亏损房企数量、累计净利润亏损规模收窄。根据CRIC统计情况来看，2023年行业典型上市房企中有9家房企净利润亏损额超过100亿、净利润亏损累计超1500亿元，较去年同期12家净利润亏损超100亿、年内净利润亏损累计超2000亿元的情况有所好转。</span></span></section><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-align: center; line-height: 2em;"></section><h2 style="margin-top: 0px; margin-bottom: 24px; padding: 0px; outline: 0px; font-weight: 400; font-size: 17px; max-width: 100%; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(89, 179, 158); letter-spacing: normal; line-height: 1.47em; font-size: 15px;"><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; line-height: 1.47em; text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light; box-sizing: border-box !important; overflow-wrap: break-word !important;">2、利润率普降，超半数房企毛利率、净利率、归母净利率同降</span></strong></span></h2><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">2023年行业整体盈利能力下行压力持续，企业利润率指标普降态势进一步加剧。具体从企业利润率的变动情况来看，</span><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">2023年在行业典型上市房企中3/4企业的毛利率同比降低，净利率和归母净利率降低的企业占比分别为72.3%、67.6%。</span></strong></span></section><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">不仅如此，三个指标综合来看，</span><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">55%的房企的毛利率、净利率、归母净利率均同比下降，</span></strong><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">其中不乏华润置地、中海地产、</span><span class="wx_search_keyword_wrap" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: var(--weui-LINK); cursor: pointer;">仁恒置地</span><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">、龙湖集团等毛利率保持高位、稳定性较强的房企，以仁恒置地为例，2018-2022年企业毛利率均保持在25%以上的水平、净利率在10%以上，2023年企业毛利率、净利率分别同比下降7.9、11.7个百分点，主要受到期内投资物业公允价值损失增加、已完成待售物业和开发待售物业的减值损失以及金融资产的净减值损失的影响，其中金融资产净减值损失10.6亿元，投资性物业公允价值损失5.3亿元。</span></span></span></section><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-align: center; line-height: 2em;"></section><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-align: center; line-height: 2em;"></section><section data-role="paragraph" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></section></section><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><section style="margin: 10px auto; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: flex; justify-content: center;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: flex; justify-content: center;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 1.5px; color: rgb(227, 108, 9); font-style: oblique; text-align: center;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;"><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">0</strong><strong data-num="3" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">3</strong></span></section></section><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px 15px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section data-width="100%" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; width: 257.615px; border-left: 1px solid rgb(169, 220, 200); border-right: 1px solid rgb(169, 220, 200); height: 6px; border-top: 1px solid rgb(169, 220, 200); overflow: hidden;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></section></section><section style="margin: 0px; padding: 0px 15px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; background-color: rgb(244, 251, 248);"><p style="margin-top: 0px; margin-bottom: 0px; padding: 5px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; text-align: center; font-size: 16px; color: rgb(42, 140, 140); letter-spacing: 1.5px; border-left: 1px solid rgb(169, 220, 200); border-right: 1px solid rgb(169, 220, 200); box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;"><strong data-brushtype="text" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">存货减值损失是盈利一大“杀手”<br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/>合联营投资亏损面收窄</strong></span></p></section><section style="margin: 0px; padding: 0px 15px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section data-width="100%" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; width: 257.615px; border-left: 1px solid rgb(169, 220, 200); border-right: 1px solid rgb(169, 220, 200); height: 6px; border-bottom: 1px solid rgb(169, 220, 200); overflow: hidden;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></section></section></section></section></section></section><h2 style="margin-top: 0px; margin-bottom: 24px; padding: 0px; outline: 0px; font-weight: 400; font-size: 17px; max-width: 100%; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(89, 179, 158); letter-spacing: normal; line-height: 1.47em; font-size: 15px;"><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; line-height: 1.47em; text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light; box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/>1、存货减值损失总计下降8.2%，融创、龙光等尚处高位</span></strong></span></h2><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light; font-size: 15px;">存货减值计提是由于存货项目可收回金额低于其账面价值，对减值部分进行的一种稳健处理，也是企业面临的重要财务风险之一。2021年以来，房地产行业存货减值计提现象常态化，给企业盈利水平带来较大冲击。</span></section><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">2023年，由于市场延续低位运行、预期不足，房企存货减值计提还在持续。</span><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">65家典型上市房企存货减值损失总计达到1370.3亿元，较2022年减少8.2%，整体计提规模有所放缓。</span></strong></span></section><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">其中，</span><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">存货减值计提减少的企业占比超过四成，华侨城A、金科股份、荣盛发展等部分企业在经历2022年大额计提之后，2023年存货减值损失大幅缩减。</span></strong><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">如华侨城2022年计提存货减值损失达到115.1亿元，2023年为33.9亿元，同比降幅达到70.5%。此外，</span><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">富力地产、佳兆业、花样年等8家企业未再进行计提。</span></strong></span></section><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;"><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">部分房企受布局、去化预期以及购房者信心影响，计提力度仍较大。</span></strong><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">绿地控股计提损失达到127.3亿元，直接导致净利润亏损111.2亿元。融创中国连续三年计提存货减值损失超过百亿规模，2023年达到115.2亿元，净利润亏损超百亿；此外，龙光集团、旭辉控股的计提也处于高位，是净利润大额亏损的主因。</span></span></section><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light; font-size: 15px;">总的来说，存货减值的风险仍在蔓延，企业的盈利深受影响，特别是出险房企和项目变现能力差的企业，情况不乐观。</span></section><h2 style="margin-top: 0px; margin-bottom: 24px; padding: 0px; outline: 0px; font-weight: 400; font-size: 17px; max-width: 100%; line-height: 2em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(89, 179, 158); letter-spacing: normal; line-height: 1.47em; font-size: 15px;"><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; line-height: 1.47em; text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light; box-sizing: border-box !important; overflow-wrap: break-word !important;">2、八成房企销管费率走高，中海、滨江管控具备优势</span></strong></span></h2><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">近年，面对市场下行调整，“降本减费”成为行业共识，各大企业加强经营管控，向管理要效益。</span><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">2023年，65家典型上市房企整体销管费用达2548.3亿元，同比下降10.4%。</span></strong><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">从销管费率（销管费用/报告期内操盘销售金额）来看，</span><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">典型上市房企整体销管费率平均值为6.4%，同比上升0.5个百分点，中位数为10.0%，则较2022年上升3.2个百分点。</span></strong></span></section><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light; font-size: 15px;">整体来看，尽管行业“降本减费”取得一定成效，销管费用规模降低，但由于楼市持续低迷，销售面临较大降幅，影响了整体效率的实现，根据统计，近八成典型上市房企销管费率走高，不少房企管控效率的进一步突破面临瓶颈。</span></section><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">具体从企业表现来看，</span><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">头部国央企及部分地域性较强的优质民企销管费率具备优势。</span></strong><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">民企中以滨江集团和绿城中国最为突出，滨江集团</span></strong><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">2023年销管费率仅为1.2%，在行业具备绝对领先优势；</span><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">绿城中国</span></strong><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">2023年销管费率为2.6%，较2022年进一步降低。</span><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">头部央国企如中国海外发展、招商蛇口、保利发展、</span><span class="wx_search_keyword_wrap" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: var(--weui-LINK); cursor: pointer;">华发股份</span><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">也位居行业前列，</span></span></strong><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light;">中国海外发展2023年销管费率为2.3%，与2022年持平。</span></span></section><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light; font-size: 15px;">但分化态势也在持续，特别是出险房企，尚未走出债务困境，心有余而力不足，如富力地产、中国奥园、荣盛发展等承压都较明显，且销管费率面临较大上升幅度，还有部分小型民企管控压力也较大，未来仍任重道远。</span></section><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-align: center; line-height: 2em;"></section><section data-role="paragraph" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></section></section><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><section style="margin: 10px auto; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: flex; justify-content: center;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; display: flex; justify-content: center;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 1.5px; color: rgb(227, 108, 9); font-style: oblique; text-align: center;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;"><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">0</strong><strong data-num="4" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">4</strong></span></section></section><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px 15px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section data-width="100%" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; width: 46.3333px; border-left: 1px solid rgb(169, 220, 200); border-right: 1px solid rgb(169, 220, 200); height: 6px; border-top: 1px solid rgb(169, 220, 200); overflow: hidden;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></section></section><section style="margin: 0px; padding: 0px 15px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; background-color: rgb(244, 251, 248);"><section style="margin: 0px; padding: 5px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; color: rgb(42, 140, 140); text-align: center; letter-spacing: 1.5px; border-left: 1px solid rgb(169, 220, 200); border-right: 1px solid rgb(169, 220, 200);"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;"><strong data-brushtype="text" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">总结</strong></span></section></section><section style="margin: 0px; padding: 0px 15px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section data-width="100%" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; width: 46.3333px; border-left: 1px solid rgb(169, 220, 200); border-right: 1px solid rgb(169, 220, 200); height: 6px; border-bottom: 1px solid rgb(169, 220, 200); overflow: hidden;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></section></section></section></section></section></section><section data-role="paragraph" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></section></section><section style="margin: 0px 0px 24px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; line-height: 2em;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 15px;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light; box-sizing: border-box !important; overflow-wrap: break-word !important;">目前，市场仍在底部盘整，叠加低毛利项目销售资源进入交付结转期，</span><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light; box-sizing: border-box !important; overflow-wrap: break-word !important;">可以预计行业盈利仍将继续承压。</span></strong><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light; box-sizing: border-box !important; overflow-wrap: break-word !important;">4月16日，万科A亦在互动平台上表示今年的结算毛利率预计还会有一定压力。总而言之，</span><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light; box-sizing: border-box !important; overflow-wrap: break-word !important;">面对多重负面因素叠加影响，企业还需积极调整，加强把关投资、管理、产品等环节，通过结构性调整拓展利润空间。</span></strong><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light; box-sizing: border-box !important; overflow-wrap: break-word !important;">一方面，</span><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light; box-sizing: border-box !important; overflow-wrap: break-word !important;">调整投资结构，关注拿地质量，</span></strong><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light; box-sizing: border-box !important; overflow-wrap: break-word !important;">以增量项目较高的毛利率带动整体毛利率企稳；另一方面，</span><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light; box-sizing: border-box !important; overflow-wrap: break-word !important;">调整组织结构，提升管理效率，</span></strong><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light; box-sizing: border-box !important; overflow-wrap: break-word !important;">创造经营效益；此外，产品作为市场竞争的关键抓手，</span><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; color: rgb(76, 76, 76); text-shadow: none; letter-spacing: 0.5px; font-family: Optima-Regular, PingFangTC-light; box-sizing: border-box !important; overflow-wrap: break-word !important;">优化产品结构，提升产品溢价能力，也将助力企业利润率的改善。</span></strong></span></section></section></section><p><br/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; text-align: justify; text-wrap: wrap; color: rgb(62, 62, 62); font-family: PingFangSC-light; font-size: 15px; letter-spacing: 1.6px; background-color: rgb(255, 255, 255); box-sizing: border-box !important; overflow-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/></p><p><br/></p><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; 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; text-align: justify; text-wrap: wrap; font-size: 15px; color: rgb(34, 34, 34); background-color: rgb(255, 255, 255); visibility: visible; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-variant-numeric: normal; font-variant-east-asian: normal; letter-spacing: 0.544px; line-height: 27.2px; visibility: visible;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; visibility: visible;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; visibility: visible;"><section data-role="outer" label="Powered by 135editor.com" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; letter-spacing: 0.54px; font-family: -apple-system-font, BlinkMacSystemFont, Helvetica Neue, PingFang SC, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif;"><section data-role="paragraph" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section data-role="outer" label="Powered by 135editor.com" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; min-height: 1em; line-height: 2em; letter-spacing: 0.54px;"><section data-role="paragraph" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; min-height: 1em; line-height: 2em; letter-spacing: 0.54px;"><section data-role="outer" label="Powered by 135editor.com" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; letter-spacing: 0.54px; font-size: 16px;"><section data-role="outer" label="Powered by 135editor.com" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; letter-spacing: 0.54px;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; letter-spacing: 0.54px; font-family: 微软雅黑;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; border-width: 0px;"><section style="margin: 10px 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-align: center; line-height: 2em;"><section style="margin: 0px; padding: 5px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; border-radius: 0px; border-width: 1px; border-style: solid; border-color: rgb(220, 221, 221); display: inline-block; box-shadow: rgb(160, 160, 160) 0px 0px 3px;"><section style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"><section style="margin: 0px; padding: 0px 8px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(131, 129, 129); font-size: 14px;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; letter-spacing: 2px;"><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">本文完</strong></span></p></section></section></section></section></section></section></section></section><section data-role="outer" label="Powered by 135editor.com" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; letter-spacing: 0.54px; font-size: 16px;"><section data-id="87417" data-tools="135编辑器" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; border-width: 0px;"><section data-role="outer" label="Powered by 135editor.com" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; letter-spacing: 0.54px;"><section data-id="87417" data-tools="135编辑器" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; border-width: 0px;"><section data-role="outer" label="Powered by 135editor.com" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; letter-spacing: 0.54px;"><section data-id="87417" data-tools="135编辑器" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; border-width: 0px;"><section data-role="outer" label="Powered by 135editor.com" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; letter-spacing: 0.54px;"><section data-id="87417" data-tools="135编辑器" style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; border-width: 0px;"><section style="margin: 0px 8px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; min-height: 1em; letter-spacing: 0.544px; text-align: center; line-height: 2em;"><span style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 14px; letter-spacing: 1px;"><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">文 | 克而瑞研究中心<br style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;"/>转载请</strong><strong style="margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;">注明出处</strong></span></section></section></section></section></section></section></section></section></section></section></section></section></section></section></section></section></section><p><br/></p><p><br/></p><link rel="stylesheet" href="//www.fqlook.cn/source/plugin/wcn_editor/public/wcn_editor_fit.css?v134_lry" id="wcn_editor_css"/> 了解了，谢谢楼主分享！ 原来是这样的。 {:5_248:}{:5_248:}{:5_248:}{:5_248:}{:5_248:}
页:
[1]