> 数据图表如何了解1.3销售管理费用降幅不及收入降幅，费率被动抬升
2026-9-31.3销售管理费用降幅不及收入降幅，费率被动抬升◼ 2026H1重点房企销售管理费用率5.3%，同比+0.6pct，为2020年以来首次回升。虽然房企持续压降销售管理费用，但由于结转收入回落幅度较大，销售管理费用收缩幅度不及收入降幅，带来费率被动抬升。◼ 从具体房企来看，上半年建发国际集团（同比+5.9pct）、华发股份（同比+2.2pct）、华润置地（同比+2.2pct）销售管理费用率提升幅度较大，仅中国海外发展（同比-1pct）和越秀地产（同比-0.1pct）小幅下降。图：重点房企平均销售及管理费用率走势图：重点房企销售及管理费用率对比6.0%5.5%5.0%4.5%4.0%3.5%3.0%5.5%5.4% 5.3%5.3%5.0%5.0%4.9%4.7%2020202120222023202420252025H1 2026H1数据来源：Wind，国盛证券研究所6序号公司12保利发展华润置地3 中国海外发展45绿城中国招商蛇口6 建发国际集团789101112龙湖集团越秀地产华发股份滨江集团中国金茂新城控股2020202120222023202420252026H1销售管理费用率2026H1同比4.6%5.8%3.3%10.1%3.8%5.1%6.7%5.5%5.7%2.9%8.5%6.5%4.5%5.6%2.9%8.0%3.8%6.6%7.3%5.6%6.1%3.4%7.8%6.0%4.4%5.4%3.6%6.5%3.5%8.0%4.8%5.3%6.2%3.5%8.3%8.7%4.0%5.6%3.4%6.0%3.8%5.3%6.0%5.3%5.4%2.3%9.4%7.2%4.5%4.9%3.7%4.9%3.4%6.1%6.8%4.9%5.3%2.0%8.8%7.6%4.3%5.2%4.0%4.6%3.9%4.6% 0.5%7.2% 2.2%2.8% -1.0%5.7% 0.9%3.8% 0.1%6.6% 12.9% 5.9%6.7%4.8%3.5%2.0%8.0%6.9% 1.4%4.3% -0.1%5.9% 2.2%2.3% 0.7%8.9% 0.7%8.4% 10.5% 0.3%合计5.5% 5.4% 5.3% 5.0% 5.0% 4.9% 5.3% 0.6%
