Shanghai "Seizing the Food" - Special Development Services Secures Bilibili's Billion-Yuan Global Headquarters

Viewpoint Network On May 9th, Tefa Service announced via its official WeChat account that it has officially won the property management project for Bilibili’s (B站) headquarters located in Yangpu Riverside, Shanghai, with a service area of 146k square meters and a contract value exceeding 80 million yuan.

This partnership with B站 marks another important move for Tefa Service in the internet industrial park sector.

Having deep roots in park IFM services for many years, Tefa Service counts major clients such as Huawei, Alibaba, Tencent, ByteDance, Xiaohongshu, State Grid, China Energy Group, and Midea.

According to sources, the company’s cooperation with Huawei began as early as 1999, and its service relationship with Alibaba has lasted over 12 years.

It is noteworthy that the B站 global headquarters project that Tefa Service has won is quite significant.

In January 2021, Yangpu District in Shanghai successfully transferred a comprehensive land parcel for residential, commercial, office, and cultural sports use, including the Dinghai Community N090603 unit N3-01, N4-02, N5-02, N6-01 plots, which B站 acquired at the base price of 146k yuan, covering an area of 125.5k square meters, with an equivalent floor price of 22.6k yuan per square meter.

In June of the following year, the Yangpu District People’s Government approved and ratified the B站 global headquarters new generation industrial park project.

According to disclosed plans, the project is designed as an all-encompassing immersive integrated performance and digital entertainment cultural industry economic center centered around B站’s headquarters. The total building area of the park reaches 785k square meters, including 370k square meters above ground and 415k square meters underground, with the tallest building reaching 149.95 meters.

In terms of regional planning, the largest area is designated for office use, approximately 310k square meters, including a 31-story, 150-meter-tall super high-rise headquarters building and more than ten standalone garden-style office buildings of 5-12 floors. Once completed, it can accommodate about 10k employees and is also planned to attract top content creators and MCN agencies.

Additionally, the park plans to include about 140k square meters of commercial space, mainly (about 100k square meters) underground, which will become one of the largest commercial complexes in Yangpu District.

The project is being constructed by China State Construction Engineering Corporation Third Bureau First Company, which officially started in July 2022 and is scheduled to fully top out by August 2025.

In March this year, news indicated that the total investment of approximately 19.85 billion yuan for the headquarters project has entered the final construction phase, with all new buildings topped out and internal decoration and glass curtain wall installation underway. It is expected to be completed and put into use by October this year.

From land acquisition to construction, topping out, and expected completion, the B站 global headquarters is receiving widespread market attention at every moment. Which property company will undertake its property management work in the future? This is also highly regarded within the industry.

“With strong professional capabilities and mature park property management experience, Tefa Service successfully won the property management project for B站’s Shanghai Riverside headquarters.” With the official announcement on WeChat, the final confirmation of the B站 global headquarters project has been awarded to Tefa Service.

In the domestic property industry, few companies have extensive layouts in industrial park property services, mainly including Sunac Services, Gemdale Smart Services, Greentown Services, and Wuwuliangxing.

Among them, Sunac Services has been particularly active in expanding headquarters services.

Since 2022, Sunac Services has provided property management for Xiaomi Yuan Center and four major workplaces in Chengdu, Chongqing, and Xi’an, marking its first cooperation with large internet technology companies.

In 2024, Sunac Services seized the opportunity to enter the manufacturing industry sector, signing property service projects with BYD, Aima, and others, and subsequently collaborating with Century Internet and Beijing Guang’an Shunyuan Pharmaceutical, further exploring digital technology and pharmaceutical sectors.

Additionally, Gemdale Smart Services recently secured the property management project for XPeng Motors’ new headquarters in Guangzhou Tianhe Smart City, with a total building area of about 364.5k square meters, serving as XPeng’s “Global R&D Hub.”

However, as the property management market shifts from incremental growth to stock management, coupled with issues like low collection rates and rising service costs in residential projects, many traditional property companies are slowing their residential expansion and shifting focus toward industrial parks, commercial offices, and other non-residential projects.

For Tefa Service, although securing headquarters projects for top-tier companies can boost its reputation and profit margins, this cannot be the sole strategy for establishing a stable industry position; diversification across multiple business types is necessary.

In January this year, to enhance its brand recognition and overall market competitiveness in port management, Tefa Service planned to invest HKD 10,000 to establish a wholly owned subsidiary in Hong Kong, tentatively named “Hong Kong Tefa Service Limited,” primarily engaged in property management services.

In March, Tefa Service expanded into the school sector by winning the property management project for Shenzhen Foreign Languages School Bao’an Campus and Wanfeng Primary School (Group), with a bid amount of 8.12B yuan.

It is reported that Wanfeng Primary School covers an area of 13.4k square meters with a building area of 33.3k square meters. Starting January 2024, it officially became part of Shenzhen Foreign Languages School Bao’an Campus management system and is a well-known public primary school in Bao’an District.

In terms of performance, in 2025, Tefa Service achieved revenue of 125.5k yuan, a year-on-year increase of 3.8%; net profit attributable to the parent was 124 million yuan, up 1.84% year-on-year; basic earnings per share were 0.73 yuan, an increase of 1.83%.

Compared to the past three years, the revenue growth rate in 2025 has significantly slowed to single digits—the growth rates for 2022-2024 were 18.6%, 22.04%, and 17.00%, respectively.

Looking at business segments, comprehensive property management services generated 22.6k yuan in revenue, up 2.6% year-on-year, accounting for 81.6% of total revenue; government services, value-added services, and others earned 264 million yuan, 280 million yuan, and 3.59 million yuan, respectively, representing 8.87%, 9.42%, and 0.12% of total revenue.

Meanwhile, the 1.84% net profit margin remained low, with net profit growth over the past three years being 1.55%, 5.3%, and 1.24%.

During this period, gross profit margin was 11.86%, a slight increase of 0.08 percentage points from the previous year, but still below past levels—the gross margins for the past three years were 16.75%, 13.69%, and 12.19%.

Focusing on core business of comprehensive property management, in 2025, Tefa Service’s gross profit margin for this segment was 8%, a decrease of 0.15 percentage points year-on-year, marking the first time it fell below double digits and continuing a downward trend over several years.

Is Tefa Service, which keeps pushing the boundaries of expansion, in need of reflecting on whether its revenue and profit growth have lagged behind its aggressive growth?

Disclaimer: The content and data of this article are compiled by viewpoints based on publicly available information and do not constitute investment advice. Please verify before use.

(Editor: Dong Pingping)

【Disclaimer】This article only represents the author’s personal views and is unrelated to Hexun. Hexun.com maintains neutrality regarding the statements and opinions in the article and does not guarantee the accuracy, reliability, or completeness of the content. Readers should use it as a reference and bear all responsibilities themselves. Email: news_center@staff.hexun.com