在深铁集团的不断驰援之下，万科完成了今年到目前为止所有公开债的偿还。 万科与深铁集团签署了借款补充协议。 5月21日，万科公告称，已与第一大股东深铁集团签署了《不超过人民币42亿元借款合同》，现已收到 42亿元借款。 万科在其时的公告中明确，万科必须在3个月内完成增信置换，提供不超过价值60亿元的资产进行抵押 或质押。恰好三个月期满，万科置换了万物云的股票作为此笔借款的抵押物。 万科在最新的公告中表示，若公司股东大会未能审议通过该股票质押事项，公司将需要提供其他合格的 担保或者偿还全部借款本息。 而如果取得股东大会审议通过，万科须按70%的质押率，即不超过60亿元向深铁集团提供资产质押。借 款存续期间，质押股票价值按股票30个交易日均价与最新市价孰低原则确定，预警线不低于130%(质押 股票价值/借款余额)，平仓线不低于100%，万科应设立日常盯市监测台账。 如果连续3个交易日低于预警线时，万科须在5个工作日内追加质押同类股票、其他合格担保措施或提前 偿还部分贷款等，确保满足预警线要求。 事实上，这已是今年内万科第二次质押万物云股票给深铁集团。此前的2月10日，万科公告称，深铁集 团公告拟向万科提供28亿元股 ...

（文/孙梅欣 编辑/张广凯） 需要提及的是，在这笔42亿元借款之前的2月10日，深铁向万科提供的第一笔28亿元借款的质押物，也 是万物云的股票。 按照同样70%的质押率，万科这笔借款的质押物，是40亿元的万物云股票。也就是说，随着万科将42亿 元借款的质押物进行增信置换，万物云被质押股票金额将达到100亿元。 按照28亿元借款公告中的股票价格，万物云质押股票的股价为20.54港元/股。截至5月21日收盘，万物 云股价为20.95港元/股。 万科最新的公告显示，将今年2月向深铁集团寻求的42亿元借款增信，置换为不超过60亿元的万物云股 票。 公告显示，这笔借款对应的是，今年2月深铁集团向万科提供的42亿元借款。当时对这笔借款的增信对 象，是万科全资子公司上海万科投资管理有限公司、 深圳市万科发展有限公司、万科公寓管理有限公 司三家主体。 在当时的公告中，就提到在3月个时间内，万科需要提供超过60亿元的资产进行置换或抵押，并将上述 三家担保主体进行增信置换。 最新公告称，万科与深铁在5月21日签署了《42亿借款补充协议》，在补充协议签订2个月后，要召开股 东大会，提请股东审议，将不超过60亿元的万物云空间科技服务 ...

万物云 20250507 摘要 • 万物云预计收入保持高单位数增长，核心净利润同比增速预期超过 15%， 一季度已达成。同时，公司持续收缩与关联方业务，关联交易收入占比降 至 8%以下，一季度已低于 7%。 • 住宅新增合约保额收入一季度近 5 亿元，存量盘贡献近 4 亿元，同比增长 近 50%，而开发商新盘收入同比下降近 50%，表明公司依赖存量盘优势 维持增长。 • 公司于 2024 年底推出弹性定价体系，一季度新获取 9 个项目，合约保额 收入 3,500 万元，另有 16 个项目谈判中，预计全年通过该体系获取项目 接近 2 亿元规模。 • 商业写字楼新增合约保额收入一季度达 7.8 亿元，同比增长超 20%，PM 与 FM 项目各占一半。丹田物业贡献了 6,300 万元。应收账款管理能力较 强，关联方应收账款同比环比均下降。 • 公司未实际参与股权质押，仅被告知相关事宜。若关联方无法偿还借款， 将按合同条例处理，公司对此无干预或影响。 Q&A 请介绍一下万物云在 2025 年第一季度的经营情况和市场拓展情况。 今年一季度通过灵活定价战略成功获取了 9 个项目，目前尚无具体运营毛利率 数据，但预期稳态期 ...

万物云 02602.HK 公司研究 | 年报点评 | 循环业务稳健增长，主动化解关联方风险 | | --- | 盈利预测与投资建议 ⚫ 维持"买入"评级，目标价 23.25 港元。根据公司年报，我们调整各项业务的营收增 速和毛利率，以及销管费率，调整后公司 25-27 年 EPS 预测为 1.54/1.90/2.10 元 （25-26 年原预测为 2.41/2.79 元）。可比公司 25 年调整后平均 PE 为 14x，对应目 标价 23.25 港元（1 港元=0.929 人民币）。 风险提示：母公司交付不及预期。外拓低于预期。蝶城发展不及预期。科技业务发展不 及预期。 ——2024 年报点评 公司主要财务信息 核心观点 事件：公司近期发布 2024 年业绩公告，营业收入为 362.2 亿元，同比增长 9%；归母净 利润 11.5 亿元，同比下降 41%；核心净利润 22.3 亿元，同下降 5%。 业绩显著增长，蝶城战略成效显现：—— 2023 年报点评 2024-04-29 循环型业务稳健增长，毛利率有望迎来拐 点：——2022 年报点评 2023-05-28 有关分析师的申明，见本报告最后部分。其他重要信 ...

万物云 02602.HK 公司研究 | 年报点评 | 循环业务稳健增长，主动化解关联方风险 | | --- | ——2024 年报点评 核心观点 事件：公司近期发布 2024 年业绩公告，营业收入为 362.2 亿元，同比增长 9%；归母净 利润 11.5 亿元，同比下降 41%；核心净利润 22.3 亿元，同下降 5%。 盈利预测与投资建议 业绩显著增长，蝶城战略成效显现：—— 2023 年报点评 2024-04-29 循环型业务稳健增长，毛利率有望迎来拐 点：——2022 年报点评 2023-05-28 ⚫ 维持"买入"评级，目标价 23.25 港元。根据公司年报，我们调整各项业务的营收增 速和毛利率，以及销管费率，调整后公司 25-27 年 EPS 预测为 1.54/1.90/2.10 元 （25-26 年原预测为 2.41/2.79 元）。可比公司 25 年调整后平均 PE 为 14x，对应目 标价 23.25 港元（1 港元=0.929 人民币）。 风险提示：母公司交付不及预期。外拓低于预期。蝶城发展不及预期。科技业务发展不 及预期。 公司主要财务信息 | | 2023A | 2024A | 202 ...

Onewo Inc. 萬物雲空間科技服務股份有限公司 （於中華人民共和國註冊成立的股份有限公司） (A joint stock company incorporated in the People's Republic of China with limited liability) Stock Code | 股份代號：2602 2024 Annual Report 年度報告 Onewo Inc. 萬物雲空間科技服務股份有限公司 ANNUAL REPORT 2024 年度報告 目錄 CONTENTS | 2 | Corporate Milestones | 公司大事記 | | --- | --- | --- | | 7 | Corporate Honors | 公司榮譽 | | 9 | Letter to Shareholders | 致股東書 | | 14 | Definitions | 釋義 | | 19 | Corporate Information | 公司資料 | | 23 | Financial Summary | 財務概要 | | 24 | Management Discussion and A ...

其实我们在做整个商学领域的一个竞争的时候我们会发现其实目前市场上可能在上市物其中的这些主流企业它并不是我们主要的竞争对象可能更多的还是五大行还有索迪塞马克这样的公司更多的在跟我们形成竞争所以就是回答到刚刚这个问题就是为什么 行业整体的增速看起来相对一般但是我们这两个循环性业务的增速是还不错就是可能我们在这个业务上面没有长短脚就是我们两条都是长腿对所以就是不管是宿宅还是商学我们的增量都是我们不管不仅底盘大我们增量还是很可观的对大概是大概这个就是对我全行业的一个现象的一个我们自己的理解以及我们对二五年整体的一个收入增速的一个看法对 感谢方总的一个详细解答然后第二个问题也是投资人非常关心的问题就是毛利率这一块因为其实我们从从公司过去上23年的一个业绩情况来看的话其实像我们之前提到的一些叠成战略对毛利率的一个带动其实已经在业绩里面有所体现但在24年的业绩当中我们看到其实24年的一个全年的综合毛利率是有一定的下降下降了一个多点吧 然后包括循环型业务的一个毛利率也是大概一个多点的一个下降幅度。那想请教一下,就是说在这么一个情况下,就是我们毛利率下降的主要原因是什么?以及就是公司对后续,例如说未来两三年这个毛利率大概是怎样 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [5]. Core Insights - The company is projected to achieve a revenue of 36.2 billion RMB in 2024, reflecting a year-on-year growth of 9.2%. However, the core net profit is expected to decline by 4.8% to 2.23 billion RMB [1][2]. - The company emphasizes shareholder returns with a dividend payout ratio of 100%, distributing a total of 2.23 billion RMB in dividends for the year [3][2]. Summary by Sections Financial Performance - For 2024, the company expects revenues from residential property services, commercial property and facility management, and urban services to reach 19.2 billion, 10 billion, and 760 million RMB, respectively, with growth rates of 13.1%, 20.1%, and 10.9% [2]. - The total revenue for 2024 is projected at 36.2 billion RMB, with a gross profit of 4.7 billion RMB, a decrease of 2.4% year-on-year [1][4]. Risk Management - The company has effectively reduced risks associated with real estate by maintaining trade receivables from related parties at 2.45 billion RMB, unchanged from 2023, and has made provisions for impairment of 260 million RMB [2]. - The company has engaged in asset transfer transactions with related parties to mitigate existing receivables, totaling 1.2 billion RMB in 2024 [2]. Shareholder Returns - The company reported a net cash flow from operating activities of 1.9 billion RMB in 2024, with cash and cash equivalents amounting to 13.4 billion RMB at year-end [3]. - The dividend per share for 2024 is set at 1.9 RMB, fully covering the core net profit [3]. Profit Forecast and Valuation - The company is projected to have a net profit of 1.15 billion RMB in 2024, with subsequent estimates of 1.64 billion RMB in 2025 and 2.09 billion RMB in 2026 [4]. - The forecasted price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 15, 12, and 11 times, respectively, indicating a stable growth outlook [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [5]. Core Insights - The company is projected to achieve a revenue of RMB 36.2 billion in 2024, reflecting a year-on-year growth of 9.2%. However, the core net profit is expected to decline by 4.8% to RMB 2.23 billion [1][2]. - The company has a strong commitment to shareholder returns, with a dividend payout ratio of 100%, amounting to RMB 2.23 billion in total dividends for 2024 [3][2]. Summary by Sections Financial Performance - For 2024, the company expects to generate revenue of RMB 36.2 billion, with a gross profit of RMB 4.7 billion, a decrease of 2.4% year-on-year. The net profit attributable to shareholders is projected at RMB 1.15 billion, down 41.2% from the previous year [1][4]. - The core net profit, adjusted for certain non-recurring items, is forecasted at RMB 2.23 billion, a decline of 4.8% year-on-year [1][4]. Business Segments - The residential property services, commercial property and facility management, and urban services segments are expected to generate revenues of RMB 19.2 billion, RMB 10 billion, and RMB 760 million, respectively, with growth rates of 13.1%, 20.1%, and 10.9% [2]. - The company has a robust contract backlog, with residential and commercial property management contracts valued at RMB 327 billion and RMB 186 billion, respectively, providing a revenue coverage of 1.7x and 1.9x for 2024 [2]. Risk Management - The company has effectively managed its exposure to real estate-related risks, with trade receivables from related party Vanke Real Estate totaling RMB 2.45 billion, unchanged from 2023. The company has also implemented asset offset transactions to mitigate risks [2][3]. - A total of RMB 1.2 billion in receivables from related parties was offset in 2024, significantly reducing real estate-related risks [2]. Valuation and Forecast - The company is projected to achieve net profits of RMB 1.64 billion and RMB 2.09 billion in 2025 and 2026, respectively, with a new forecast for 2027 set at RMB 2.3 billion. The corresponding price-to-earnings ratios are estimated at 15, 12, and 11 times for 2025, 2026, and 2027 [3][4].

Investment Rating - The report maintains an "Outperform" rating for the company [5][23]. Core Insights - The company is focusing on business adjustments and enhancing its core operations while providing generous dividends to shareholders [7][9]. - The company has shown stable growth in its cyclical business, achieving a revenue of 36.22 billion yuan in 2024, representing a year-on-year increase of 9.2% [8][10]. - The company plans to distribute 100% of its core net profit as dividends, with a total dividend of 1.900 yuan per share for the fiscal year 2024 [9][10]. - The company is leveraging technology applications, particularly AI, to drive growth and improve operational efficiency [13][14]. Financial Data and Forecasts - Revenue and Profit Forecasts: - Revenue is projected to grow from 33.18 billion yuan in 2023 to 36.22 billion yuan in 2024, with a compound annual growth rate (CAGR) of 9.2% [6][31]. - Net profit is expected to decrease from 1.95 billion yuan in 2023 to 1.15 billion yuan in 2024, reflecting a significant decline of 41.2% [6][31]. - The company anticipates a recovery in net profit to 1.48 billion yuan in 2025, with a year-on-year growth of 29% [6][31]. - Key Financial Ratios: - The gross margin is projected to be 13.0% in 2024, down from 14.5% in 2023 [11][31]. - The return on equity (ROE) is expected to improve from 7.0% in 2024 to 13.8% by 2027 [6][31]. Business Segment Performance - The company reported a revenue of 20.91 billion yuan from community space residential services in 2024, a year-on-year increase of 11.6% [10][17]. - Revenue from property and facility management services reached 9.97 billion yuan, growing by 20.1% compared to the previous year [18][20]. - The AIoT and BPaaS solutions segment generated 3.02 billion yuan in revenue, reflecting an 8.6% increase year-on-year [10][20]. Strategic Initiatives - The company is actively pursuing a diversified customer strategy, with revenue from non-developer clients increasing from 83.2% in 2023 to 88.2% in 2024 [13][14]. - The company has implemented an "asset-to-receivable" debt reduction model, recovering over 3 billion yuan in receivables in the second half of 2024 [13][14]. - The company is expanding its residential property scale, with a reported revenue of 19.23 billion yuan from residential property services in 2024, marking a 13.1% increase [17][20].