根据万物云披露的数据，2024年，万物云实现营业收入为362.2亿元，同比增长9.2%，其中，核心的循 环型业务实现收入307.9亿元，同比增长15.5%，占总收入比重提高至85.0%。 万物云：应收账款规模及关联方业务占比双降，弹 性定价模式上半年将向全行业开源 3月26日，万物云空间科技服务股份有限公司（02602.HK）举行2024年度业绩发布会。 朱保全在业绩会上表示，随着关联开发商增量项目下滑，传统意义的业绩确定性变得不确定，AI/科技 应用能力或成为行业新的破局点。万物云正积极拥抱AI，未来的岗位会很快衍生分化为H（人类）、R （机器人）、A（智能体）三类。 值得一提的是，去年以来，各地降物业费的呼声此起彼伏。万物云副总经理杨光辉在业绩会上提到，在 去年12月，万物云发布弹性定价产品"万科物业智选"，即：物业公司决定项目服务底线，客户按需选择 服务项目及每个服务项目服务频次，基于所选服务合集定价。后续将全面梳理508项标准化作业清单， 2025年上半年弹性定价将向全行业开源。 万物云副总经理杨光辉指出，近3个月以来，各地业主委员会对万科物业智选产品的灵活性和创新性表 现出较高兴趣和关注。截至目前， ...

万物云：2024年营收同比增9.2%，核心净利润降4.8%，正在"蹲实筑底" 3月25日，万物云空间科技服务股份有限公司（以下简称"万物云"）公布2024年度业绩。公告数据显示，去年全年万物云营业收入362.2亿元，同比增长 9.2%；核心净利润22.3亿元，同比降低4.8%。 其中，循环型业务收入307.93亿元，同比增长15.5%，占总收入的85%，是营收增长的重要支撑。 业绩会现场 万物云同时宣布将派发股息每股人民币0.875元（含税），其中包括年度末期股息每股0.481元（含税）和特别股息每股0.394元（含税）。加上之前派发的中 期股息及特别股息，相当于将公司2024年度100%的核心净利润进行了派付。 图源：企业官方 朱保全透露，这几个社区商业项目通过抵债进入到万物云体系内之后，万物云组建了新的资产经营团队去管理，希望在解决关联方应收账款的同时，也能为 业务找到新的增长点。 3月26日上午，万物云股价上涨5.73%。 01 减少与万科开发业务的关联 在业绩会上，万物云CEO朱保全表示，由于物业公司和地产母公司的高关联性，在地产开发增量阶段，使得物业公司有足够的增长潜力和业绩确定性，但过 去三四年中 ...

除了业务的结构性调整外，在行业不确定性中，科技创新能力正成为万物云穿越周期的核心壁垒。 从"人防"到"智防"，从"经验驱动"到"数据驱动"，万物云正以AI重塑空间服务逻辑。未来三年，公司将 持续推进"灵石+"生态，在住宅、商写、医院等场景深化应用，探索"H(人类)+R(机器人)+A(智能体)"的 协同模式。 朱保全表示，万物云未来的岗位会很快衍生分化为H(人类)、R(机器人)、A(智能体)三类。 随着关联开发商增量项目下滑，传统意义的业绩确定性变得不确定，当行业从确定到不确定，AI/科技 应用能力或成为行业新的破局点。而万物云正积极拥抱AI带来的发展确定性。 "并非业绩增长即是未来，转型中的能力建设至关重要。'资产管理能力，AI应用能力，绿色低碳能力'将 作为万物云的关键能力建设方向。"朱保全在《致股东》结尾强调，"企业始于人、终于人，万变不离其 宗——服务好客户、对得起员工。" 万物云董事长朱保全在《致股东：AI的代价》中对AI在行业的应用做出趋势性判断：通用专业平权带 来中小企业的"弯道超车"机遇。行业大模型的困境，万物云选择了垂直场景的"RAG+生态"破局。利用 AI做人工替代或被甲方反替代。机器人对提 ...

Core Insights - The company reported a strong performance in its core business, achieving a revenue of 36.22 billion yuan in 2024, representing a year-on-year growth of 9.2% [1] - The core circular business segment grew significantly, with revenue reaching 30.79 billion yuan, a year-on-year increase of 15.5%, accounting for 85% of total revenue [1] - The management anticipates a shift in the residential market as property contracts transition to service contracts, leading to increased demand for property management services [1] Business Strategy - The company plans to focus on capability building from 2025 to 2027, leveraging AI to address historical issues faced by developers [2] - The management emphasizes the importance of transforming service offerings to include higher value-added technology and knowledge-based products [2] - The company aims to become a leader in AI applications, with a strategic framework centered on "scene-first, data foundation, technology empowerment" [3] Technological Advancements - The company is enhancing its "Lingstone Edge Server" to support three types of roles: human, robot, and intelligent agents [3] - AI has been integrated into various operational scenarios, including smart maintenance, service quality improvement, and energy optimization, achieving significant efficiency gains [4] - The AI-driven initiatives have resulted in a 2.3 times increase in employee efficiency by reallocating 1,200 staff to higher-value roles [5] Community Business Model - The company is focusing on community commercial operations, emphasizing asset appreciation and net operating income (NOI) enhancement [5] - The "Die City + Community Business" model has been validated through successful projects, demonstrating increased customer engagement and sales performance [5] - The company aims to create a replicable community business model driven by data insights, linking space operations with community engagement [6]

据悉，公司全年每股股东应占每股收益为0.98元，董事会建议以核心净利润的100%为派付股息总额，向股东派付全年股息 每股1.9元（含税）。以2024年末收盘价计算，全年股息率约9.3%。 （编辑 张钰鹏） 业绩期内，公司实现开发商业务占收入的比例及应收账款余额双降。2024年持续关联交易发生额占公司整体收入的比例 9.5%、同比下降4个百分点，业务独立性进一步增强。由此，开发商业务毛利下降3.1亿元；2024年末来自关联方的贸易性应收 账款24.5亿元，较年初下降0.4亿元。同时，因应收账款在遇到行业波动时面临一定的回收风险，公司2024年计提信用减值损失 6.1亿元。业绩期内，公司净利润12.6亿元，同比下降38.3%。 2024年，面对宏观经济环境的挑战以及房地产市场带来的不确定性，公司优先选择现金流安全，主动化解开发商及关联方 风险，尽管这对收入和毛利带来了负面影响，但核心的循环型业务保持稳健增长，形成有效对冲。 具体来看，住宅物业服务收入同比增长13.1%至192.3亿元，毛利同比增长5.2%至23.9亿元；物业及设施管理服务收入同比 增长20.1%至99.7亿元，毛利同比增长17.6%至8.4亿元； ...

万物云(02602)发布年度业绩 股东应占溢利11.5亿元 同比减少41.19% 战略转型与风险化解双突破 2022-24年是集团上市(IPO)以来的第一个三年事业计划落地期。面对开发商下行的衝击，关联方业务收 入与利润的全面下滑，集团坚定执行三大战略，通过结构性调整与科技创新，实现逆势突围。多元客户 战略筑牢风险屏障，更驱动外部营收跃升14.2%，护航全局稳健发展，持续关连交易比例从2021年的 19.2%下降至2024年的9.5%。蝶城战略破局"规模不经济"魔咒，科技赋能下的街道深耕催生运营能级跃 升。 集团依托长期构建的蝶城战略底盘优势，在面对2024年地产行业深度调整及关联方应收账款高企的挑战 时，化被动为主动，实现了战略转型与风险化解的双重突破。针对关联方应收账款历史高位的压力，公 司主动推进"资产抵应收"的化债模式：2024年下半年累计回收关联方贸易应收账款超过人民币30亿元， 其中通过收购实物资产专项偿还现金或实物资产直接抵偿关联方应收账款超过人民币12亿元，包含流动 性较优的工抵资产，以及蝶城辐射範围内的优质社区商业资产股权。这些深嵌蝶城核心区(武汉唐家 墩、上海花木、渖阳长白)的社区商业资产 ...

Financial Performance - For the year ended December 31, 2024, the total revenue of Onewo Inc. was RMB 36,223.8 million, representing a year-on-year growth of 9.2%[3] - The revenue from the community space residential consumption service segment was RMB 20,907.5 million, an increase of 11.6% year-on-year[3] - The core net profit for the year was RMB 2,226.9 million, a decrease of 4.8% year-on-year, achieving the performance guidance[3] - The cash flow from operating activities for the year was RMB 1,918.8 million[3] - The earnings per share attributable to shareholders was RMB 0.98, down from RMB 1.66 in the previous year[7] - Total revenue for the year ended December 31, 2024, was RMB 36,223,828 thousand, an increase of 9.2% from RMB 33,183,458 thousand in 2023[19] - Revenue from community space living consumption services reached RMB 20,907,512 thousand, up 11.6% from RMB 18,738,439 thousand in 2023[19] - Revenue from business and urban space integrated services increased to RMB 12,295,550 thousand, a rise of 5.4% compared to RMB 11,664,410 thousand in 2023[19] - The total gross profit for the year ended December 31, 2024, was RMB 4,696.9 million, with a gross profit margin of 13.0%[71] - The gross profit margin for residential property services decreased to 12.4% in 2024 from 13.3% in 2023, primarily due to increased investments to enhance customer satisfaction[71] Revenue Breakdown - The revenue from AIoT and BPaaS solutions was RMB 3,020.8 million, reflecting a year-on-year growth of 8.6%[3] - Revenue from property and facility management services was RMB 9,970.8 million, showing a 20.1% increase compared to the previous year[70] - The revenue from BPaaS solutions was RMB 1,593.4 million, reflecting a year-on-year growth of 16.9%, and contributing 4.5% to total revenue[79] - Revenue from residential-related asset services decreased by 1.0% to RMB 1,346.7 million, accounting for 3.7% of total revenue[81] - The total revenue from cyclical business reached RMB 30,793.2 million, a year-on-year increase of 15.5%, accounting for 85.0% of total revenue[93] Costs and Expenses - Total costs for the year were RMB 31,526.9 million, an increase of 11.1% from RMB 28,371.7 million in 2023, primarily due to business scale growth[98] - The group's pre-tax profit for 2024 was impacted by service costs of RMB 30,299,428 thousand, up 10.0% from RMB 27,457,653 thousand in 2023[21] - The total income tax expense for 2024 was RMB 440,008 thousand, down 29.2% from RMB 621,992 thousand in 2023[23] Dividends and Shareholder Returns - The total dividend proposed for the year is RMB 1.900 per share, which includes an interim dividend and special dividend already paid[4] - The company approved a final dividend of RMB 0.777 per share for the year ended December 31, 2023, totaling RMB 913 million[24] - The board recommends a total dividend distribution of RMB 1.900 per share for the fiscal year ending December 31, 2024, based on 55% of core net profit and including a special dividend of RMB 0.855 per share[132] - The total dividend payout amounts to RMB 2,226.9 million, with RMB 661.0 million for interim dividends and RMB 540.8 million for special dividends already declared[132] Assets and Liabilities - The net asset value as of December 31, 2024, was RMB 17,159,751 thousand, down from RMB 18,220,241 thousand in 2023, representing a decrease of 5.8%[10] - Non-current liabilities totaled RMB 2,355,353 thousand as of December 31, 2024, a decrease of 5.0% from RMB 2,480,317 thousand in 2023[10] - The company reported a foreign exchange loss of RMB 2,742 thousand in 2024, contrasting with a gain of RMB 230 thousand in 2023[20] Operational Efficiency and Strategy - The company focuses on enhancing operational efficiency through the integration of residential properties within specific geographical areas[33] - The company anticipates that by 2025, the growth of core (non-developer) business will exceed the decline in related party business, marking a significant turning point[46] - The focus on asset management capabilities, AI application abilities, and green low-carbon capabilities will be crucial for the company's future development[46] - The company plans to enhance service offerings by focusing on "assets, intelligence, and low carbon" through process transformation and technology application from 2025 to 2027[88] Market Trends and Industry Insights - The property management industry is experiencing a shift from high certainty to uncertainty, impacting revenue growth and market dynamics[48] - In the first half of 2024, the overall revenue growth rate for leading listed property companies was less than 8%, significantly lower than the over 50% growth rate seen in mid-2021[48] - The integration of AI technologies, such as DeepSeek, is transforming the property management industry, enhancing service efficiency and management paradigms[50] Employee and Talent Development - The group has 102,441 employees as of December 31, 2024, with total employee costs of approximately RMB 11,892.7 million during the reporting period[118] - The company has allocated RMB 561.7 million for talent acquisition and development, with a focus on nurturing key personnel[116] - The company has established a professional certification system to enhance employee skills and ensure high-quality service delivery[120] Share Repurchase and Capital Management - The company has repurchased a total of 18,308,900 H-shares, representing 1.57% of the total share capital as of December 31, 2024, with a total expenditure of approximately HKD 385.72 million[124] - The board believes that the share repurchase reflects confidence in the company's business development and prospects, ultimately benefiting shareholders[124] Corporate Governance - The company has adopted the corporate governance code as per the listing rules, ensuring high standards of corporate governance[126] - The audit committee confirmed that the consolidated financial statements for the year ended December 31, 2024, comply with applicable accounting principles and standards[129]

Summary of Conference Call Company and Industry - The conference call primarily discusses the financial and operational updates of Wanwu Yun, a subsidiary of Vanke Group, focusing on recent announcements and asset transactions [1][2]. Core Points and Arguments 1. **Announcement Overview**: The call aims to report on the latest announcement made on November 29, 2024, regarding the second asset transaction involving accounts receivable [1]. 2. **Accounts Receivable**: The company has 590 million yuan in accounts receivable from related parties, with an additional 82 million yuan allocated as transaction guarantees for settling debts with Shanghai Xiangda [2]. 3. **Asset Details**: The asset in question is the Shanghai Binjiang Vanke Center, located in a prime area of Lujiazui, Shanghai, with a total construction area of 67,000 square meters [2][3]. 4. **Commercial Potential**: The project is expected to have a strong consumer purchasing power and significant commercial potential, with a high density of residential projects in the vicinity [3]. 5. **Transaction Structure**: The company initially acquires 45% of the equity to facilitate the transaction, allowing for flexibility in future negotiations for the remaining 55% [4]. 6. **Debt Recovery Strategy**: The company is focused on recovering accounts receivable, utilizing both cash and asset liquidation strategies [6]. 7. **Occupancy Rates**: The expected NOI (Net Operating Income) for 2024 is projected to exceed 3%, with current occupancy rates recovering to over 96% [7][8]. 8. **Cash Flow and Debt Management**: The company maintains a positive outlook on cash flow and aims to reduce accounts receivable significantly by year-end [5][14]. 9. **Market Competition**: There is no significant increase in competitive pressure in the market, and the company is optimistic about achieving its revenue targets [14][15]. 10. **Share Buyback Program**: The company has repurchased shares totaling 370 million yuan, with a commitment to continue buybacks as long as the stock price remains below 49.35 yuan per share [16][17]. Other Important Content - **Transaction Guarantees**: A portion of the funds will be reserved as transaction guarantees to address potential disputes and audit adjustments [2][10]. - **Future Asset Acquisitions**: The company is actively seeking new suitable assets while focusing on finalizing existing transactions [12]. - **Investor Communication**: The management emphasizes transparency and responsiveness to investor concerns, particularly regarding cash flow and dividend policies [17]. This summary encapsulates the key points discussed during the conference call, highlighting the company's strategic focus on asset management, financial recovery, and investor relations.

这几年，万物云一直在主动降低与万科之间的关联交易比例，截止今年上半年，已经从2021年的19.2% 降至10.1%。 在今年上半年的业绩会上，万物云表示，公司下半年会进一步主动降低与万科之间的关联交易，并与万 科商议以经营性资产抵债的方式降低应收账款。于是，以资抵债的风吹到了万物云身上。 11月1日，万物云发布了一则公告，指出全资子公司深圳市万物商企空间科技有限公司（以下简称"万物 商企空间科技"），与卖方珠海市懋德诚投商业发展有限公司（以下简称"珠海懋德诚投"）签订了一份 股权转让协议。 前者同意以1.5亿元的价格向后者购买武汉新唐共祥商业管理有限公司（以下简称"武汉新唐"）50%股 权。 据了解，珠海懋德诚投主营业务为房地产开发，是万科企业控股子公司，也就是说，这次是万科与万物 云之间的交易。 万物云在公告中交代了此次交易的原因：公司与万科企业存在贸易应收款项等与关联方的结余，经过各 方公平磋商，各方同意以目标项目资产按照人民币1.5亿元对前述与关联方的结余中的人民币1.5亿元到 期应收款项进行抵偿。 这正是物业圈中常见的关联方以资抵债交易，只是这次被抵债的企业是万物云。 根据股权转让协议，本次股权转让的 ...

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 Interim Report 中期報告 Onewo Inc. 萬物雲空間科技服務股份有限公司 INTERIM REPORT 2024 中期報告 目錄 CONTENTS | 2 | Corporate Information | 公司資料 | | --- | --- | --- | | 6 | Management Discussion and Analysis | 管理層討論與分析 | | 33 | Corporate Governance and Other Information | 企業管治及其他資料 | | 50 | Independent Review Report | 獨立審閱報告 | | 52 | Interim Condensed Consolidated ...