Investment Rating - The investment rating for the real estate development sector is "Buy" for key companies such as Poly Developments, China Merchants Shekou, and Binhai Group, while "Hold" is given to companies like Vanke A and China Overseas Development [6][35][60]. Core Insights - The real estate development sector's price-to-book ratio (PB) is 0.85, with a historical percentile of 31.46% as of September 19, 2025, indicating a relatively low valuation compared to historical levels [1][11]. - The property service sector has a price-to-earnings ratio (PE) of 47.78, with a historical percentile of 75.95%, suggesting a higher valuation compared to historical averages [2][38]. - Recent policy changes in major cities like Beijing, Shanghai, and Shenzhen have led to increased transaction volumes in the new housing market, particularly in Shanghai, where transaction intensity increased by 62.5% post-policy implementation [3][70]. Summary by Sections Real Estate Development Sector - As of September 19, 2025, the real estate development sector has seen a 5.2% increase in stock prices from September 1 to September 19, outperforming the CSI 300 index by 5.05 percentage points [1][29]. - Key companies in the A-share market with the highest stock price increases include Binhai Group (+34.68%), New Town Holdings (+31.77%), and Huafa Group (+0.99%) [1][31]. - In the H-share market, China Jinmao (+63.25%), Jianfa International Group (+49.68%), and China Overseas Hongyang Group (+48.88%) led the gains [1][31]. Property Service Sector - The property service sector experienced a 4.1% increase from September 1 to September 19, 2025, outperforming the CSI 300 index by 3.97 percentage points [2][49]. - The top-performing A-share companies in the property service sector include Nandu Property (+67.33%), New Dazheng (+46.07%), and China Merchants Jinling (+14.70%) [2][55]. - In the H-share market, the leading companies were China Resources Vientiane Life (+52.36%), Jianfa Property (+42.22%), and Greentown Service (+35.34%) [2][55]. Policy Impact and Market Dynamics - Since August 2025, favorable policies have been introduced, including measures in Beijing, Shanghai, and Shenzhen, which have significantly boosted new housing transactions [3][68]. - The average daily transaction volume for new homes in Shanghai surged by 62.5% following the policy changes, indicating a strong market response [4][70]. - The report highlights that the real estate market is gradually stabilizing, with core cities expected to benefit from urban renewal initiatives [5][79].

Group 1 - The core viewpoint of the article is that Morgan Stanley reports initial signs of stability in the performance of mainland property management stocks in the first half of the year, with expectations for rapid growth in the second half [1] - The firm forecasts profit growth for the industry to be 4%, 9%, and 11% year-on-year for the years 2025 to 2027, respectively [1] - It is believed that issues related to property developers will gradually dissipate after this year and will no longer be a major obstacle for the industry [1] Group 2 - Future growth drivers for the industry are expected to come from third-party projects and value-added services unrelated to property developers [1] - With the normalization of growth, shareholder returns will become the basis for valuation [1] - The rating for Wanwu Cloud (02602) has been upgraded from "in line with the market" to "overweight," with a target price increase from HKD 22.51 to HKD 29.21, reflecting the company's turnaround from loss to profit and attractive dividend yield [1] Group 3 - Some individual stocks have moderate profit outlooks and lack catalysts for revaluation, leading to adjustments in ratings for China Overseas Property (02669), Country Garden Services (06098), and China National Trade (600007.SH) to "in line with the market" [1] - The rating for Sunac Services (01516) has been downgraded to "underweight," with a target price reduction from HKD 1.72 to HKD 1.01, due to weak profit and dividend outlook [1]

Group 1 - The core viewpoint of the article indicates that the performance of mainland property management stocks showed initial signs of stability in the first half of the year, with expectations for rapid industry growth in the second half [1] - The projected annual profit growth for the industry from 2025 to 2027 is estimated at 4%, 9%, and 11% respectively [1] - Future growth drivers for the industry are expected to come from third-party projects and value-added services from non-developers, with shareholder returns becoming the basis for valuation as growth normalizes [1] Group 2 - Morgan Stanley upgraded the rating of Wanwu Cloud from "in line with the market" to "overweight," raising the target price from HKD 22.51 to HKD 29.21, reflecting the company's turnaround from loss to profit and attractive dividend yield [1] - Some individual stocks have moderate profit outlooks and lack catalysts for revaluation, leading to adjustments in ratings for China Overseas Property, Country Garden Services, and China National Chemical Corporation to "in line with the market" [1] - The rating for Sunac Services was downgraded to "underweight," with the target price reduced from HKD 1.72 to HKD 1.01, due to weak profit and dividend outlook [1]

Market Trends and Dynamics - The residential property turnover rate increased from 1.7% to 3.3% from 2021 to 2024, indicating a growing market for property services [18]. - The market share of the top 10 property service companies has surpassed 28.3%, with their new contracted Gross Floor Area (GFA) being 2.4 times that of companies ranked 11th to 30th [18]. - The number of practitioners in the property service industry has decreased significantly from over hundreds of thousands to just over ten thousand, highlighting a consolidation trend [18]. - Over 20,000 communities are replacing property service providers each year on average, indicating a dynamic market environment [18]. - The property service industry is entering an era dominated by existing projects, with leading companies poised for further scale-up opportunities [18]. - The transition from scale expansion to quality upgrades is being driven by property owners' increasing awareness of their rights [18]. - The industry is experiencing a crisis of trust due to high-priced pre-sale service contracts and low service quality, leading to plunging collection rates for some providers [19]. - Local governments' price caps are intensifying the standoff between supply and demand in the property service market [19]. - The misalignment in value perception among stakeholders is creating contradictions that could impact future growth in the property service sector [19]. Government and Regulatory Environment - The government is promoting a four-in-one mechanism involving community organizations and property management companies to enhance grassroots governance and improve service quality [23]. - There is a growing disconnect between government expectations for property management services and the realities faced by the industry, leading to calls for reduced management fees [27]. - The central government emphasizes that high-quality property services are essential for improving residents' quality of life and are integral to grassroots governance [25]. Financial Performance and Revenue - For the six months ended June 30, 2025, total revenue reached RMB 18,137.5 million, representing a year-over-year growth of 3.1% [50]. - Recurring businesses generated revenue of RMB 16,308.5 million, accounting for 89.9% of total revenue, with a year-over-year increase of 9.5% [53]. - Revenue from residential property services was RMB 10,279.3 million, a 10.4% increase year-over-year, contributing 56.7% to total revenue [54]. - The gross profit margin for residential property services decreased to 12.9%, down 0.5 percentage points compared to the previous period [54]. - The saturated income from residential projects under management increased to RMB 28,133.5 million, a 7.4% year-over-year growth [56]. - Revenue from property and facility management services was RMB 5,169.1 million, reflecting a 7.7% increase year-over-year, accounting for 28.5% of total revenue [60]. - The gross profit from property and facility management services was RMB 452.8 million, with a year-over-year increase of 13.7% [60]. - The total gross profit for the six months ended June 30, 2025, was RMB 2,492.9 million, with a gross profit margin of 13.7% [52]. - Profit for the period increased by 5.4% from RMB 795.1 million for the six months ended June 30, 2024, to RMB 837.8 million for the same period in 2025, while core net profit rose by 10.8% to RMB 1,321.1 million [110]. Investment and Strategic Initiatives - The Group aims to become a global leader in intelligent and low-carbon asset services by advancing strategies centered on asset service, intelligence, and low carbon from 2025 to 2027 [32]. - The Group is investing RMB 1,123.4 million in replicating the "Onewo Town" model for residential property services, with RMB 690.2 million utilized and RMB 553.7 million remaining [135]. - An investment of RMB 1,404.3 million is allocated for the development of AIoT and BPaaS solutions, with RMB 367.0 million utilized and RMB 323.8 million remaining [135]. - For technical investment and infrastructure transformation, RMB 561.7 million is allocated, with RMB 225.8 million utilized and RMB 183.1 million remaining [135]. - The Group is exploring property targets with development potential through fund investments, with a total allocation of RMB 1,966.1 million, of which RMB 977.7 million has been utilized [136]. Human Resources and Talent Development - As of June 30, 2025, the Group had 102,093 employees, a slight decrease from 102,441 employees on December 31, 2024 [149]. - Total staff costs during the Reporting Period were approximately RMB 6,010.3 million [149]. - The Group has implemented a comprehensive talent development and training system, including tiered leadership training camps and AI learning courses [150]. - An employee stock ownership plan was introduced in June 2015 to attract and retain talent, enhancing the Company's competitiveness for long-term development [151]. Corporate Governance and Compliance - The Audit Committee has been established to oversee the external and internal audit processes and review financial information and internal control systems [181]. - The Company has adopted the Model Code for Securities Transactions by Directors, ensuring compliance during the Reporting Period [144]. - There were no incidents of non-compliance with the Model Code by relevant employees during the Reporting Period [145]. Shareholder Information and Dividends - The Board recommended an interim dividend of RMB 1,100.0 million for the six months ended June 30, 2025, translating to RMB 0.951 per share [186]. - The interim dividend is subject to approval by shareholders and was approved at the extraordinary general meeting held on September 3, 2025 [187]. - The expected payment date for the interim dividend is around September 26, 2025, for shareholders listed on the register as of September 11, 2025 [187].

Group 1 - The company, Wanwu Cloud (02602), announced a mid-term dividend of HKD 1.043 per share for the first half of 2025, to be distributed on September 26, 2025 [1]

Core Viewpoint - The company, Wanwu Cloud (02602), announced a mid-term dividend of HKD 1.043 per share to be distributed on September 26, 2025 [1] Summary by Category Company Announcement - Wanwu Cloud will distribute a mid-term dividend of HKD 1.043 per share [1]

EF001 股東務須向彼等的稅務顧問諮詢有關擁有及處置H股所涉及的中國、香港及其他稅務影響 的意見。 股東類型 稅率 有關代預扣所得稅之更多補充 （如適用） 非居民企業 （非中國內地登記地址） 10% 作為中國境內企業，本公司在向名 列於H股股東名冊上的非居民企業 股東（即以非個人股東名義持有H 股的任何股東，包括但不限於香港 中央結算（代理人）有限公司、其 他代理人、受託人或以其他組織及 集團名義登記的Ｈ 股股東）分派 中期股息前將從中代扣代繳10%作 為企業所得稅。 非個人居民 （非中國內地登記地址） 10% H股個人股東為香港、澳門居民及 其他與中國訂立10%稅率稅收協議 的國家或地區的居民，本公司將按 10%的稅率為該等股東代扣代繳個 人所得稅。 非個人居民 （非中國內地登記地址） 10% H股個人股東為與中國訂立低於 10%稅率稅收協議的國家或地區的 居民，本公司將按10%的稅率為該 等股東代扣代繳個人所得稅。 H股個人股東為與中國訂立高於 10%但低於20%稅率稅收協議的國 家或地區的居民，本公司將按該等 稅收協議規定的適用稅率為該等股 東代扣代繳個人所得稅。 非個人居民 （非中國內地登記地址） ...

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） （股份代號：2602） 董事名單及其角色和職能 萬物雲空間科技服務股份有限公司董事（「董事」）會（「董事會」）成員載列如下： （按姓氏拼音首字母排序） 執行董事 何曙華先生 朱保全先生 （董事長） 非執行董事 卜令秋先生 華翠女士 孫嘉先生 姚勁波先生 周奇先生 獨立非執行董事 陳玉宇先生 羅君美女士 沈海鵬先生 宋雲鋒先生 董事會設立三個委員會。下表提供各董事會成員在這些委員會中所擔任的職位。 | 董事 | 審計委員會 | 薪酬考核委員會 | 提名委員會 | | --- | --- | --- | --- | | 卜令秋先生 | | | | | 陳玉宇先生 | 成員 | | 成員 | | 何曙華先生 | | | | | 華翠女士 | | | 成員 | | 羅君美女士 | 主席 | | | | 沈海鵬先生 | | 主席 | 成員 | | 宋雲鋒先生 | | 成員 | 成員 | | 孫嘉先生 | 成員 | | | | 姚勁波先生 | | | | | 周奇先生 | | | | | 朱保全先生 | | 成員 | 主席 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 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） （股份代號：2602） 臨時股東會投票結果及 關於派付2025年中期股息的進一步資料 茲提述(i)萬物雲空間科技服務股份有限公司（「本公司」）日期為2025年8月18日的 通函（「通函」）；及(ii)日期為2025年8月18日的本公司臨時股東會通告。除文義另 有所指外，本公告使用的詞彙具備與通函界定的相同意義。 # 根據各項相關決議案的總票數釐定 由於贊成第1及2項決議案的票數超過投票數的一半，故該等決議案獲正式通過為 普通決議案。 關於派付2025年中期股息的進一步資料 於臨時股東會上，截至2025年6月30日止六個月每股人民幣0.951元（含稅）的2025 年中期股息已獲股東批准。就派付股息而言，H股股東的股息將以人民幣宣派但 以港元派付。將以港元派付予H股股東的2025年中期股息實際金額按照臨時股東 會 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 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） 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02602 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,168,053,129 | RMB | | 1 RMB | | 1,168,053,129 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,168,053,129 | RMB | | 1 RMB | | 1,168,053,129 | 本月底法 ...