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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance relative to the market [5]. Core Insights - The company experienced a year-on-year decline in net profit of 22.7% for the first half of 2024, attributed to a significant increase in accounts receivable, despite achieving a revenue growth of 9.6% to 17.56 billion yuan [5]. - The company declared a high dividend payout ratio of 100%, with a mid-term dividend of 1.022 yuan per share, reflecting a dividend yield of 6.5% [5]. - The report highlights the company's strategic focus on enhancing efficiency through its "Butterfly City" initiative, which has led to a 13% increase in property management gross profit [5]. Financial Performance Summary - For the first half of 2024, the company reported: - Revenue of 17.56 billion yuan, with residential property management, commercial city services, and technology services contributing 57.5%, 34.5%, and 8% respectively [5]. - Gross profit of 2.4 billion yuan, with a gross margin of 13.6% [5]. - Core net profit of 1.2 billion yuan, down 2.7% year-on-year [5]. - The company’s accounts receivable increased by 28% year-on-year, reaching 9.4 billion yuan [5]. Business Segment Analysis - **Residential Property Management**: - Revenue increased by 11.8% to 10.1 billion yuan, with a gross margin of 15.1% [5]. - The company managed to achieve a saturation income of 31.9 billion yuan, up 8.8% year-on-year [5]. - **Commercial City Services**: - Revenue grew by 7% to 6.1 billion yuan, but gross profit fell by 32% to 430 million yuan, with a gross margin of 7.1% [5]. - **Technology Services**: - Revenue rose by 5.7% to 1.39 billion yuan, with a gross margin of 31.6% [5]. Future Earnings Forecast - The report projects the company's earnings for 2024 to be 1.86 billion yuan, with subsequent years forecasted at 2.04 billion yuan for 2025 and 2.25 billion yuan for 2026 [6]. - The expected revenue growth rates for the next few years are 27% for 2024, followed by 10.2% and 9.7% for 2025 and 2026 respectively [6].

23 Aug 2024 CMB 国际全球市场 | 股票研究 | 公司更新 奥尼沃 （ 2602 香港 ）1H24 错过 ， 提高了 div 。再次支付至 100 ％ 核心净利润 Onewo 的 1H24 收益低于市场预期 ， 但该公司提高了 股息支付率从核心净利润的 30% 到 100% (55% 中期股息 + 45% 特殊 div.) ， 基于 22 日的收盘价 ， div 收益率为 9.1% 8 月假设全年没有特别股息支付。 1H24 收入增长 同比增长 9.6% ， 毛利率 （ GPM ） 收缩 1.4 个百分点至 13.6% ， 净利润 同比下降 23% 。我们的主要发现是 ： 1 ）住宅 PM 和 Bpaas 尽管行业条件充满挑战 ， 但仍为公司提供了至关重要的支持。 2)商业 PM 在 1H24 面临挑战 ， 收入增长伴随 毛利率下降 ， 主要是由于降价以吸引客户和 在疲软的经济环境中成为 AR 的主要来源。3)AIoT 收入受到开发商相关问题的严重影响 ， 短期 扩展到非开发者客户端 ， 导致 GP 和 AR 的潜在增加。4)城市服务保持盈利 ， 但将 也增加了 AR 负担。我们预计开发人员将继 ...

23 Aug 2024 CMB International Global Markets | Equity Research | Company Update Onewo (2602 HK) | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Performance Summary [Overall Performance Overview](index=1&type=section&id=%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) The company's H1 2024 total revenue grew 9.6% to RMB 17.56 billion, with recurring business showing strong growth, despite a 23.4% decline in net profit to RMB 804 million Key Financial Indicators H1 2024 | Indicator | H1 2024 (RMB Billion) | YoY Change | | :--- | :--- | :--- | | **Total Revenue** | 17.56 | +9.6% | | **Revenue Excl. Developer Impact** | 15.36 | +16.2% | | **Gross Profit** | 2.40 | -0.6% | | **Profit for the Period** | 0.804 | -23.4% | | **Core Net Profit** | 1.202 | -2.7% | | **EPS** | 0.66 | -22.4% | - Recurring business (residential property, commercial property and facility management, BPaaS) revenue increased by **16.7% year-on-year** to **RMB 14.9 billion**, with its proportion of total revenue rising from **79.8% to 84.9%**, indicating continuous optimization of business structure and reduced reliance on developers[2](index=2&type=chunk) - The Board recommended an interim dividend of **RMB 0.562 per share** and a special dividend of **RMB 0.460 per share**, totaling **RMB 1.022 per share** (tax inclusive), with the total dividend payout based on **100% of core net profit**[3](index=3&type=chunk) Financial Data [Interim Condensed Consolidated Income Statement](index=3&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E6%90%8D%E7%9B%8A%E8%A1%A8) For H1 2024, revenue grew 9.6% to RMB 17.56 billion, but gross profit slightly declined by 0.6% to RMB 2.40 billion, and profit for the period decreased 23.4% to RMB 804 million Income Statement Core Data (RMB Thousand) | Item | H1 2024 (RMB Thousand) | H1 2023 (RMB Thousand) | YoY Change | | :--- | :--- | :--- | :--- | | **Revenue** | 17,559,770 | 16,019,670 | +9.6% | | **Gross Profit** | 2,396,531 | 2,412,032 | -0.6% | | **Net Other Income and Gains** | 84,853 | 447,531 | -81.0% | | **Profit Before Tax** | 1,083,991 | 1,399,143 | -22.5% | | **Profit for the Period** | 804,423 | 1,049,967 | -23.4% | | **Profit Attributable to Company Shareholders** | 771,663 | 997,733 | -22.7% | | **Basic EPS (RMB)** | 0.66 | 0.85 | -22.4% | [Interim Condensed Consolidated Statement of Financial Position](index=5&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2024, total assets were RMB 38.64 billion, a slight decrease from end-2023, while net assets remained stable at RMB 18.09 billion; trade receivables significantly increased by 39.3% from RMB 6.78 billion to RMB 9.45 billion, and cash and cash equivalents decreased from RMB 15.57 billion to RMB 12.20 billion Statement of Financial Position Core Data (RMB Thousand) | Item | June 30, 2024 (RMB Thousand) | Dec 31, 2023 (RMB Thousand) | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | 38,641,192 | 39,383,117 | -1.9% | | **Total Liabilities** | 20,548,248 | 21,162,876 | -2.9% | | **Net Assets** | 18,092,944 | 18,220,241 | -0.7% | | **Trade Receivables** | 9,445,393 | 6,781,100 | +39.3% | | **Cash and Cash Equivalents** | 12,197,096 | 15,572,483 | -21.7% | [Summary of Notes to Financial Information](index=7&type=section&id=%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) Financial notes indicate the company operates as a single segment, with most revenue from China, primarily from community space residential consumer services; the company declared a 2023 final dividend and proposed 2024 interim and special dividends; intangible assets slightly increased due to acquisitions, and trade receivables significantly grew, especially from related parties - Management reviews business performance as a **single operating segment**, with the primary operating entities and most revenue and non-current assets located in China[15](index=15&type=chunk) Revenue by Business Segment H1 2024 (RMB Thousand) | Business Segment | H1 2024 (RMB Thousand) | H1 2023 (RMB Thousand) | YoY Growth | | :--- | :--- | :--- | :--- | | Community Space Residential Consumer Services | 10,102,821 | 9,035,753 | +11.8% | | Commercial and Urban Space Integrated Services | 6,065,306 | 5,667,506 | +7.0% | | AIoT and BPaaS Solutions | 1,391,643 | 1,316,411 | +5.7% | | **Total** | **17,559,770** | **16,019,670** | **+9.6%** | - The Board recommended an interim dividend of **RMB 0.562 per share** and a special dividend of **RMB 0.460 per share** for 2024, totaling approximately **RMB 1.202 billion**[21](index=21&type=chunk) - Trade receivables increased from **RMB 7.20 billion** at end-2023 to **RMB 9.99 billion**, with related party receivables growing **53.5%** from **RMB 2.49 billion to RMB 3.82 billion**[30](index=30&type=chunk) Management Discussion and Analysis [Industry Review](index=16&type=section&id=%E8%A1%8C%E6%A5%AD%E5%9B%9E%E9%A1%A7) Management identifies three key industry challenges: related developers shifting from support to burden, property fee pricing requiring value demonstration, and integrated facility management (IFM) facing low-price competition instead of focusing on comprehensive services and technology - Related developers have shifted from being a 'backbone' to a 'drag' on industry growth, with related party receivables raising market concerns, and new industry valuation benchmarks now focus on **stable growth and high dividend attributes**[36](index=36&type=chunk) - Property fee pricing has become a market focus, requiring the industry to enhance owner recognition of property value through improved service quality and innovative models[37](index=37&type=chunk) - The Integrated Facility Management (IFM) market faces intense price competition, urging industry players to abandon low-price strategies and instead strengthen comprehensive services and technological capabilities to address efficiency issues for high-quality clients[38](index=38&type=chunk)[40](index=40&type=chunk) [Strategic Review](index=17&type=section&id=%E6%88%B0%E7%95%A5%E5%9B%9E%E9%A1%A7) The company successfully advanced its three strategies: 'Butterfly City Strategy' improved residential property gross margin through expansion and process optimization; 'Client Diversification Strategy' focused on high-quality clients to mitigate cyclical risks; and 'Technology Strategy' enhanced internal efficiency and generated external revenue via proprietary platforms, building a business moat [Butterfly City Strategy: Winning with Existing Stock and Process Transformation](index=17&type=section&id=%E8%9D%B6%E5%9F%8E%E6%88%B0%E7%95%A5) The Butterfly City Strategy successfully expanded its base by deepening existing markets, increasing Butterfly City count to 642 with a 74% win rate for existing projects, while process transformation boosted residential property service gross margin by 0.8 percentage points year-on-year, and ecosystem overlay businesses also steadily developed - The number of Butterfly City bases increased to **642**, with **221 new residential market contracts** acquired during the reporting period, reaching a saturated revenue of **RMB 1.276 billion**[41](index=41&type=chunk) - A cumulative **200 Butterfly Cities** completed process transformation, leading to a **0.8 percentage point year-on-year increase** in residential property service gross margin[42](index=42&type=chunk) - Within ecosystem overlay businesses, total transaction volume for second-hand home sales reached **RMB 9.8 billion**, and the total number of housing rental service units increased by **12.5% year-on-year**[44](index=44&type=chunk) [Client Diversification Strategy: Focusing on High-Quality Clients](index=18&type=section&id=%E5%AE%A2%E6%88%B6%E5%A4%9A%E5%85%83%E5%8C%96%E6%88%B0%E7%95%A5) The company, through its 'Vanke Service Lianghang' brand, continued to expand its diversified high-quality client base to hedge against real estate cyclical risks, securing new contracts worth approximately RMB 496 million across five key sectors and establishing a strategic partnership with a leading domestic AI enterprise for RMB 123 million in new contracts to co-develop a property industry large model - Commercial property service brand 'Vanke Service Lianghang' secured new contracts totaling approximately **RMB 496 million** across five key sectors, adding clients such as leading new energy vehicle companies and renowned shared mobility enterprises[45](index=45&type=chunk) - Diversified operations (energy management, group catering, etc.) within commercial spaces generated **RMB 252 million** in revenue, a **62.1% year-on-year increase**[45](index=45&type=chunk) - Established a strategic partnership with a leading domestic AI enterprise to provide diverse services like FM and BPaaS, and jointly build a large model for the property industry[45](index=45&type=chunk) [Technology Strategy: Efficiency and Revenue Generation](index=19&type=section&id=%E7%A7%91%E6%8A%80%E6%88%B0%E7%95%A5) The Technology Strategy advanced in both internal efficiency and external revenue generation; the self-developed 'Feige Task Platform' improved employee operational efficiency by 18.7% through AI scheduling, while external technology business generated RMB 1.39 billion in revenue and successfully optimized client structure, reducing reliance on developers - The self-developed 'Feige Platform' improved employee operational efficiency by **18.7%** through AI intelligent scheduling, with AI quality inspection accuracy increasing to **over 94.0%**[51](index=51&type=chunk) - Technology business generated **RMB 1.392 billion** in revenue during the reporting period[52](index=52&type=chunk) - Client structure in hardware technology was optimized, with revenue from industrial clients reaching **53.9%**, while developer client proportion decreased from **55.4% to 46.1%**[52](index=52&type=chunk) [Business Review](index=20&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) Among the company's three business segments, Community Space Residential Consumer Services had the highest revenue share (57.6%) with an 11.8% year-on-year increase; Commercial and Urban Space Integrated Services revenue grew 7.0% but gross profit declined due to developer value-added services; AIoT and BPaaS Solutions grew 5.7%, with BPaaS notably up 22.0%; core business growth remained robust excluding developer impact Revenue and Gross Profit Overview by Business Segment (H1 2024) | Business Segment | Revenue (RMB Billion) | Revenue YoY | Gross Profit (RMB Billion) | Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | | Community Space Residential Consumer Services | 10.103 | +11.8% | 1.526 | 15.1% | | Commercial and Urban Space Integrated Services | 6.065 | +7.0% | 0.432 | 7.1% | | AIoT and BPaaS Solutions | 1.392 | +5.7% | 0.439 | 31.6% | | **Total** | **17.560** | **+9.6%** | **2.397** | **13.6%** | - Excluding developer impact, the company's revenue was **RMB 15.36 billion**, a **16.2% year-on-year increase**, with gross profit at **RMB 2.00 billion**, up **12.8% year-on-year**[59](index=59&type=chunk) - Recurring business, serving as the revenue 'ballast,' reached **RMB 14.90 billion**, a **16.7% year-on-year increase**, accounting for **84.9% of total revenue**[60](index=60&type=chunk) [Community Space Residential Consumer Services](index=24&type=section&id=%E7%A4%BE%E5%8D%80%E7%A9%BA%E9%96%93%E5%B1%85%E4%BD%8F%E6%B6%88%E8%B2%BB%E6%9C%8D%E5%8B%99) This segment's revenue reached RMB 9.32 billion, a 14.2% year-on-year increase, primarily driven by residential property service market expansion; residential property service gross margin improved to 13.4% due to Butterfly City process transformation, and managed residential projects' saturated revenue grew 14.2% year-on-year by period-end Residential Property Services Key Indicators | Indicator | H1 2024 (RMB Billion) | YoY Change | | :--- | :--- | :--- | | Revenue | 9.316 | +14.2% | | Gross Profit | 1.246 | +21.4% | | Gross Profit Margin | 13.4% | +0.8 pct | - As of June 30, 2024, saturated revenue from managed residential projects was **RMB 26.21 billion**, a **14.2% year-on-year increase**[61](index=61&type=chunk)[62](index=62&type=chunk) [Commercial and Urban Space Integrated Services](index=25&type=section&id=%E5%95%86%E4%BC%81%E5%92%8C%E5%9F%8E%E5%B8%82%E7%A9%BA%E9%96%93%E7%B6%9C%E5%90%88%E6%9C%8D%E5%8B%99) Within this segment, property and facility management services revenue grew 20.8% to RMB 4.80 billion, demonstrating strong market expansion, but developer value-added services revenue sharply declined by 33.8% year-on-year, leading to an overall segment gross profit decrease; the company is actively adjusting its client structure and expanding into high-quality sectors - Property and facility management services revenue was **RMB 4.80 billion**, a **20.8% year-on-year increase**; saturated revenue from managed projects grew **25.8% year-on-year**[55](index=55&type=chunk)[65](index=65&type=chunk) - Developer value-added services revenue was **RMB 920 million**, a **33.8% year-on-year decline**; gross profit plummeted by **98.9%**, severely dragging down segment performance[55](index=55&type=chunk)[57](index=57&type=chunk)[76](index=76&type=chunk) [AIoT and BPaaS Solutions](index=26&type=section&id=AIoT%E5%8F%8ABPaas%E8%A7%A3%E6%B1%BA%E6%96%B9%E6%A1%88%E6%9C%8D%E5%8B%99) Within this segment, BPaaS solutions became the primary growth engine, with revenue increasing 22.0% year-on-year to RMB 790 million, while AIoT solutions revenue declined 10.0% year-on-year due to proactive client structure adjustments and reduced developer business - BPaaS solutions revenue was **RMB 789 million**, a **22.0% year-on-year increase**, with gross profit growing **33.4%**, primarily driven by market expansion to enterprise and space clients[55](index=55&type=chunk)[68](index=68&type=chunk) - AIoT solutions revenue was **RMB 603 million**, a **10.0% year-on-year decline**, with revenue from developers decreasing **25.1%** while revenue from industrial clients increased **8.7%**, indicating ongoing business transformation[71](index=71&type=chunk) [Financial Review](index=28&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) In H1 2024, total revenue grew 9.6% to RMB 17.56 billion, driven by expanded management scale, but gross profit margin decreased from 15.1% to 13.6% due to developer business and initial property facility management expansion; administrative expense ratio decreased by 0.8 percentage points, reflecting technology-driven efficiency, while profit for the period declined 23.4% to RMB 804 million, and core net profit slightly decreased 2.7%, mainly due to a significant reduction in other income and gains - Revenue increased by **9.6%**, primarily due to expanded management scale and increased business contracts across all segments[78](index=78&type=chunk) - Gross profit margin decreased by **1.5 percentage points to 13.6%**, mainly impacted by the sharp decline in developer business gross margin and initial client base expansion in property and facility management services[82](index=82&type=chunk) - Administrative expenses as a percentage of revenue decreased by **0.8 percentage points**, benefiting from technology-driven efficiency and back-office function optimization[89](index=89&type=chunk) - Profit for the period decreased by **23.4%**, and core net profit decreased by **2.7%**, primarily due to a higher base of other income and gains in the prior period from significant fair value gains on financial liabilities[87](index=87&type=chunk)[91](index=91&type=chunk) - As of June 30, 2024, the company had **no bank loans or borrowings**, maintaining a **net cash position**[94](index=94&type=chunk) Corporate Governance and Other Information [Employees and Remuneration Policy](index=32&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2024, the Group's total employees increased to 105,521, with H1 employee costs approximately RMB 5.90 billion; the company established a diversified talent pool and training system, such as the 'Wanzichianhong' project, which helped 703 grassroots employees successfully transfer positions during the reporting period, enhancing their skills and income - As of June 30, 2024, the Group had **105,521 employees**, an increase of **4,237** from end-2023[99](index=99&type=chunk) - Total employee costs during the reporting period were approximately **RMB 5.90 billion**[99](index=99&type=chunk) - Through the 'Wanzichianhong' development project, **703 grassroots employees** successfully transferred positions during the reporting period, with a cumulative **8,474 transfers** since the project's inception[102](index=102&type=chunk) [Share Repurchase](index=34&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E5%8F%8A%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) In H1 2024, the company cumulatively repurchased 5,486,500 H shares on the Stock Exchange, representing 0.47% of total share capital, at a total cost of approximately HKD 111 million; the Board believes the repurchases demonstrate confidence in the company's prospects, and all repurchased shares have been cancelled H-Share Repurchase Details H1 2024 | Repurchase Month | Shares Repurchased | Total Amount (HKD) | | :--- | :--- | :--- | | January 2024 | 959,300 | 20,192,150 | | February 2024 | 600,000 | 10,743,044 | | March 2024 | 79,000 | 1,552,750 | | April 2024 | 2,203,600 | 39,648,480 | | May 2024 | 300,000 | 7,183,065 | | June 2024 | 1,344,600 | 31,815,110 | | **Total** | **5,486,500** | **111,134,599** | [Dividend Policy](index=36&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF%E5%8F%8A%E7%89%B9%E5%88%A5%E8%82%A1%E6%81%AF) The Board recommended an interim dividend of RMB 0.562 per share (tax inclusive) and, to celebrate the company's inclusion in the Hang Seng Composite Index, a special dividend of RMB 0.460 per share (tax inclusive), totaling RMB 1.022 per share, subject to shareholder approval at the AGM - An interim dividend of **RMB 0.562 per share** (tax inclusive) was recommended[113](index=113&type=chunk) - A special dividend of **RMB 0.460 per share** (tax inclusive) was recommended to celebrate inclusion in the Hang Seng Composite Index[113](index=113&type=chunk) - Total dividends of **RMB 1.022 per share** (tax inclusive) will be reviewed at the Annual General Meeting on September 27, 2024[113](index=113&type=chunk)

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 万物云（2602）公司跟踪报告 2024年06月19日 [Table_InvestInfo] 投资评级 优于大市 维持 启动回购展现信心，深耕三大战略优势 股票数据 [Table_Summary] 6[T月ab18le日_S收t盘oc价kI（nf港o元] ） 23.45 投资要点： 52周股价波动（港元） 16.12-29.10 总股本（亿股） 11.76 总市值（亿港元） 283.33  拟启动回购，拟用自有资金创造价值回报。2024年6月4日，董事会决定适 相关研究 时行使股份购回授权于公开市场回购H股，拟动用的资金上限为58.0亿港元， [《Ta循b环le业_R务e引po领r增tIn长fo，]打造坚实盈利底盘》 获准回购最多1.18亿股H股，占公司于股东周年大会上通过特别决议案当日 已发行H股总数的10%，并维持足够的公众持股量。公司拟以自有财务资源 2024.03.26 《蝶城战略优势兑现，循环业务引领增长》 拨付股份回购所需资金，并不动用H股于2022年9月在香港联合交易所有 限公司主板上市所得款项。 2023.08.29 ...

公司研究 | 年报点评 万物云 02602.HK 买入（维持） 业绩显著增长，蝶城战略成效显现 股价（2024年04月26日） 19.14港元 目标价格 26.43港元 52周最高价/最低价 35.33/16.7港元 ——2023年报点评 总股本/流通H股（万股） 118,124/118,124 H股市值（百万港币） 22,609 核心观点 国家/地区 中国 行业 房地产 事件：公司近期披露2023年年报，实现营业收入331.8亿元，同比增长10.2%，实现归 报告发布日期 2024年04月29日 母净利润19.5亿元，同比增长29.3%。 ⚫ 业绩显著增长，坚持有现金流的利润。公司23年营收同比增长10.2%，分业务看， 1周 1月 3月 12月 住宅物管/商企城市服务/科技收入分别为 187/117/28 亿元，同比增长 绝对表现 7.89 -1.24 1.06 -44.04 13.0%/4.7%/16.9%。23年公司归母净利同比增长29.3%，业绩增速显著高于营收增 相对表现 -0.91 -7.46 -9.59 -33.38 速，主要由于 1）公司综合毛利率同比上升 0.4pct 至 14.5%，主要 ...