Core Viewpoint - The company aims to become a leading AI application enterprise while facing financial challenges, including a significant drop in net profit and a strategic focus on sustainable development and innovative pricing models [2][6][7]. Financial Performance - In 2024, the company reported revenue of 36.22 billion yuan, a year-on-year increase of 9.2%, while core net profit was 2.23 billion yuan, down 4.8%, and net profit fell by 38.3% to 1.26 billion yuan [2]. - The company proposed a substantial dividend of 2.3 billion yuan, representing 100% of core net profit, with a dividend yield of approximately 9.3% based on the closing price at the end of 2024 [2][3]. Dividend Policy - The company emphasized that the special dividend is not expected to become a regular occurrence, maintaining a principle of "development first, stable returns" [3]. - For 2025, the company plans to use 55% of core net profit as a dividend benchmark, with flexibility for special dividends based on strategic needs [3]. Business Strategy - The company is focusing on building business independence from 2022 to 2024, reducing reliance on related transactions, with related transaction revenue dropping to 9.5% of total revenue [5]. - The company has conducted impairment assessments on receivables, with a provision of 610 million yuan for bad debts in 2024, including 493 million yuan related to developers [5]. AI Application and Innovation - The company has set a goal to become a leading AI application enterprise by 2027, aiming to transform service delivery through AI and process optimization [6]. - AI applications have improved operational efficiency, with a reported 2.3 times increase in employee productivity after reallocating 1,200 staff to higher-value roles [6]. Pricing Model - The company has introduced an elastic pricing model, allowing clients to choose service levels and frequencies, which has shown significant market potential with contracts worth 620 million yuan in progress [7]. - As of now, the elastic pricing product has engaged over 64 cities and 160 clients, with 6 projects already signed [7].

Core Viewpoint - The current property management industry in China is described as being in a "Warring States" period, with significant changes in asset ownership and a trend towards replacing property management companies in residential communities [1] Financial Performance - In 2024, the company achieved revenue of 36.22 billion yuan, a year-on-year increase of 9.2%, while core net profit was 2.23 billion yuan, a decrease of 4.8% [1] - The company reported a decrease in trade receivables from related parties to 2.45 billion yuan, down 40 million yuan from the beginning of the year [1] - The company recovered over 3 billion yuan in trade receivables from related parties in the second half of the previous year, with more than 1.2 billion yuan settled through asset swaps [2][3] Dividend Policy - The company plans to distribute a total dividend of 1.9 yuan per share, representing a dividend yield of approximately 9.3% based on the closing price at the end of 2024 [3] - The board emphasized that special dividends will not become a regular practice, maintaining a principle of "development first, stable returns" [3] Industry Trends - The transition from property contracts to property service contracts is expected to open up opportunities in the residential market, with larger property management companies likely to benefit [1] - The company is exploring the use of artificial intelligence in property management, which presents both opportunities and potential risks of competition with clients [4][6] Innovative Pricing Model - The company has introduced an elastic pricing model, allowing clients to choose service projects and frequencies based on their needs, which has shown significant market potential [7] - As of now, over 64 cities and 160 clients are engaged in discussions regarding this model, with contract amounts reaching 620 million yuan [7]

Investment Rating - The report maintains a "Buy" rating for the company [2][6][18] Core Views - The company experienced a decline in performance but maintained a generous dividend payout, with a payout ratio of 100% for the year [6] - The company is positioned as a leading space technology service provider, leveraging technology empowerment and deepening its market presence [6] - Despite the challenges in the real estate sector, the company is expected to enter a growth phase due to its competitive advantages [6] Financial Data and Earnings Forecast - Revenue projections for the company are as follows: - 2023: 33,183 million - 2024: 36,224 million (growth of 9.2%) - 2025E: 38,588 million (growth of 6.5%) - 2026E: 41,357 million (growth of 7.2%) - 2027E: 44,503 million (growth of 7.6%) [5] - Net profit forecasts indicate a significant drop in 2024, with a projected net profit of 1,150 million, down 41.2% year-on-year, followed by a recovery to 1,597 million in 2025E [5][6] - The earnings per share (EPS) is expected to be 0.98 in 2024, recovering to 1.36 in 2025E [5] Business Segments Performance - Residential property management accounted for 58% of revenue, with a 13.1% increase in revenue to 192 million in 2024 [6] - The commercial service segment saw a revenue increase of 5.4% to 123 million, but gross profit declined by 18% [6] - The technology business reported an 8.6% revenue increase to 30 million, with a focus on AIoT and BPaaS services [6] Dividend and Shareholder Returns - The company proposed a dividend of 1.9 per share, resulting in a dividend yield of 8.9% based on the closing price on March 26, 2025 [6]

Core Viewpoint - The company emphasizes that cash flow is more important than profit, successfully recovering over 3 billion from related parties in the second half of 2024 [1][4]. Financial Performance - In 2024, the company reported total revenue of 36.22 billion, a year-on-year increase of 9.2%, while net profit decreased by 38.3% to 1.26 billion [1]. - Core net profit was 2.23 billion, down 4.8% year-on-year [1]. - The growth in revenue was driven by the development of circular business, which includes residential property services, property and facility management services, and BPaaS solutions, all showing over 10% growth [1]. Business Strategy - The company adopted a strategy prioritizing cash flow over gross profit, leading to the closure of non-cash flow supporting businesses, which resulted in a gross profit decline of approximately 300 million [2][3]. - The company has been actively reducing business dealings with developers since the second half of 2024 [2][3]. Accounts Receivable Management - As of mid-2024, accounts receivable from related parties reached 3.82 billion, prompting management to take swift action to mitigate risks [3]. - The company managed to recover over 3 billion in accounts receivable in the second half of 2024, including 1.8 billion in cash and 1.2 billion through asset offsets [4]. Industry Challenges - The company is facing ongoing industry challenges, including calls for reduced property management fees, prompting innovations like the "flexible pricing" mechanism introduced by competitors [5]. - The flexible pricing mechanism aims to adapt to the shift from new property services to existing property management contracts, focusing on service standards and outcomes [5][6].

万物云朱保全：去年主动化解开发商及关联方风险，优先选择现金流安 全 出品 | 搜狐地产&焦点财经 作者 | 王泽红 这三块业务构成的公司循环型业务收入实现了15.5%的增长，毛利增长10.0%，增长3.4亿元，有效弥补了万物云非核心的开发商业务的下滑。 此次业绩会上，万物云的弹性定价再次被问及。去年以来，各地降物业费的呼声此起彼伏，万科物业于12月开创行业物业费"弹性定价"，朱保全 当时称如果打入1-2元市场，商机将增加1.1倍。 万物云副总经理杨光辉透露，万物云将全面梳理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。 3月25日，万物云（2602.HK）公布2024年度业绩，全年营业收入362.2亿元，同比增长9.2%。其中，核心的循环型业务收入达307.9亿元，同比增 长15.5%，占总收入比重提高至85.0%。 在3月26日的业绩发布会上，万物云董事长朱保全表示，公司核心业务增长强劲，业绩达成预期指引，正在"蹲实筑底"。 根据万物云2024年中期业绩指引，"力保现金流，全年核心净利润降幅与上半年持平或微降5%"等指标全部达成。其中，现金流稳健，全年实现经 营性净现金流19.2亿元，现金 ...

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； ...