Core Insights - The chairman and CEO of Wanwu Cloud, Zhu Baoquan, indicated that 2025 has been a year with the highest number of supplier-related meetings since the company's inception, highlighting ongoing issues with accounts receivable that began worsening in 2022 [1] - Zhu emphasized the company's commitment to not simply passing pressure down to frontline employees, which could result in suppliers' staff not receiving their wages [1] - The company has made significant progress in addressing historical overdue payments, having paid approximately 1.1 billion in overdue amounts in the second half of the year, with a few remaining issues expected to be resolved soon [1] - Data shows that since the second half of 2025, the actual payment days for Wanwu Cloud have accelerated by 57 days compared to the first half of the year [1]

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12月1日 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11月30日 狀態: 新提交 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 ...

Core Viewpoint - Vanke is facing significant financial distress, highlighted by a sharp decline in bond prices and stock value, alongside a major equity freeze affecting its core subsidiary [1][2][3] Group 1: Financial Performance - Vanke's revenue for the third quarter was reported at 161.39 billion yuan, a year-on-year decrease of 26.61% [3] - The company recorded a net loss attributable to equity holders of 28.02 billion yuan, with a gross profit margin in real estate development plummeting to -10.5% [3] - Vanke's remaining cash balance of 65.68 billion yuan is insufficient to cover its short-term debt of 151.39 billion yuan [3] Group 2: Market Reaction - On December 1, Vanke's bonds experienced a significant drop, with "21 Vanke 04" falling over 45% and "22 Vanke 02" dropping over 38% [2] - Following the announcement of a 5.7 billion yuan equity freeze, Vanke's stock price fell to 5.2 yuan per share, a decline of 3.35% [1] Group 3: Asset Management - Vanke has pledged all of its 660 million shares in Wanwu Cloud to secure loans totaling up to 22 billion yuan from Shenzhen Metro Group [2] - The company has engaged in asset disposals, signing 19 bulk transactions worth 6.86 billion yuan and optimizing cash flow from existing assets by 7.11 billion yuan [3] Group 4: Corporate Governance - The new chairman of Vanke, Huang Liping, has expressed commitment to support the company's recovery and manage risks effectively [4] - Recent changes in corporate governance include the replacement of the legal representative of Shenzhen Metro Group, indicating a shift in leadership dynamics [4]

Group 1 - Shenzhen Metro Group Co., Ltd. (referred to as "Shenzhen Metro") has undergone a change in legal representative, with Xin Jie stepping down and Huang Liping taking over [1] - Huang Liping has transitioned from General Manager to Manager, indicating a shift in leadership roles within the company [1] - Shenzhen Metro is the largest shareholder of Vanke, which recently announced the election of Huang Liping as Chairman during a board meeting, following Xin Jie's resignation from the position [2] Group 2 - Vanke has reported a new equity freeze involving Shenzhen Vanke Development Co., Ltd., with a frozen equity amount of 570 million RMB, set for a duration of three years, enforced by the Dongguan Intermediate People's Court in Guangdong Province [2][3] - Vanke's subsidiary, Wanwu Cloud, disclosed that its controlling shareholder, Vanke Enterprises, has pledged 15.32 million shares to Shenzhen Metro, indicating a significant level of share pledging [3]

截至本公告日期，万科企业有权控制公司的6.61亿股股份(占公司已发行股本总额(不包括公司作为库存 股份持有的1235.85万股股份约57.16%)的表决权;上述被进一步质押的1532.11万股公司股份则占公司已 发行股本总额(不包括上述库存股份)约1.33%;以及连同此前被质押的股份合共占公司已发行股本总额(不 包括上述库存股份)约57.16%，即代表万科企业有权控制本公司的全数表决权。上述股份质押并非用作 担保本公司的债务或担保公司的保证或其他责任上的支持，亦不属于上市规则第13.17条的范畴。进一 步框架方案本身不会影响万科企业作为公司控股股东的地位，亦不会影响集团的正常营运。 智通财经APP讯，万物云(02602)发布公告，深圳市地铁集团有限公司与公司控股股东万科企业于2025年 11月2日订立贷款框架协议，深圳市地铁集团有限公司向万科企业提供累计贷款全额不得超出相关期间 的人民币220亿元的贷款。根据进一步框架方案的条款，万科企业将以深圳市地铁集团有限公司(作为质 权人)为受益人提供资产抵押，作为进一步框架方案项下贷款的担保。目前双方约定以万科企业所持有 的1532.11万股公司股份进行抵押。 ...

Core Viewpoint - The announcement reveals a loan framework agreement between Shenzhen Metro Group and Vanke Enterprises, allowing for a total loan of up to RMB 22 billion, secured by shares of the company held by Vanke [1] Group 1: Loan Agreement Details - Shenzhen Metro Group will provide a cumulative loan not exceeding RMB 22 billion to Vanke Enterprises [1] - Vanke Enterprises will use 15.32 million shares of the company as collateral for the loan [1] - The agreement does not affect Vanke Enterprises' status as the controlling shareholder of the company [1] Group 2: Shareholding and Control - Vanke Enterprises controls 661 million shares of the company, representing approximately 57.16% of the total issued share capital, excluding treasury shares [1] - The pledged shares of 15.32 million represent about 1.33% of the total issued share capital [1] - Together with previously pledged shares, Vanke Enterprises controls all voting rights of the company [1]

（於中華人民共和國註冊成立的股份有限公司） （股份代號：2602） 內幕消息 控股股東質押股份 本公告乃由萬物雲空間科技服務股份有限公司（「本公司」，連同其附屬公司統稱 「本集團」）根據《香港聯合交易所有限公司證券上市規則》（「上市規則」）第13.09 條及香港法例第571章《證券及期貨條例》第XIVA部內幕消息條文（定義見上市規 則）而作出。茲提述本公司於2025年2月10日、2025年7月1日及2025年7月7日披 露的公告（「該等公告」）。除另有界定外，本公告所用詞彙與該等公告所界定者具 有相同涵義。 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 股東及潛在投資者於買賣本公司股份時務請審慎行事。 承董事會命 萬物雲空間科技服務股份有限公司 董事長、執行董事兼總經理 朱保全 中國深圳，2025年11月28日 於本公告日期，本公司董事會包括董事長兼執行董事朱保全先生；執行董事 何曙華先生；非執行 ...

Core Insights - A total of 30 companies conducted share buybacks on November 27, 2025, with Tencent Holdings (00700) leading in both the number of shares repurchased and the total amount spent [1][2]. Group 1: Buyback Details - Tencent Holdings (00700) repurchased 1.036 million shares for a total of 636 million [2]. - Midea Group (00300) repurchased 1.2524 million shares for approximately 99.9944 million [2]. - China Petroleum & Chemical Corporation (00386) repurchased 9.01 million shares for about 40.2765 million [2]. Group 2: Cumulative Buyback Data - Tencent Holdings has a cumulative buyback of 78.922 million shares, representing 0.859% of its total share capital [2]. - China Flying Crane (06186) has a cumulative buyback of 18.7 million shares, accounting for 2.063% of its total share capital [2]. - VITASOY International (00345) has a cumulative buyback of 13.93 million shares, which is 1.327% of its total share capital [2].

Core Viewpoint - The company, Wanwu Cloud, has conducted multiple share buybacks in 2023, indicating a strategy to enhance shareholder value and potentially stabilize its stock price amidst market fluctuations [2] Summary by Category Share Buyback Activity - On November 27, 2023, Wanwu Cloud repurchased 798,300 shares at a price range of HKD 20.400 to HKD 20.820, totaling HKD 16.4935 million [2] - The stock closed at HKD 20.680 on the same day, reflecting a decline of 2.82%, with a total trading volume of HKD 110 million [2] - Year-to-date, the company has executed 9 buybacks, acquiring a total of 5.0483 million shares for a cumulative amount of HKD 101 million [2] Buyback Details - The detailed buyback transactions for 2023 are as follows: - November 27: 79.83 thousand shares, maximum price HKD 20.820, minimum price HKD 20.400, total amount HKD 16.4935 million - January 17: 50.00 thousand shares, maximum price HKD 20.250, minimum price HKD 19.900, total amount HKD 10.0577 million - January 15: 50.00 thousand shares, maximum price HKD 19.580, minimum price HKD 19.340, total amount HKD 9.7318 million - January 14: 75.00 thousand shares, maximum price HKD 19.920, minimum price HKD 19.520, total amount HKD 14.7778 million - January 13: 50.00 thousand shares, maximum price HKD 20.000, minimum price HKD 19.840, total amount HKD 9.9723 million - January 10: 50.00 thousand shares, maximum price HKD 20.000, minimum price HKD 19.760, total amount HKD 9.9572 million - January 8: 50.00 thousand shares, maximum price HKD 20.150, minimum price HKD 19.980, total amount HKD 10.0544 million - January 6: 50.00 thousand shares, maximum price HKD 20.350, minimum price HKD 20.200, total amount HKD 10.1200 million - January 2: 50.00 thousand shares, maximum price HKD 20.500, minimum price HKD 20.200, total amount HKD 10.1960 million [2]

Group 1 - The company, Wanwu Cloud (02602), announced a share buyback plan, spending HKD 16.4935 million to repurchase 798,300 shares [1]