| 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02602 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年12月15日 | 1,155,179,629 | | 12,873,500 | | 1,168,053,129 | | 1). 購回股份 (股份被持作庫存股份) | | -239,300 | 0.021 % | 239,300 HKD | 19.2521 | | | 變動日期 | 2025年12月18日 | | | | | | | ...

Company Overview - The company showcased its third-generation Lingstone product at the second "Rui Jian" conference held on December 12 in Shanghai [1] - The chairman emphasized the themes of "smart driving for vehicles and smart control for buildings" while presenting Lingstone 3.0, which serves as an intelligent control brain for real estate allocation [1] Product Evolution - Lingstone 1.0 started with a camera cluster to utilize algorithms for work order scheduling [1] - Lingstone 2.0 linked energy hardware clusters for smart control of air conditioning, elevators, and lighting, and established a microgrid for energy savings [1] - Lingstone 3.0 has begun deploying distilled large models, integrating into robots like cleaning and patrol vehicles, creating a comprehensive ecosystem that includes software, robotics, low carbon solutions, and value-added services [1] Commercialization and Impact - Lingstone has achieved commercialization in 44 scenarios, with over 800 external projects implemented, including notable projects like Chengdu Tianhui City and Sun Yat-sen University Shenzhen Campus [1] - For instance, in the Tianhui City project, Lingstone products helped reduce inspection labor costs by 20% and energy consumption by 19.6% [1] Pricing and Growth Strategy - The full-featured version of the Lingstone product is priced between 13,000 to 29,000 yuan per month, with contract durations ranging from 3 to 10 years [2] - The company plans to accelerate product promotion to further enhance its growth momentum [2] Profit Forecast and Valuation - The company maintains its profit forecast and continues to rate the stock as outperforming the industry, with a target price of 27.5 HKD per share, corresponding to a 12x core P/E for 2025 and a 41.5% upside potential [2] - The stock is currently trading at 8.2x core P/E for 2025 and offers a dividend yield of 9.8%, assuming an 80% payout of the core net profit for 2025 [2]

Group 1 - The core theme of the dialogue is the resilience test of smart spaces in the context of the "stock era," focusing on the revitalization of existing assets under the guidance of policies like "controlling increment, reducing inventory, and optimizing supply" [3][4] - The discussion highlights the shift from traditional "development-sales" models to collaborative operational models, emphasizing the need for existing assets to possess resilience against risks and uncertainties [4][10] - AI technology is identified as a key enabler in addressing operational pain points, enhancing efficiency in various applications such as outdoor cleaning and security robots, which have improved their performance significantly due to AI [5][6] Group 2 - The panelists agree that traditional metrics like occupancy rates and rental prices are insufficient for measuring true asset resilience, advocating for a multi-dimensional approach that considers the health of the industrial ecosystem and the ability to maintain value across economic cycles [7] - The integration of AI in property management has led to significant cost reductions and improved service quality, with examples of automated processes replacing cumbersome manual approvals [6][8] - Future operational paradigms are expected to center around human-machine collaboration, with predictions that robots will gradually take over 90% of processes, transforming the workforce into versatile problem solvers [9][10]

Core Insights - The article discusses the stock buyback activities of various companies, highlighting the total amounts and quantities repurchased, with Tencent Holdings leading the buyback efforts [1][2]. Group 1: Buyback Overview - Tencent Holdings (00700) repurchased 1.051 million shares for a total of 636 million, representing 0.995% of its total share capital [2]. - Xiaomi Group (01810) repurchased 7.2 million shares for 302 million, accounting for 0.430% of its total share capital [2]. - China COSCO Shipping Holdings (01919) repurchased 2.95 million shares for 40.016 million, which is 3.089% of its total share capital [2]. Group 2: Notable Buybacks - Kuaishou Technology (01024) repurchased 462,000 shares for 29.9304 million, representing 0.191% of its total share capital [2]. - Kingsoft Corporation (03888) repurchased 702,800 shares for 19.9994 million, which is 0.580% of its total share capital [2]. - Country Garden Services (06098) repurchased 3 million shares for 18.9615 million, accounting for 1.284% of its total share capital [2]. Group 3: Other Companies - Coolpad Group (02369) repurchased 3.16 million shares for 4.1717 million, representing 7.986% of its total share capital [2]. - China Petroleum & Chemical Corporation (00386) repurchased 764,000 shares for 3.306 million, which is 0.190% of its total share capital [2]. - Mengniu Dairy (02319) repurchased 200,000 shares for 2.9675 million, accounting for 0.762% of its total share capital [2].

Core Viewpoint - The company, Wanwu Cloud, has been actively repurchasing its shares, indicating a strategy to enhance shareholder value amidst market fluctuations [2] Share Buyback Summary - On December 15, Wanwu Cloud repurchased 515,000 shares at a price range of HKD 19.020 to HKD 19.400, totaling HKD 9.9023 million [2] - The stock closed at HKD 18.990 on the same day, reflecting a decline of 2.26%, with a total trading volume of HKD 46.4534 million [2] - Year-to-date, the company has conducted 10 share buybacks, accumulating a total of 5.5633 million shares repurchased, with a total expenditure of HKD 111 million [2] Buyback Details - The buyback details are as follows: - December 15: 51.50 thousand shares at a maximum price of HKD 19.400 and a minimum price of HKD 19.020, amounting to HKD 990.23 thousand [2] - November 27: 79.83 thousand shares at a maximum price of HKD 20.820 and a minimum price of HKD 20.400, totaling HKD 1,649.35 thousand [2] - January 17: 50.00 thousand shares at a maximum price of HKD 20.250 and a minimum price of HKD 19.900, costing HKD 1,005.77 thousand [2] - January 15: 50.00 thousand shares at a maximum price of HKD 19.580 and a minimum price of HKD 19.340, totaling HKD 973.18 thousand [2] - January 14: 75.00 thousand shares at a maximum price of HKD 19.920 and a minimum price of HKD 19.520, amounting to HKD 1,477.78 thousand [2] - January 13: 50.00 thousand shares at a maximum price of HKD 20.000 and a minimum price of HKD 19.840, costing HKD 997.23 thousand [2] - January 10: 50.00 thousand shares at a maximum price of HKD 20.000 and a minimum price of HKD 19.760, totaling HKD 995.72 thousand [2] - January 8: 50.00 thousand shares at a maximum price of HKD 20.150 and a minimum price of HKD 19.980, amounting to HKD 1,005.44 thousand [2] - January 6: 50.00 thousand shares at a maximum price of HKD 20.350 and a minimum price of HKD 20.200, costing HKD 1,012.00 thousand [2] - January 2: 50.00 thousand shares at a maximum price of HKD 20.500 and a minimum price of HKD 20.200, totaling HKD 1,019.60 thousand [2]

万物云(02602)公布，2025年12月15日耗资约990.23万港元回购51.5万股股份。 ...

格隆汇12月15日丨万物云(02602.HK)公告，12月15日耗资990.2万港元回购51.5万股。 ...

智通财经APP讯，万物云(02602)公布，2025年12月15日耗资约990.23万港元回购51.5万股股份。 ...

| 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02602 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年11月30日 | 1,155,694,629 | | 12,358,500 | | 1,168,053,129 | | 1). 購回股份 (股份被持作庫存股份) | | -515,000 | 0.045 % | 515,000 HKD | 19.2278 | | | 變動日期 2025年12月15日 | | | | | | | | ...

Core Insights - Wanwu Cloud officially announced the commercialization of its core technology product "Lingstone 3.0" and introduced a pioneering "digital employee" leasing model to enhance smart property management and low-carbon upgrades [1][3] - The company has established the Lingstone Ecological Alliance with several leading robotics and technology firms, signing strategic cooperation agreements with 21 well-known enterprises [1][3] Product Development - The first generation of Lingstone focused on connecting hardware clusters in real estate, transitioning from "people finding tasks" to "tasks finding people" using AI algorithms [2] - The second generation further integrated energy hardware clusters for smart control of air conditioning, elevators, and lighting, while also establishing a microgrid for energy management [2] - The third generation has begun deploying distilled large models and integrating Lingstone into robotic systems, creating a comprehensive ecosystem that includes software, robotics, low-carbon solutions, and value-added services [2] Market Application - Lingstone has achieved commercialization in 44 scenarios and aims to provide ESG labels and carbon services for real estate, enhancing efficiency and reducing costs for property owners [3] - The company is transitioning from a "service red ocean" to a "computing blue ocean" strategy by equipping each property with Lingstone [3] - The strategic partnerships formed during the conference with companies like China Railway Construction, Huazhu Hotel Group, and Hikvision aim to promote the application of Lingstone in various spatial scenarios [3]