万物云(02602)发布年度业绩 股东应占溢利11.5亿元 同比减少41.19% 战略转型与风险化解双突破 2022-24年是集团上市(IPO)以来的第一个三年事业计划落地期。面对开发商下行的衝击，关联方业务收 入与利润的全面下滑，集团坚定执行三大战略，通过结构性调整与科技创新，实现逆势突围。多元客户 战略筑牢风险屏障，更驱动外部营收跃升14.2%，护航全局稳健发展，持续关连交易比例从2021年的 19.2%下降至2024年的9.5%。蝶城战略破局"规模不经济"魔咒，科技赋能下的街道深耕催生运营能级跃 升。 集团依托长期构建的蝶城战略底盘优势，在面对2024年地产行业深度调整及关联方应收账款高企的挑战 时，化被动为主动，实现了战略转型与风险化解的双重突破。针对关联方应收账款历史高位的压力，公 司主动推进"资产抵应收"的化债模式：2024年下半年累计回收关联方贸易应收账款超过人民币30亿元， 其中通过收购实物资产专项偿还现金或实物资产直接抵偿关联方应收账款超过人民币12亿元，包含流动 性较优的工抵资产，以及蝶城辐射範围内的优质社区商业资产股权。这些深嵌蝶城核心区(武汉唐家 墩、上海花木、渖阳长白)的社区商业资产 ...

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 ...

房地产 2024 年 08 月 25 日 万物云 (02602) ——业绩承压，全额分红，蝶城提质增效 报告原因：有业绩公布需要点评 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 08 月 23 日 | | 收盘价（港币） | 17.02 | | 恒生中国企业指数 | 6219.24 | | 52 周最高/最低（港币） | 29.95/16.70 | | H 股市值（亿港币） | 199.40 | | 流通 H 股（百万股） | 1,171.57 | | 汇率（人民币/港币） | 1.0926 | 一年内股价与基准指数对比走势： 资料来源：Bloomberg 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 邓力 A0230523050001 dengli@swsresearch.com 联系人 邓力 (8621)23297818× dengli@swsresearch.com 买入（维持）投资要点： ⚫ 24H1 归母净利润同比-23%、低于预期，应 ...

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) | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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） 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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 （股份代號：2602) 截至2024年6月30日止六個月的未經審核中期業績公告 業績摘要 截至2024年6月30日止六個月，報告期內收入為人民幣175.6億元，同比增長 9.6%。其中，社區空間居住消費服務板塊收入為人民幣101億元，同比增長 11.8%；商企和城市空間綜合服務板塊收入為人民幣60.7億元，同比增長7.0%； AIoT及BPaaS解決方案服務板塊收入為人民幣13.9億元，同比增長5.7%；剔除 開發商影響註1後，報告期內本集團收入為人民幣153.6億元，同比增長16.2%。 截至2024年6月30日止六個月，報告期內毛利人民幣24億元，同比降低0.6%； 剔除開發商影響後，毛利為人民幣20億元，同比增長12.8%。 截至2024年6月30日止六個月，循環型業務註2收入為人民幣149億元，同比 ...

[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 ...