（原标题：万物云预期全年核心净利润增速进一步走高 "弹性定价"现成效） "从2025年开始，物业行业会迎来反弹的阶段，大家独立发展的能力逐步构建。核心业务收益增幅与开发商业务降幅开始呈现正向'剪刀差'。"万 物云（02602.HK）董事长朱保全在8月19日召开的业绩说明会上表示。 财报显示，万物云上半年核心净利润同比增长10.8%至13.2亿元。随着业务结构的进一步改善、物业费"弹性定价"策略取得成效，公司高管预期， 公司营收、核心利润两项指标2025年的全年增速会进一步扩大。 财报披露后，万物云今日盘中一度涨近16%，至收盘总市值超300亿港元。 大手笔分红 万物云昨日披露的财报显示，在开发商业务整体下滑的情况下，2025年上半年实现了营业收入181.4亿元，同比增长3.1%，净利润同比增长5.4%。 剔除非经常性损益后，公司核心净利润同比增长10.8%至13.2亿元。 财报显示，在2025年上半年，万物云业务结构进一步变化。公司来自开发商关联业务收入占比进一步下降至6.5%；取而代之的是，循环型业务收 入同比增长9.5%至163.1亿元，占总收入的比重进一步攀升至89.9%。所谓循环型业务，即囊括住宅物业 ...

Core Insights - The introduction of property fee guidance prices in cities like Chongqing, Wuhan, and Qingdao has sparked a nationwide trend of property fee reductions, raising questions about the impact on property companies' revenues [1] - The property industry is shifting from "scale expansion" to "quality competition," with increased sensitivity to service quality and pricing among homeowners [1] - Vanke Property's "elastic pricing" model is seen as a necessary adjustment in the market, linking service standards more transparently to pricing, allowing homeowners to choose between basic and upgraded services [1] Company Performance - Vanke Property's implementation of elastic pricing in Chongqing led to a 20% increase in property fee collection rates [2] - In the first half of the year, Vanke Property secured 114 residential property projects, generating an annualized revenue of RMB 668 million, a year-on-year increase of 31.5% [2] - Wanwu Cloud reported a revenue of RMB 18.14 billion, a 3.1% year-on-year growth, and a net profit increase of 5.4%, with core net profit growing by 10.8% [2] Financial Strategy - The company anticipates further growth in revenue and core net profit for the full year, driven by elastic pricing, new business capabilities, investment-driven growth, and cost reductions through AI [2] - Concerns have been raised regarding Wanwu Cloud's operational model due to the continued use of asset offsets for debts owed by Vanke Group [2] - Wanwu Cloud has established a special task force to efficiently manage the disposal of related party assets, aiming to liquidate approximately RMB 400 million in sales-type assets over six years [3]

Core Viewpoint - The company reported a revenue of approximately 18.14 billion yuan for the first half of 2025, reflecting a year-on-year growth of 3.1%, alongside a net profit increase of 5.4% to 840 million yuan, indicating a stable financial performance amidst industry challenges [2][9]. Group 1: Financial Performance - The company achieved a gross profit of approximately 2.49 billion yuan, marking a 3.8% year-on-year increase [2]. - The core net profit reached 1.32 billion yuan, showing a growth of 10.8% compared to the previous year [2]. - Cash assets totaled approximately 11.46 billion yuan, with operating net cash flow increasing by 20.5 million yuan year-on-year [2]. Group 2: Property Fee Pricing - The company highlighted the shift in property fee pricing dynamics, with increased sensitivity from homeowners towards service quality and pricing due to market adjustments [3]. - Local governments have introduced new property fee pricing policies, which have led to a reduction in property fees in several cities, with declines ranging from 20% to 35% [4]. - The company noted that the "elastic pricing" model adopted by Vanke Property is a necessary market self-regulation process, allowing homeowners to select services based on their needs [5]. Group 3: Asset Management and Debt Resolution - The company has established a specialized team to expedite the disposal of debt-related assets, aiming to maintain a light asset operation model [7]. - The company plans to liquidate approximately 400 million yuan of assets this year, with 80% being parking spaces, and has already completed 140 million yuan of this target [8]. - The management emphasized the importance of maximizing the value of acquired assets through professional management, contributing positively to the company's financial health [8]. Group 4: Future Outlook - The financial head of the company expressed confidence in expanding revenue and core net profit growth rates for the full year 2025, building on the first half's performance [9].

Core Viewpoint - The company reported a revenue increase of 3.1% year-on-year for the first half of 2025, indicating a stable growth trajectory despite challenges in the property management industry [2] Financial Performance - In the first half of 2025, the company achieved a revenue of 18.14 billion yuan, with a gross profit of 2.493 billion yuan, reflecting a gross margin of 13.7% [2] - Core net profit reached 1.32 billion yuan, marking a year-on-year growth of 10.8% [2] - The circular business segment, which includes residential property management and BPaaS solutions, saw a revenue increase of 9.5% to 16.31 billion yuan, accounting for 89.9% of total revenue [2] Industry Challenges - The company’s chairman highlighted three main contradictions in the property management industry: 1. Increased sensitivity of homeowners to property fee pricing as the real estate market matures [3] 2. The disparity between government expectations for the mature market and the current industry realities [3] 3. The criticism of property companies regarding public resource revenue management [3] Strategic Initiatives - The company has initiated a "Jingzhe" task force to explore asset disposal strategies, aiming to maintain a light asset model and ensure efficient operation of core businesses [4] - A differentiated strategy has been developed for various asset types, focusing on maximizing sales for sales-type assets and enhancing operational efficiency for operational assets [4] AI Integration - The company has implemented a three-tier employee collaboration model involving human and AI roles, with the first batch of AI employees officially starting work [4][5] - Emphasis is placed on the importance of aligning AI applications with customer needs and service perceptions, rather than pursuing full automation [5] Future Outlook - The company anticipates further growth in revenue and core net profit for the full year of 2025, driven by internal growth from flexible pricing and new business capabilities [5]

Market Overview - Hong Kong stocks experienced volatility, with the Hang Seng Index closing down 0.21% at 25,122.9 points and a total turnover of 278.2 billion HKD [1] - The Hang Seng China Enterprises Index fell 0.3% to 9,006.23 points, while the Hang Seng Tech Index decreased by 0.67% to 5,542.03 points [1] Blue Chip Performance - China Resources Beer saw a significant increase of 6.24%, closing at 28.28 HKD, contributing 4.24 points to the Hang Seng Index [2] - The company reported a revenue of 23.942 billion RMB, a year-on-year increase of 0.83%, and a net profit attributable to shareholders of 5.789 billion RMB, up 23.04% [2] - Other notable blue chips included Zhongsheng Holdings, which rose 8.29%, and Hansoh Pharmaceutical, which increased by 4.75% [2] Sector Performance - Large tech stocks showed mixed results, with Tencent up 0.94% and Alibaba down 0.25% [3] - AI application stocks performed well, with Zhihu-W rising 23% and Fenbi increasing by nearly 14% [3] - The property management sector was active, with Wanwu Cloud rising 7.19% and Sunac Services increasing by 5.18% [4][5] Earnings Reports - Wanwu Cloud reported a revenue of 18.14 billion RMB, a 3.1% year-on-year increase, and a core net profit of 1.32 billion RMB, up 10.8% [5] - Kancheng Pharmaceutical reported a revenue of 1.569 billion RMB, a 23.7% increase, and a net profit of 498 million RMB, up 24.6% [8] - Li Auto announced a revenue of 24.25 billion RMB, a 174% increase, with a gross margin of 14.1% [9] Notable Stock Movements - Dongfang Zhenxuan experienced a significant drop of 20.89%, closing at 34.32 HKD, following rumors regarding its CEO [12] - Gilead Sciences saw a decline of 15.01% after announcing a share placement and a new share subscription at a discount [13]

EF001 免責聲明 EF001 股東務須向彼等的稅務顧問諮詢有關擁有及處置H股所涉及的中國、香港及其他稅務影響 的意見。 股東類型 稅率 有關代預扣所得稅之更多補充 （如適用） 非居民企業 （非中國內地登記地址） 10% 作為中國境內企業，本公司在向名 列於H股股東名冊上的非居民企業 股東（即以非個人股東名義持有H 股的任何股東，包括但不限於香港 中央結算（代理人）有限公司、其 他代理人、受託人或以其他組織及 集團名義登記的Ｈ 股股東）分派 中期股息前將從中代扣代繳10%作 為企業所得稅。 非個人居民 （非中國內地登記地址） 10% H股個人股東為香港、澳門居民及 其他與中國訂立10%稅率稅收協議 的國家或地區的居民，本公司將按 10%的稅率為該等股東代扣代繳個 人所得稅。 非個人居民 （非中國內地登記地址） 10% H股個人股東為與中國訂立低於 10%稅率稅收協議的國家或地區的 居民，本公司將按10%的稅率為該 等股東代扣代繳個人所得稅。 H股個人股東為與中國訂立高於 10%但低於20%稅率稅收協議的國 家或地區的居民，本公司將按該等 稅收協議規定的適用稅率為該等股 東代扣代繳個人所得稅。 非個人居民 （ ...

Core Insights - The company reported a revenue of RMB 18.138 billion for the six months ending June 30, 2025, representing a year-on-year growth of 3.1% [1] - The revenue from community space living consumption services was RMB 11.325 billion, showing an increase of 11.8% year-on-year [1] - Revenue from business and urban space integrated services was RMB 5.749 billion, which decreased by 5.2% year-on-year [1] - Revenue from AIoT and BPaaS solution services was RMB 1.064 billion, reflecting a decline of 23.6% year-on-year [1] Revenue Breakdown - Circular business revenue reached RMB 16.309 billion, marking a year-on-year increase of 9.5%, accounting for 89.9% of total revenue, up by 5.2 percentage points year-on-year [1] - The gross profit from circular business was RMB 2.108 billion, with a gross margin of 12.9%, remaining stable year-on-year [1] Profitability Metrics - The total gross profit for the period was RMB 2.493 billion, an increase of 3.8% year-on-year [1] - The company's profit was RMB 0.838 billion, reflecting a year-on-year growth of 5.4% [1] - Core net profit amounted to RMB 1.321 billion, which is a year-on-year increase of 10.8% [1]

| 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 02602 | 万物云 | 26.120 | 7.93% | | 01516 | 融创服务 | 2.050 | 6.22% | | 06098 | 碧桂园服务 | 7.540 | 4.43% | | 00873 | 世茂服务 | 0.870 | 3.57% | | 06049 | 保利物业 | 37.440 | 3.08% | | 01209 | 华润万象生活 | 40.220 | 3.08% | | 02669 | 中海物业 | 5.910 | 2.78% | | 01895 | 蕃苑服务 | 0.520 | 1.96% | | 01965 | 朗诗绿色生活 | 0.168 | 1.82% | | 09928 | 时代邻里 | 0.580 | 1.75% | | 06626 | 越秀服务 | 3.050 | 2.01% | | 03662 | 星悦康旅 | 0.610 | 1.67% | | 02205 | 康桥悦生活 | 0.640 | 1.59% | | 02156 | 建发物业 | 2.990 ...

Core Viewpoint - Wanwu Cloud (02602) experienced a significant increase of over 13%, reaching HKD 27.36 with a trading volume of HKD 111 million following the release of its interim results for the six months ending June 30, 2025 [1] Financial Performance - The company reported an unaudited revenue of RMB 18.137 billion, reflecting a year-on-year increase of 3.11% [1] - Shareholders' profit attributable to the company was RMB 0.792 billion, up 3.88% year-on-year [1] - Basic earnings per share were RMB 0.68, with an interim dividend proposed at RMB 0.951 per share [1] Business Segments - The group's circular economy business, which includes residential property services, property and facility management services, and BPaaS solutions, is identified as a key driver for stable revenue growth [1] - Revenue from this segment amounted to RMB 16.309 billion, representing a year-on-year growth of 9.5%, accounting for 89.9% of the total revenue [1] - This segment generated a gross profit of RMB 2.108 billion, an increase of 8.8% year-on-year, contributing to 84.6% of the total gross profit [1]

Core Viewpoint - Wanwu Cloud (02602) experienced a significant stock price increase of over 13%, reaching HKD 27.36 with a trading volume of HKD 111 million following the release of its interim results for the six months ending June 30, 2025 [1] Financial Performance - The company reported an unaudited interim revenue of RMB 18.137 billion, reflecting a year-on-year increase of 3.11% [1] - Shareholder profit attributable to the company was RMB 792 million, up 3.88% year-on-year [1] - Basic earnings per share were RMB 0.68, and the company proposed an interim dividend of RMB 0.951 per share [1] Business Segments - The group's circular economy business, which includes residential property services, property and facility management services, and BPaaS solutions, is identified as a key driver for stable revenue growth [1] - Revenue from this segment was RMB 16.309 billion, representing a year-on-year growth of 9.5%, accounting for 89.9% of the total revenue [1] - This segment generated a gross profit of RMB 2.108 billion, an increase of 8.8% year-on-year, contributing to 84.6% of the total gross profit [1]