Core Viewpoint - Hubei Wanwuyun Control Technology Co., Ltd. has been established with a registered capital of 1 million RMB, focusing on various technology and communication services [1] Group 1: Company Overview - The legal representative of Hubei Wanwuyun Control Technology Co., Ltd. is Zhou Liang [1] - The company has a registered capital of 1 million RMB [1] Group 2: Business Scope - The company’s business scope includes information system integration services, communication equipment manufacturing and sales, and network equipment manufacturing and sales [1] - Additional services include software development, artificial intelligence application software development, and cloud computing technology services [1] - The company is also involved in the manufacturing and sales of photovoltaic equipment and components, as well as various electronic components and devices [1]

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9月30日 狀態: 新提交 呈交日期: 2025年10月2日 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 | 本月底法定/註冊股本總額： RMB 1,168,053,129 FF301 第 1 頁 共 10 頁 v 1.1.1 FF ...

Core Insights - Vanke Property has set a new Guinness World Record for the largest simultaneous online CPR training session, with over 20,000 users participating through the "Neighbor Good Service" video account [1][2] - The event is part of Vanke's G4 initiative, which focuses on enhancing community emergency rescue capabilities, particularly in cardiac arrest situations [4] Group 1: CPR Training and Community Safety - The CPR training event achieved a peak live viewership of 20,917 and over 100,000 total views, marking a significant milestone in community safety efforts [2] - Vanke Property has installed 3,435 AED devices across 2,431 projects nationwide, with 685 new devices added this year, achieving full AED coverage in all residential communities in Shenzhen [4] - Over 800 individuals have become CPR training instructors, with more than 50,000 people trained in practical CPR skills and over 270,000 completing online theoretical training [4] - The initiative has successfully saved 31 lives through the application of CPR skills learned in training [4] Group 2: Partnerships with Meituan and Didi - Vanke Property has deepened its collaboration with Meituan by launching exclusive food delivery coupons on the "Live Here" app, enhancing user experience and service quality [5] - Meituan has a monthly active rider base of 3.36 million and has implemented a streamlined community access process through data integration [7] - Vanke Property has partnered with Didi to provide users with discount coupons for rides, enhancing the overall travel experience for residents [8][10] - The collaboration aims to redefine modern community living by improving service efficiency and user convenience [10] Group 3: "Live Here" App Development - The "Live Here" app has integrated over 4,100 communities and has 15.69 million registered users, evolving from a property service tool to a comprehensive local living platform [12] - The app now includes AI features to provide residents with information on daily conveniences, community activities, and neighborhood exchanges, acting as a "street life guide" [12] - Vanke Property plans to continue expanding the G4 initiative and deepen partnerships with Meituan and Didi to enhance community service quality [12]

Summary of Wanwu Cloud Conference Call Company Overview - **Company**: Wanwu Cloud - **Date**: September 24, 2025 Key Points Industry and Business Performance - Wanwu Cloud's three core circular businesses (residential property services, commercial property management, and BaaS solutions) achieved a year-on-year growth of 9.5%, serving as the foundation for growth [2][3] - Revenue for the first half of 2025 reached 18.14 billion yuan, representing a 3% year-on-year increase, while core net profit grew by 10.8%, indicating profit growth outpacing revenue growth [3] - The residential property service segment saw a revenue increase of 10.4%, primarily driven by natural conversion from past market expansion projects [3] - The gross margin for residential property services declined by 0.5 percentage points to 12.9% due to pressure on collection rates [2][3] Collection Rates and Economic Impact - Collection rates for Wanwu Cloud decreased by nearly 1 percentage point year-on-year in the first half of 2025, with an expected annual collection rate between 92% and 93%, still maintaining industry-leading levels [2][6] - The decline in collection rates is attributed to macroeconomic factors and local government policies affecting residents' payment capabilities [6] - Future strategies to improve collection rates include enhancing economic conditions and emphasizing value-for-money services [6] Community Value-Added Services - Wanwu Cloud has explored various models for community value-added services but has not identified significant advantages; these services are currently not profit-driven but aim to enhance customer satisfaction [2][6] - Basic home maintenance services are offered, but the renovation business is currently underperforming due to management and economic cycle challenges [7][8] Market Expansion and Competition - The residential market remains competitive, with major competitors including China Overseas and Poly [4][10] - Wanwu Cloud's competitive advantages include smart property management, asset appreciation, and a strong reputation in high-density areas [10] - The company employs an elastic pricing strategy in lower-priced areas to capture more projects [10] Future Outlook - The second half of 2025 is expected to see revenue growth comparable to the first half, with slight increases anticipated in both residential and commercial segments due to ongoing project conversions [9] - AIoT solutions are under short-term pressure, with efforts to develop temporary edge servers to enhance property service efficiency [9] - The company maintains a cautious approach to developer value-added services, with expected related party transactions accounting for less than 7% of total revenue [9] Financial Management - The company has over 10 billion yuan in cash on hand, and has managed to reduce its expense ratio by 0.5 percentage points to 6.5% through effective cost control [3] Strategic Focus - Wanwu Cloud's market expansion strategy focuses on both residential and commercial sectors, with a strong emphasis on high-quality service to capture market share [10][11] - The company aims to achieve a target of approximately 2 billion yuan in saturated contract revenue for both residential and commercial segments for the year [11]

Investment Rating - The investment rating for the real estate development sector is "Buy" for key companies such as Poly Developments, China Merchants Shekou, and Binhai Group, while "Hold" is given to companies like Vanke A and China Overseas Development [6][35][60]. Core Insights - The real estate development sector's price-to-book ratio (PB) is 0.85, with a historical percentile of 31.46% as of September 19, 2025, indicating a relatively low valuation compared to historical levels [1][11]. - The property service sector has a price-to-earnings ratio (PE) of 47.78, with a historical percentile of 75.95%, suggesting a higher valuation compared to historical averages [2][38]. - Recent policy changes in major cities like Beijing, Shanghai, and Shenzhen have led to increased transaction volumes in the new housing market, particularly in Shanghai, where transaction intensity increased by 62.5% post-policy implementation [3][70]. Summary by Sections Real Estate Development Sector - As of September 19, 2025, the real estate development sector has seen a 5.2% increase in stock prices from September 1 to September 19, outperforming the CSI 300 index by 5.05 percentage points [1][29]. - Key companies in the A-share market with the highest stock price increases include Binhai Group (+34.68%), New Town Holdings (+31.77%), and Huafa Group (+0.99%) [1][31]. - In the H-share market, China Jinmao (+63.25%), Jianfa International Group (+49.68%), and China Overseas Hongyang Group (+48.88%) led the gains [1][31]. Property Service Sector - The property service sector experienced a 4.1% increase from September 1 to September 19, 2025, outperforming the CSI 300 index by 3.97 percentage points [2][49]. - The top-performing A-share companies in the property service sector include Nandu Property (+67.33%), New Dazheng (+46.07%), and China Merchants Jinling (+14.70%) [2][55]. - In the H-share market, the leading companies were China Resources Vientiane Life (+52.36%), Jianfa Property (+42.22%), and Greentown Service (+35.34%) [2][55]. Policy Impact and Market Dynamics - Since August 2025, favorable policies have been introduced, including measures in Beijing, Shanghai, and Shenzhen, which have significantly boosted new housing transactions [3][68]. - The average daily transaction volume for new homes in Shanghai surged by 62.5% following the policy changes, indicating a strong market response [4][70]. - The report highlights that the real estate market is gradually stabilizing, with core cities expected to benefit from urban renewal initiatives [5][79].

Group 1 - The core viewpoint of the article is that Morgan Stanley reports initial signs of stability in the performance of mainland property management stocks in the first half of the year, with expectations for rapid growth in the second half [1] - The firm forecasts profit growth for the industry to be 4%, 9%, and 11% year-on-year for the years 2025 to 2027, respectively [1] - It is believed that issues related to property developers will gradually dissipate after this year and will no longer be a major obstacle for the industry [1] Group 2 - Future growth drivers for the industry are expected to come from third-party projects and value-added services unrelated to property developers [1] - With the normalization of growth, shareholder returns will become the basis for valuation [1] - The rating for Wanwu Cloud (02602) has been upgraded from "in line with the market" to "overweight," with a target price increase from HKD 22.51 to HKD 29.21, reflecting the company's turnaround from loss to profit and attractive dividend yield [1] Group 3 - Some individual stocks have moderate profit outlooks and lack catalysts for revaluation, leading to adjustments in ratings for China Overseas Property (02669), Country Garden Services (06098), and China National Trade (600007.SH) to "in line with the market" [1] - The rating for Sunac Services (01516) has been downgraded to "underweight," with a target price reduction from HKD 1.72 to HKD 1.01, due to weak profit and dividend outlook [1]

Group 1 - The core viewpoint of the article indicates that the performance of mainland property management stocks showed initial signs of stability in the first half of the year, with expectations for rapid industry growth in the second half [1] - The projected annual profit growth for the industry from 2025 to 2027 is estimated at 4%, 9%, and 11% respectively [1] - Future growth drivers for the industry are expected to come from third-party projects and value-added services from non-developers, with shareholder returns becoming the basis for valuation as growth normalizes [1] Group 2 - Morgan Stanley upgraded the rating of Wanwu Cloud from "in line with the market" to "overweight," raising the target price from HKD 22.51 to HKD 29.21, reflecting the company's turnaround from loss to profit and attractive dividend yield [1] - Some individual stocks have moderate profit outlooks and lack catalysts for revaluation, leading to adjustments in ratings for China Overseas Property, Country Garden Services, and China National Chemical Corporation to "in line with the market" [1] - The rating for Sunac Services was downgraded to "underweight," with the target price reduced from HKD 1.72 to HKD 1.01, due to weak profit and dividend outlook [1]

Market Trends and Dynamics - The residential property turnover rate increased from 1.7% to 3.3% from 2021 to 2024, indicating a growing market for property services [18]. - The market share of the top 10 property service companies has surpassed 28.3%, with their new contracted Gross Floor Area (GFA) being 2.4 times that of companies ranked 11th to 30th [18]. - The number of practitioners in the property service industry has decreased significantly from over hundreds of thousands to just over ten thousand, highlighting a consolidation trend [18]. - Over 20,000 communities are replacing property service providers each year on average, indicating a dynamic market environment [18]. - The property service industry is entering an era dominated by existing projects, with leading companies poised for further scale-up opportunities [18]. - The transition from scale expansion to quality upgrades is being driven by property owners' increasing awareness of their rights [18]. - The industry is experiencing a crisis of trust due to high-priced pre-sale service contracts and low service quality, leading to plunging collection rates for some providers [19]. - Local governments' price caps are intensifying the standoff between supply and demand in the property service market [19]. - The misalignment in value perception among stakeholders is creating contradictions that could impact future growth in the property service sector [19]. Government and Regulatory Environment - The government is promoting a four-in-one mechanism involving community organizations and property management companies to enhance grassroots governance and improve service quality [23]. - There is a growing disconnect between government expectations for property management services and the realities faced by the industry, leading to calls for reduced management fees [27]. - The central government emphasizes that high-quality property services are essential for improving residents' quality of life and are integral to grassroots governance [25]. Financial Performance and Revenue - For the six months ended June 30, 2025, total revenue reached RMB 18,137.5 million, representing a year-over-year growth of 3.1% [50]. - Recurring businesses generated revenue of RMB 16,308.5 million, accounting for 89.9% of total revenue, with a year-over-year increase of 9.5% [53]. - Revenue from residential property services was RMB 10,279.3 million, a 10.4% increase year-over-year, contributing 56.7% to total revenue [54]. - The gross profit margin for residential property services decreased to 12.9%, down 0.5 percentage points compared to the previous period [54]. - The saturated income from residential projects under management increased to RMB 28,133.5 million, a 7.4% year-over-year growth [56]. - Revenue from property and facility management services was RMB 5,169.1 million, reflecting a 7.7% increase year-over-year, accounting for 28.5% of total revenue [60]. - The gross profit from property and facility management services was RMB 452.8 million, with a year-over-year increase of 13.7% [60]. - The total gross profit for the six months ended June 30, 2025, was RMB 2,492.9 million, with a gross profit margin of 13.7% [52]. - Profit for the period increased by 5.4% from RMB 795.1 million for the six months ended June 30, 2024, to RMB 837.8 million for the same period in 2025, while core net profit rose by 10.8% to RMB 1,321.1 million [110]. Investment and Strategic Initiatives - The Group aims to become a global leader in intelligent and low-carbon asset services by advancing strategies centered on asset service, intelligence, and low carbon from 2025 to 2027 [32]. - The Group is investing RMB 1,123.4 million in replicating the "Onewo Town" model for residential property services, with RMB 690.2 million utilized and RMB 553.7 million remaining [135]. - An investment of RMB 1,404.3 million is allocated for the development of AIoT and BPaaS solutions, with RMB 367.0 million utilized and RMB 323.8 million remaining [135]. - For technical investment and infrastructure transformation, RMB 561.7 million is allocated, with RMB 225.8 million utilized and RMB 183.1 million remaining [135]. - The Group is exploring property targets with development potential through fund investments, with a total allocation of RMB 1,966.1 million, of which RMB 977.7 million has been utilized [136]. Human Resources and Talent Development - As of June 30, 2025, the Group had 102,093 employees, a slight decrease from 102,441 employees on December 31, 2024 [149]. - Total staff costs during the Reporting Period were approximately RMB 6,010.3 million [149]. - The Group has implemented a comprehensive talent development and training system, including tiered leadership training camps and AI learning courses [150]. - An employee stock ownership plan was introduced in June 2015 to attract and retain talent, enhancing the Company's competitiveness for long-term development [151]. Corporate Governance and Compliance - The Audit Committee has been established to oversee the external and internal audit processes and review financial information and internal control systems [181]. - The Company has adopted the Model Code for Securities Transactions by Directors, ensuring compliance during the Reporting Period [144]. - There were no incidents of non-compliance with the Model Code by relevant employees during the Reporting Period [145]. Shareholder Information and Dividends - The Board recommended an interim dividend of RMB 1,100.0 million for the six months ended June 30, 2025, translating to RMB 0.951 per share [186]. - The interim dividend is subject to approval by shareholders and was approved at the extraordinary general meeting held on September 3, 2025 [187]. - The expected payment date for the interim dividend is around September 26, 2025, for shareholders listed on the register as of September 11, 2025 [187].

Group 1 - The company, Wanwu Cloud (02602), announced a mid-term dividend of HKD 1.043 per share for the first half of 2025, to be distributed on September 26, 2025 [1]

Core Viewpoint - The company, Wanwu Cloud (02602), announced a mid-term dividend of HKD 1.043 per share to be distributed on September 26, 2025 [1] Summary by Category Company Announcement - Wanwu Cloud will distribute a mid-term dividend of HKD 1.043 per share [1]