Core Viewpoint - Citigroup's report indicates that Wanwu Cloud will significantly increase its payout ratio to 83% in the first half of the year, supported by improved operating cash flow, net cash of 11 billion, and a recurring business contributing 85% of gross profit [1] Financial Performance - The company is expected to achieve a profit growth of 10% this year due to ample project reserves, active new bidding, and effective cost control [1] - The projected dividend yield is approximately 7.8% [1] Investment Rating - Citigroup maintains a "Buy" rating for Wanwu Cloud, raising the target price from 26.5 HKD to 30 HKD [1]

中金发布研报称，维持万物云(02602)盈利预测基本不变(主要反映AIoT业务体量下行对收入影响)，预计 2025-26年核心净利润同比+14%/+13%至25.40/28.59亿元。维持跑赢行业评级和目标价27.5港元/股，对 应12倍2025年目标核心P/E和6%上行空间。公司交易于11倍2025年核心P/E和7.3%2025年股息收益率(假 设全年派出80%的2025年核心净利润)。 中金主要观点如下： 万物云业绩符合市场预期 关注后续关联方风险敞口管控效果 截至1H25末关联方贸易应收款总额26.02亿元、较2024年末仅增加1.56亿元，风险敞口管控效果显现。 此外，公司7月1日公告显示万科企业已质押45.69%的万物云股份(总持股占比57.12%)。往后看，该行建 议持续关注关联方在股权、应收款余额偿付、增量关联业务等多方面影响。 风险提示：住宅物管毛利率不及预期;住宅及商企项目外拓不及预期;派息不及预期。 1H25住宅合约年化饱和收入净新增10.3亿元，其中存量住宅达6.7亿元、同比增长31.5%;同时，公司持 续推进其弹性定价解决方案落地，截至目前签约22个项目、饱和收入7,500万元，接洽中 ...

截至1H25末公司完成300个蝶城提效改造，覆盖在管项目总量38%，改造带来毛利提升2.3亿元;但由于 宏观环境影响下居民缴费意愿有所下降，1H25住宅物管毛利率同比下降0.5ppt至12.9%。中后台方面， 得益于物业智能管家、AI员工等应用的积极落地，公司销售管理费用额同比下降4%、销管费用率同比 下降0.5ppt至6.5%。 智通财经APP获悉，中金发布研报称，维持万物云(02602)盈利预测基本不变(主要反映AIoT业务体量下 行对收入影响)，预计2025-26年核心净利润同比+14%/+13%至25.40/28.59亿元。维持跑赢行业评级和目 标价27.5港元/股，对应12倍2025年目标核心P/E和6%上行空间。公司交易于11倍2025年核心P/E和7.3% 2025年股息收益率(假设全年派出80%的2025年核心净利润)。 中金主要观点如下： 万物云业绩符合市场预期 公司公布1H25业绩：收入同增3%至181.4亿元，毛利润同增4%至24.9亿元、毛利率同比持平，核心净利 润同增11%至13.2亿元，符合市场预期，主要得益于销管费用管控。公司宣告每股派息0.951元/股(派息 额为11亿元人民币 ...

Core Viewpoint - The company, Wanwu Cloud, is focusing on enhancing its operational efficiency and profitability by shifting its strategy towards cash flow-generating businesses and reducing reliance on developer-related income, amidst a challenging real estate market [2][3]. Financial Performance - In the first half of the year, Wanwu Cloud achieved revenue of 18.14 billion yuan, a year-on-year increase of 3.1%, and a core net profit of 1.32 billion yuan, up 10.8% year-on-year [2]. - The company has reduced its income from developer-related businesses to 6.5% of total revenue, while its cyclical business revenue grew by 9.5% [3]. Industry Observations - The property industry is transitioning from "scale expansion" to "quality competition," with increased focus on service quality and pricing by property owners [2]. - Wanwu Cloud has introduced an elastic pricing model to address the mismatch between service quality and pricing, which has been successfully implemented in cities like Chongqing and Qingdao [4]. Industry Challenges - The industry faces three main contradictions: the mismatch between "quality-price alignment" and "one-sided pricing," the gap between "government expectations" and "industry realities," and the conflict between "technological advancement" and "customer perception" [4][5]. - The company emphasizes the need for collaboration among leading firms to combat market disruptions caused by individual interests [5]. Strategic Initiatives - Wanwu Cloud's elastic pricing strategy has led to a 20% increase in property fee collection rates in Chongqing [6]. - The company has secured 114 new projects in the residential property sector, generating an annualized revenue of 668 million yuan, a 31.5% increase year-on-year [6]. Asset Management - The company has established a specialized team to address the liquidation of debt-related assets, maintaining a healthy liquidity ratio of 1.18 and robust cash flow [7]. - Wanwu Cloud is implementing differentiated strategies for various asset types, focusing on maximizing sales while ensuring overall profitability [7].

Core Viewpoint - Wanwuyun plans to distribute a total dividend of 1.1 billion RMB, reflecting a strong financial performance in the first half of the year with revenue and net profit growth [1] Financial Performance - In the first half of the year, Wanwuyun achieved revenue of approximately 18.14 billion RMB, a year-on-year increase of 3.1% [1] - The net profit for the same period was about 840 million RMB, up 5.4% year-on-year, while core net profit reached 1.32 billion RMB, growing by 10.8% [1] - Cash assets stood at approximately 11.46 billion RMB, with operating net cash flow increasing by 2.05 billion RMB year-on-year [1] - Accounts receivable decreased by 1.45 billion RMB during the reporting period [1] Revenue Breakdown - Residential property services contributed approximately 10.279 billion RMB, a 10.4% increase, accounting for 56.7% of total revenue [1] - Property and facility management services generated about 5.169 billion RMB, a 7.7% increase, making up 28.5% of total revenue [1] Future Outlook - The company expects revenue and core net profit growth rates for the full year to exceed those of the first half, indicating an acceleration in overall growth [1] Cash Flow Management - The company emphasizes cash flow management, with a focus on reducing overdue accounts and ensuring stable cash flow to support business development and dividends [2] Market Challenges - The property industry faces challenges due to ongoing calls for fee reductions, impacting project retention and new project development [2] - The current market is viewed as a phase of recovery, with increased sensitivity to service quality and pricing among property owners [2] Pricing Strategy - Wanwuyun is implementing an "elastic pricing" strategy, segmenting services into 508 items to shift pricing from a per capita basis to a workload basis, allowing for more tailored service options [2] Project Developments - As of now, 22 elastic pricing projects have been signed, with nearly 1.2 billion RMB in business under negotiation [3] - Completed projects have seen property fees set above government price limits [3] Asset Management - Wanwuyun is actively managing its relationship with developers, including debt repayment through property transfers from Vanke [3] - The company has initiated a plan called "Jingzhe" to manage acquired debt assets, aiming for overall profitability in asset sales [3] Community Commercial Development - The company is focusing on community commercial assets, with a recent rebranding effort leading to significant increases in foot traffic and sales [4] - Future plans include enhancing asset value through brand operations and strategically timing project exits based on financial arrangements [4]

Core Insights - The company reported a revenue of 18.14 billion yuan, representing a year-on-year growth of 3.1%, and a core net profit of 1.32 billion yuan, with a year-on-year increase of 10.8% [1] - The company has actively adjusted its strategy since last year, reducing its developer-related and non-core business, leading to an optimized revenue structure [1] - The revenue from cyclical business, including residential property management services, property and facility management services, and BPaaS solutions, grew by 9.5% to 16.31 billion yuan, accounting for 89.9% of total revenue [1] Revenue Growth Strategy - The company anticipates that the growth rates for revenue and core net profit will further expand in 2025, driven by internal growth from flexible pricing, new business capabilities, investment-driven growth, and cost reduction through AI [1] - The innovative flexible pricing model, launched in December last year, decomposes residential property projects into 158 mandatory services and 350 optional services, giving homeowners the choice of services and prices [1] Market Expansion and Asset Management - The combination of the Butterfly City strategy and flexible pricing has enabled the company to secure 114 new projects in the existing market, generating an annualized saturated income of 668 million yuan, a year-on-year increase of 31.5% [2] - The company has established a special task force named "Jingzhe" in March 2025 to efficiently promote the disposal of related party assets, maintaining its light asset operation model [2] - The company has developed differentiated strategies for different asset types, focusing on controlling sales prices and acquisition costs for sales-type assets while emphasizing refined operations for operational-type assets [2]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance remains stable, with efficiency improvements in its "Butterfly City" projects. The company is positioned as a leading space technology service provider, leveraging technology to enhance value and manage costs effectively [6] - The company reported a 3.3% year-on-year increase in revenue for the first half of 2025, reaching 18.1 billion yuan, with a core net profit growth of 10.8% [4][6] - The report anticipates that the company's performance will enter a growth phase, despite challenges in the real estate sector [6] Financial Data Summary - For the first half of 2025, the company achieved a net profit of 790 million yuan, a 2.6% increase year-on-year, with a core net profit of 1.32 billion yuan [4] - Revenue projections for the upcoming years are as follows: - 2023: 33.18 billion yuan - 2024: 36.22 billion yuan - 2025E: 38.59 billion yuan - 2026E: 41.36 billion yuan - 2027E: 44.50 billion yuan - The expected net profit for 2025 is 1.53 billion yuan, reflecting a 33% year-on-year growth [5][7]

Core Viewpoint - The property management sector in Hong Kong, particularly companies like Wanwu Cloud, is experiencing significant growth, with a focus on asset services, smart solutions, and low-carbon initiatives for the period from 2025 to 2027 [2] Financial Performance - Wanwu Cloud reported a revenue of approximately 18.14 billion yuan for the first half of the year, representing a year-on-year increase of 3.1% [2] - The net profit for the same period was around 840 million yuan, up 5.4%, while the core net profit reached 1.32 billion yuan, reflecting a growth of 10.8% [2] - The company’s cash assets stood at approximately 11.46 billion yuan, with operating cash flow increasing by 2.05 billion yuan year-on-year [4] Business Structure Changes - Since last year, Wanwu Cloud has shifted its focus from developer and non-core businesses to cash flow-generating services, leading to a more stable revenue structure [3] - Revenue from residential property management services was about 10.279 billion yuan, a 10.4% increase, accounting for 56.7% of total revenue [3] - The gross profit margin for residential services decreased to 12.9%, down 0.5 percentage points year-on-year, due to a decline in residents' payment willingness [3] Strategic Initiatives - Wanwu Cloud has completed 300 "Butterfly City" renovations, covering 1,688 projects, which is 38.3% of total managed projects, generating efficiency gains of 230 million yuan [5] - The revenue from residential-related asset services reached 860 million yuan, a 39.6% increase, contributing to 4.7% of total revenue [5] - The company has successfully implemented an elastic pricing model in various cities, aiming to balance profitability with customer satisfaction [6] Cost Management and Technology Integration - Administrative expenses decreased from 963 million yuan to 886 million yuan, a reduction of 8% [7] - The company has initiated AI integration, with the first batch of AI employees officially starting work, while emphasizing the importance of employee retraining and skill development [7]

Core Viewpoint - The property industry is expected to rebound starting in 2025, with an improvement in independent development capabilities and a positive "scissors gap" between core business revenue growth and developer business decline [1] Financial Performance - In the first half of 2025, the company achieved a core net profit of 1.32 billion yuan, a year-on-year increase of 10.8% [3] - The company plans to distribute a total dividend of 1.1 billion yuan for the mid-year dividend, resulting in an annualized dividend yield of approximately 9% [3] - Revenue for the first half of 2025 reached 18.14 billion yuan, a year-on-year growth of 3.1%, while net profit increased by 5.4% [3] Business Strategy - The company is focusing on a "flexible pricing" strategy, which has led to an increase in property management service revenue, with a 9.5% year-on-year growth to 16.31 billion yuan, accounting for 89.9% of total revenue [4] - The company has completed 300 "Butterfly City" renovations, covering 1,688 projects, which has resulted in efficiency gains of 230 million yuan [3][4] - The company emphasizes the importance of balancing service quality expectations of owners with the operational sustainability of property companies through flexible pricing [5] AI Integration - The company is integrating AI into its operations, with the first batch of six AI employees having completed their probation and officially started working [8] - The company has developed a collaborative model involving human and AI workers, aiming for a mixed employment approach in the future [9] Asset Management - The company is actively exploring asset disposal paths to maintain a light asset model and ensure efficient operation of core businesses [7] - The company has established a special task force to manage heavy assets and maximize their value through professional management [7]

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]