Core Insights - The company reported a revenue of 18.14 billion RMB for the first half of 2025, representing a year-on-year growth of 3.1% [1] - Gross profit reached 2.49 billion RMB, up 3.8% year-on-year, while net profit increased by 5.4% to 840 million RMB [1] - Core net profit saw a significant rise of 10.8%, totaling 1.32 billion RMB [1] Financial Performance - Cash assets stood at 11.46 billion RMB, with operating net cash flow increasing by 2.05 billion RMB year-on-year, indicating a stable financial position [1] - The company plans to distribute a total dividend of 1.1 billion RMB, resulting in an annualized dividend yield of approximately 9% [1] Business Segments - Revenue from residential property services reached 10.28 billion RMB, marking a 10.4% increase, with 168 new projects added, totaling 5,178 contracted projects [1] - Property and facility management services generated 5.17 billion RMB, up 7.7%, with 291 new projects, totaling 3,284 contracted projects [1] - The residential-related asset services segment experienced the highest growth, with revenue of 860 million RMB, a substantial increase of 39.6%, and 89 new stores added, totaling 589 stores [1] - BPaaS solutions revenue was 860 million RMB, reflecting a 9.0% year-on-year growth [1] Strategic Initiatives - The company completed 300 butterfly city renovations, covering 1,688 projects, which contributed 230 million RMB to gross profit [2] - The "elastic pricing" model successfully acquired 114 residential projects, generating an annualized saturated income of 670 million RMB, a year-on-year increase of 31.5% [2] - Revenue from related business with developers decreased to 6.5%, indicating a divergence between core business growth and developer-related revenue decline [2] Operational Efficiency - The company improved operational efficiency through technology, with the introduction of six AI employees [2] - Administrative expenses were reduced to 890 million RMB, a decrease of 77.37 million RMB, representing an 8.0% decline year-on-year [2]

Core Viewpoint - Wanwu Cloud (02602) reported a revenue of 18.137 billion RMB for the six months ending June 30, 2025, reflecting a year-on-year increase of 3.11% [1] - The company achieved a profit attributable to shareholders of 792 million RMB, up 3.88% year-on-year, with basic earnings per share of 0.68 RMB [1] - A mid-term dividend of 0.951 RMB per share is proposed [1] Group 1: Business Performance - The group's circular economy business, which includes residential property services, property and facility management services, and BPaaS solutions, is a key driver of revenue growth [1] - Revenue from this business segment reached 16.309 billion RMB, representing a year-on-year increase of 9.5% and accounting for 89.9% of total revenue [1] - The segment generated a gross profit of 2.108 billion RMB, up 8.8% year-on-year, contributing to 84.6% of the group's total gross profit [1]

第 1 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 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的內容概不負責，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 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 萬物雲空間科技服務股份有限公司 | | 股份代號 | 02602 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 建議2025年半年度之中期股息 | | 公告日期 | 2025年8月18日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 不適用 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.951 RMB | | 股東批准日期 | 2025年9月3日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | HKD， 金額有待公佈 ...

Core Viewpoint - The company, Wanwu Cloud (02602), reported a revenue of 18.137 billion RMB for the six months ending June 30, 2025, reflecting a year-on-year increase of 3.11% [1] Financial Performance - The company's net profit attributable to shareholders was 792 million RMB, representing a year-on-year growth of 3.88% [1] - Basic earnings per share were reported at 0.68 RMB, with an interim dividend proposed at 0.951 RMB 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 reached 16.309 billion RMB during the reporting period, marking a year-on-year increase of 9.5% and accounting for 89.9% of total revenue [1] - This segment generated a gross profit of 2.108 billion RMB, up 8.8% year-on-year, contributing to 84.6% of the group's total gross profit [1]

[Performance Summary](index=1&type=section&id=%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) This section provides an overview of the company's financial performance and defines key financial terms for clarity [Overview of Financial Performance](index=1&type=section&id=2.1%20%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E6%A6%82%E8%A7%88) The company achieved a **3.1%** revenue growth to RMB **18,137.5** million and a **10.8%** core net profit increase to RMB **1,321.1** million, driven by stable recurring business Key Financial Indicators for H1 2025 | Indicator | H1 2025 (RMB million) | YoY Growth Rate (%) | | :--- | :--- | :--- | | Revenue | 18,137.5 | 3.1 | | Community Space Residential Consumption Services Revenue | 11,325.0 | 11.8 | | Commercial and Urban Space Integrated Services Revenue | 5,748.7 | -5.2 | | AIoT and BPaaS Solutions Services Revenue | 1,063.8 | -23.6 | | Recurring Business Revenue | 16,308.5 | 9.5 | | Gross Profit | 2,492.9 | 3.8 | | Administrative Expenses | -77.4 (decrease) | -8.0 | | Profit | 837.8 | 5.4 | | Core Net Profit | 1,321.1 | 10.8 | | Earnings Per Share (RMB) | 0.68 | - | | Interim Dividend (RMB million) | 1,100.0 | - | - Recurring business revenue accounted for **89.9%**, an increase of **5.2** percentage points year-on-year, with a gross profit margin of **12.9%**, largely stable year-on-year, indicating continuous business structure optimization and stability[2](index=2&type=chunk) - The Board recommended an interim dividend totaling RMB **1,100.0** million for the six months ended June **30**, **2025**, with a dividend per share of RMB **0.951** (tax inclusive)[3](index=3&type=chunk) [Key Definitions](index=1&type=section&id=2.2%20%E9%97%9C%E9%8D%B5%E5%AE%9A%E7%BE%A9) Key definitions for recurring business and core net profit are provided to clarify financial reporting terms - Recurring business refers to residential property management services within community space residential consumption services, property and facility management services within commercial and urban space integrated services, and BPaaS solution services within AIoT and BPaaS solution services[3](index=3&type=chunk) - Core net profit is the profit for the period generated from operating business activities, after excluding amortization of intangible asset customer relationships from historical acquisitions, non-recurring items, and related income tax impacts[4](index=4&type=chunk) [Financial Data](index=3&type=section&id=%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99) This section presents the interim condensed consolidated financial statements, including profit or loss, comprehensive income, and financial position [Interim Condensed Consolidated Statement of Profit or Loss](index=3&type=section&id=3.1%20%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E6%90%8D%E7%9B%8A%E8%A1%A8) For the six months ended June **30**, **2025**, revenue grew **3.1%**, gross profit **3.8%**, and profit for the period **5.4%**, despite a significant increase in net impairment losses on financial assets Interim Condensed Consolidated Statement of Profit or Loss Summary (RMB thousand) | Indicator | 2025 (RMB thousand) | 2024 (Restated) (RMB thousand) | | :--- | :--- | :--- | | Revenue | 18,137,457 | 17,589,934 | | Cost of Sales | (15,644,584) | (15,188,800) | | Gross Profit | 2,492,873 | 2,401,134 | | Other Income and Gains, Net | 63,204 | 85,957 | | Selling and Distribution Expenses | (298,494) | (266,708) | | Administrative Expenses | (885,774) | (963,148) | | Net Impairment Losses on Financial Assets | (268,022) | (152,262) | | Finance Costs | (15,546) | (10,491) | | Share of Profits and Losses of Joint Ventures and Associates | 12,367 | (16,834) | | Profit Before Tax | 1,100,608 | 1,077,648 | | Income Tax Expense | (262,830) | (282,506) | | Profit for the Period | 837,778 | 795,142 | | Profit Attributable to Owners of the Company | 791,992 | 762,418 | | Profit Attributable to Non-controlling Interests | 45,786 | 32,724 | | Earnings Per Share (RMB) | 0.68 | 0.65 | - Administrative expenses decreased year-on-year by **8.0%**, showing the company's effectiveness in cost control[5](index=5&type=chunk) - Net impairment losses on financial assets expanded from **152,262** thousand in **2024** to **268,022** thousand in **2025**, a significant increase[5](index=5&type=chunk) [Interim Condensed Consolidated Statement of Comprehensive Income](index=4&type=section&id=3.2%20%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) Total comprehensive income for the six months ended June **30**, **2025**, decreased to RMB **657.7** million, primarily due to fair value changes in equity investments designated at fair value through other comprehensive income Interim Condensed Consolidated Statement of Comprehensive Income Summary (RMB thousand) | Indicator | 2025 (RMB thousand) | 2024 (Restated) (RMB thousand) | | :--- | :--- | :--- | | Profit for the Period | 837,778 | 795,142 | | Other Comprehensive (Loss) / Income, Net | (180,116) | (8,375) | | - Exchange differences on translation of foreign operations | (5,033) | 2,670 | | - Equity investments designated at fair value through other comprehensive income: Fair value changes | (175,083) | (11,045) | | Total Comprehensive Income for the Period | 657,662 | 786,767 | | Total Comprehensive Income Attributable to Owners of the Company | 611,876 | 754,043 | | Total Comprehensive Income Attributable to Non-controlling Interests | 45,786 | 32,724 | - Fair value changes in equity investments designated at fair value through other comprehensive income expanded from a loss of **11,045** thousand in **2024** to a loss of **175,083** thousand in **2025**, which is the main reason for the decrease in comprehensive income[7](index=7&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=5&type=section&id=3.3%20%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June **30**, **2025**, total assets and equity decreased from December **31**, **2024**, with a reduction in net current assets and a notable increase in trade receivables Interim Condensed Consolidated Statement of Financial Position Summary (RMB thousand) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (Restated) (RMB thousand) | | :--- | :--- | :--- | | Total Non-current Assets | 15,893,723 | 15,940,275 | | Total Current Assets | 21,864,648 | 23,810,238 | | Total Current Liabilities | 18,546,921 | 19,176,665 | | Net Current Assets | 3,317,727 | 4,633,573 | | Total Assets Less Current Liabilities | 19,211,450 | 20,573,848 | | Total Non-current Liabilities | 2,900,169 | 2,917,853 | | Net Assets | 16,311,281 | 17,655,995 | | Total Equity | 16,311,281 | 17,655,995 | - Trade receivables and retention money increased from **6,544,239** thousand on December **31**, **2024**, to **8,009,312** thousand on June **30**, **2025**, an increase of **22.4%**[8](index=8&type=chunk) - Cash and cash equivalents decreased from **13,452,946** thousand on December **31**, **2024**, to **10,936,954** thousand on June **30**, **2025**, a decrease of approximately RMB **2,516** million[8](index=8&type=chunk) [Notes to the Financial Information](index=7&type=section&id=3.4%20%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) Notes detail the basis of preparation, accounting policy changes, restatement of prior periods, operating segment information, and the composition and changes in income, expenses, assets, and liabilities - Interim condensed consolidated financial information was prepared in accordance with International Accounting Standard **34**, and the revised International Accounting Standard **21** (Lack of Exchangeability) was adopted for the first time, with no material impact on the financial information[10](index=10&type=chunk)[11](index=11&type=chunk) - Comparative data for prior periods has been restated due to the acquisition of **75%** equity in Fuke Industry and **55%** equity in Shanghai Xiangda being treated as business combinations under common control[12](index=12&type=chunk)[13](index=13&type=chunk) Revenue by Product or Service Category (RMB thousand) | Category | 2025 (RMB thousand) | 2024 (Restated) (RMB thousand) | | :--- | :--- | :--- | | Community Space Residential Consumption Services | 11,324,996 | 10,132,985 | | Commercial and Urban Space Integrated Services | 5,748,658 | 6,065,306 | | AIoT and BPaaS Solutions Services | 1,063,803 | 1,391,643 | | **Total Revenue from Contracts with Customers** | **18,137,457** | **17,589,934** | - Impairment provisions for trade receivables and retention money increased from **947,645** thousand on December **31**, **2024**, to **1,093,031** thousand on June **30**, **2025**[30](index=30&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) This section reviews industry trends, strategic initiatives, business segment performance, and financial results for the reporting period [Industry Review](index=17&type=section&id=4.1%20%E8%A1%8C%E6%A5%AD%E5%9B%9E%E9%A1%A7) The property services industry is rapidly consolidating into a stock-dominated era, facing value perception mismatches among stakeholders, necessitating quality-price aligned services and flexible pricing models amidst technological advancements and government expectations - The property services industry is accelerating into a stock-dominated era, with TOP**10** enterprises' market share achieving a breakthrough of **28.3%**, and the number of industry participants rapidly concentrating from hundred-thousand-level to ten-thousand-level[35](index=35&type=chunk) - The main industry contradiction lies in the value perception mismatch among property enterprises independent from development increments, homeowners under housing price pressure, and local governments concerned with public sentiment, leading to a "high fees, low service" trust crisis[35](index=35&type=chunk) - The "flexible pricing" model is considered a key to breaking the deadlock, transforming property services from a "cost burden" to a "quality of life investment" through modular menus and transparent pricing[36](index=36&type=chunk) - The government promotes a "good housing, good service" policy framework, emphasizing property services as a hub for grassroots governance, but the market is affected by non-market factors such as civil servants illegally participating in project contract intermediation[37](index=37&type=chunk) - Technology (AI, robots) is widely applied in property service mid- and back-end platforms, improving efficiency and reducing costs, but homeowners are concerned about whether technological dividends translate into their benefits and prefer the human touch of manual services[39](index=39&type=chunk)[40](index=40&type=chunk) [Strategic Review](index=19&type=section&id=4.2%20%E6%88%B0%E7%95%A5%E5%9B%9E%E9%A1%A7) The company is advancing its 'Butterfly City+', 'Enterprise Services+', and 'Ecology+' strategies, focusing on asset services, intelligence, and low-carbon solutions to become a leading smart low-carbon asset service provider, with notable efficiency gains and revenue growth in key segments - The company's strategy focuses on "asset services, intelligence, and low-carbon," promoting the "Butterfly City+, Enterprise Services+, and Ecology+" strategies, aiming to become a global leading smart low-carbon asset service provider[41](index=41&type=chunk) [Butterfly City+: Building Street-Level Service Networks](index=19&type=section&id=4.2.1%20%E8%9D%B6%E5%9F%8E%2B%EF%BC%9A%E6%A7%8B%E5%BB%BA%E8%A1%97%E9%81%93%E7%B4%9A%E6%9C%8D%E5%8B%99%E7%B6%B2%E7%B5%A1) The 'Butterfly City+' strategy enhanced efficiency through regional scale, completing **300** upgrades, saving RMB **230.0** million, and driving a **39.6%** increase in residential-related asset services revenue with a **22.3%** gross profit margin - Completed **300** Butterfly City efficiency upgrades, covering **1,688** projects, comprising **38.3%** of the total in-management projects, with efficiency improvements of RMB **230.0** million after upgrades[42](index=42&type=chunk) - Acquired **114** residential property projects in the existing market, with annualized saturated revenue of RMB **668.1** million, increased year-on-year by **31.5%**[42](index=42&type=chunk) Residential-Related Asset Services Business Performance | Indicator | H1 2025 (RMB million) | YoY Growth Rate (%) | Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | | Residential-Related Asset Services Revenue | 858.4 | 39.6 | 22.3 | | Self-operated Renovation Business New Contracts | 270.0 | 50.0 | - | | Housing Repair Business Revenue | 227.6 | 95.0 | - | [Enterprise Services+: New Engine for Asset Service Value Enhancement](index=20&type=section&id=4.2.2%20%E4%BC%81%E6%9C%8D%2B%EF%BC%9A%E8%B3%87%E7%94%A2%E6%9C%8D%E5%8B%99%E5%83%B9%E5%80%BC%E8%BA%8D%E5%8D%87%E6%96%B0%E5%BC%95%E6%93%8E) The 'Enterprise Services+' strategy leverages energy management and AI data services to boost B-side value, achieving significant cost reductions and a breakthrough in AI data services revenue to RMB **37.9** million, with enterprise remote operation services growing **14.1%** and a **33.5%** gross profit margin - The Shanghai Zhongganghui project applied a smart energy-saving system, with energy costs decreased by **24%**; the Shenzhen Chuangzhiyun Center T**3** building project achieved energy savings exceeding **10%** through smart control of air conditioning and lighting[45](index=45&type=chunk) - Innovatively adopted the "energy profit-sharing" model, successfully implementing **13** energy projects, with single project full-cycle earnings increased by **7.8** times[45](index=45&type=chunk) - Gross profit margin for property and facility management services increased year-on-year by **0.5** percentage points, with new saturated revenue of RMB **1,249.9** million[45](index=45&type=chunk) - AI data services achieved a business breakthrough from zero to RMB **37.9** million, signing **4** external clients[45](index=45&type=chunk) Enterprise Remote Operation Services Business Performance | Indicator | H1 2025 (RMB million) | YoY Growth Rate (%) | Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | | Enterprise Remote Operation Services Revenue | 618.9 | 14.1 | 33.5 | [Technological Capabilities: Driving Continuous Cost Optimization](index=21&type=section&id=4.2.3%20%E7%A7%91%E6%8A%80%E8%83%BD%E5%8A%9B%EF%BC%9A%E9%A9%85%E5%8B%95%E8%B2%BB%E7%94%A8%E7%AB%AF%E6%8C%81%E7%BA%8C%E5%84%AA%E5%8C%96) The company structurally improved cost efficiency by deeply restructuring its mid-to-back-end operations with AI and automation, resulting in an **8.0%** net reduction in administrative expenses, creating a strategic loop of 'technology cost reduction → resource reallocation → accelerated growth' - AI fully intervenes in contract management processes, compressing approval time and reducing compliance risks; **10** functions out of **26** regular HR processes achieved remote automation[47](index=47&type=chunk) - Administrative expenses of RMB **885.8** million, a net decrease of RMB **77.4** million year-on-year, a decrease of **8.0%**, and administrative expenses as a percentage of revenue decreased by **0.6** percentage points[47](index=47&type=chunk)[77](index=77&type=chunk) [Business Review](index=22&type=section&id=4.3%20%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The company's business spans community residential consumption, commercial and urban integrated services, and AIoT/BPaaS solutions, with recurring business as a cornerstone for stable revenue growth despite declines in some segments due to market pressures and developer business contraction Revenue by Business and Service Category (RMB thousand) | Business Category | 2025 Revenue | 2025 Share (%) | 2024 Revenue (Restated) | 2024 Share (%) | Growth Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Community Space Residential Consumption Services | 11,324,996 | 62.4 | 10,132,985 | 57.6 | 11.8 | | - Residential Property Services | 10,279,326 | 56.7 | 9,309,541 | 52.9 | 10.4 | | - Residential-Related Asset Services | 858,423 | 4.7 | 614,705 | 3.5 | 39.6 | | - Other Community Value-Added Services | 187,247 | 1.0 | 208,739 | 1.2 | (10.3) | | Commercial and Urban Space Integrated Services | 5,748,658 | 31.7 | 6,065,306 | 34.5 | (5.2) | | - Property and Facility Management Services | 5,169,132 | 28.5 | 4,799,404 | 27.3 | 7.7 | | - Developer Value-Added Services | 219,285 | 1.2 | 916,154 | 5.2 | (76.1) | | - Urban Space Integrated Services | 360,241 | 2.0 | 349,748 | 2.0 | 3.0 | | AIoT and BPaaS Solutions Services | 1,063,803 | 5.9 | 1,391,643 | 7.9 | (23.6) | | - AIoT Solutions | 203,719 | 1.1 | 602,871 | 3.4 | (66.2) | | - BPaaS Solutions | 860,084 | 4.8 | 788,772 | 4.5 | 9.0 | | **Total** | **18,137,457** | **100.0** | **17,589,934** | **100.0** | **3.1** | Gross Profit by Business and Service Category (RMB thousand) | Business Category | 2025 Gross Profit | 2025 Gross Profit Margin (%) | 2024 Gross Profit (Restated) | 2024 Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Community Space Residential Consumption Services | 1,634,641 | 14.4 | 1,530,278 | 15.1 | | Commercial and Urban Space Integrated Services | 506,908 | 8.8 | 431,608 | 7.1 | | AIoT and BPaaS Solutions Services | 351,324 | 33.0 | 439,248 | 31.6 | | **Total** | **2,492,873** | **13.7** | **2,401,134** | **13.7** | - Recurring business revenue RMB **16,308.5** million, increased year-on-year by **9.5%**, comprising **89.9%** of total revenue; gross profit RMB **2,107.9** million, increased year-on-year by **8.8%**, comprising **84.6%** of total gross profit[51](index=51&type=chunk) [Residential Property Services](index=24&type=section&id=4.3.1%20%E4%BD%8F%E5%AE%85%E7%89%A9%E6%A5%AD%E6%9C%8D%E5%8B%99) Residential property services revenue grew **10.4%** to RMB **10,279.3** million, comprising **56.7%** of total revenue, demonstrating stable growth despite a slight gross profit margin decline due to resident payment willingness Residential Property Services Key Data | Indicator | H1 2025 (RMB million) | YoY Growth Rate (%) | Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | | Revenue | 10,279.3 | 10.4 | - | | Gross Profit | 1,330.4 | 6.8 | 12.9 | | In-management Saturated Revenue | 28,133.5 | 7.4 | - | | Contracted Saturated Revenue | 33,719.1 | 5.9 | - | - Gross profit margin declined by **0.5** percentage points to **12.9%**, primarily due to macroeconomic environment and decreased resident payment willingness[52](index=52&type=chunk) - The number of in-management projects and annualized saturated revenue from independent third-party real estate developers both exceeded those from Vanke Group and its joint ventures and associates[54](index=54&type=chunk) [Property and Facility Management Services](index=25&type=section&id=4.3.2%20%E7%89%A9%E6%A5%AD%E5%8F%8A%E8%A8%AD%E6%96%BD%E7%AE%A1%E7%90%86%E6%9C%8D%E5%8B%99) Property and facility management services revenue increased **7.7%** to RMB **5,169.1** million, with gross profit up **13.7%**, driven by brand strength and expansion, including securing **10** super high-rise projects and optimizing client structure Property and Facility Management Services Key Data | Indicator | H1 2025 (RMB million) | YoY Growth Rate (%) | Gross Profit Margin (%) | | :--- | :--- | :--- | :--- |\ | Revenue | 5,169.1 | 7.7 | - | | Gross Profit | 452.8 | 13.7 | 8.8 | | In-management Saturated Revenue | 15,700.0 | 9.7 | - | | Contracted Saturated Revenue | 19,837.9 | - | - | - Commercial property service projects and integrated facility management service projects each accounted for approximately half of the in-management property and facility management services saturated revenue[55](index=55&type=chunk) - The number of in-management projects and annualized saturated revenue from independent third-party real estate developers significantly exceeded those from Vanke Group and its joint ventures and associates[56](index=56&type=chunk) [BPaaS Solutions](index=26&type=section&id=4.3.3%20BPaaS%E8%A7%A3%E6%B1%BA%E6%96%B9%E6%A1%88) BPaaS solutions revenue grew **9.0%** to RMB **860.1** million, with gross profit up **11.0%**, primarily due to successful market expansion to new enterprise clients in insurance, energy, telecommunications, and automotive sectors BPaaS Solutions Key Data | Indicator | H1 2025 (RMB million) | YoY Growth Rate (%) | Gross Profit Margin (%) | | :--- | :--- | :--- | :--- |\ | Revenue | 860.1 | 9.0 | - | | Gross Profit | 324.6 | 11.0 | 37.7 | - Enterprise BPaaS business achieved good external expansion results, with new clients including leading insurance companies, leading energy companies, well-known telecommunications companies, leading automotive companies, etc[57](index=57&type=chunk) [Residential-Related Asset Services](index=26&type=section&id=4.3.4%20%E5%B1%85%E4%BD%8F%E7%9B%B8%E9%97%9C%E8%B3%87%E7%94%A2%E6%9C%8D%E5%8B%99) Residential-related asset services revenue surged **39.6%** to RMB **858.4** million, with gross profit up **7.1%**, driven by increased outlets and building repair services for non-developer residential clients Residential-Related Asset Services Key Data | Indicator | H1 2025 (RMB million) | YoY Growth Rate (%) | Gross Profit Margin (%) | | :--- | :--- | :--- | :--- |\ | Revenue | 858.4 | 39.6 | - | | Gross Profit | 191.6 | 7.1 | 22.3 | - Revenue growth primarily due to actively increasing outlets and conducting building repair services for non-developer clients in residential spaces[59](index=59&type=chunk) [AIoT Solutions](index=27&type=section&id=4.3.5%20AIoT%E8%A7%A3%E6%B1%BA%E6%96%B9%E6%A1%88) AIoT solutions revenue significantly decreased by **66.2%** to RMB **203.7** million, with gross profit down **81.8%**, primarily due to external pressures and intensified market competition AIoT Solutions Key Data | Indicator | H1 2025 (RMB million) | YoY Growth Rate (%) | Gross Profit Margin (%) | | :--- | :--- | :--- | :--- |\ | Revenue | 203.7 | -66.2 | - | | Gross Profit | 26.7 | -81.8 | 13.1 | [Non-Core Businesses](index=27&type=section&id=4.3.6%20%E9%9D%9E%E6%A0%B8%E5%BF%83%E6%A5%AD%E5%8B%99) The company strategically reduced its non-core business proportion, with developer value-added services revenue decreasing **76.1%** due to industry cycles and proactive business contraction Non-Core Businesses Key Data | Business Category | H1 2025 Revenue (RMB million) | YoY Growth Rate (%) | H1 2025 Gross Profit (RMB million) | YoY Growth Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Urban Space Integrated Services | 360.2 | 3.0 | 32.8 | 5.3 | | Other Community Value-Added Services | 187.2 | -10.3 | 112.7 | 6.8 | | Developer Value-Added Services | 219.3 | -76.1 | 21.3 | 906.3 | - Developer value-added services revenue decreased by **76.1%**, primarily due to industry cycle impacts and the company's proactive business contraction, but gross profit increased year-on-year by **906.3%**, indicating business structure optimization[65](index=65&type=chunk)[73](index=73&type=chunk) [Financial Performance Analysis](index=28&type=section&id=4.4%20%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E5%88%86%E6%9E%90) The Group's revenue structure improved with increased recurring business share, driving a **3.1%** total revenue growth, while sales costs rose proportionally, gross profit margin remained stable, and administrative expenses decreased due to technological efficiencies, leading to profit growth - Total revenue of RMB **18,137.5** million, increased year-on-year by **3.1%**, primarily due to increased management scale and business contracts[67](index=67&type=chunk) - Community space residential consumption services revenue increased year-on-year by **11.8%**, benefiting from market expansion capabilities, especially deep cultivation in the existing market[67](index=67&type=chunk) - Commercial and urban space integrated services revenue decreased by **5.2%**, primarily due to the company's proactive contraction of developer business[68](index=68&type=chunk) - AIoT and BPaaS solutions services revenue decreased by **23.6%**, primarily affected by external environmental pressures and intensified market competition[69](index=69&type=chunk) - Total cost of sales of RMB **15,644.6** million, increased year-on-year by **3.0%**, consistent with revenue scale growth[70](index=70&type=chunk) - Total gross profit of RMB **2,492.9** million, increased year-on-year by **3.8%**, total gross profit margin of **13.7%**, largely stable compared to the same period last year[71](index=71&type=chunk) - Other income and gains, net decreased by **26.5%**, primarily due to declining money market interest rates and the expiration of VAT additional deduction policies[75](index=75&type=chunk) - Administrative expenses decreased by **8.0%**, primarily benefiting from technological efficiency improvements and back-office functional team building[77](index=77&type=chunk) - Profit for the period increased by **5.4%** to RMB **837.8** million; core net profit increased by **10.8%** to RMB **1,321.1** million[79](index=79&type=chunk) [Liquidity and Financial Resources](index=31&type=section&id=%E8%B3%87%E9%87%91%E6%B5%81%E5%8B%95%E6%80%A7%E5%8F%8A%E8%B2%A1%E6%94%BF%E8%B3%87%E6%BA%90) This section details the company's cash flow, debt, asset pledges, and foreign exchange risk management - Cash and cash equivalents balance of RMB **10,937.0** million, decreased by RMB **2,515.9** million compared to December **31**, **2024**, primarily used for dividend payments of **1,011.9** million and investment payments of **1,116.8** million[81](index=81&type=chunk) - Net operating cash flow increased by RMB **2,050.4** million compared to H**1** **2024**, showing improvement[82](index=82&type=chunk) - Assumed bank borrowings of RMB **573.9** million due to business combination, net debt ratio is not applicable[83](index=83&type=chunk) - Certain investment properties and trade receivables and retention money were pledged to secure bank borrowings[85](index=85&type=chunk) - The Group's foreign exchange risk exposure is limited, and fluctuations in RMB exchange rates against foreign currencies have not had a material impact on operating results[86](index=86&type=chunk) [Corporate Governance and Other Information](index=32&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) This section covers corporate governance practices, significant transactions, employee policies, and other relevant disclosures [Significant Investments, Acquisitions and Disposals](index=32&type=section&id=6.1%20%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E3%80%81%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE) During the reporting period, the company acquired the remaining **55%** equity of Shanghai Xiangda Real Estate Development Co., Ltd., making it a wholly-owned subsidiary, with no other significant investment or acquisition plans beyond those disclosed in the prospectus - As of the end of May **2025**, the company indirectly held all equity in Shanghai Xiangda, and its results have been consolidated into the Group's results[87](index=87&type=chunk) - Apart from plans disclosed in the prospectus and changes in use of proceeds, the Group has no specific plans for significant investments or acquisitions of major capital assets[88](index=88&type=chunk) [Employees and Remuneration Policy](index=32&type=section&id=6.2%20%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June **30**, **2025**, the company had **102,093** employees with total costs of approximately RMB **6,010.3** million, focusing on talent development, competitive compensation, and employee stock ownership plans Employees and Remuneration Overview | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of Employees | 102,093 | 102,441 | | Total Employee Costs (RMB million) | 6,010.3 | - | - The company established a corporate culture centered on 'being a service provider,' 'striving for first place,' and 'sunny and healthy' values, offering tiered leadership training camps, market expansion personnel training, key service position training camps, and AI learning courses[89](index=89&type=chunk)[90](index=90&type=chunk) [Material Events After Reporting Period](index=33&type=section&id=6.3%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A0%85) There have been no material events affecting the Group subsequent to the reporting period up to the date of this announcement - There have been no material events affecting the Group subsequent to the reporting period up to the date of this announcement[91](index=91&type=chunk) [Purchase, Sale and Redemption of Listed Securities of the Company](index=33&type=section&id=6.4%20%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E5%8F%8A%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) During the reporting period, the company repurchased a total of **4,250,000** H shares for approximately **84,866,975** HKD, representing **0.37%** of total share capital, with **3,512,200** shares subsequently cancelled H Share Repurchase Details | Repurchase Date | Number of Shares Repurchased | Total Price (HKD) | | :--- | :--- | :--- | | January 2, 2025 | 500,000 | 10,195,950 | | January 6, 2025 | 500,000 | 10,120,000 | | January 8, 2025 | 500,000 | 10,054,350 | | January 10, 2025 | 500,000 | 9,957,200 | | January 13, 2025 | 500,000 | 9,972,300 | | January 14, 2025 | 750,000 | 14,777,775 | | January 15, 2025 | 500,000 | 9,731,750 | | January 17, 2025 | 500,000 | 10,057,650 | | **Total** | **4,250,000** | **84,866,975** | - Repurchased H shares accounted for **0.37%** of the company's total share capital (excluding treasury H shares), with the Board believing the repurchase demonstrates confidence in the company's business development and prospects[92](index=92&type=chunk)[93](index=93&type=chunk) - As of the date of this announcement, the company has cancelled **3,512,200** repurchased H shares and held a total of **11,560,200** repurchased H shares as treasury H shares[94](index=94&type=chunk) [Corporate Governance Code](index=34&type=section&id=6.5%20%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The company adheres to high corporate governance standards, adopting the Listing Rules' Corporate Governance Code, and while the Chairman and CEO roles are combined, the Board believes this arrangement enhances decision-making and execution efficiency, with appropriate checks and balances in place - The company has adopted the Corporate Governance Code set out in Appendix C**1** of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[95](index=95&type=chunk) - Mr. Zhu Baquan serves as both Chairman and General Manager, combining the roles of Chairman and Chief Executive Officer, but the Board believes this arrangement enhances decision-making and execution efficiency, with appropriate checks and balances in place[95](index=95&type=chunk) [Standard Code for Securities Transactions by Directors and Relevant Employees](index=34&type=section&id=6.6%20%E8%91%A3%E4%BA%8B%E5%8F%8A%E6%9C%89%E9%97%9C%E5%83%B1%E5%93%A1%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The company adopted the Standard Code for Securities Transactions by Directors of Listed Issuers, with directors confirming compliance with the code throughout the reporting period and no reported breaches by relevant employees - The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers, and directors confirmed compliance with the code throughout the reporting period[96](index=96&type=chunk) [Audit Committee](index=35&type=section&id=6.7%20%E5%AF%A9%E8%A8%88%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee reviewed the unaudited condensed consolidated interim results for the six months ended June **30**, **2025**, confirming compliance with accounting principles and adequate disclosure - The Audit Committee, comprising Ms. Law Kam Yee, Mr. Chen Yuyu, and Mr. Sun Jia, reviewed the interim results and confirmed their compliance and adequate disclosure[97](index=97&type=chunk) [Interim Dividend](index=35&type=section&id=6.8%20%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board proposed an interim dividend totaling RMB **1,100.0** million (RMB **0.951** per share, tax inclusive) for the six months ended June **30**, **2025**, with detailed tax implications for H-share shareholders - The Board proposed an interim dividend totaling RMB **1,100.0** million (RMB **0.951** per share, tax inclusive) for the six months ended June **30**, **2025**[98](index=98&type=chunk) - Dividends for H-share shareholders will be declared in RMB but paid in HKD, subject to shareholder approval at the EGM convened on September **3**, **2025**[98](index=98&type=chunk) - Non-resident enterprise H-share shareholders will be subject to a **10%** withholding corporate income tax; H-share individual shareholders will be subject to individual income tax rates ranging from **10%** to **20%** based on their residency and tax agreements with China[99](index=99&type=chunk)[100](index=100&type=chunk)[102](index=102&type=chunk) [Closure of Register of Members](index=37&type=section&id=6.9%20%E6%9A%AB%E5%81%9C%E8%BE%A6%E7%90%86%E8%82%A1%E4%BB%BD%E9%81%8E%E6%88%B6%E7%99%BB%E8%A8%98) The company will temporarily suspend share transfer registration on two separate occasions to determine eligibility for attending the EGM and receiving the interim dividend - To determine eligibility for attending and voting at the EGM, share transfer registration will be suspended from August **29**, **2025**, to September **3**, **2025** (both dates inclusive)[103](index=103&type=chunk) - To determine eligibility for the proposed **2025** interim dividend, share transfer registration will be suspended from September **9**, **2025**, to September **11**, **2025** (both dates inclusive)[104](index=104&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=38&type=section&id=6.10%20%E5%88%8A%E8%BC%89%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A%E5%8F%8A%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) This announcement is published on the HKEX website (www.hkexnews.hk) and the company's website (www.onewo.com), with the interim report to be published in due course, and the Chinese version shall prevail in case of any discrepancy - This announcement is published on the HKEX website (www.hkexnews.hk) and the company's website (www.onewo.com), with the interim report to be published in due course[105](index=105&type=chunk) - In case of any discrepancy between the Chinese and English versions, the Chinese version shall prevail[105](index=105&type=chunk)

Summary of Conference Call Records Industry Overview - The real estate sector is characterized as a "three low" industry (low price-to-book ratio, low positioning, low attention), suggesting that the valuation gap will eventually close [3][5] - The construction and real estate sectors are experiencing significant challenges, with broad infrastructure investment growth declining by 1.9% year-on-year in July 2025, marking the first negative growth in two years [6][9] - The construction investment growth rate in July 2025 was negative 5.1%, indicating a severe decline in local government-funded projects and highlighting fiscal difficulties [6][9] Key Points and Arguments - Real estate stocks are not to be viewed pessimistically; the market is in a phase of orderly expansion, and the sector's win rate is high due to its low valuation metrics [3][5] - In July 2025, real estate investment fell by 17.1%, while manufacturing investment decreased by 0.3%, both showing significant declines and marking a critical turning point [11] - The cash flow situation in the real estate market has improved compared to last year, with financing costs and completion rates showing strength, suggesting potential recovery in construction data in the second half of the year [2] - The introduction of special bonds and government debt in July has significantly increased, aiding in resolving real estate debt issues and enhancing macroeconomic stability [7] Notable Companies and Their Performance - Companies like Vanke, JinDi, Longfor, and New Town are identified as having high elasticity due to improved competitive dynamics [8] - Service-oriented companies such as Wanwu Cloud, China Resources Mixc, and China Overseas Property are also highlighted for their dividend performance in the mid-year reports [8] - Recommended companies in the consumer building materials sector include Oriental Yuhong and Henkel Group, which are expected to perform well due to improved market conditions [19] Risks and Future Outlook - The upcoming mid-year reports for construction companies are anticipated to be risky, with potential for lower-than-expected performance due to increased receivables and declining revenues [13][16] - Despite short-term risks, there is potential for a rebound in the fourth quarter, particularly for companies with mineral resource attributes, such as China Metallurgical Group and China Railway [14] - The cement industry is projected to face a demand decline of 4.5% for the year, with July's demand down by 5.6% [17] Additional Insights - The consumer building materials sector is showing signs of recovery, with improved fundamentals and reduced price wars, which may lead to enhanced profitability [18] - The western region's infrastructure projects are expected to significantly impact the building materials industry, with strong demand and funding availability [24] - Investors are advised to adjust their positions cautiously in anticipation of potential volatility following the mid-year report disclosures [15]

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） （股份代號：2602） 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的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 中國深圳，2025年8月14日 於本公告日期，本公司董事會包括董事長兼執行董事朱保全先生；執行董事何曙 華先生；非執行董事華翠女士、孫嘉先生、姚勁波先生及周奇先生；獨立非執行 董事陳玉宇先生、羅君美女士、沈海鵬先生及宋雲鋒先生。 臨時股東會之暫停辦理股份過戶登記手續期間 萬物雲空間科技服務股份有限公司（「本公司」）2025年第一次臨時股東會（「2025 年第一次臨時股東會」）將於2025年9月3日（星期三）召開及舉行。一份載有將 於2025年第一次臨時股東會上提呈的決議案詳情之通函，連同2025年第一次 臨時股東會通告以及相關代表委任表格將適時於香港聯合交易所有限公司網站 ( www.hkexnews.hk )及本公司網站( https://www.onewo.com )刊登。 為了確 ...

承董事會命 萬物雲空間科技服務股份有限公司 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的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 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） （股份代號：2602） 董事會會議通告 萬物雲空間科技服務股份有限公司（「本公司」）謹此宣佈，本公司董事會（「董事 會」）會議將於2025年8月18日（星期一）舉行，藉以（其中包括）(i)考慮並批准本公 司及其附屬公司截至2025年6月30日止六個月之中期業績及其刊發；以及(ii)考慮 建議派發中期股息（如有）。 董事長、執行董事兼總經理 朱保全 中國深圳，2025年8月1日 於本公告日期，本公司董事會包括董事長兼執行董事朱保全先生；執行董事何曙 華先生；非執行董事華翠女士、孫嘉先生、姚勁波先生及周奇先生；獨立非執行 董事陳玉宇先生、羅君美女士、沈海鵬先生及宋雲鋒先生。 ...

致：香港交易及結算所有限公司 公司名稱: 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） 呈交日期: 2025年8月1日 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7月31日 狀態: 新提交 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 | | | 1,171,565,329 | RMB | | 1 | RMB | | 1,171,565,329 | | 增加 / 減少 (-) | | | -3,512,200 | | | | RMB | | -3,512,200 | | 本月底結存 | | | 1,168,053,129 | ...

消息面上，瑞银发布研报称，中国物业管理商2025年上半年财报预期将持续放缓，预计平均盈利同比增 幅将放缓至13%，低于2024年上半年的17%及2024年全年的14%增长，对比市场预期为15%，主要受到 住宅市场放缓所拖累，令在管面积增长减慢、物业费收缴率下降、开发商增值服务减少及社区增值服务 毛利率受压。美银证券则表示，中国物管股年初至今股价累计上涨逾20%，预期估值修复期已结束。 中信证券发布研报称，物业服务行业存在一些内卷式竞争，表现为部分项目业主对物业费的降价诉求并 不理性。但当前头部公司市占率较低，企业调整在管组合的空间很大，头部公司的盈利能力并不会因为 内卷式竞争而下降。同时政策反对内卷式竞争，鼓励优质优价，有利于企业收缴率、费率和盈利能力的 稳定，有利于重视服务口碑的公司。看好具备品牌竞争力的公司。 物管股集体下跌，截至发稿，碧桂园服务(06098)跌5.9%，报6.54港元；雅生活服务(03319)跌5.73%，报 2.96港元；万物云(02602)跌3.83%，报22.6港元；融创服务(01516)跌3.76%，报1.79港元。 ...