万物云(02602) - 2025 - 中期业绩

Performance Summary This section provides an overview of the company's financial performance and defines key financial terms for clarity Overview of Financial Performance 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] - 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] Key Definitions 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] - 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] Financial Data 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 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] - Net impairment losses on financial assets expanded from 152,262 thousand in 2024 to 268,022 thousand in 2025, a significant increase[5] Interim Condensed Consolidated Statement of Comprehensive Income 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] Interim Condensed Consolidated Statement of Financial Position 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] - 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] Notes to the Financial Information 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][11] - 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][13] 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] Management Discussion and Analysis This section reviews industry trends, strategic initiatives, business segment performance, and financial results for the reporting period Industry Review 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 TOP10 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] - 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] - 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] - 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] - 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][40] Strategic Review 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] Butterfly City+: Building Street-Level Service Networks 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] - 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] 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 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 T3 building project achieved energy savings exceeding 10% through smart control of air conditioning and lighting[45] - Innovatively adopted the "energy profit-sharing" model, successfully implementing 13 energy projects, with single project full-cycle earnings increased by 7.8 times[45] - 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] - AI data services achieved a business breakthrough from zero to RMB 37.9 million, signing 4 external clients[45] 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 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] - 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][77] Business Review 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] Residential Property Services 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] - 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] Property and Facility Management Services 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] - 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] BPaaS Solutions 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] Residential-Related Asset Services 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] AIoT Solutions 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 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][73] Financial Performance Analysis 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] - 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] - Commercial and urban space integrated services revenue decreased by 5.2%, primarily due to the company's proactive contraction of developer business[68] - AIoT and BPaaS solutions services revenue decreased by 23.6%, primarily affected by external environmental pressures and intensified market competition[69] - Total cost of sales of RMB 15,644.6 million, increased year-on-year by 3.0%, consistent with revenue scale growth[70] - 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] - 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] - Administrative expenses decreased by 8.0%, primarily benefiting from technological efficiency improvements and back-office functional team building[77] - 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] Liquidity and Financial Resources 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] - Net operating cash flow increased by RMB 2,050.4 million compared to H1 2024, showing improvement[82] - Assumed bank borrowings of RMB 573.9 million due to business combination, net debt ratio is not applicable[83] - Certain investment properties and trade receivables and retention money were pledged to secure bank borrowings[85] - 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] Corporate Governance and Other Information This section covers corporate governance practices, significant transactions, employee policies, and other relevant disclosures Significant Investments, Acquisitions and Disposals 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] - 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] Employees and Remuneration Policy 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][90] Material Events After Reporting Period 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] Purchase, Sale and Redemption of Listed Securities of the Company 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][93] - 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] Corporate Governance Code 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 C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[95] - 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] Standard Code for Securities Transactions by Directors and Relevant Employees 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] Audit Committee 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] Interim Dividend 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] - 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] - 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][100][102] Closure of Register of Members 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] - 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] Publication of Interim Results Announcement and Interim Report 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] - In case of any discrepancy between the Chinese and English versions, the Chinese version shall prevail[105]