物企IPO热度大降，奥联服务二次冲击港股，今年前7个月经营现金流为负

Core Viewpoint - Aolian Service Group's IPO application has faced challenges, with significant growth in net profit overshadowed by issues such as regional dependency, declining renewal rates, and negative operating cash flow [2][10]. Financial Performance - Aolian Service's revenue increased from 342 million RMB in 2022 to 476 million RMB in 2024, with a compound annual growth rate of approximately 18% [4]. - The company reported a net profit growth from 27.4 million RMB in 2022 to 44.6 million RMB in 2024, with a 47.6% increase in the first seven months of 2025 [6][7]. Revenue Composition - As of 2025, approximately 40% of Aolian Service's revenue comes from Guangdong province, highlighting a significant regional dependency [5]. - The revenue from community living services has increased, contributing 40.3% of total revenue by July 2025, up from 27.8% in 2022 [4][5]. Operational Challenges - The company faces a notable increase in trade receivables, which grew by 163% from 81 million RMB at the end of 2022 to 213 million RMB by July 2025, leading to negative operating cash flow [7]. - The renewal rate of managed projects has fluctuated, dropping to 55.4% in 2023 before recovering to 81.3% by July 2025 [8]. Industry Context - The property management IPO market has cooled significantly, with only two companies successfully listing in 2023 and 2024, and Aolian Service being the only one to submit a prospectus in 2025 [10][11]. - The industry is experiencing a shift in focus from scale expansion to service quality, technological empowerment, and financial stability, as investor confidence has been impacted by the debt risks of associated real estate companies [10][12].