2）资产抵债稳步推进，应收减值风险缓释。截至2025 年6 月末，公司来自关联方万科地产的贸易应收 款总额26.0 亿元，第三方贸易应收款总额64.8 亿元，债务清偿协议有效化解了关联方存量应收款减值压 力，同时公司积极推行物业管理弹性定价模式，通过解构508 项服务为模块化菜单，业主按需组合，万 物云提供清晰的定价规则，构建质价相符的服务体系，提升服务满意度，从而缓解居民端的收缴率压 力，后续公司贸易应收款减值风险或将有较为明显的降低。 3）蝶城+AI 降本提效，现金充沛分红慷慨。公司25H1 已完成300 个蝶城改造，覆盖1688 个项目，占总 在管项目的38%；通过蝶城实现增值服务规模化铺排（25H1 住宅社区增值服务收入8.6 亿元，同比增长 39.6%），叠加AI 和机器人等新技术的应用，公司销管研费用率同比降低0.5pct 至6.5%，行政开支减少 7737 万元。上半年公司经营性现金流同比增加20.5 亿元，报告期末现金及现金等价物109.4 亿元，账上 现金充裕，预计2025 年全年公司或有较为慷慨的派息。 事件：公司2025H1 营收同比+3.1%，核心净利润同比+10.8%。 1、万物云2 ...

查看完整报告 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 清晰的定价规则，构建质价相符的服务体系，提升服务满意度，从而缓解居民端的收缴率压力，后续公司 贸易应收款减值风险或将有较为明显的降低。 3）蝶城+AI降本提效，现金充沛分红慷慨。公司25H1已完成300个蝶城改造，覆盖1688个项目，占总在管 项目的38%；通过蝶城实现增值服务规模化铺排（25H1住宅社区增值服务收入8.6亿元，同比增长 39.6%），叠加AI和机器人等新技术的应用，公司销管研费用率同比降低0.5pct至6.5%，行政开支减少 7737万元。上半年公司经营性现金流同比增加20.5亿元，报告期末现金及现金等价物109.4亿元，账上现金 充裕，预计2025年全年公司或有较为慷慨的派息。 风险提示： 市场竞争 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Insights - The company's revenue for the first half of 2025 reached 18.14 billion yuan, a year-on-year increase of 3.1%, while core net profit grew by 10.8% to 1.32 billion yuan. The interim dividend is expected to be substantial at 1.1 billion yuan, representing 83% of core net profit [1][2]. - The core business of property management is showing steady growth, with residential property management revenue increasing by 10.4% to 10.3 billion yuan, and commercial property management revenue rising by 7.7% to 5.2 billion yuan. The combined revenue from these segments accounts for 85.2% of total revenue, up by 5 percentage points year-on-year [2][3]. - The company has effectively mitigated receivable impairment risks through a debt settlement agreement with related parties, which involves transferring properties or parking spaces to settle debts totaling 2.57 billion yuan [1][3]. Summary by Sections Financial Performance - For the first half of 2025, the company reported a gross profit of 2.49 billion yuan, a 3.8% increase year-on-year, and a net profit of 840 million yuan, up 5.4% [1]. - The company’s operating cash flow increased by 20.5 billion yuan, with cash and cash equivalents at 10.94 billion yuan at the end of the reporting period, indicating strong liquidity [4]. Business Segments - The AIOT solutions segment saw a significant decline in revenue, dropping 66.2% to 200 million yuan, while developer value-added services fell by 76.1% to 220 million yuan, reflecting challenges in the real estate market [2]. - The company has completed 300 "Butterfly City" renovations, covering 1,688 projects, which has contributed to a 39.6% increase in value-added service revenue to 860 million yuan [4]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been slightly adjusted downwards, with expected net profits of 1.62 billion yuan, 2.02 billion yuan, and 2.22 billion yuan respectively, reflecting a decrease of 1.2% to 3.5% [4][5]. - The report highlights the attractiveness of the company's dividend yield, maintaining a strong outlook for future payouts [4].