机构：申万宏源研究 研究员：袁豪/曹曼 25H1 商企城服毛利5.1 亿元，同比+17.4%；毛利率8.8%，同比+1.7pct。 科技业务：25H1 科技业务毛利同比-20%，BPaaS 稳步拓展。25H1 公司科技业务收入10.6亿元，同 比-23.6%；其中AIoT、BPaaS 分别占比19%/81%，同比分别-66%/+9%，AIoT业务下降主要由于外部环 境承压和市场竞争程度加剧的影响；毛利率分别为13.1%/37.7%，同比-11.3pct/+0.7pct。25H1 科技业务 毛利3.5 亿元，同比-20.0%；毛利率为33.0%，同比+1.5pct。 投资分析意见：业绩平稳，蝶城提效，维持"买入"评级。万物云定位行业领先的空间科技服务商，在科 技赋能、住宅外拓、蝶城深耕、商企城服拓展等方面拥有较大优势。在物管行业日益精细化管理的背景 下，公司领先外拓，通过科技赋能进行价值街道深耕，对抗基层人力成本上行并取得一定成效；并凭借 商企城服方面的先发规模优势，预计公司业绩将进入成长期。考虑到房地产行业销售承压，我们下调公 司2025-27 年归母净利润预测分别为15.3/16.6/17.9 亿元（原16 ...

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]