"物业要找到自己的发展之道。" 8月19日，万物云发布2025年中期业绩发布会，万物云董事长朱保全表示，房地产增量时代，物业企业 跟着一起成长，但在房地产进入到存量阶段时，物企来能否快速地寻找到自己的独立发展之道，这是过 去三年非常重要的一点。 在朱保全看来，那些找到了自己发展之道的物企，2025年会是一次反弹的机会，尤其是在收益方面。 朱保全上述言论的逻辑是：今天排名靠前的物企在历史上或多或少都与母公司之间存在关联交易，在地 产业务向好的时候，这部分关联交易的毛利率水平不差，但在地产下滑阶段，它就变成了对公司财务报 表的冲击，使过去两年物企的报表并不好看。 "但如果大家独立发展的能力在过去三年已逐步构建起来，而关联交易的比例也已经降到一定底部的时 候，今年有可能会出现收益的剪刀差，靠独立业务获得收益的增量会大于关联交易，也就是与开发商相 关业务的毛利下滑的差值将会变成正向。"朱保全说道。 行业分化 很显然，万物云正是朱保全口中找到自己发展之道的物企之一。 2025年上半年，万物云实现营业收入181.4亿元，同比增长3.1%；毛利24.9亿元，同比增长3.8%；净利 润8.4亿元，同比增长5.4%；核心净利润 ...

Core Insights - The company is enhancing the traditional property management services by introducing a series of themed market events, transforming office buildings into vibrant community spaces [1][4]. Group 1: Service Innovation - The "City Living Room" series of market events includes six themes such as wine tasting and pop-up retail, aimed at providing comprehensive business lifestyle solutions [1]. - Monthly themed markets feature high-quality products from various wine regions, fresh fruits, ready-to-eat snacks, designer brands, and seasonal gifts, catering to diverse tenant needs [2]. Group 2: Customer Experience - The market events save tenants time and enhance their quality of life by offering convenient access to goods and services within the building [4]. - Tenants appreciate the efficiency and warmth of the services, which allow them to fulfill daily needs and special purchases without leaving the office [4]. Group 3: Company Vision - The company aims to expand the boundaries of building services by continuously aligning with customer needs and integrating quality resources [4]. - The focus is on creating value through meticulous service, contributing to a dynamic and efficient business environment [4][5]. Group 4: Corporate Background - The Chenglv Dalu Business Group specializes in refined management and value maximization of commercial spaces, with a strong understanding of the real estate sector [5]. - Beijing Heqiao Property Management Co., Ltd. is committed to high-quality property management services, blending Eastern and Western cultural elements [6].

Macro Insights - The expansion of the US steel and aluminum tariffs is expected to increase import tariffs from China and globally by 1.3% and 1.1% respectively, with the second batch of steel and aluminum derivatives set to take effect in January 2026 [2] - The US domestic demand decline may indirectly affect China's exports to other countries, while the substitution effect of US steel is limited [2] Fiscal Policy - In July, tax revenue growth accelerated, indicating an improvement in public budget revenue structure [3] - The land market remains sluggish, leading to weak growth in government fund revenue, which is significantly below the initial budget [3] - Infrastructure investment is rebounding, supported by the commencement of major projects, which is beneficial for domestic investment [3] Company Research Real Estate - Wanwu Cloud (2602.HK) reported H1 2025 revenue of 18.14 billion yuan, up 3.1% year-on-year, and a core net profit of 1.32 billion yuan, up 10.8% year-on-year, with a mid-term dividend of 1.1 billion yuan, accounting for 83% of core net profit [5] Chemical Industry - Yuntianhua (600096.SH) achieved H1 2025 revenue of 24.992 billion yuan, down 21.88% year-on-year, and a net profit of 2.761 billion yuan, down 2.81% year-on-year, with an upward revision of profit forecasts for 2025-2027 [6] Oil and Gas - CNOOC Development (600968.SH) reported H1 2025 total revenue of 22.6 billion yuan, up 4.5% year-on-year, and a net profit of 1.83 billion yuan, up 13.1% year-on-year, with profit forecasts for 2025-2027 maintained [7] Steel - CITIC Special Steel (000708.SZ) maintains profit forecasts for 2025-2027 at 5.590 billion, 6.236 billion, and 6.825 billion yuan, with expectations of improved profitability due to product structure optimization and accelerated overseas projects [9] Building Materials - Beixin Building Materials (000786.SZ) reported H1 2025 revenue of 13.56 billion yuan, down 0.3% year-on-year, and a net profit of 1.93 billion yuan, down 12.9% year-on-year, with profit forecasts for 2025-2027 adjusted downwards [10] High-end Manufacturing - Haitian International (1882.HK) achieved H1 2025 net profit of 1.71 billion yuan, up 12.6% year-on-year, with profit forecasts for 2025-2027 maintained [11] Automotive - XPeng Motors (XPEV.N) is approaching a profitability inflection point, with expectations of improved gross margins and sales growth, leading to upward revisions of profit forecasts for 2026-2027 [12] Electrical New Energy - Siyuan Electric (002028.SZ) reported H1 2025 revenue of 8.497 billion yuan, up 37.8% year-on-year, and a net profit of 1.293 billion yuan, up 45.71% year-on-year, with strong growth in overseas revenue [13] Technology - Jiayuan Technology (688388.SH) has revised profit forecasts for 2025-2027 to 105 million, 274 million, and 524 million yuan, with a focus on solid-state batteries and high-end PCB copper foil [14] Internet Media - Meitu Company (1357.HK) focuses on subscription growth, with adjusted profit forecasts for 2025-2027 increased to 960 million, 1.24 billion, and 1.52 billion yuan [15] Overseas TMT - Xiaomi Group (1810.HK) reported Q2 2025 revenue of 116 billion yuan, up 30% year-on-year, with a downward revision of profit forecasts for 2025-2027 [16] Pharmaceuticals - Kingsray Biotechnology (1548.HK) reported H1 2025 revenue of 519 million USD, with a significant recovery in business and a downward revision of profit forecasts for 2025-2027 [17] Travel Services - Tongcheng Travel (0780.HK) reported Q2 2025 revenue of 4.669 billion yuan, up 10% year-on-year, with adjusted net profit forecasts for 2025-2027 maintained [19] Food and Beverage - Yanghe Distillery (002304.SZ) reported H1 2025 revenue of 14.796 billion yuan, down 35.32% year-on-year, with profit forecasts for 2025-2027 maintained [20] Light Industry - Wuzhou Special Paper (605007.SH) maintains profit forecasts for 2025-2027, with expectations of improved profitability due to price recovery [21] - Zhongshun Jierou (002511.SZ) has raised profit forecasts for 2025-2027, focusing on high-end product layout [22]

Core Viewpoint - The article highlights the "Three Deliveries" (sending coolness, care, and health) initiative organized by the Zhenjiang Economic Development Zone to support frontline workers during high temperatures, emphasizing the importance of worker safety and well-being [1] Group 1: Initiative Overview - The "Three Deliveries" initiative aims to provide cooling supplies to frontline workers, transforming the care from the Party and the union into a source of "cooling power" during high temperatures [1] - The initiative includes visits to various companies, such as Jiangsu Xiangyu Mining Technology Development Co., Ltd. and Zhenjiang Xinyuan Property Management Co., Ltd., where care packages were distributed [1] Group 2: Engagement with Workers - The Zhenjiang Federation of Trade Unions visited companies like Jindong Paper (Jiangsu) Co., Ltd. and Zhenjiang Ruibide Medical Devices Co., Ltd. to deliver anti-heat care packages to workers on duty [1] - The initiative also extended care to urban management staff and new employment groups within the district, showcasing a broad commitment to worker welfare [1] Group 3: Future Plans - The Zhenjiang Economic Development Zone plans to leverage the "Party Building Leading Grassroots Governance Innovation" project to address community issues and enhance social warmth [1]

Core Viewpoint - The company reported a steady growth in its core business, with a notable increase in revenue and net profit for the first half of 2025, indicating a resilient performance despite challenges in related sectors [3][4]. Financial Performance - In H1 2025, the company achieved a revenue of 18.14 billion yuan, a year-on-year increase of 3.1%, with a gross profit of 2.49 billion yuan, up 3.8%. The net profit reached 840 million yuan, reflecting a growth of 5.4%, while the core net profit was 1.32 billion yuan, marking a 10.8% increase [3]. - The interim dividend for 2025 was set at 1.1 billion yuan, representing 83% of the core net profit [3]. Business Segments - The residential property management segment generated 10.3 billion yuan in revenue, growing by 10.4%, while the commercial property management and facilities management segment brought in 5.2 billion yuan, up 7.7%. Together, these segments accounted for 85.2% of total revenue, an increase of 5.0 percentage points [4]. - The AIOT solutions service segment saw a significant decline, with revenue dropping by 66.2% to 200 million yuan, and developer value-added income fell by 76.1% to 220 million yuan, largely due to the impact of the real estate market and macroeconomic conditions [4]. Debt Settlement and Risk Mitigation - On July 30, 2025, the company entered into a debt settlement agreement with several related enterprises of Vanke, agreeing to settle outstanding payments through the transfer of properties or parking spaces, with a total value of 2.57 billion yuan [3]. - As of June 30, 2025, the company had trade receivables of 2.6 billion yuan from related parties and 6.48 billion yuan from third parties, with the debt settlement agreement alleviating the pressure from related party receivables [4]. Operational Efficiency - The company completed 300 "Butterfly City" renovations, covering 1,688 projects, which is 38% of total managed projects. This initiative contributed to a 39.6% year-on-year increase in residential community value-added service revenue to 860 million yuan [5]. - The application of AI and robotics led to a reduction in sales, management, and research expenses by 0.5 percentage points to 6.5%, and administrative expenses decreased by 77.37 million yuan [5]. - Operating cash flow increased by 2.05 billion yuan year-on-year, with cash and cash equivalents at 10.94 billion yuan, indicating a strong cash position and potential for generous dividends in 2025 [5].

进入8月份以来，多家港股物业企业陆续发布上半年业绩预告。从业绩表现来看，相较于过去同期普遍 受母公司风险拖累、计提减值导致业绩承压，今年多家物企关联方减值准备大幅减少，盈利情况普遍有 所改善，显示行业正逐步迈向独立发展的新阶段。 与此同时，增值业务也呈现出更加多元化的态势，涵盖二手房租赁、买卖、房屋维修及装修等业务多点 开花，持续提升物业企业的毛利率和现金流水平。 具体来看，多家物业企业已走出大幅亏损阶段，盈利水平持续回升。8月19日，融创服务控股有限公司 （以下简称"融创服务"）发布业绩预告，预计上半年实现拥有人应占净利润不低于1亿元，而去年同期 亏损约4.72亿元，实现由亏转盈。 对此，融创服务也在业绩预告中坦言，公司预期毛利及毛利率均较去年同期降低，主要由于公司暂缓确 认已完成履约义务但回款存在高风险的若干第三方客户的收入，以及近年交付项目质保到期而带来的维 修维护成本增加所致。 中信证券在研报中表示，伴随着亏损业务和亏损项目的陆续退出，企业从重视规模增长向重视业绩提升 转变。行业回归基础服务的过程也是回归专业性的过程——在规模狂飙过程中，一度被忽视的催收和业 主关系维护技巧回归，新质生产力也助力企业提 ...

Core Viewpoint - Wanwu Cloud (2602.HK) reported steady growth in its first half of 2025, with revenue reaching 18.14 billion yuan, a year-on-year increase of 3.1%, and net profit of 840 million yuan, up 5.4%, indicating a recovery from previous downward trends [2][3]. Financial Performance - The company achieved a core net profit of 1.32 billion yuan after excluding non-recurring items, reflecting a growth rate of 10.8% [3]. - The revenue structure has shifted, with the proportion of core business revenue from non-developer clients increasing, confirming earlier predictions [3][7]. - Wanwu Cloud's revenue from its main cyclical business segments grew by 9.5% to 16.31 billion yuan, accounting for 89.9% of total revenue [4]. Business Segments - Community space residential service revenue increased by 11.8%, while commercial and urban space services declined by 5.2%, and BPaaS and AIoT solutions fell by 23.6% [5]. - The company’s community service growth is attributed to enhanced capabilities in the existing market, although reliance on this single engine raises concerns about overall growth sustainability [6]. Strategic Initiatives - The "Butterfly City" strategy has led to the completion of 300 renovations, contributing 230 million yuan in gross profit [7]. - The introduction of an "elastic pricing" model allows homeowners to select services and adjust fees, addressing concerns over service quality and pricing [9]. Asset Management - Wanwu Cloud is focused on disposing of "debt settlement assets" and aims to reduce accounts receivable, with a target of 400 million yuan in sales for the year [10]. - As of June 30, 2025, accounts receivable stood at 8.009 billion yuan, a decrease of 15.2% year-on-year [10].

Core Insights - The property industry in China is undergoing a significant transformation as companies shift away from reliance on real estate developers, facing operational pressures due to market adjustments [1][5] - Wanwu Cloud's mid-2025 financial report indicates a pivotal change, with core net profit growing by 10.8% year-on-year, significantly outpacing revenue growth, reflecting a fundamental shift in business structure [1][2] - The company is moving towards a model where independent recurring business accounts for nearly 90% of its operations, reducing dependency on developer-related business to 6.5% [1][2] Business Model Transformation - Wanwu Cloud's introduction of "elastic pricing" represents a revolutionary attempt to establish direct and transparent relationships between property companies and owners, bypassing developers [1][2] - The transformation emphasizes three core aspects: moving from "headcount" to "workload accounting," providing standards for negotiation, and quantifying services, effectively opening the previously opaque pricing structure [2][3] - This shift positions property companies as proactive value negotiators rather than passive price acceptors, marking a foundational change in their operational approach [2][3] Efficiency and Workforce Restructuring - The traditional hierarchical structure of property companies is being dismantled, with future frontline employees expected to possess multiple skills and collaborate efficiently with machines [3][4] - Wanwu Cloud has seen a significant reduction in management expenses, with nearly 80 million yuan saved in the first half of the year, attributed to the deployment of AI and smart assistants [3][4] - The company aims for a "win-win" scenario where efficiency gains benefit clients while employees find new development paths through retraining [3][4] Expansion Beyond Traditional Services - Wanwu Cloud is transitioning from a community service provider to a broader "asset service provider" and "urban service provider," aiming to break free from the low-margin property fee model [4][5] - Future investments will focus on selective acquisitions, benchmark projects for community business transformation, and deepening technological investments [4][5] - The company is also addressing legacy asset issues through specialized teams, demonstrating its capability in asset operation and management [4][5] Industry Outlook - The ongoing crisis in the property industry serves as a "stress test," distinguishing between traditional "old property" companies and those that actively deconstruct and reshape themselves into "new entities" [5] - The evolution from a dependent, opaque, labor-intensive model to an independent, transparent, technology-driven asset service operator signifies a potential new era for the property industry [5]

Core Viewpoint - The company has reached a turning point in its performance, with growth driven by investments in AI and technology, as well as the clearing of risks associated with related parties [1][4]. Financial Performance - For the reporting period, the company achieved revenue of 18.14 billion yuan, a year-on-year increase of 3.1%, and core net profit rose by 10.8% to 1.32 billion yuan [2]. - As of the end of the reporting period, cash assets totaled 11.46 billion yuan, with operating cash flow increasing by 2.05 billion yuan year-on-year [2]. Business Strategy - The company has significantly reduced its transactions with related parties, with the proportion of related transactions in total revenue decreasing from 16.0% in 2022 to 6.5% in the first half of this year [2]. - The management anticipates that as the proportion of related transactions decreases, the revenue growth from independent business will surpass the decline in gross profit from related transactions [2]. Asset Management - The company has cleared most of its related party transactions and is now focused on managing low-efficiency assets acquired through debt settlement [3]. - A specialized team named "Jingzhe" has been established to address the disposal of these assets, with a healthy current ratio of 1.18 indicating good overall operational status [3]. Future Growth Expectations - The management expects further acceleration in business growth following the completion of related party transactions, with revenue and core net profit growth rates projected to expand in 2025 [4]. - Key growth drivers include flexible pricing, the release of new business capabilities, investment-driven growth, and cost reduction through AI [4]. Technology and Innovation - The company's property and facility management services have shown notable growth, with a gross margin increase of 0.5 percentage points and new revenue of 1.25 billion yuan from saturated income [4]. - The company has implemented a remote operation service model, achieving a revenue increase of 14.1% to 619 million yuan in the first half of the year [5]. AI Integration - The company has introduced a collaborative model involving human and AI employees, with the first batch of AI employees officially starting work [5]. - Despite the widespread adoption of AI in property services, there remains a need for alignment between property companies and clients regarding service preferences [6].

Group 1 - The company expects its profit attributable to shareholders for the first half of 2025 to be approximately RMB 2 million to RMB 4 million, indicating a significant decline compared to the first half of 2024, where the profit was approximately RMB 39.5 million [1]