观点指数 8月26日观点指数研究院发布的《业绩盈亏分化 | 2025年8月物业服务发展报告》指出，随着物业行业迈入存量竞争时代，中上游物企在规模增长方 面展现出明显优势。同时今年上半年以来，学校、医院等业态已成为物企逐力的主要方向。 截至成稿，包括万物云、特发服务、东原仁知服务等极少数物企公布了中期业绩，随着物业行业迈入存量竞争时代，中上游物业企业在规模增长方面展现出 明显的优势，叠加AI技术的深度融合应用，在项目管理上也实现了提质、增效与降本。 数据显示，万物云2025上半年新增住宅物业服务项目168个，其中依托"弹性定价"策略，在存量市场中获取114个住宅物业项目，年化饱和收入约6.68亿元， 同比增长31.5%；亦新增物业及设施管理服务项目291个，其中包括超高层项目10个。 滨江服务依托区域深耕战略和品牌影响力，上半年新增在管项目44个，新增在管面积约713.8万平方米；新增合约面积约348.9万平方米。其中杭州地区在管 面积同比增长18.8%，达4780万平方米，营收达8.18亿元，贡献了总物业管理营收的70.6%。 相比之下，特发服务上半年仅中标深圳市人民医院及开辟军队营区物业管理赛道，更多的精力 ...

Summary of Wanwu Cloud's Conference Call Company Overview - **Company**: Wanwu Cloud - **Period**: First half of 2025 Key Financial Metrics - **Total Revenue**: 181.4 billion, up 3.1% year-on-year [3] - **Core Net Profit**: 13.2 billion, up 10.8% year-on-year [3] - **Management Expense Reduction**: Decreased by 77 million, reflecting improved efficiency [3] Revenue Breakdown Residential Property Services - **Revenue**: 102.8 billion, up 10.4%, accounting for 56% of total revenue [2][5] - **Contract Revenue**: 11.3 billion from market expansion, with over 60% from the existing market [5] - **Impact of Economic Environment**: Owner payment willingness decreased, leading to a 0.5 percentage point drop in gross margin [2][5] Commercial Property Services - **Revenue**: 51.7 billion, up 7.7% [2][6] - **New Contract Revenue**: 16.5 billion, with significant contributions from Wanwu Grain and the acquired Dan Tian Property [6] - **Gross Margin**: Increased by 0.5 percentage points to 8.8% due to a higher proportion of PM business [6] BPASS Solutions - **Revenue Growth**: 9% year-on-year, with a gross margin of 37.7% [2][7] - **Core Driver**: BPASS solutions are a key growth driver for the company [7] Aiot Solutions - **Revenue**: 2 billion, down 66% due to client structure adjustments and lower-than-expected pilot results [2][8] - **Developer Value-Added Services**: Experienced a 76% decline but still contributed 20 million in gross profit [8] Cost Management - **Management Expenses**: Decreased by 77 million, indicating improved back-office efficiency [2][3] - **AI Employee Impact**: AI employees are primarily in back-office roles, with minimal impact on frontline staff [9][12] Industry Trends - **Increased Competition**: The industry is seeing intensified competition, with leading companies reducing reliance on real estate affiliates and focusing on residential and non-residential market expansion [4][13] - **Robot Acceptance**: Owner acceptance of robots in property services remains low, with robots currently able to perform 90% of tasks [4][14] - **Layered Renovation**: Completed approximately 300 layered renovations, contributing to a 230 million annual gross profit increase [4][19][20] Future Outlook - **Dividend Expectation**: Anticipated mid-term dividend of 11 billion, pending shareholder approval [10] - **Growth Areas**: Focus on residential property services for stable growth, with expectations of 20 billion in contract revenue growth annually [21] - **Old City Renovation**: Limited immediate impact on property services, but potential for new service demand post-renovation [21] Pricing Strategy - **Flexible Pricing System**: Implemented to improve collection rates, with significant improvements noted in the Chongqing project [18] - **Owner Price Reduction Requests**: Many owners have requested price reductions, but few have formally changed contracts [17] Asset Management - **Handling Pledged Assets**: Received 1.7 billion in pledged assets, with plans for cash collection and community commercial asset management [23][24] This summary encapsulates the key points from Wanwu Cloud's conference call, highlighting financial performance, revenue breakdown, industry trends, and future strategies.

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].

Investment Rating - The report assigns a "Buy" rating to the company [1][11]. Core Insights - The company reported a mid-term dividend of 1.1 billion RMB, with a per-share dividend of 0.951 RMB (including tax), resulting in a dividend yield of 4.3% for the first half of 2025 [2][11]. - Revenue for the first half of 2025 was 18.14 billion RMB, a year-on-year increase of 3.1%, while gross profit was 2.49 billion RMB, up 3.8% year-on-year [11][15]. - The company is focusing on stable growth in its cyclical business while actively reducing related business operations [11][16]. Financial Summary - Total revenue projections for the company are as follows: - 2023A: 33.18 billion RMB - 2024A: 36.22 billion RMB - 2025E: 40.86 billion RMB - 2026A: 46.61 billion RMB - 2027A: 53.70 billion RMB - The year-on-year growth rates are projected at 10.2%, 9.2%, 12.8%, 14.1%, and 15.2% respectively [4][12]. - Net profit for 2025E is projected at 1.58 billion RMB, with a year-on-year growth of 37.1% [4][12]. Revenue Breakdown - The community space residential consumption service segment generated 11.32 billion RMB in revenue for the first half of 2025, a year-on-year increase of 11.8%, accounting for 62.4% of total revenue [11][16]. - The commercial and urban space comprehensive service segment saw a revenue decline of 5.2%, totaling 5.75 billion RMB, representing 31.7% of total revenue [11][16]. - The AIoT and BPaaS solutions service segment reported a revenue of 1.06 billion RMB, down 23.6% year-on-year, making up 5.9% of total revenue [11][16]. Profitability Metrics - The company's gross margin for the first half of 2025 was 13.7%, consistent with the previous year [17][21]. - The gross margin for the community space residential consumption service was 14.4%, while the commercial and urban space comprehensive service improved to 8.8% [17][21]. Strategic Initiatives - The company has completed efficiency upgrades for 300 "Butterfly Cities," covering 1,688 projects, which resulted in an efficiency gain of 230 million RMB [11][17]. - The company is leveraging AI applications to enhance operational efficiency, leading to an 8% reduction in administrative expenses for the first half of 2025 [11][17]. Valuation Insights - The report estimates a reasonable value of 47.36 RMB per share (equivalent to 52.04 HKD) based on a combination of PE and PS valuations [11][33]. - The projected EPS for 2025 is 1.35 RMB, with a target PE of 30 times, leading to a valuation of 40.47 RMB [11][33].

万物云打算拿出11亿元进行分红。 8月19日，万物云（2602.HK）在中期业绩会上披露，上半年公司实现营业收入约181.4亿元，同比增长 3.1%；净利润约8.4亿元，同比增长5.4%；核心净利润为13.2亿元，同比增长10.8%。 截至报告期末，万物云的现金资产约114.6亿元，经营性净现金流同比增加20.5亿元；同期，应收账款下 降14.5亿元。该公司拟以人民币11亿元作为派付股息总额，用于2025年中期股息分红，年化股息率约 9%。 具体来看，住宅物业服务仍是基本盘，报告期内贡献了约102.79亿元，同比增长10.4%，占总收入的 56.7%；另一大收入来源是物业及设施服务管理，实现收入约为51.69亿元，同比增长7.7%，占总收入的 28.5%。 在被问到全年业绩指引时，万物云财务负责人王绪斌表示，在上半年营收和核心净利润的增长基础上， 预计全年这两项指标的增速会高过于上半年，整体上增长还会加快。 王绪斌表示，公司很看重现金流，过去做得也比较理想，整体上应收账款增速一直低于营业收入的增 速。下一步为了支持业务发展和分红，一方面服务好客户，从源头上减少拖欠，另一方面针对拖欠时间 较久的欠款，成立工作小 ...

Core Viewpoint - Wanwu Cloud (02602) experienced a significant increase of over 13%, reaching HKD 27.36 with a trading volume of HKD 111 million following the release of its interim results for the six months ending June 30, 2025 [1] Financial Performance - The company reported an unaudited revenue of RMB 18.137 billion, reflecting a year-on-year increase of 3.11% [1] - Shareholders' profit attributable to the company was RMB 0.792 billion, up 3.88% year-on-year [1] - Basic earnings per share were RMB 0.68, with an interim dividend proposed at RMB 0.951 per share [1] Business Segments - The group's circular economy business, which includes residential property services, property and facility management services, and BPaaS solutions, is identified as a key driver for stable revenue growth [1] - Revenue from this segment amounted to RMB 16.309 billion, representing a year-on-year growth of 9.5%, accounting for 89.9% of the total revenue [1] - This segment generated a gross profit of RMB 2.108 billion, an increase of 8.8% year-on-year, contributing to 84.6% of the total gross profit [1]

Core Viewpoint - Wanwu Cloud (02602) experienced a significant stock price increase of over 13%, reaching HKD 27.36 with a trading volume of HKD 111 million following the release of its interim results for the six months ending June 30, 2025 [1] Financial Performance - The company reported an unaudited interim revenue of RMB 18.137 billion, reflecting a year-on-year increase of 3.11% [1] - Shareholder profit attributable to the company was RMB 792 million, up 3.88% year-on-year [1] - Basic earnings per share were RMB 0.68, and the company proposed an interim dividend of RMB 0.951 per share [1] Business Segments - The group's circular economy business, which includes residential property services, property and facility management services, and BPaaS solutions, is identified as a key driver for stable revenue growth [1] - Revenue from this segment was RMB 16.309 billion, representing a year-on-year growth of 9.5%, accounting for 89.9% of the total revenue [1] - This segment generated a gross profit of RMB 2.108 billion, an increase of 8.8% year-on-year, contributing to 84.6% of the total gross profit [1]

Core Insights - The company reported a revenue of 18.14 billion yuan for the first half of 2025, representing a year-on-year growth of 3.1% [1] - Gross profit reached 2.49 billion yuan, up 3.8% year-on-year, while net profit increased by 5.4% to 840 million yuan [1] - Core net profit saw a significant rise of 10.8%, totaling 1.32 billion yuan [1] Financial Performance - Cash assets stood at 11.46 billion yuan, with operating net cash flow increasing by 20.5 million yuan year-on-year, indicating a stable financial condition [1] - The company plans to distribute a total dividend of 1.1 billion yuan, resulting in an annualized dividend yield of approximately 9% [1] Business Segments - Revenue from residential property services reached 10.28 billion yuan, growing by 10.4%, with 168 new projects added, totaling 5,178 contracted projects [1] - Property and facility management services generated 5.17 billion yuan, a 7.7% increase, with 291 new projects, totaling 3,284 contracted projects [1] - The residential-related asset services segment (including leasing, sales, maintenance, and renovation) experienced the highest growth, with revenue of 860 million yuan, a substantial increase of 39.6% [1] - BPaaS solutions revenue also grew by 9.0%, reaching 860 million yuan [1] Strategic Initiatives - The company completed 300 butterfly city renovations, covering 1,688 projects, which accounted for 38.3% of total managed projects, contributing 230 million yuan to gross profit [2] - The "elastic pricing" model proved effective in the existing market, securing 114 residential projects and generating an annualized saturated income of 670 million yuan, a year-on-year growth of 31.5% [2] - Revenue from related business with developers decreased to 6.5%, indicating a divergence between core business growth and developer-related revenue decline [2] Operational Efficiency - The company improved operational efficiency through technology, with the introduction of six AI employees, leading to a reduction in administrative expenses to 890 million yuan, down 77.37 million yuan or 8.0% year-on-year [2]

Core Insights - The company reported a revenue of 18.14 billion RMB for the first half of 2025, reflecting a year-on-year growth of 3.1% [1] - Gross profit reached 2.49 billion RMB, up 3.8% year-on-year, while net profit was 840 million RMB, increasing by 5.4% [1] - Core net profit stood at 1.32 billion RMB, showing a significant year-on-year growth of 10.8% [1] Financial Performance - Cash assets totaled 11.46 billion RMB, with operating net cash flow increasing by 2.05 billion RMB year-on-year [1] - The company plans to distribute a total dividend of 1.1 billion RMB, resulting in an annualized dividend yield of approximately 9% [1] Business Segments - Revenue from residential property services reached 10.28 billion RMB, marking a 10.4% year-on-year increase, with 168 new projects added [1] - Property and facility management services generated 5.17 billion RMB, up 7.7% year-on-year, with 291 new projects [1] - The residential-related asset services segment saw the fastest growth, with revenue of 860 million RMB, a substantial increase of 39.6% year-on-year [1] - BPaaS solutions revenue was 860 million RMB, reflecting a 9.0% year-on-year growth [1] Strategic Initiatives - The company completed 300 butterfly city renovations, covering 1,688 projects, contributing 230 million RMB to gross profit [2] - The "elastic pricing" model successfully acquired 114 residential projects, generating an annualized saturated income of 670 million RMB, a year-on-year increase of 31.5% [2] - Revenue from related business with developers decreased to 6.5%, indicating a divergence between core business growth and developer-related revenue decline [2] Operational Efficiency - The company improved operational efficiency through technology, with the first batch of 6 AI employees officially starting work [2] - Administrative expenses were 890 million RMB, down by 77.37 million RMB year-on-year, representing a decrease of 8.0% [2]

8月18日，万物云发布2025年未经审核中期业绩公告。 非经常性事项净损失为2.475亿元，同比增加人民币9,310万元。 其中，集团住宅物业服务的收入为人民币102.793亿元，同比增长10.4%，占总收入的56.7%；该业务在 报告期内创造毛利人民币13.304亿元，同比增6.8%，占总毛利的53.4%。受宏观环境影响，居民缴费意 愿在报告期内有所下降，该业务毛利率在报告期内下滑至12.9%，同比下滑了0.5个百分点。该业务收入 的稳健增长，主要由于本集团旗下万科物业品牌突出的市场化拓展能力。在管住宅项目的饱和收入为人 民币281.335亿元，同比增长7.4%；合约住宅项目的饱和收入为人民币337.191亿元，同比增长5.9%。 报告期内，集团核心净利润为人民币13.211亿元，较2024年同期同口径金额人民币11.923亿元，增长 10.8%。毛利润为人民币24.929亿元，同比增长3.8%；行政开支下降7,740万元，同比下8.0%。利润为人 民币8.378亿元，同比增长5.4%；非经常性事项净损失为2.475亿元，同比增加人民币9,310万元。 公告显示，报告期内收入为人民币181.375亿元，同比 ...