中经记者 陈婷 赵毅 深圳报道 "过去在房地产行业快速发展期，房屋供给数量以及价格都处于上行趋势，业主对物业费价格敏感度不 高。如今市场调整，业主对物业的服务品质和价格的关注度显著提升，部分地方政府顺应出台相关物业 费价格政策，物业行业正在从'规模扩张'转向'质量竞速'。"8月19日，上市物企万物云（2602.HK）执行 董事兼首席运营官何曙华在业绩会上对包括《中国经营报》记者在内的媒体记者表示。 近一年来，一场物业费"降价潮"席卷全国多地。其间，政府出台物业费指导价政策、部分小区通过业主 大会表决推动物业费下调、一些物业公司因亏损选择退出管理……据克而瑞物管调研统计，2024年，住 宅物业换手率从2021年的1.7%增至3.3%，这意味着，每年约有2万个住宅小区更换物业公司。多数时 候，业主最看重的不是物业费本身，而是物业公司提供的服务能否匹配自己所交的物业费。"质价相 符"，正成为物业行业破局的关键。 为破解困局，万物云在去年12月推出"弹性定价"模式，将住宅物业项目解构为158项必选服务和350项业 主可选服务，把服务和价格的选择权交还给业主。据悉，该模式已在重庆、青岛、太原等多地落地实 施。 近日，青 ...

Core Viewpoint - The company reported a positive financial performance in the first half of the year, with revenue and net profit growth, driven by flexible pricing strategies and operational efficiency improvements [1][2]. Financial Performance - The company achieved approximately 18.14 billion yuan in revenue, a year-on-year increase of 3.1%, and a net profit growth of 5.4% [1]. - The core net profit, excluding non-operating losses, increased by 10.8% year-on-year [1]. Growth Strategies - The company anticipates further growth in revenue and core net profit for the full year 2025, supported by flexible pricing, new business capabilities, and AI-driven cost reductions [2]. - The "Butterfly City" strategy has led to efficiency improvements and opened new market opportunities in residential property, resulting in 114 new projects and an annualized revenue of 668 million yuan, a 31.5% increase [2]. Market Trends - The property management industry is shifting from scale expansion to quality competition, with increased sensitivity to service quality and pricing among property owners [3]. - The flexible pricing model respects property owners' expectations for service quality while ensuring the survival of property management companies [3]. AI and Technology Integration - The company has established a special task force to efficiently manage the disposal of related assets and is exploring the application of AI and robotics in property management [3]. - The company has introduced a collaborative model involving human employees and AI agents, with the first batch of AI employees officially starting work [3][4].

Core Viewpoint - The company aims to implement "elastic pricing" across the industry to collaboratively establish new service standards with property owners, promoting a "quality for price" consumption concept [1]. Financial Performance - In the first half of 2025, 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, indicating improved profitability quality [2]. - The company's circular business, including residential property management and BPaaS solutions, saw a revenue increase of 9.5% to 16.31 billion yuan, accounting for 89.9% of total revenue [3]. Business Resilience - The gross profit from the circular business reached 2.11 billion yuan, up 8.8%, reflecting the cash flow attributes and long-term sustainability of the residential property management business [3]. - The company has reduced its reliance on developer-related business, with its revenue share dropping to 6.5%, showcasing increased business independence [4]. Pricing Strategy - The introduction of the elastic pricing model aims to address the rising demand for price reductions from property owners, with successful implementations in cities like Chongqing and Qingdao [4]. - The model emphasizes service transparency and aims to balance reasonable profitability for property companies while respecting owners' demands [4]. Cash Flow and Dividends - As of the reporting period, the company had cash assets of 11.46 billion yuan, with operating cash flow increasing by 20.5 million yuan, maintaining a stable financial condition [5]. - The company plans to distribute 1.1 billion yuan as mid-term dividends, resulting in an annualized dividend yield of approximately 9% [5]. Strategic Upgrades - The company is focusing on three upgrade directions: transitioning from traditional property services to asset and data services, enhancing consumption infrastructure, and improving AI and technology capabilities [5]. - Future investments will prioritize selective acquisitions within the company's operational scope to enhance overall synergy [5]. AI Integration - The company has introduced a collaborative model involving three types of employees: human, robotic, and intelligent agents, with the first batch of AI employees officially starting work [6]. - The company emphasizes that AI applications must align with customer needs and service perceptions, avoiding a purely technology-driven approach [6].

Core Viewpoint - The company, Wanwu Cloud, is focusing on enhancing its operational efficiency and profitability by shifting its strategy towards cash flow-generating businesses and reducing reliance on developer-related income, amidst a challenging real estate market [2][3]. Financial Performance - In the first half of the year, Wanwu Cloud achieved revenue of 18.14 billion yuan, a year-on-year increase of 3.1%, and a core net profit of 1.32 billion yuan, up 10.8% year-on-year [2]. - The company has reduced its income from developer-related businesses to 6.5% of total revenue, while its cyclical business revenue grew by 9.5% [3]. Industry Observations - The property industry is transitioning from "scale expansion" to "quality competition," with increased focus on service quality and pricing by property owners [2]. - Wanwu Cloud has introduced an elastic pricing model to address the mismatch between service quality and pricing, which has been successfully implemented in cities like Chongqing and Qingdao [4]. Industry Challenges - The industry faces three main contradictions: the mismatch between "quality-price alignment" and "one-sided pricing," the gap between "government expectations" and "industry realities," and the conflict between "technological advancement" and "customer perception" [4][5]. - The company emphasizes the need for collaboration among leading firms to combat market disruptions caused by individual interests [5]. Strategic Initiatives - Wanwu Cloud's elastic pricing strategy has led to a 20% increase in property fee collection rates in Chongqing [6]. - The company has secured 114 new projects in the residential property sector, generating an annualized revenue of 668 million yuan, a 31.5% increase year-on-year [6]. Asset Management - The company has established a specialized team to address the liquidation of debt-related assets, maintaining a healthy liquidity ratio of 1.18 and robust cash flow [7]. - Wanwu Cloud is implementing differentiated strategies for various asset types, focusing on maximizing sales while ensuring overall profitability [7].

Core Insights - The company reported a revenue of 18.14 billion yuan, representing a year-on-year growth of 3.1%, and a core net profit of 1.32 billion yuan, with a year-on-year increase of 10.8% [1] - The company has actively adjusted its strategy since last year, reducing its developer-related and non-core business, leading to an optimized revenue structure [1] - The revenue from cyclical business, including residential property management services, property and facility management services, and BPaaS solutions, grew by 9.5% to 16.31 billion yuan, accounting for 89.9% of total revenue [1] Revenue Growth Strategy - The company anticipates that the growth rates for revenue and core net profit will further expand in 2025, driven by internal growth from flexible pricing, new business capabilities, investment-driven growth, and cost reduction through AI [1] - The innovative flexible pricing model, launched in December last year, decomposes residential property projects into 158 mandatory services and 350 optional services, giving homeowners the choice of services and prices [1] Market Expansion and Asset Management - The combination of the Butterfly City strategy and flexible pricing has enabled the company to secure 114 new projects in the existing market, generating an annualized saturated income of 668 million yuan, a year-on-year increase of 31.5% [2] - The company has established a special task force named "Jingzhe" in March 2025 to efficiently promote the disposal of related party assets, maintaining its light asset operation model [2] - The company has developed differentiated strategies for different asset types, focusing on controlling sales prices and acquisition costs for sales-type assets while emphasizing refined operations for operational-type assets [2]

Core Viewpoint - The property management industry in China is facing a "quality-price mismatch" dilemma, with homeowners questioning the value of their fees while property companies claim they are not profitable. Vanke Property's initiative to open-source 508 service standards aims to address this issue, but it remains uncertain whether this is a genuine solution or a temporary measure in a challenging environment [1][2]. Group 1: Industry Challenges - The property management sector is caught in a dilemma where homeowners criticize the reduction in service quality, while property companies assert they are operating at a loss. Data from the China Index Academy indicates that 44.2% of homeowners in Chongqing believe property fees are unreasonable [2]. - The industry's "original sin" stems from its historical ties to real estate developers, leading to accumulated grievances from homeowners regarding high property prices and quality issues, which are often redirected towards property management companies [5]. - The economic downturn has exacerbated these tensions, with many property management firms struggling to maintain profitability. The average property fee in Chongqing has seen a reduction of 22.49%, pushing many companies to the brink of survival [5]. Group 2: Pricing Strategies - Vanke's strategy of "elastic pricing" is a critical tool for penetrating the low-price market, with over 65% of property fees in the target market falling between 0-2 yuan per square meter per month. This approach includes a breakdown of essential and optional services to create a more affordable basic package [4]. - The introduction of a "menu-style selection" allows homeowners to choose services, providing a way to stabilize property management sources without causing panic through direct price cuts [6]. - Despite the transparency efforts, the reality remains that low-priced packages often do not cover operational costs, leading to a paradox where transparency does not equate to profitability [7]. Group 3: Future Outlook - The current economic climate and regulatory price caps are forcing property management companies to adapt, with Vanke's initiatives seen as a response to these pressures rather than a strategic transformation [10][11]. - The shift towards technology and transparency is reshaping the industry's foundation, indicating a long-term trend despite the immediate challenges posed by economic conditions [10]. - Vanke's exploration of "elastic pricing" may not resolve all current issues but could guide the industry towards evolving from labor-intensive service providers to technology-driven space solution platforms [13]. Group 4: Technological Integration - The future of property management companies will hinge on their ability to integrate technology into their operations, enhancing service efficiency and creating new revenue streams beyond traditional property fees [15]. - Companies are expected to evolve into resource integrators, connecting various community services and creating a more dynamic ecosystem that adds value to property management [15]. - The ultimate goal is to enhance asset value and community engagement, positioning property management firms as essential players in urban space management rather than mere extensions of real estate development [15].

Core Viewpoint - The property management industry is entering a critical phase of value reconstruction and service upgrade, driven by homeowners' increasing awareness and demands for transparency, standardization, and reasonable pricing in property services [1][7]. Group 1: New Property Management Models - Guangzhou is experimenting with a trust-based property service model to enhance transparency in property fee management and avoid conflicts arising from mismatched service quality and pricing [2][5]. - The trust model allows homeowners to collectively own property fees and public revenues, with all funds managed in a designated trust account, ensuring financial transparency and accountability [2][3]. - Vanke Property has introduced an "elastic pricing" model, allowing homeowners to select services based on their needs, thus addressing the demand for personalized and transparent service options [3][4]. Group 2: Industry Challenges and Responses - The property management industry faces challenges such as increasing difficulty in fee collection and rising homeowner sensitivity to service quality, leading to a need for innovative solutions [5][6]. - The traditional property service model, often dictated by developers, has resulted in a disconnect between service standards and homeowner expectations, prompting a shift towards more responsive management practices [7][8]. - Homeowners are increasingly demanding quality services that match the fees they pay, with a notable rise in disputes related to service quality, indicating a shift in homeowner expectations towards higher service standards [7][8]. Group 3: Future Directions - The industry is exploring various models, including "area-based collective operations" and "smart management systems," to enhance operational efficiency and service quality [5][8]. - Achieving a balance between service quality and pricing is seen as crucial for the industry's future, with emphasis on transparency, cost optimization, and collaborative governance among stakeholders [8].