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 ...

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].

拐点到来。 万物云2025年的业绩发布会选择在武汉举行。这是万物云上市以来，首次将业绩发布会"搬"到深圳以外 的城市。 选择在武汉这座城市对外公布业绩，是因为这里是万物云的"第二总部"，坐拥万物云的数字运营中心、 财务共享中心和人事共享中心。万物云的数字运营中心通过云计算、大数据、AIoT等数字技术，结合 万科物业多年在空间(社区、商写、城市)运营的实践，覆盖万物云在全国超过5000个在管项目和1000万 以上客户。 至此，万物云与关联方之间的关联交易已经基本出清。去年以来，万物云也通过以资抵债的方式承接了 关联方的部分资产，但随之而来的是，万物云也因此囤积了部分"低效"资产，这部分资产在未来如何变 现，也是投资者关注的焦点所在。 万物云副总经理叶菲透露，万物云于2025年3月成立了"惊蛰"专项工作组，以专业队伍来解决去化抵债 资产问题。目前，万物云整体经营状况良好，流动比率为1.18，处于健康水平，现金流稳健且现金余额 充足，这让公司能够以时间换空间，稳妥消化这些资产。 针对不同资产类型，万物云制定了差异化策略：对于销售型资产，重点把控销售价格与获取成本的关 系，在整体损益≥0的原则下，尽可能实现应卖尽卖， ...

Group 1 - The core viewpoint of the article highlights that Wanwu Cloud reported a revenue of 18.14 billion yuan for the first half of 2025, representing a year-on-year growth of 3.1%, and a core net profit of 1.32 billion yuan, which is a 10.8% increase year-on-year [1] - As of the end of the reporting period, Wanwu Cloud's cash assets reached 11.46 billion yuan, with operating cash flow increasing by 2.05 billion yuan year-on-year, indicating a stable financial condition [1] - The company distributed a total of 1.1 billion yuan as dividends for the mid-year, resulting in an annualized dividend yield of approximately 9% [1] Group 2 - Wanwu Cloud has actively adjusted its strategy since last year, reducing its developer-related and non-core businesses, and focusing on cash-generating profit areas, which has shown significant results in the mid-year performance [1] - The company's business structure has continued to optimize, with circular business revenues, including residential property management, property and facility management, and BPaaS solutions, growing by 9.5% year-on-year to 16.31 billion yuan, accounting for 89.9% of total revenue [1] - The revenue from developer-related businesses has decreased to 6.5%, indicating a widening gap between the growth of core business profits and the decline of developer-related business [1] Group 3 - Wanwu Cloud stated that the years 2025 to 2027 will focus on capability building, emphasizing three key areas: asset services, intelligence, and low carbon [2]

今日港股物业管理股集体冲高，其中，万物云等领衔涨幅。 在8月18日举办的2025年中期业绩会上，万物云管理层坦言，2025-2027年是公司完成能力建设的三年， 将围绕"资产服务、智慧、低碳"三大关键词务实推进。 数据显示，上半年万物云实现营业收入约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%；毛利润约24.9亿元，同比增长3.8%。 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。此外，万物云拟以 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%。 会上，万物云副总经理、资产经营中心总经理叶菲还表示，为高效推进关联方资产的去化工作，公司于 2025年3月成立了"惊蛰"专项工作组。作为一家轻资产运营企业，万物云积极探索资产去化路径，逐步 剥离这些重资产，以维护公司轻资产模式，确保核心业务高效运转。 业务结构发生变化 去年开始，万物云主动压缩开发商业务及其他非核心业务，转向有现金流的利润深耕。营收增速虽看似 平缓，但公司的业务结构已发生变化：包括住宅物业管理服务、物业及设施管 ...

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]

Core Insights - The company reported a revenue of 18.14 billion RMB for the mid-2025 period, reflecting a year-on-year growth of 3.1% [1] - Gross profit reached 2.49 billion RMB, with a year-on-year increase of 3.8% [1] - Net profit was 840 million RMB, showing a year-on-year growth of 5.4% [1] - Core net profit amounted to 1.32 billion RMB, up by 10.8% year-on-year [1] Financial Performance - Cash assets stood at 11.46 billion RMB, indicating a solid financial position [1] - Operating net cash flow increased 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, growing by 10.4% year-on-year, with 168 new projects added [1] - Property and facility management services generated 5.17 billion RMB, up by 7.7% year-on-year, with 291 new projects [1] - Revenue from residential-related asset services (leasing, buying, maintenance, renovation) surged by 39.6% to 860 million RMB, with 89 new stores added [1] - BPaaS solutions revenue was 860 million RMB, reflecting a year-on-year growth of 9.0% [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 efficiency through technology, with the first batch of 6 AI employees officially onboarded [2] - Administrative expenses were 890 million RMB, down by 77.37 million RMB year-on-year, representing a decrease of 8.0% [2]