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].

Core Insights - The company reported a revenue of RMB 18.138 billion for the six months ending June 30, 2025, representing a year-on-year growth of 3.1% [1] - The revenue from community space living consumption services was RMB 11.325 billion, showing an increase of 11.8% year-on-year [1] - Revenue from business and urban space integrated services was RMB 5.749 billion, which decreased by 5.2% year-on-year [1] - Revenue from AIoT and BPaaS solution services was RMB 1.064 billion, reflecting a decline of 23.6% year-on-year [1] Revenue Breakdown - Circular business revenue reached RMB 16.309 billion, marking a year-on-year increase of 9.5%, accounting for 89.9% of total revenue, up by 5.2 percentage points year-on-year [1] - The gross profit from circular business was RMB 2.108 billion, with a gross margin of 12.9%, remaining stable year-on-year [1] Profitability Metrics - The total gross profit for the period was RMB 2.493 billion, an increase of 3.8% year-on-year [1] - The company's profit was RMB 0.838 billion, reflecting a year-on-year growth of 5.4% [1] - Core net profit amounted to RMB 1.321 billion, which is a year-on-year increase of 10.8% [1]

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 ...