研究报告全文：股票研TableTitleChunliZhan詹春立究CompanyReportOnewo02602HK85225097745EquityResearch公司报告万物云02602HKjameszhangtjascomhk10October2023TableSummaryCocoonintoButterflyBearingFruitFromOnewoTownStrategyInitiateWithBuy公司WeinitiatecoverageonOnewowithBuyratingandTPof报RatingTableRankBuyHK3240WeforecasttheCompanys2023F-2025FEPStobeInitial告RMB1615RMB2019andRMB2527respectivelywhichCompanyReportCompanyrepresentsaCAGRof219during2022-2025FWithPEmultiple评级买入首次覆盖valuationmethodwederiveourHK3240TPforOnewobyapplying150x2024FPERWeinitiatewithBuyrating6TablePrice-18mTP目标价HK3240WherewedifferWebelievetheCompanysOnewoTownstrategyisundervaluedbythemarketgiventheshort-termstressonitsShareprice股价HK24050performanceInourviewafterthestageofinitialinvestmentthe证CompanyisbearingfruitfromitsOnewoTownstrategyandwillbe券backonthefastgrowthtrackFurthermoreweexpecttheCompanyStockperformancetobecomearesourceintegrationplatformintheindustry研股价表现WearemorepositivethanthemarketontheOnewoTownTableQuotePic究400ofreturnstrategyWebelievetherearethreelogicsbehind1Onewos300报leadingbrandanddeepcultivationintier-1andtier-2citiesallowthe200告Companytocontinuewinningprojectsintheselectedsub-districts100EquityResearchReportandthereforethegrowthinthenumberofOnewoTownsmayexceed00marketexpectations2InOnewoTownstheCompanycancontinue100200toimproveitsGPMinbasicpropertymanagementwhichcouldbring300aboutsubstantialfinancialimprovementinthemediumandlong400term3AlongsidethematureofOnewoTownmodelitscommunity500VASbusinesscouldbeanothergrowthengineOct-22Jan-23Apr-23Jul-23Oct-23HSIIndexOnewoCatalysts1FastgrowthinthenumberofOnewoTowns2betterimprovementinprofitabilityand3potentialMAstocreatemore房synergyChangeTablePriceChangeinSharePrice1M3M1Y告地股价变动个月个月年Downsiderisks1Slower-than-expectedprojectacquisitions2131产报lesseffectiveuseoftechnologyand3risinglabourcostsAbs13855446绝对变动行究ReltoHSIndex98102432相对恒指变动PropertySectorAvgSharepriceHK业研249258357平均股价港元SourceBloombergGuotaiJunanInternational券证TYearEndTurnoverNetProfitEPSEPSPERBPSPBRDPSYieldROE年结ablePr收入股东净利每股净利每股净利变动市盈率每股净资产市净率每股股息股息率净资产收益率ofit1231RMBmRMBmRMBxRMBxRMB2021A23705166816461241199764200000002072022A301061510139615215215209140241111152023F373301903161515713715047150565251112024F456932379201925011016500130707321282025F5526429772527252881832012088440145TableBaseDataSharesinissuem总股数m11785Majorshareholder大股东ChinaVanke560HK市值自由流通比率万Marketcap告HKmHKm283429Freefloat1093monthaveragevol3个月平均成交股数0009148FY23NetgearingFY23净负债股东资金Netcash2602物报52WeekshighlowHK52周高低HK5710021950FY23EstNAVHKFY23每股估值港元3700云Sourcethe究CompanyGuotaiJunanInternational研Onewo券证SeethelastpagefordisclaimerPage1of19TablePageHeaderOnewo02602HK1raMthgiRelbaTTableofContentsInvestmentThesis3Valuation4KeyInvestmentLogic5OnewoTownstrategymaybringasurprise510October2023Diversifiedclientmatrixtocreatemoresynergy8Technologytohelpthetransitionintoaresourceintegrationplatform10FinancialAnalysisandForecasts11Solidrevenuegrowthwithlessrelianceonresidentialpart11Grossprofitmargintostayat14-1513BettercontrolinSGAexpenses13ShareholdersnetprofitCAGRof254in2022-2025F13Dividendpayoutratiomaystaystable2raMthgiRel14baTAppendixCompanyBackground14CatalystsandRisks16FinancialStatementsandRatios1802602HK万物云oo2raMthgiRelbaTOnewCompanyReportSeethelastpagefordisclaimerPage2of19TablePageHeaderOnewo02602HK1raMthgiRelbaTInvestmentThesisWeinitiatewithBuyratingandTPofHK3240WeexpectOnewotheCompanytodeliveroutstandinggrowthamongthepeersunderpinnedbyitsOnewoTownstrategyandedgesinsmarttechnologyFurthermoreweexpecttheCompanytobecomearesourceintegrationplatformintheindustryWeforecasttheCompanys2023F-2025FEPStobeRMB1615RMB2019andRMB2527respectivelywhichrepresentsaCAGRof219during2022-2025FWithPEmultiplevaluationmethodwederiveourHK3240TPforOnewobyapplying150x2024FPERWeinitiatewithBuyrating10October2023WherewedifferWebelievetheCompanysOnewoTownstrategyisundervaluedbythemarketgiventheshort-termstressonitsperformanceInourviewafterthestageofinitialinvestmenttheCompanyisbearingfruitfromitsOnewoTownstrategyandwillbebackonthefastgrowthtrackDespitethedeclineofprofitin2022weexpectOnewotodeliverstrongearningsataCAGRof254during2022-2025FwhichislikelytoexceedmarketexpectationsWearemorepositivethanthemarketontheOnewoTownstrategyWebelievetherearethreelogicsbehind1Onewosleadingbrandanddeepcultivationintier-1andtier-2citiesallowtheCompanytocontinuewinningprojectsintheselectedsub-districtsandthereforethegrowthinthenumberofOnewoTownsmayexceedmarketexpectations2InOnewoTownstheCompanycancontinuetoimproveitsGPMinbasicpropertymanagementwhichcouldbringaboutsubstantialfinancialimprovementinthemediumandlongterm3AlongsidethematureofOnewoTownmodelitscommunity2raMtVAShgbusinessiRecouldlbaTbeanothergrowthengineFurthermoreunlikemostofitspeersOnewoisgoingtobecomearesourceintegrationplatformintheindustrygivenitsdiversifiedcustomerbaseandedgesintechnologyWebelievethiscouldbringaboutmoreimaginationroomfortheCompanysfuturegrowthCatalysts1FastgrowthinthenumberofOnewoTowns2Betterimprovementinprofitability3PotentialMAstocreatemoresynergyKeydownsiderisks1Slower-than-expectedprojectacquisitions2Lesseffectiveuseoftechnology3Risinglabourcosts02602HK万物云o2raMthgiRelbaTOnewCompanyReportSeethelastpagefordisclaimerPage3of19TablePageHeaderOnewo02602HK1raMthgiRelbaTValuationWeinitiatewithBuyratingandTPofHK3240WeusePEmultipleasourprimarymethodologytoderivethefairvalueoftheCompanyandalsouseDCFmethodologytocrosscheckthevaluationBasedonthepeerscomparisonwesetavaluationforOnewoat150x2024FPERwhichrepresentsTPatHK3240HenceweinitiatewithBuyinvestmentratingfortheCompanyOurprimaryvaluationmethodologyfortheCompanyisPEmultipleConsideringtheCompanysasset-lightbusiness10October2023modelandsolidearningsgrowthoutlookwebelievePEmultiplemethodologyiscurrentlythemostappropriateforthevaluationofOnewoWederiveourPEvaluationoftheCompanybasedonacomparisonwithitspeersWeselectedcertainpropertymanagementcompaniesinitspeersgroupbasedontheirsimilarfundamentalsThepeersincludeCRMixcLifestyle01209HKChinaOverseasProperty02669HKandGreentownServices02869HKWebelievethesethreecompaniesarecomparabletoOnewoconsideringtheirleadingpositionsintheindustryWesetavaluationforOnewoat150x2024FPElargelyequaltothesimpleaverage2024FPERofitspeersTable1PeersvaluationcomparisonMarket2raMthgiRelbaTCompanyTickercapPExPBxROEHKmn2023F2024F2025F2023F2024F2025F2023FCRMixcLifestyle01209HK69616228182148413429186ChinaOverseasProperty02669HK28760172137109594433383GreentownServices02869HK1144314811910014131299Simpleaverage183146119383025223SourceBloombergGuotaiJunanInternationalNoteclosingdateat6October2023WealsouseDCFmethodologytocrosscheckthevaluationForDCFvaluationmethodologywederivetheCompanysfairequityvaluationEVatHK43617mnimplyingEVshareatHK3700OurTPofHK3240representsa12discounttotheEVshareTable2OnewoDCFkeyassumptionsandanalysisindetail02602HKWACCAssumptionsDCFCalculationRisk-freerate463SumofPVFCFFRMBmn20328Marketriskpremium737PVterminalvalueRMBmn4111万物云ooBeta22EnterprisevalueRMBmn244382raMthgiRelbaTCostofequity2084NetdebtCashRMBmn16270OnewEquityvalueRMBmn40708Costofdebt50EDE950AssumeHKRMB0933WACC1999EquityvalueHKmn43617Sharesoutstandingmn1178Long-termgrowthrate10EVpershareHK3700SourcetheCompanyGuotaiJunanInternationalCompanyReportSeethelastpagefordisclaimerPage4of19TablePageHeaderOnewo02602HK1raMthgiRelbaTFigure1Onewos12-monthforwardPEbandFigure2OnewoshistoricalPBband28060502301SD413x1SD181x40180Average333xAverage148x3013020-1SD253x-1SD115x8010October2023103000Oct-22Dec-22Feb-23Apr-23Jun-23Aug-23Oct-23Oct-22Jan-23Apr-23Jul-23Oct-23PEAverage1SD-1SDPBAverage1SD-1SDSourceBloombergGuotaiJunanInternationalSourceBloombergGuotaiJunanInternationalKeyInvestmentLogicOnewoTownstrategymaybringasurprise2raMthgiRelbaTFirst-moveradvantageintheOnewoTownmodelTheCompanystartedtoimplementitsOnewoTownstrategyin2020withfocusonincreasingmanagementdensitywithintheselectedsub-districtsWebelievethisisanupgradedmodelcomparedwiththetraditionalpropertymanagementMorespecificallytheOnewoTownmodelistoserveselectedsub-districtswheretheCompanycanconnectthemanagedpropertiesandfacilitiesacrosscommunitycommercialandurbanspacestoachievesynergisticoperationThroughthelocalizedservicenetworkforabroadercustomerbasetheCompanycancreatemorebusinessopportunitiesaswellaseconomicsofscaleAccordingtotheOnewoTowndefinitionfromtheCompanytheselectedsub-districtscouldhavethefollowingspecificcharacteristics1in100economicallyvibrantcitiesinChina2theCompanyhasmultiplepropertiesundermanagementand3employeesoftheCompanycouldcommutebetweenthepropertiesundermanagementwithin20to30minutesTheCompanyalsodefinedthreelevelsofOnewoTownsbasedondifferentnumberofhouseholds1TargetOnewoTownswith3000-6000householdsundermanagement2FocusedOnewoTownswith6000-10000householdsundermanagementand3StandardOnewoTownswithabove10000householdsundermanagementThehigherthemanagementdensitythelowertheoperationcostsWebelievetheOnewoTownstrategyhas02602HKprovidedaclearexpandingdirectionfortheCompanyWiththeincreasingnumberofOnewoTownstotal601bytheendof1H2023theCompanyisenteringintotheharveststagewiththefirst-moveradvantage万物云o2raMthgiRelbaTFigure3BiddingforexistingpropertieshasbecomeanimportantwayofexpansionforpropertymanagementOnewcompaniesNoofpublicbiddingprojectsin19cities300500453450250419400363356350200300294300300268211255150201243250259201170200100861751521411501531111005010810460500002H20191H20202H20201H20212H20211H20222H20221H2023Pre-deliverypropertiesExistingpropertiesofexistingpropertiesSourceQianlimacomGuotaiJunanInternationalNote19citiesincludeShanghaiBeijingShenzhenChongqingGuangzhouChengduTianjinWuhanHangzhouDongguanXianZhengzhouNanjingJinanHefeiShenyangQingdaoChangshaandHarbinTheCompanyselected3402sub-districtsin100citieswithstrongeconomicfundamentalsasthepotentialOnewoTownsforCompanyReportdevelopmentWithintheseplannedareaOnewohopestoincreasethedensityofpropertyprojectsintheareasandupgradethetraditionalindustryConsideringitsmarket-leadingbrandanddeepcultivationintier-1andtier-2citiesweexpecttheSeethelastpagefordisclaimerPage5of19TablePageHeaderOnewo02602HK1raMthgiRelbaTCompanytofostermoreOnewoTownswithacceleratingpaceinthenearfutureThreelevelsofOnewoTownsareintroducedbelowTargetOnewoTownsservingwiththenumberofhouseholdsrangingfrom3000to6000TheCompanyplanstowinmoreprojectswithintheseTargetOnewoTownsIncreasingdensityofbasicpropertymanagementserviceinthecommunityisthefirstpriorityAtthefirstbeginningitrequiresup-frontinvestmentforintelligentmodificationupgradingtheequipmentandfacilitiesoftheprojectsinthetargetOnewoTownBytheendof1H2023thenoofTargetOnewoTownshasincreasedto240from219bytheendof202110October2023FocusedOnewoTownsservingwiththenumberofhouseholdsrangingfrom6000to10000AtthisstagethemajortaskoftheFocusedOnewoTownsistoincreaseefficiencythroughtheonlineandofflineinteractionByestablishingalocalizedservicenetworktheCompanycanbetterutilizetheresourcesandachieveoperationalefficiencyBytheendof1H2023thenoofFocusedOnewoTownshasincreasedto184from119bytheendof2021StandardOnewoTownsservingwiththenumberofhouseholdsover10000ThisisanidealscaleforanOnewoTownTheCompanycanpromotemoreVASbusinessintheseStandardOnewoTownsThroughalargercustomerbaseandmodifiedserviceprocesstheCompanycanobtainsustainableandhigherprofitatthisstageBytheendof1H2023thenoofStandardOnewoTownshasincreasedto177from121bytheendof20212raMthgiRelbaTFigure4OnewosresidentialprojectsaremainlylocatedFigure5SolidgrowthinthenumberofOnewoTownsinintier-1andtier-2citiesthepasttwoyearsBy31Mar2022NoofOnewoTownsCitieswithover200projectsBeijingShanghaiShenzhenand300Hangzhou601584Citieswith151to200projectsGuangzhouNingboFuzhou250459DongguanandShenyangCitieswith101to150projectsSuzhouChengduWuhan200TianjinWenzhouandXiamen150219Citieswith51to100projectsHongKongChongqingNanjing237240QingdaoWuxiChangsha171176100184177ZhengzhouFoshanJinanHefei119121DalianQuanzhouXian50ChangchunNanningandLongyan0202120221H2023TargetOnewoTownsFocusedOnewoTowns02602HKStandardOnewoTownsSourcetheCompanyGuotaiJunanInternationalSourcetheCompanyGuotaiJunanInternational万物云oo2raMthgiRelbaTWebelievethedirectbenefitfromOnewoTownstrategyiscostsavingObviouslytheeconomicsofscaleeffectisoneofOnewthemajorpurposesoftheOnewoTownstrategyAtthecurrentstagethelabourcoststillaccountsforthelargestpartofoperationcostinpropertymanagementindustryAccordingtoChinaIndexAcademythelabourcostaccountedfor5742ofthetotaloperationcostamongtop-100propertymanagementserviceprovidersin2022WebelieveOnewosrefinedfocusonsub-districtmanagementshouldhelpittoachievesignificantcostcontrolresultsWetaketheprocesstransformationasanexampleByintelligentmodificationintelligentIoTcanbeachievedthroughupgradingtheequipmentandfacilitiesoftheprojectinOnewoTownInotherwordsweexpectmachinesandAIsystemscandomorethingsthanworkerswithinasmallerradiusofpropertymanagementAccordingtotheCompanysmanagementtheCompanyhasinvestedanaccumulatedamountofRMB300mninthefacilityandequipmentupdatesfor150OnewoTownsTheinvestmentperOnewoTownwasaroundRMB2mnmuchlowerthanmarketexpectationsIntheseOnewoTownstheGPMofbasicresidentialpropertymanagementhasbeenimprovedbymorethan40pptsandthedirectincreaseingrossprofitwasaroundRMB100mnfor1H2023ConsideringtheCompanyonlycompletedasmallproportionofitsOnewoTownsforprocesstransformation150outof601OnewoTownsandtargetstoreach300by2025thereforeinthemediumandlongtermwewillseemoreobviousfinancialimpactfromtheOnewoTownstrategyCompanyReportSeethelastpagefordisclaimerPage6of19TablePageHeaderOnewo02602HK1raMthgiRelbaTFigure6Labourremainedthelargestcostamongtop-100propertymanagementcompaniesin2022Greenmaintenancefees221Officefees296Insurancefeesforpublicfacilities094Ordermaintenancefees438Cleaningfees89310October2023PublicfacilitymaintenancefeeLabourcosts5742977SourceChinaIndexAcademyGuotaiJunanInternationalFigure7OnewoslabourcoststocostofsalesratioFigure8Onewosnumberofemployeesdeclinedinthedeclinedinthepasttwoyearspasttwoyears106945RMBmn1080002raMthgiRelbaT300004352587510600025000430430104000196854251020002000042210000042097930150009729441698000109164159600010000846713608410940005000405920005665040090000202120221H2023End-2021End-2022End-1H2023LabourcostsCostofsalesLabourcostscostofsalesNoofemployeesSourcetheCompanyGuotaiJunanInternationalSourcetheCompanyGuotaiJunanInternational02602HKThegreaterbenefitfromOnewoTownstrategyistopromotethepenetrationofVASAfterarapidgrowthinthenumberofOnewoTownswebelievetheCompanysstrategyhasgraduallyshiftedfromdensityofbasicpropertymanagementtocommunityVASWebelieveOnewoscommunityVASbusinessisatthestartofafastgrowthtrackwaitingforthematureofits万物云ooOnewoTownModelAsanimportantbasisOnewoTownmodelcouldprovideaconnecttohigherdensityofcustomersforthe2raMthgiRelbaTOnewdevelopmentofcommunityVASFurthermoretheOnewoTownmodelcouldprovidecustomersone-stopservicesforall-roundneedsofdailylifeWehaveseenaramp-upintheCompanyscommunityVASbusinesssuchashomedecorationdeliveryandadvertisementandagencybusinessForexampleTheCompanyhasimplementedhomedecorationbusinessamong40matureOnewoTownsIn1H2023thecontractvaluefromthehomedecorationreachedRMB156mnimplyingaYoYgrowthof655Itisnoteworthythatthecontractvaluefromhomedecorationbusinesshasjustmorethandoubledintheyearof2022ActuallyunliketheotherpropertymanagementcompaniesOnewohasasmallproportionofbusinessinhouseholdservicesandcommunityretailsWebelievethisisrelatedtostrategicchoiceastheCompanybelievesthesecommunityVASbusinessesmustbebasedonanestablishedlocalservicenetworkHenceasthematureofOnewoTownsmodelwebelieveitismoreeasierfortheCompanytopromotetheseVASbusinesswithinitsmanagedcommunitieswhichshouldbecameanothergrowthengineCompanyReportSeethelastpagefordisclaimerPage7of19TablePageHeaderOnewo02602HK1raMthgiRelbaTFigure9Onewoshome-relatedassetservicesbusinessFigure10OneworeachedfastgrowthinhomedecorationreboundedaftertheCOVID-19impactin2022businesswithinitsOnewoTownsRMBmnRMBmn16003525014032114003023011881201351200120012562510010001502109502080800655151006060068510October2023101564040076509620052000002020202120221H2023202120221H2023ContractvalueofhomedecorationRevenuefromhome-relatedassetservicesYoYYoYSourcetheCompanyGuotaiJunanInternationalSourcetheCompanyGuotaiJunanInternationalWearemorepositivethanthemarketontheOnewoTownstrategyBasedontheaboveanalysiswebelievethelogicsbehindinclude1Onewosleadingbrandanddeepcultivationintier-1andtier-2citiesallowtheCompanytocontinuewinning2raMthgiRelbaTprojectsintheselectedsub-districtsandthereforethegrowthinthenumberofOnewoTownsmayexceedmarketexpectations2OnewocancontinuetoimproveitsGPMinbasicpropertymanagementalongsidetheincreasingdensityinOnewoTownswhichcouldbringaboutsubstantialfinancialimprovementinthemedium-to-longtermand3alongsidethematureofOnewoTownmodelitscommunityVASbusinesscouldbeanothergrowthengineDiversifiedclientmatrixtocreatemoresynergyToppositionincommercialpropertymanagementKnownasoneofthebiggestresidentialpropertymanagersinChinaOnewoisoftenoverlookedforitsleadingpositionincommercialpropertymanagementbyinvestorsAsearlyasin2020OnewolaunchedthebrandofCushmanWakefieldVankeService万物梁行forcommercialandfacilitymanagementbyestablishingajointventurecompanywithCushmanWakefieldAlsoOnewobecametheonlypropertymanagementcompanyinChinawhichhasformedpartnershipwiththeBigFiveglobalrealestatefirmsLeveragingtheadvantagefromdualbrandingCushmanWakefieldVankeService万物梁行rankedtoponefortheperformanceofcommercialproperty02602HKmanagementin2022issuedbytheGuandianIndexInstituteIn1H2023thetotalrevenuegeneratedfrompropertyandfacilitymanagementservicesamountedtoRMB397bnand855camefromthethirdpartiesCurrentlyCushmanWakefield万物梁行万物云VankeServiceservedfordiversifiedenterpriseclientsindifferentindustriesincludinginternetfinancenewenergyoandhigh-endmanufacturingThenumberofclientsfromtopinternetandunicornenterprisesamountedto69bythemid-20232raMthgiRelbaTOnewInourviewincreasingthedensityofmanagedpropertiesinasmallareawillnotonlyincludetheresidentialpropertiesbutalsoincludethecommercialpropertiesandurbanfacilitiesThediversifiedclientmatrixshouldcreatemoresynergywiththeCompanysOnewoTownstrategyFigure11OnewosrevenuefrompropertyandfacilityFigure12ThirdpartiescontributedmosttotherevenueofmanagementgrewfastinthepastfewyearspropertyandfacilitymanagementservicesRMBmn90754584684885580006083256685829700050806000528842740755000402339747040003143065300025692060200015110100055005020192020202120221H202320192020202120221H2023ofOnewosrevenuefromthirdpartiesinpropertyandfacilityRevenuefrompropertyandfacilitymanagementservicesYoYCompanyReportmanagementservicesSourcetheCompanyGuotaiJunanInternationalSourcetheCompanyGuotaiJunanInternationalSeethelastpagefordisclaimerPage8of19TablePageHeaderOnewo02602HK1raMthgiRelbaTUrbanspacebusinessisalsoonsolidgrowthtrackInourviewtherearetworeasonsbehindfortheCompanyssolidexpansioninurbanspacemanagementOneistheCompanysfocusonhigher-tiercitiesover90ofresidentialpropertymanagementrevenuecamefromhigher-tiercitiesin1H2023whichbroughtaboutmoreopportunitiesforurbanspacemanagementoutsourcinginthesecitiesTheotheroneisthatjointventurehasplayedanimportantpartintheexpansionofurbanspacemanagementTheCompanyisobviouslyabetterchoiceofgovernmentpartnersfortheurbanspacemanagementgivenits1reputablebrandand2soundfinancialpositionSincemostoftheurbanspaceprojectsareconductedbymeansofminorityshareholdingmanagementaround70urbanspaceprojectstheircontributionscannotbereflectedattheconsolidationlevelIn1H2023theminorityshareholdingprojectsachievedanROIreturnoninvestmentof80Bythemid-2023theCompanyhadimplemented96urbanspaceprojectsin44citiesacrossChinaActuallywebelievethe10October2023CompanysOnewoTownstrategycouldbreakthroughtraditionalserviceboundariesofresidentialcommercialandurbanspaceservicesForexampletheequipmentsystemandlabourresourcescanbesharedwithintheOnewoTownWebelievetheCompanysOnewoTownstrategycouldalsobenefittheacquisitionofurbanspaceprojectsandhenceweseeasolidgrowthtrackfortheCompanysurbanspacebusinessFigure13UrbanspacemanagementcaseHengqinFigure14UrbanspacemanagementcaseJianghanGuangdong-MacaoIn-depthCooperationZoneDistrictWuhan2raMthgiRelbaTSourcetheCompanyGuotaiJunanInternationalSourcetheCompanyGuotaiJunanInternationalLessrelianceontheresidentialpropertymanagementTheCompanyscustomerdiversificationstrategymakesitlessrelianceontheresidentialpropertymanagementIntermsoftherevenuecontributionresidentialpropertyservicesaccountedforarelativelystablelevelofaround50overthepasttwoyearsInsteadofsprawlinGFAundermanagementtheCompany02602HKfocusedondeepcultivationinexistingresidentialcommunityundermanagementInthepasttheretentionratesofresidentialmanagementagreementsalwaysmaintainedabove96ReachingadiversifiedcustomerbasecouldmaketheCompany万物云betterabletowithstandthechallengesundertheindustryvariablesFirstlyitcouldreinforcetheCompanysmoatino2raMthgiRelbaTprofessionalmanagementabilityfordifferentbuildingformsForexampletheCompanynowcanprovidespecializedsolutionsOnewaddressingenergyconservationforsomesuperhigh-riseprojectsSecondlycustomerdiversificationcouldbringmoregrowthpotentialfromdiversifiedcustomerdemandsForexampletheCompanysetsupLittleBeeasanon-siteserviceambassadortoundertakevariousdemandsofenterpriseadministrativelogisticsandprovidesapackageofservicesCurrentlyLittleBeehasachievedcoveragein892projectsCompanyReportSeethelastpagefordisclaimerPage9of19TablePageHeaderOnewo02602HK1raMthgiRelbaTFigure15OnewosbusinessinurbanspacemanagementFigure16Residentialpropertyservicesaccountedforgrewwellinthepasttwoyearsstableandlowerleveloftotalrevenueataround5060120521503493509479965010084408030604744362010October20234022201000202120221H202320192020202120221H2023NoofurbanspaceprojectsNoofservedcitiesofrevenuefromresidentialpropertyservicesSourcetheCompanyGuotaiJunanInternationalSourcetheCompanyGuotaiJunanInternationalTechnologytohelpthetransitionintoaresourceintegrationplatform2raMthgiRelbaTOnewossmarttechnologyisthekeyelementforqualityexpansionTheuseoftechnologyisoneimportantpartoftheCompanysOnewoTownstrategywhichcouldfurtherimprovetheoperationalefficiencyofOnweoTownTheCompanystechnologycanbedividedintotwocategoriesnamelyAIoTandBPaaSTheAIoTismorelikeprovidingsolutionsforestablishingfoundationofasmartcommunityInatypicalcontractofAIoTsolutionstheclientsusuallybuythesmartequipmentproductsandsoftwaresystemsfromtheCompanyForexampletheBlackCatSeriesequipmentunmannedpedestrianaccesscontrolsystemcanreducelabourcostforguardsBythemid-20231451setsofBlackCatSeriesequipmenthavebeenusedin1082projectsTheBPaaSismorelikeprovidingcloudoperationservicestohelpclientsoptimizetheprocessmanagementThespace-cloudservicesbasedonBPaaSincludecloud-enabledmaintenanceinspectioncloud-enabledpredictivemaintenancecloud-enabledcoordinationcloud-enabledcustomerservicesandcloud-enabledaccesscontrolOverallwebelievethepurposeofusingtechnologyistoreplaceon-sitebyremotetoreplacepeoplebymachineandfinallyimproveefficiencyofthespacesundertheCompanysmanagementFigure17BlackCatSeries-unmannedpedestrianaccesscontrolsystemhasbeenwidelyused02602HK万物云ootheCompanyhasinstalled2raMthgiRelbaTOnew1451setsofself-developedBlackCatSeriesequipmentin1082projectsSourceChinaIndexAcademyGuotaiJunanInternationalOnewostechnologybusinesshasturnedouttobeexternallyprofitableTheinvestmentinthetechnologynotonlybringsaboutinternalefficiencyimprovementbutalsoexternalprofitfortheCompanyForexampletheexternalclientsofAIoTandBPaaSincludemajorpropertydeveloperspropertymanagementcompaniesaswellascorporateclientsandthegovernmentForAIoTbusinessitusuallychargestheclientsonaprojectbaseHoweverforBPaaSbusinessitbelongstorecurringincomebasedonmonthlyorquarterlychargeDuring1H202322newexternalcustomershavebeenaddedtotheCompanysBPaaSsolutionunderenterpriseremoteoperationserviceCurrentlymorethan200governmentandSOEcustomershavebeenconnectedtotheCompanysBPaaSsolutionunderspaceremoteoperationservicesInviewoftherevenuefromAIoTandBPaaSbusinesstheCompanyrecordedfastgrowthinthepastfewyearsatastrongCAGRof517during2020-2022CompanyReportDespitethedecreaseofAIoTcontractsfrompropertydevelopersthetotalrevenueofAIoTandBPaaSbusinessreachedRMB132bnin1H2023implyingasolidYoYgrowthof139SeethelastpagefordisclaimerPage10of19TablePageHeaderOnewo02602HK1raMthgiRelbaTFigure18OnewosrevenuefromAIoTandBPaaSFigure19OneworrevenuefromAIoTandBPaaSgrewbysolutionsrecordedaCAGRof517in2020-2022139YoYin1H2023RMBmnRMBmn250080071970067064720009936001500634500437400100025130010October202313851216500200783100002020202120221H20221H2023RevenuefromAIoTsolutionsRevenuefromBPaaSsolutionsRevenuefromAIoTsolutionsRevenuefromBPaaSsolutionsSourcetheCompanyGuotaiJunanInternationalSourcetheCompanyGuotaiJunanInternationalMoreroomforgrowthcamefromOnewoTownBasedontheCompanysmoreinvestmentinsmartcommunityandtechnologydevelopmentweseegreaterambitionintheCompanyofbecomingaresourceintegrationplatformintheindustry2raMthgiRelbaTBeyondtheOnewoTownstrategytheCompanyisonthewayofestablishingaOnewoTownecosysteminthesub-districtsAtthattimetheCompanycanrealizeindustrialinterconnectionThroughbigdatatechnologytheCompanycancreateplatformeconomicsbylinkingsuppliersandcustomersWebelievetheCompanyhasestablishedagoodfoundationtoestablishadigitalecosystemforpropertymanagementindustryThereforeweexpecthugeroomforgrowthimaginationontheCompanyinthefutureFinancialAnalysisandForecastsSolidrevenuegrowthwithlessrelianceonresidentialpartTheCompanysbusinesscanbedividedintothreesegments1communityspacelivingconsumptionservices2commercialandurbanspaceintegratedservicesand3AIoTandBPaaSsolutionservices02602HKCommunityspacelivingconsumptionservicesTherearethreekindsofservicesunderthisbusinesssegment1residentialpropertyservices2home-relatedassetservicesand3othercommunityVASFortheresidentialpropertyservices万物云theCompanyrecordedarevenueCAGRof274during2020-2022andreachedRMB815bninrevenuein1H2023upbyo122YoYThehome-relatedassetservicesprimarilyconsistofhomeagencyservicesandhome2rredecorationaMthgiTheRrevenueelbaTOnewfromhome-relatedassetservicesrecordedaCAGRof192during2020-2022andreachedRMB685mnin1H2023upby302YoYTheothercommunityVASprimarilyconsistofcarparksalesservicesIn2022and1H2023therevenuefromothercommunityVASdeclinedby224YoYand10YoYrespectivelywhichwasmainlyimpactedbythedownturnofpropertysalesCommercialandurbanspaceintegratedservicesTherearethreekindsofservicesunderthisbusinesssegment1propertyandfacilitymanagementservices2VASfordevelopersand3urbanspaceintegratedservicesForthepropertyandfacilitymanagementservicestheCompanyreachedarevenueCAGRof369during2020-2022In1H2023therevenuefrompropertyandfacilitymanagementserviceswasRMB397bnupby151YoYVASfordevelopersmainlyincludethesalescentermanagementandpre-deliverysupportservicesTherevenuefromVASfordevelopersrecordedRMB138bnin1H2023implyingYoYgrowthof13TherevenuefromurbanspaceintegratedservicesrecordedastrongCAGRof1552in2020-2022In1H2023therevenuefromurbanspaceintegratedserviceswasRMB310mnupby136YoYAIoTandBPaaSsolutionservicesAIoTsolutionsareprovidedtopropertydeveloperspropertyownersandothercorporateandinstitutionalclientsthroughoutvariousstagesofthesmartpropertylifecyclefrominitialengineeringdesignconstructiontopost-deliveryoperationBPaaSsolutionsprovide1remoteenterpriseoperationservicestosupportthenon-corebusinessprocessesofcorporateclientsand2remotespaceoperationservicesDuring2020-2022therevenuefromAIoTandBPaaSCompanyReportsolutionservicesrecordedaCAGRof517In1H2023therevenuefromAIoTandBPaaSreachedRMB132bnimplyingSeethelastpagefordisclaimerPage11of19TablePageHeaderOnewo02602HK1raMthgiRelbaTYoYgrowthof139Figure20ThesynergywithinOnewosthreekindsofbusinesses10October20232raMthgiRelbaTSourcetheCompanyGuotaiJunanInternationalWeexpectOnewostotalrevenuetorecordaCAGRof224for2022-2025FOnewostotalrevenuegrewfromRMB1815bnin2020toRMB3011bnin2022representingafastCAGRof288fortheperiodIn1H2023theCompanystotalrevenuewasRMB1602bnupby125YoYWeexpectsolidexpansioninresidentialprojectsalongsideitsOnewoTownstrategyOntheothersidegiventheecosystemestablishedbyOnewoTownweexpectstrongergrowthfromthecommercialandurbanspaceservicesandtechnologyoutputWeforecastOnewotodeliverfaster-than-peersgrowthintotalrevenueforthenextthreeyearsTheCompanystotalrevenueislikelytoreachRMB3733bnRMB4569bnandRMB5526bnin2023F-2025FrespectivelyrepresentingaCAGRof224for2022-2025F02602HKTable3RevenueMixofOnewoRMBmn2021A2022A2023F2024F2025F万物云ooCommunityspacelivingconsumptionservices2018A13161165832043724983300412raMthgiRelbaTCommercialandurbanspaceintegratedservices869311144138011669019997OnewAIoTandBpaassolutionservices18502378309240205225Total2370530106373304569355264SourcetheCompanyGuotaiJunanInternational2971Figure21WeprojectOnewosrevenuetodeliveraCAGRFigure22Onewosrevenuein1H2023grewby125YoYof224during2022-2025FRMBmnRMBmnRevenuebreakdown600003518000160201600014243306301316500002701400011552512000566840000240224209509320100005526430000456938000373301560003010620000903623705104000799520001000050001H20221H2023202120222023F2024F2025FAIoTandBPaaSsolutionservicesCommercialandurbanspaceintegratedservicesTotalrevenueLHSGrowthYoYRHSCompanyReportCommunityspacelivingconsumptionservicesSourcetheCompanyGuotaiJunanInternationalSourcetheCompanyGuotaiJunanInternationalSeethelastpagefordisclaimerPage12of19TablePageHeaderOnewo02602HK1raMthgiRelbaTGrossprofitmargintostayat14-15TheCompanysGPMmayhavebottomedConsideringthattheCompanyisgraduallyenteringintothematurestageofitsOnewoTownmodelwebelieveeconomicsofscalewillmaketheCompanysGPMbottomoutDuring2020-2022Oneworecordedtheoverallgrossprofitmarginof185170and141respectivelywhichrepresentedadownwardtrendWebelievetherewerethreereasonsbehindthemarginsqueeze1margindeclineforresidentialpropertyservices2declinedfeelevelfromVASfordevelopersand3theamortizationofintangibleassetsresultedfromthehistoricalMAsForthelastonetheCompanyamortizedthecustomerrelationshipbyRMB568mnin2022Bytheendof2022theCompanyhadatotalof10October2023RMB851bnintangibleassetsamongwhichcustomerrelationshipwereRMB480bnConsideringthecustomerrelationshipwillbeamortizedbasedonstraight-linemethodfor10yearsweexpectaroundRMB600mnamortizationofcustomerrelationshipannuallyforthenextfewyearsIn1H2023theCompanysoverallgrossprofitmarginhasreboundedto151giventheefficiencyimprovementunderitsOnewoTownstrategyIfexcludingtheamortizationimpacttheadjustedGPMwas171in1H2023LookingintothenextfewyearsweforecastOnewosGPMtobeat144146and150in2023F-2025FrespectivelyFigure23OnewosGPMbreakdownbybusinesssegmentFigure24OnewosGPMmaystayat14-15during2023F-2025FGPM35202raMthgiRelbaT3162991703015024616141144146251872015912151721271581012485402020202120220Communityspacelivingconsumptionservices202120222023F2024F2025FCommercialandurbanspaceintegratedservicesGPMAIoTandBPaaSsolutionservicesSourcetheCompanyGuotaiJunanInternationalSourcetheCompanyGuotaiJunanInternational02602HKBettercontrolinSGAexpenses万物云WeexpectOnewosSGAexpensesratiotoremainatalowlevelOnewomaintainedalargelystableSGAexpensesolevelinthepastfewyearsTheratiosofSGAexpensestorevenuewere8486and862rainM2020thg2021iRande2022lbaTOnewrespectivelyIn1H2023theOnewostotalSGAexpensesamountedtoRMB1225mnwithalowerSGAexpensesratioof76downby06pptYoYWebelievetheimprovementinSGAexpensesmainlyreliedontheuseoftechnologyConsideringtheCompanyshighconcentrationstrategyinsub-districtswebelievethateconomiesofscaleshouldhelpittomaintainalowSGAexpensesratiolevelinthenextfewyearsWeestimatethatSGAexpensesratiowillstayataround76during2023F-2025FShareholdersnetprofitCAGRof254in2022-2025FIn2020-2022theCompanyshareholdersnetprofitwereRMB1464mnRMB1668mnandRMB1510mnrespectivelyTheCompanyexperiencedadeclineinprofitlastyearmainlydraggedby1themarginsqueezeespeciallyinVASfordevelopersandurbanspacemanagementand2amortizationimpactfromthehistoricalMAsIn1H2023theCompanyshareholdersnetprofitreachedRMB998mnupby142YoYInadditiontheEBITDAisalsoagoodindicatortoreflecttheOnewosprofitlevelgiventheCompanyssubstantialamountinintangibleassetsamortizationIflookingintotheEBITDAtheCompanyrecordedEBITDAofRMB2841mnin2022whichincreasedby76YoYIn1H2023theEBITDAwasRMB1858mnupby204YoYAswebelievethattheCompanywillexpandfasterunderitsOnewoTownstrategywithmarginimprovementweexpectOnewoshareholdersnetprofittodeliversolidgrowthinthecomingyearsOverallweforecastshareholdersnetprofittobeRMB1903mnRMB2379mnandRMB2977mnin2023F-2025Frespectivelyrepresentinga254CAGRCompanyReportduring2022-2025FThecorrespondingnetprofitmarginforecastsare5152and54in2023F-2025FrespectivelySeethelastpagefordisclaimerPage13of19TablePageHeaderOnewo02602HK1raMthgiRelbaTFigure25WeexpectOnewoshareholdersnetprofittoFigure26ThenetprofitmarginwillrepresentslightdeliveraCAGRof254during2022-2025FimprovementtrendRMBmn10350040300030870260250297725002512054237965051522000139190310415001668151010October202301000-942500-100-200202120222023F2024F2025F202120222023F2024F2025FShareholdersnetprofitLHSGrowthYoYRHSNetprofitmarginSourcetheCompanyGuotaiJunanInternationalSourcetheCompanyGuotaiJunanInternationalDividendpayoutratiomaystaystable2raMthgiRelbaTWeexpecttheCompanysdividendpayoutratiotostayataround20ofEBITDAinthenextfewyearsTheCompanydeclaredaninterimdividendofRMB0315persharefor1H2023whichwasequalto20oftheCompanysEBITDAin1H2023AccordingtothemanagementtheCompanymaymaintainrelativelystabledividendpayoutlevelinthefollowingyearsBasedonourassumptionontaxrateandtheintangibleassetsamortizationthe20payoutratioofEBITDAisapproximatelyequalto35outofourearningsforecastsAppendixCompanyBackgroundFoundedin1990OnewoisaleadingserviceproviderincommunitycommercialandurbanspacesinChinaOnewoshistorycanbetracedbackto1990whenthepropertyservicebusinessunitofChinaVanke000002SZ02202HKstartedtoprovideresidentialpropertymanagementservicesinChinaasapioneerWithover30yearsofdevelopmentOnewohasexpandeditsbusinessbeyondresidentialpropertymanagementandbecomealeadingserviceproviderwithagrowthmodelbuiltuponthesynergyofbusinessacrosscommunitycommercialandurbanspacesTheCompanyalsodifferentiatesitself02602HKfromthecompetitorsintheabilitytoprovideAIoTandBPaaSsolutionstodelivertangiblevalueforcorporateandinstitutionalclientsIn2020theCompanylaunchedthecommercialandfacilitymanagementbrandofCushmanWakefieldVankeService万物云th万物梁行InthesameyeartheCompanyestablishedCityUp万物云城astheurbanspaceoperationbrandOn29Sepo2022OnewowasspunofffromChinaVankeandlistedontheHKExBythemid-2023therewere2ratotalMtofh3586giRresidentialelbaTOnewprojectsundertheCompanysmanagementwiththesaturatedincomeofRMB229bnperyearBythemid-2023thetotalnoofpropertyandfacilitymanagementserviceprojectsundermanagementwere1958withthesaturatedincomeofRMB114bnperyearCurrentlyOnewohasformedaclusterofindependentbrandsincludingVankeService万科物业CushmanWakefieldVankeService万物梁行CityUp万物云城VanruiIntelliTech万睿科技OnewoInhome万物为家OnewoPicks万物研选andXiangyingEnterpriseService祥盈企服CompanyReportSeethelastpagefordisclaimerPage14of19TablePageHeaderOnewo02602HK1raMthgiRelbaTFigure27ThebrandarchitectureofOnewoVankeServiceCushmanWakefieldVanruiYuyingVankeWanyuIntelliTechCityUpPlatformServiceSecurity10October2023XiangyingTheFifthEnterpriseOnewoSpaceServicePicksPulin2raMthgiRelbaTSourcetheCompanyGuotaiJunanInternationalTable4OnewosDevelopmentMilestonesYearEvents1990-TheCompanystartedtoprovideresidentialpropertymanagementservicesforShenzhenTianjingGarden深圳天景花园as02602HKapioneer1996-TheCompanywonthebidfortheShenzhenLudancun深圳鹿丹村propertyserviceprojectthefirsteverpublicbiddinginthe万物云oopropertyserviceindustryinChina2raMthgiRelbaTOnew2001-TheCompanybecameoneofthefirstbatchofenterprisesgrantedwiththeFirst-classQualificationCertificationforPropertyServiceEnterprise物业服务企业资质证书一级byMinistryofHousingandUrban-RuralDevelopment2012-FortuneDepot幸福驿站wasfirstlylaunchedatVankeLanshanGarden万科蓝山花园tointroducevalue-addedservices2013-TheCompanylaunchedZhuzher住这儿acommunity-basedmobileappexclusivelydesignatedfortheresidentsandotherinternetuserssuchaspropertyownersmerchantsandserviceproviderstoconnect2018-TheCompanyannouncedthebusinessstrategyofDevelopingResidentialandCommercialPropertyServicesConcurrently-TheCompanycollaboratedwithZhuhaiDaHengQinGroupCoLtd珠海大横琴集团有限公司astate-ownedenterprisetolaunchthefirstcitygovernanceecosystemofCityasaProperty物业城市inChina-TheCompanylaunchedPulin朴邻fortheprovisionofourhomesaleandrentalbrokerageservices-TheCompanywasthefirstpropertyservicecompanywithannualrevenueexceedingRMB10bninChina2020-TheCompanylaunchedthebrandCushmanWakefieldVankeService万物梁行withCushmanWakefieldPacificHoldingsLimited-TheCompanyestablishedCityUp万物云城astheurbanspaceoperationbrand2021-TheCompanyestablishedadigitaloperationcenterinWuhantofurtherstrengthenitscapabilityinremoteoperation2022-TheCompanyestablishedthebrandofOnewoPicks万物研选foritshomedecorationbusinessCompanyReportSourcetheCompanyGuotaiJunanInternationalSeethelastpagefordisclaimerPage15of19TablePageHeaderOnewo02602HK1raMthgiRelbaTChinaVankeisthemajorshareholderCurrentlyChinaVankeanditssubsidiariesholdthelargeststakeof560intheCompanyUndertheemployeestockownershipplantheRuidaLimitedholdthestakeof76intheCompanyonbehalfoftheemployeesRadiantSunbeamandDreamLandingasmajorstrategicinvestorshold153and26stakeintheCompanyrespectivelyOnewoappliedforthefullcirculationofHshareswhichwasapprovedbyChinaSecuritiesRegulatoryCommissioninMar2023ThefullcirculationofHsharesisexpectedtobecompletedinthefourthquarterofthisyearFigure28OnewosshareholdingstructureControllingshareholders10October2023ChinaVankeanditsEmployeeshareholdingPre-IPOinvestorsPublicInvestorssubsidiariesplatfrom56032546764108710000TheCompany2raMthgiRelbaTSourcetheCompanyGuotaiJunanInternationalCatalystsandRisksCatalysts1FastgrowthinthenumberofOnewoTowns2betterimprovementinprofitabilityand3potentialMAstocreatemoresynergyRisks1Slower-than-expectedprojectacquisitions2lesseffectiveuseoftechnologyand3risinglabourcosts02602HK万物云o2raMthgiRelbaTOnewCompanyReportSeethelastpagefordisclaimerPage16of19TablePageHeaderOnewo02602HKTable5Sectorvaluationcomparison1raMthgiRelbaTCompanyStockCodeCurrencyMktCapHKmPEPBROEDY2022A2023F2024F2025F2022A2023F2024F2025F2023F2023FHKlistedpropertymanagementcompanieswithmajorbusinessinmainlandChinaChinaResourcesMixcLifesty01209HKHKD696162712281821484341342918619ChinaOverseasPropertyHold02669HKHKD287602261721371098059443338317OnewoInc-H02602HKHKD28460148128105871515141211323CountryGardenServicesHold06098HKHKD257751156056520606060510348PolyPropertyServicesCo-H06049HKHKD1715313211797812018161416221GreentownServiceGroupCoL02869HKHKD1144317914811910014141312993410October2023SunacServicesHoldingsLtd01516HKHKD7550na999285090909089746A-LivingSmartCityServices03319HKHKD6205293331280404040313131JinkeSmartServicesGroup-H09666HKHKD6180na136119104101009087803EvergrandePropertyServices06666HKHKD594636nanana26nananananaBinjiangServiceGroupCoLt03316HKHKD4682988365513328231836473CDPropertyManagementGrou02156HKHKD4593151129997932302622232naYuexiuServicesGroupLtd06626HKHKD4460938470591212110914248S-EnjoyServiceGroupCoLtd01755HKHKD3564705851461211100919255ShimaoServicesHoldingsLtd00873HKHKD3061na665657040304046200CentralChinaNewLifeLtd09983HKHKD30174516765590911101010293ExcellenceCommercialProper06989HKHKD251453nanana06nananananaDexinServicesGroupLtd02215HKHKD2240168nanana27nanananana2raMthgiRelbaTCifiEverSunshineServices01995HKHKD213438282534040403na140128PowerlongCommercialManagem09909HKHKD2089403734310706060518494JinmaoPropertyServicesCo00816HKHKD2007505445381312100822768SceIntelligentCommercialM00606HKHKD199388806960070807069806HevolServicesGroupCoLtd06093HKHKD1568196nanana23nananananaE-StarCommercialManagement06668HKHKD1395787265591110100914569KwgLivingGroupHoldingsLt03913HKHKD1114na735147030303034100HuafaPropertyServicesGrou00982HKHKD104647nanana3747nananananaSino-OceanServiceHoldingL06677HKHKD100612228262504na070724000NewHopeServiceHoldingsLt03658HKHKD97741nanana08nananananaFinancialStreetProperty-H01502HKHKD867615747380606060511897RoiservLifestyleServices-H02146HKHKD68825nanana03nananananaSuxinJoyfulLifeServicesC02152HKHKD59666nanana07nananananaColourLifeServicesGroup01778HKHKD573157nanana01nananananaTimesNeighborhoodHoldings09928HKHKD552na4730290303030364naYinchengLifeServiceCoLtd01922HKHKD53443nanana15nananananaCliffordModernLivingHoldi03686HKHKD52848nanana07nanananana02602HKXinyuanPropertyManagement01895HKHKD494nanananananananananaRonshineServiceHoldingCo02207HKHKD478269nanana06nanananana万物云BeijingCapitalJiayeProper02210HKHKD47436nanana01nananananaoKangqiaoServiceGroupLtd02205HKHKD46872nanana06nanananana2raMthgiRelbaTDowellServiceGroupCoLtd02352HKHKD43538nanana08nananananaOnewAoyuanHealthyLifeGroupCo03662HKHKD37020nanana04nananananaFirstServiceHoldingLtd02107HKHKD35072nanana05nananananaZhongAoHomeGroupLtd01538HKHKD34639nanana03nananananaRedcoHealthyLivingCoLtd02370HKHKD336nanananananananananaKaisaProsperityHoldingsLt02168HKHKD31028nanana02nananananaSundyServiceGroupCoLtd09608HKHKD30178nanana08nananananaZhenroServicesGroupLtd06958HKHKD270nananana02nananananaLushangLifeServicesCoL-H02376HKHKD26426nanana01nananananaRedsunServicesGroupLtd01971HKHKD21620nanana02nananananaLandseaGreenLifeServiceC01965HKHKD18953nanana04nananananaXingyeWulianServiceGroup09916HKHKD18033nanana04nananananaRiverineChinaHoldingsLtd01417HKHKD172122nanana05nananananaJiayuanServicesHoldingsLt01153HKHKD168nanananananananananaLingYueServicesGroupLtd02165HKHKD14616nanana03nananananaYeXingHoldingsLtd01941HKHKD74nananana03nananananaSimpleAverage859172638214121115444WeightedAverage171145117974226221917829SourceBloombergGuotaiJunanInternationalCompanyReportSeethelastpagefordisclaimerPage17of19TablePageHeaderOnewo02602HK1raMthgiRelbaTFinancialStatementsandRatiosTableIncomeStatementIncomeStatementTableBalanceSheetBalanceSheetYearend31DecRMBm2021A2022A2023F2024F2025FYearend31DecRMBm2021A2022A2023F2024F2025FTotalrevenue2370530106373304569355264PPE501666728776823-Communityspacelivingconsumption1316116583204372498330041servicesInterestsinassociatesJVs18131739173017201711-Commercialandurbanspaceintegrated869311144138011669019997servicesIntangibleassets8497873891751009211102-AIoTandBPaaSsolutionservices18502378309240205225Prepaymentsandotherreceivables00000Costofsales1968525875319593902346976Deferredtaxassets5797979797Grossprofit40204231537166708287Othernon-currentassets4148388138813881388110October2023-Sellingandmarketingexpenses257450523617718Totalnon-currentassets1501615121156111656617613-Administrativeexpenses17922153238929153498-Impairmentlossesonfinancialassets6915690100130Inventories26170798999-Otherincomeexceptional394571310300250Contractassets00000Operatingprofit22972042268033384191Tradeandotherreceivables4514627893321142313816-Financeincomecostsnet1011111111Restrictedcash801398398398398-ShareofresultsofJVsandassociates3410101010Cashcashequivalents643113345165002019624668Profitbeforetax23202021265933184171Othercurrentassets17011698169816981698Incometax6064356708351063Totalcurrentassets1370821789280083380440679Profitaftertax17141586199024843108Totalassets2872436910436185037058291Non-controllinginterest477687104130166815101903237929772raMthgiRelbaTShareholdersprofitlossTradeandotherpayables110651215916425201052431616461396161520192527BasicEPSRMBContractliabilities41684515559868538288Short-termborrowings120000TableCashFlowStatementCashFlowStatementCurrenttaxliabilities745738738738738Yearend31DecRMBm2021A2022A2023F2024F2025FOthercurrentliabilities293301301301301OperatingactivitiesTotalcurrentliabilities1628217714230632799733643Profitbeforeincometax23202021265933184171Depreciationamortisation395855204244263Long-termborrowings40000Impairmentoftradeandotherreceivables69156000Contractliabilities816964964964964Financecosts1011111111Deferredtaxliabilities1088990990990990Interestincome85466782100Othernon-currentliabilities222241241241241Others163293101010Totalnon-currentliabilities21302195219521952195Changesinworkingcapital784588228628333244Totalliabilities1841219909252583019235839Netcashfromoperations33303292510263337597Incometaxpaid4965356708351063Totalshareholdersequity989316460177321944521590Minorityinterest419541628733863Cashfromoperatingactivities2834275644325499653502602HKInvestingactivitiesTotalequity1031317001183602017822453Interestreceived85466782100TableFinancialRatioFinancialRatios万物云PurchaseofPPEintangibleassets25044470312091320oAcquisitionsdisposalsofsubsidiaries15481380002021A2022A2023F2024F2025F2raMthgiRelbaTPaymentproceedsfromotherfinancialRevenuegrowth306270240224209Onewassets72613000Grossprofitgrowth19552270242242Otherinvestingcashflow1505487000Operatingprofitgrowth251111313246255Cashfrominvestingactivities5193663611271219Shareholdersprofitgrowth13994260250251FinancingactivitiesDividendpaidtoownersoftheCompany22431294631666833Grossmargin170141144146150Increaseindebts1816000Operatingprofitmargin9768727376Capitalraised615628000Shareholdersprofitmargin7050515254Interestpaid01111111ROE207115111128145Otherfinancingcashflow119134000ROA7046475155Cashfromfinancingactivities23194183641677843Netchangesincash10336903315536964472Currentratiox0812121212Cashatbeginningofyear53986431133451650020196NetgearingratioNetcashNetcashNetcashNetcashNetcashExchangelosses012000Totalliabilitiestotalassets641539579599615Cashatendofyear643113345165002019624668SourcetheCompanyGuotaiJunanInternationalReceivableturnoverdays695654763829833Payableturnoverdays20521638163217081726CompanyReportTableCompanyRatingDefinitionSeethelastpagefordisclaimerPage18of19TablePageHeaderOnewo02602HK1raMthgiRelbaTCompanyRatingDefinitionTheBenchmarkHongKongHangSengIndexTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthecompanyorsectorisneutral10October2023Reduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorTableRatingIndustryDefinitionRatingDefinitionTheBenchmarkHongKongHangSengIndexTimeHorizon6to18monthsRatingDefinitionOutperform跑赢大市RelativePerformance5orthefundamentaloutlookofthesectorisfavorable2raMthgiRelbaTNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5OrthefundamentaloutlookofthesectorisunfavorableDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3GuotaiJunanInternationalHoldingsLimitedandoritssubsidiariesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunanInternationalHoldingsLimitedandoritssubsidiarieshavenothadinvestmentbankingrelationshipswiththeissuersmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunanInternationalHoldingsLimitedandoritssubsidiariesarenotmakingamarketinthesecuritiesinrespectoftheissuermentionedinthisResearchReport6GuotaiJunanInternationalHoldingsLimitedandoritssubsidiarieshavenotemployedanindividualservingasanofficeroftheissuermentionedinthisResearchReportThereisnoofficeroftheissuermentionedinthisResearchReportassociatedwithGuotaiJunan02602HKInternationalHoldingsLimitedandoritssubsidiaries万物云DISCLAIMERo2raMthgiRelbaTThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesOnewHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjacomhkCompanyReportSeethelastpagefordisclaimerPage19of19