万物云2025中期报告

（於中華人民共和國註冊成立的股份有限公司）(A joint stock company incorporated in the People’s Republic of China with limited liability) Stock Code|股份代號：2602 目錄CONTENTS 2Corporate Information6Management Discussion and Analysis31Corporate Governance and Other Information47Independent Review Report49Interim Condensed Consolidated Statementsof Profit or Loss50Interim Condensed Consolidated Statementsof Comprehensive Income51Interim Condensed Consolidated Statementsof Financial Position53Interim Condensed Consolidated Statementsof Changes in Equity55Interim Condensed Consolidated Statementsof Cash Flows58Notes to Interim Condensed ConsolidatedFinancial Information99Definitions 董事會 BOARD OF DIRECTORS (In alphabetical order of surnames) 執行董事 Executive Directors Mr. He ShuhuaMr. Zhu Baoquan(Chairman of the Board) 非執行董事 Non-executive Directors Mr. Bu Lingqiu (whose appointment took effect from September3, 2025)Ms.Hua Cui(whose appointment took effect from May 16,2025)Mr. Sun JiaMr. Yao JinboMr. Zhou QiMr. Wang Wenjin (whose resignation took effect from March 31,2025)Mr. Zhang Xu (whose resignation took effect from March 31,2025)Ms. Zhu Xu (who was first appointed with effect from May 16,2025 but subsequently resigned with effect from June 27, 2025) 2025932 0 2 551 620253312 0 2 533 120255162025627 獨立非執行董事 Independent Non-executive Directors Mr. Chen YuyuMs. Law ElizabethMr. Shen HaipengMr. Song Yunfeng 董事會委員會 BOARD COMMITTEES 審計委員會 Audit Committee Ms. Law Elizabeth(Chairperson)Mr. Chen YuyuMr. Sun Jia 薪酬委員會 Remuneration Committee Mr. Shen Haipeng(Chairperson)Mr. Zhu BaoquanMr. Song Yunfeng 22025 提名委員會 Nomination Committee Mr. Zhu Baoquan(Chairperson)Ms. Hua CuiMr. Chen YuyuMr. Shen HaipengMr. Song Yunfeng 監事 SUPERVISORS 20255 16 (The board of supervisors of the Company has been dissolvedsince 16 May 2025)Ms. Xiang Yun(Chairperson)Ms. Han HuihuaMr. Zou Ming 董事會秘書 SECRETARY TO THE BOARD Mr. Huang Min 聯席公司秘書 JOINT COMPANY SECRETARIES ACGHKACG Mr. Huang MinMs. Ng Wai Kam (ACG, HKACG) 授權代表 AUTHORIZED REPRESENTATIVES Mr. Zhu BaoquanMr. Huang Min 替任授權代表 ALTERNATE AUTHORIZED REPRESENTATIVE ACGHKACG Ms. Ng Wai Kam (ACG, HKACG) 核數師 AUDITOR 97927 Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor27/F, One Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong 法律顧問 LEGAL ADVISERS 有關香港法律： As to Hong Kong laws: 122 Paul Hastings (Hong Kong) LLP22/F, Bank of China Tower, 1 Garden Road, Central, Hong Kong 有關中國法律： As to PRC laws: 1-1282803-04 JunHe LLPSuite 2803-04, 28th Floor, Tower Three, Kerry Plaza,No. 1-1, Zhongxinsi Road, Futian District, Shenzhen, PRC H股過戶登記處 H SHARE REGISTRAR 1617 Tricor Investor Services Limited17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong 註冊辦事處 REGISTERED OFFICE 2201, Building B, Chuangzhiyun Center, No. 1 Guangxia Road,MeitingCommunity,Meilin Street,Futian District,Shenzhen,Guangdong, PRC 1B2201 中國主要營業地點及總部 PRINCIPAL PLACE OF BUSINESS ANDHEAD OFFICE IN THE PRC 2201, Building B, Chuangzhiyun Center, No. 1 Guangxia Road,MeitingCommunity,Meilin Street,Futian District,Shenzhen,Guangdong, PRC 1B2201 香港主要營業地點 PRINCIPAL PLACE OF BUSINESS IN HONGKONG Unit 1607, NEO, 123 Hoi Bun Road,Kwun Tong, Kowloon, Hong Kong 123NEO1607 主要往來銀行 PRINCIPAL BANKS 中國銀行梅林支行67 Bank of China Meilin Sub-branchNo. 67 Meilin Road, Futian District, Shenzhen, Guangdong 中國農業銀行深圳羅湖支行2087 Agricultural Bank of China Shenzhen Luohu Sub-branchNo. 2087 Shennan East Road, Luohu District, Shenzhen,Guangdong 中國工商銀行深圳華城支行 Industrial and Commercial Bank of China ShenzhenHuacheng Sub-branch1/F, Wenshan Building, No. 2052 Jiefang Road, Luohu District,Shenzhen, Guangdong 20521 中國建設銀行股份有限公司深圳市分行營業部8 China Construction Bank Corporation Business Division ofShenzhen BranchNo. 8 Pengcheng 1st Road, Futian District, Shenzhen, Guangdong 招商銀行深圳東門支行10021-2 China Merchants Bank Shenzhen Dongmen Branch1-2/F Waimao Qinggong Tower, No. 1002 Aiguo Road, LuohuDistrict, Shenzhen 中信銀行深圳高新區支行TCL China Citic Bank Shenzhen High Tech Park Sub-branch1/F, TCL Building, Gaoxin South First Road, Yuehai Street,Nanshan District, Shenzhen 網址 WEBSITE https://www.onewo.com/ https://www.onewo.com/ 股份代號 STOCK CODE 2602 2602 上市日期2022929 LISTING DATE September 29, 2022 MANAGEMENT DISCUSSION AND ANALYSIS 4998 Thefollowing discussion should be read in conjunction withthe interim condensed consolidated financial information of theGroup, including the related notes, set out on pages 49 to 98 ofthis interim report. 行業回顧 INDUSTRY REVIEW 物業服務在存量時代的機遇與矛盾 O p p o r t u n i t i e sa n d C o n t r a d i c t i o n s o fProperty Services in Existing Market 2021-20241.7%3.3%2TOP1028.3%TOP11-302.4 The property service industry is rapidly entering an era dominatedbyexisting projects.Leading companies are continuouslyincreasing their market concentration by leveraging advantagesin brand strength, operational efficiency, and scale. According toCRIC’s data, residential proper