Wanwuyun: Revenue in 2024 increased by 9.2% year-on-year, core net profit decreased by 4.8%, and it is "consolidating the foundation".

On March 25th, Wanyun Space Technology Service Co., Ltd. (hereinafter referred to as "Wanyun") announced its 2024 annual performance. The announcement data shows that Wanyun's annual operating income last year was 36.22 billion yuan, a year - on - year increase of 9.2%; the core net profit was 2.23 billion yuan, a year - on - year decrease of 4.8%.

Among them, the revenue from recurring business was 30.793 billion yuan, a year - on - year increase of 15.5%, accounting for 85% of the total revenue, which was an important support for the revenue growth.

The scene of the performance meeting

Wanyun also announced that it would distribute a dividend of RMB 0.875 per share (including tax), including a final annual dividend of 0.481 yuan per share (including tax) and a special dividend of 0.394 yuan per share (including tax). Coupled with the previously distributed interim dividend and special dividend, it is equivalent to distributing 100% of the company's core net profit in 2024.

On the morning of March 26th, Wanyun's stock price rose by 5.73%.

01 

Reduce the association with Vanke's development business

At the performance meeting, Zhu Baoquan, the CEO of Wanyun, said that due to the high correlation between property management companies and real - estate parent companies, in the incremental stage of real - estate development, property management companies had sufficient growth potential and performance certainty. However, in the past three or four years, the real - estate market has taken a sharp turn for the worse, the uncertainty in the property management industry has increased, and the foundation for the performance growth of property management companies has been shaken. Enterprises need to solve the problem of self - growth.

For Wanyun, the strategy adopted in 2024 was to reduce the debt risk exposure with related parties (Vanke Group) through two methods: asset debt settlement and cash recovery. At the same time, it aimed to increase the proportion of non - related business revenue and enhance independence by diversifying the services for property owners.

As of mid - 2024, Wanyun's accounts receivable from related parties reached 3.82 billion yuan, and the risk exposure expanded. In the second half of the year, it began to "shut down, merge, or transfer" businesses without cash - flow support and actively "collect debts".

Wang Xubin, the financial director of Wanyun, responded that in the second half of 2024, Wanyun recovered more than 3 billion yuan in trade accounts receivable from related parties in total. Among them, more than 1.2 billion yuan of accounts receivable from related parties were repaid through the acquisition of physical assets in cash or directly offset by physical assets, including construction - in - lieu assets with better liquidity and equity in high - quality community commercial assets within the radiation range of "Butterfly City" (Tangjiadun in Wuhan, Huamu in Shanghai, and Changbai in Shenyang). As a result, the proportion of related parties in accounts receivable, revenue and other three indicators all decreased.

Source: Company official

Zhu Baoquan revealed that after these community commercial projects entered Wanyun's system through debt settlement, Wanyun established a new asset management team to manage them. It hopes to find new growth points for the business while solving the accounts receivable problem of related parties.

At the end of 2024, Wanyun's accounts receivable from related parties decreased to 2.4 billion yuan.

The management said that in 2025, it will further reduce the proportion of related - party transactions.

02 

Extend and densify services

As a light - asset model, Wanyun's performance scale growth mainly comes from diversified businesses and mergers and acquisitions.

In 2024, Wanyun's main revenue came from residential property services, property and facility management services, BPaaS solutions, residential - related asset services, AIoT solutions, etc. The revenue and profit of each business segment are as follows:

• The revenue from residential property services was approximately 19.229 billion yuan, a year - on - year increase of 13.1%, accounting for 53.1% of the total revenue; this business generated a gross profit of 2.386 billion yuan during the reporting period, a year - on - year increase of 5.2%, accounting for 50.8% of the total gross profit.
• The revenue from property and facility management services was 9.971 billion yuan, a year - on - year increase of 20.1%, accounting for 27.5% of the total revenue; this business generated a gross profit of 840 million yuan during the reporting period, a year - on - year increase of 17.6%, accounting for 17.9% of the total gross profit.
• The revenue from BPaaS solutions was approximately 1.593 billion yuan, a year - on - year increase of 16.9%, accounting for 4.5% of the total revenue. The gross profit of this business during the reporting period was 510 million yuan, a year - on - year increase of 23.8%, accounting for 10.9% of the total gross profit.
• The revenue from residential - related asset services was 1.347 billion yuan, a year - on - year decrease of 1.0%, accounting for 3.7% of the total revenue; the gross profit of this business during the reporting period was 388 million yuan, a year - on - year decrease of 0.5%, accounting for 8.3% of the total gross profit.
• The revenue from AIoT solutions was 1.427 billion yuan, a year - on - year increase of 0.7%, accounting for 3.9% of the total revenue.

Source: Company official

In addition, in 2024, Wanyun's second - hand housing brokerage business, Pulin, achieved a revenue of 820 million yuan, with a total transaction volume exceeding 21 billion yuan. The per - capita efficiency was 1.4 million yuan per person per month, better than the 900,000 yuan per person per month of leading intermediaries.

Zhu Baoquan said that in 2025, Wanyun will increase its investment in the Pulin business. According to the principle of "opening all that can be opened", it plans to open 112 new stores and recruit about 800 new brokers to quickly expand the business scale.

In the home - improvement business, Wanyun signed 5,358 local renovation contracts in 2024, a 106.6% increase compared with 2022.

The home - improvement business will also be regarded as a business with local advantages within the geographical service radius of property services. It can increase the service density of property management companies and extend the service chain, and more investment will be made to promote its growth.

In Wanyun's strategic framework, for different types of customers, Wanyun has also focused on the division of labor of service teams. For residential property services in residential communities, there is a basic business centered around "Butterfly City"; for corporate customers and office building spaces, there is Wuliangxing as the main service provider; for public buildings and public spaces such as hospitals and schools, there is a professional team from Dantian Property (acquired in 2024).

Overall, on the one hand, Wanyun is extending the service chain and expanding service scenarios; on the other hand, it is carrying out professional division of labor in different directions. In addition, it also improves management efficiency through digital systems such as "Lingshi" and "Feige" online. The three aspects work together to promote the improvement of the company's per - capita efficiency.

Vanke also took actions in 2024 regarding the large number of existing spaces such as old residential communities.

In 2024, Wanyun announced the launch of a "flexible pricing" mechanism, with optional service contents in the combination of "basic guarantee + personalized value - added", precisely targeting the blue - ocean market in the price range below 2.5 yuan per square meter per month, which was previously a service blind - spot.

Yang Guanghui, the Chief Customer Officer and the Chief Partner of Vanke Property, revealed that behind the flexible pricing is the differentiated service delivery ability, aiming to obtain more incremental projects while ensuring the profit margin. After the launch of the flexible pricing service, currently, more than 64 cities and 160 communities are in contact, and 8 projects have completed the signing of contracts.

By lowering the unit price and targeting the existing space, Wanyun's goal is to directly promote the growth of the managed area and the "order - receiving" density in the same area through expanding the increment and setting standards, so as to achieve maximum efficiency.

03 

Use AI as a breakthrough point

Zhu Baoquan believes that the property management industry is labor - intensive, and AI may become another breakthrough point.

He revealed that Wanyun cooperated with domestic leading companies on a large - model project, aiming to develop a large - model for the property management industry and improve services through local deployment. However, after testing several large - models and making attempts for more than half a year, it failed to develop a satisfactory professional large - model. So it switched to the RAG (Retrieval - augmented Generation) route, writing professional knowledge into the vector database and then calling different large - models according to needs. The "Intelligent Property Butler", "Intelligent IT Butler" and "Intelligent HR Butler" developed based on this have been applied in practice.

Currently, Wanyun has built a digital service system centered around "Lingshi" and "Feige". In 2025, it will also accelerate the implementation of the "Lingshi +" ecological strategy, deploy Lingshi edge servers in scenarios such as commercial buildings and hospitals, connect millions of IoT devices through standardized protocols, and build a pan - perception network for space intelligence to improve service experience and efficiency.

However, Zhu Baoquan believes that the impact of AI is not all positive. From another perspective, the intelligent agent (AI AGENT) may be the biggest threat to property management companies. If the core of property services is to reach a consensus with property owners and rely on professional knowledge to command the "Four Guarantees" (security, cleaning, greening, and maintenance) to work efficiently, creating a safe and reassuring environment and helping to preserve and increase the value of assets. Then, can an intelligent agent for a property project be created based on data? For example, if three property owners on the first floor report that the floor drain in their homes is backing up water continuously, the intelligent agent can judge and issue a work order to check all the sewage pipes to see if there are any systematic problems. For the follow - up of daily tasks, supervision of temporary tasks, work - order scheduling and quality inspection, and preventive analysis, which are the responsibilities of property managers, these are all capabilities that an intelligent agent can predict.

In response, on the one hand, Wanyun is seizing the AI technology ability and making early iterations and combinations with services; on the other hand, it plans to divide positions into three categories in a new way: Category H for real people, Category R for robots, and Category A for intelligent agents.

"As an enterprise, we must work hard now. On the one hand, we need to build a good enterprise knowledge base to help Category R and Category A employees take up their posts. On the other hand, we need to quickly identify which jobs are essential Category H positions and provide job - transfer training in advance to provide job - transfer opportunities after Category R and Category A employees take up their posts, so as to avoid unemployment." Zhu Baoquan said that many outsourced businesses can be replaced by AI, but robots can be used as tools to improve the service experience.