Wanke Services: The balance of accounts receivable related to Vanke is only 2.6 billion yuan, and the business independence continues to strengthen.

On the evening of March 19th, World Yun Space Technology Service Co., Ltd. released its annual performance report for 2025. During the reporting period, World Yun achieved an operating income of 37.27 billion yuan, a year - on - year increase of 2.7%. After excluding the developer - related business, the revenue increased by 8.4% year - on - year. The core net profit was approximately 2.13 billion yuan, a slight year - on - year increase of 0.8%. The net profit attributable to the parent company was 770 million yuan, showing a significant year - on - year decline.

The scene of the performance press conference

Zhu Baoquan, the chairman of World Yun, said at the performance press conference that the negative impact brought by bad debts and asset amortization from the affiliated developer (Vanke) was the main reason for the profit decline. In 2025, this resulted in a negative impact of 740 million yuan on the net profit, which was a "passive" process. However, during the reporting period, the company's continuous related - party transaction revenue decreased by 1.197 billion yuan year - on - year, and the proportion had further dropped to 6%. The proportion continued to decline, and the independence became stronger.

In terms of dividend distribution, World Yun continued to maintain a high dividend yield. The total annual dividend in 2025 was approximately 1.73 billion yuan. The interim dividend was 0.951 yuan per share (tax - included), and the final annual dividend was 0.546 yuan per share (tax - included). The annual dividend yield was approximately 9.0%.

Core performance indicators of World Yun in 2025

01

World Yun's revenue mainly comes from four parts: residential business, non - residential business, BPaaS solutions, and residential - related asset services. Among them, residential properties targeting the residential market and non - residential properties targeting enterprises and public institutions are the foundation of World Yun.

In 2025, World Yun's residential business achieved an income of 20.93 billion yuan, a year - on - year increase of 8.9%. The non - residential business achieved an income of 10.67 billion yuan, a year - on - year increase of 7%. The gross profit margins of the two basic businesses both decreased compared with 2024, by 0.7 and 0.4 percentage points respectively.

The segments that boosted World Yun's profit margin came from the BPaaS solution business and the value - added service of existing assets. The gross profit margins of the two businesses were 32% and 20.1% respectively.

Among them, the value - added service of residential - related existing assets was the fastest - growing part, achieving an annual income of 1.91 billion yuan, a year - on - year increase of 42%. Among them, the income of the house renovation business soared by 67.1% year - on - year, reaching 556 million yuan. The new contract amount of the self - operated decoration business of Yanxuanjia increased by 26.6% year - on - year, reaching 530 million yuan. As of the end of last year, 166 stores had been deployed.

Revenue structure

World Yun's core strategy is "Butterfly City +, Enterprise Service +, Ecosystem +". As of the end of 2025, World Yun had completed the chassis construction of 690 Butterfly Cities, covering about half of the managed projects. The renewal rate of World Lianghang, which is responsible for the enterprise service segment, was 90.85% in 2025.

In 2025, World Yun still pursued the growth of the net profit attributable to the parent company. A total of 362 new residential property service projects were added throughout the year, of which 247 came from the existing market. The newly signed annualized saturated revenue increased by 21.1% year - on - year. As one of the company's main expansion strategies in the residential market, the "flexible pricing" model brought 51 new projects, accounting for about 20% of the expansion projects in the existing market.

While growing, another keyword for World Yun in 2025 was "cost reduction". The management of World Yun said that due to the in - depth reconstruction of the mid - and back - office operation system by AI, the administrative expenses during the performance period decreased by nearly 200 million yuan year - on - year, a decrease of about 10.1%.

During the reporting period, World Yun deeply applied its self - developed GC platform, launched more than 1,400 AI agents, and consumed 72.5 billion tokens.

Zhu Baoquan once said, "The traditional property industry used to rely on the manpower - intensive approach, but when facing a large number of buildings and complex equipment, this model is unsustainable. We must rely on technological means to solve practical problems."

Currently, World Yun has achieved the robot cluster scheduling based on the sharing of the Lingshi SLAM map. During the reporting period, the number of projects where Lingshi was implemented reached 932, which could save about 30% of the energy cost.

02

One judgment of World Yun's management is that the downward risk of the real estate industry is spreading to the property service field.

Against this trend and background, World Yun is facing challenges in four aspects.

Firstly, it is becoming increasingly difficult to collect property fees. According to the data from the Kerui Property Management Research Center, in 2025, the average collection rate of the top 500 property service enterprises in China dropped to 71%, showing a decline for four consecutive years. In 2025, the average property fee in 20 cities dropped to 2.72 yuan per square meter per month. The simultaneous decline in the collection rate and price directly tests the single - project income and operating cost of property companies.

Secondly, in recent years, the national residential delivery volume has remained at a high level, but the total sales volume has decreased, resulting in a large number of completed but unsold housing units. The problem of vacancy rate has become increasingly prominent. The next challenge that the industry and society will face is the shift from "ensuring the delivery of buildings" to "unexpectedly high - rate of vacant housing".

Zhu Baoquan said, "Today, every new residential property project we take on may bring a vacancy rate of 30% or even higher. The vacancy comes from the houses that developers have not sold and the houses that owners have bought but not lived in. The property fee collection rate for vacant houses is about 17.7 percentage points lower than that for occupied houses. As the number of residential property projects we serve increases, the proportion of vacancy also increases, which will have an impact on the collection rate and even the gross profit margin." Usually, the collection rate and gross profit margin of these projects will reach a relatively reasonable level after 5 years of stable property service.

Meanwhile, the related - party transactions, which have had a relatively large impact on World Yun's net profit in recent years, will continue to have a negative impact on its financial indicators in 2026. As of the end of last year, the accounts receivable related to Vanke still amounted to 2.06 billion yuan. However, the proportion of related - party transaction revenue has dropped from over 20% to 6% in the past five years.

Wang Xubin, the financial responsible person of World Yun, revealed, "Our overall risk exposure is further and continuously narrowing. Last year, we focused on the continuous recovery work of related - party accounts. We comprehensively used cash collection and some offsetting of creditor's rights and debts."

In 2026, World Yun will measure whether to undertake relevant project services from three aspects based on the "prudence principle". First, projects without a clear payment collection path or prepayment will not be taken on. For example, the on - site sales office business has basically been shut down. Second, for new projects that are passively taken on related to development companies and where the specific services cannot be split, but the control rate of the whole project exceeds 20%, the company will be relatively cautious in taking them on. Third, for businesses that continue due to historical reasons, if the payment collection cycle exceeds the contract - agreed period by two months, they will also be treated with caution.

In addition, the management of World Yun said that the direct competition among property companies has also reached a white - hot stage. Among them, non - developer property projects, including properties tendered by homeowners' committees, public buildings such as schools and hospitals, and enterprise facility management, have entered a red - ocean competition. In the bids that World Yun participates in, each bid has more than 10 enterprises participating. The winning bid rate of Vanke Property, which is responsible for the residential part, is 70%. From the losing bid projects, more than half of the winning competitors are local small enterprises or local state - owned enterprises. The winning bid rate of World Lianghang, which is responsible for the enterprise service field, is 51.8%. From the losing bid projects, the winning competitors are mostly large companies but highly dispersed.

The management of World Yun judges that currently, the number of property service - related enterprises registered in the Chinese mainland is about 300,000. As the industry pressure continues to increase, this number will decline rapidly in the future.