Wanwuyun (02602)'s mid-term revenue of 19.11 billion yuan increased 5.4% year-on-year

The Zhitong Finance App learned that Wanwuyun (02602) released its interim results for the six months ended June 30, 2026. During the reporting period, the company achieved revenue of 19.11 billion yuan, an increase of 5.4% over the previous year, and planned to pay a total dividend of RMB 820 million in the medium term, showing steady operating resilience during the period of deep industry adjustment.

Looking at the business structure, the Group's revolving business continues to be the basic revenue market. During the period, it achieved revenue of 17.35 billion yuan, an increase of 6.4% over the previous year, and the share of revenue increased to 90.8%, becoming a “ballast stone” for steady growth in performance. By business sector, revenue from residential and consumer services for community spaces was 11.95 billion yuan, up 5.5% year on year; revenue from commercial enterprises and integrated urban space services was 6.20 billion yuan, up 7.9% year on year, leading all business lines in growth.

It is worth noting that Wanwuyun's operational and financial independence has been further improved. During the reporting period, revenue from continuously connected transactions was RMB 8.2 billion, a year-on-year decrease of 350 million yuan, accounting for a sharp drop of 4.3% of the company's total revenue, a record low. Meanwhile, trade receivables from related parties decreased by 290 million yuan to 1.77 billion yuan compared to the end of 2025 compared to the end of 2025.

Affected by phased factors related to developers' business, the company's net profit was slightly pressured; if the impact of developers' business was excluded, the company's net profit was 710 million yuan, up 5.3% year on year, and core net profit was 1.1 billion yuan, up 7.3% year on year. The profit of the core business maintained a steady growth trend, and endogenous profitability was verified.

In terms of operating efficiency, the company continued to promote refined management. Administrative expenses were reduced by 43.4 million yuan year on year, and the administrative expenses ratio decreased by 0.5 percentage points year on year. Furthermore, the financial side continues to be stable and abundant. At the end of the reporting period, the company's monetary fund balance reached 10.37 billion yuan, and sufficient cash flow provided a solid guarantee for business development and strategy implementation.

Overall, Wanwuyun's main business grew steadily and profit quality improved in the first half of 2026, fully verifying the success of independent market-based operation capabilities. Combined with the remarkable results of cost control and structural optimization, and sufficient capital reserves, it is expected that it will continue to rely on its core business advantages, steadily expand its market footprint, and continue the high-quality development trend.