Onewo

Onewo Inc. is a Vanke-controlled provider of property services and space technology services, spun off in 2022 and independently listed on the Hong Kong Stock Exchange. As of August 2026, the company’s chairman, executive director and general manager was Zhu Baoquan, its vice chairman, executive director and chief operating officer was He Shuhua, its head of finance was Wang Xubin, and its board secretary was Huang Min. According to Vanke’s 2021 letter to shareholders, Onewo was the first company in the industry to cover space services across the full range of “residential, commercial and urban” spaces; its revenue exceeded 20 billion yuan for the first time in 2021, up 32.1% year on year. The business had expanded from being driven solely by traditional residential services to being driven jointly by the “troika” of community, commercial-enterprise and urban space services. Of the contracted area Onewo added in 2021, more than 70% came from external expansion, and the share of externally won properties in the commercial and office segment was close to 80%. In urban space services, Onewo Town explored a new model, with benchmark cases including Hengqin in Guangdong, Shatou in Shenzhen and Tangjiadun in Wuhan, among other places. The letter also stated that in 2022 Onewo’s organic growth would remain steady, with targets of 25% growth in residential property revenue, 35% for Cushman & Wakefield Vanke Service and 45% for Onewo Home, and that it would continue to promote the expansion and growth of Onewo Town’s distinctive business model.

According to Onewo’s 2022 letter to shareholders, in 2022 both of the company’s basic services, residential property and commercial and office property, maintained high revenue growth, gross profit on a comparable basis was stable with a slight increase, and operating net cash flow performed excellently. Since 2019 the company had been building a diversified customer base to hedge the risk of relying on a single source of business, and through Cushman & Wakefield Vanke Service it became a strategic property service provider to leading companies in the internet, finance, high-end manufacturing and other sectors; in 2022, third-party revenue from property and facility management services was 6.40 billion yuan, accounting for 84.8%, and it added 16 Fortune Global 500 and China 500 clients and 8 unicorn clients. In spatial IoT business, AIoT solutions generated revenue of 1.38 billion yuan in 2022, up 13.9% year on year, contributing gross profit of 420 million yuan, up 41.2% year on year, with the gross margin rising to 30.7%; BPaaS solutions achieved revenue of 990 million yuan, up 56.7% year on year, contributing gross profit of 330 million yuan, with a gross margin of 32.9%. The number of Butterfly Cities grew from 459 to 584; during the year efficiency upgrades were completed in 38 Butterfly Cities covering 329 projects, generating revenue of 820 million yuan, with related upgrade investment of about 160 million yuan, delivering efficiency gains of more than 30 million yuan in the year and, on a full-year basis, able to raise the basic residential gross margin by 4%; in the 31 Butterfly Cities piloting home renovation, contracts worth 210 million yuan were signed, up 118.8% year on year. The company acquired Yangguang Zhibo and Bo’en Property in 2021, consolidated Shouwan Yuye Property in 2022, and completed the integration of the functional departments and residential property operations of Yangguang Zhibo and Bo’en Property with the company. According to Vanke’s 2022 letter to shareholders, Onewo’s revenue exceeded 30 billion yuan for the first time in 2022 and it was successfully spun off and listed; Vanke said Onewo would maintain high-quality service, push forward its Butterfly City strategy, strengthen post-investment integration and achieve steady growth in its basic businesses. At the end of 2022, Vanke created two co-president posts, filled by Zhang Hai, chief partner of its development and operation business group, and Onewo chairman Zhu Baoquan, who were in charge of the real estate development business and the operating services business respectively. After the spin-off and listing, Vanke held a total of about 661 million Onewo shares directly and indirectly, about 57.12%. Caixin estimated that, excluding the shares already pledged to Shenzhen Metro, the remaining market value of Vanke’s Onewo stake was about 8.65 billion yuan, and at a 70% pledge ratio it could raise about 6.06 billion yuan of additional funds from it. Caixin also learned that before the state-owned shareholder took over, Vanke had drawn up a preliminary debt resolution plan intending to pledge its stakes in Onewo and Boyu to obtain more incremental bank loans to deal with its public bonds, with the two assets initially valued at more than 50 billion yuan in total.

According to Onewo’s 2023 letter to shareholders, management was dismayed by the company’s share price performance that year: share buybacks had limited effect, the proposal of an “interim dividend with a scrip option” was negatively interpreted by the market as a sign that the company lacked cash, and because fourth-quarter turnover was insufficient it was not included in that quarter’s Hang Seng Index review, so the share price continued to fall; the company then issued an open letter explaining the outcome of its communication with Hang Seng Indexes Company Limited. Operationally, the company achieved a cash-to-earnings coverage ratio of 1.3 times that year; the Butterfly City strategy achieved interim success, with the gross margin of upgraded Butterfly Cities rising 4.5 percentage points and lifting the overall gross profit of residential property; under the diversified customer strategy, continuing connected transactions with Vanke fell to 13.5% of revenue; and the technology strategy cut the administrative expense ratio by 0.9 percentage points, with AIoT and BPaaS solutions revenue up 16.9% year on year, accounting for 8.4% of total revenue. In 2023 the company piloted R&D of the “Lingshi” edge computing server and the “Feige” intelligent work order system in Butterfly Cities, and tried pilot energy management services co-built with clients in commercial property. In the same year the company further expanded asset services within Butterfly Cities: total transaction value of second-hand home sales rose 24.5% year on year, contracted value of renovation business within Butterfly Cities rose 68.0% year on year, and the volume of repair and renovation business within Butterfly Cities rose 90.8% year on year; total value-added services around assets exceeded 32.5 billion yuan, with more than 5.66 million service instances. In addition, 39,821 of the company’s employees completed CPR rescue training, successfully saving 12 lives, and together with foundations and homeowners it deployed 2,870 AED devices. In October 2023, at a media briefing held by Vanke in Xi’an, Zhu Baoquan said Onewo’s “Butterfly City strategy” was progressing smoothly and showing results: there were 584 Butterfly Cities at the start of the year, rising to 601 in the first half; by the end of June, 150 Butterfly Cities had undertaken supply chain upgrades, involving more than 1,000 residential projects. Speaking of the home renovation business, he introduced the “Yanxuanjia” brand built on Butterfly Cities, which offers renovation and refurbishment home improvement services for old homes more than 10 years old within a 3-kilometre radius; it had been promoted in 63 Butterfly Cities, with nearly 10,000 households contracted cumulatively from January to September, up more than 150% year on year. Zhu Baoquan argued that property service companies sit at the intersection of the real estate chain and the broader consumer services industry, and should clarify their positioning, enhance their independence and develop high-growth businesses in residential consumer services; he predicted that the industry would see “five-isation” trends: IoT-enabled posts, process-based and mechanised operations, AI-enabled services and data-based management reporting. Interim results showed that Onewo achieved operating revenue of 16.02 billion yuan in the first half, up 12.5% year on year, and net profit of 1.05 billion yuan, up 15.7% year on year.

According to Vanke’s 2024 letter to shareholders, 2024 was the 40th year since Vanke’s founding, and Onewo’s three strategies of Butterfly City, diversified customers and technology drove steady business growth. In that year’s letter to shareholders, Zhu Baoquan proposed “asset management capability, AI application capability and green and low-carbon capability” as the key capabilities for Onewo to build; after experimenting with locally deploying various large models, the company switched to a RAG approach, writing professional knowledge into a vector database and then calling different large models as needed, and the resulting “intelligent property butler”, “intelligent IT butler” and “intelligent HR butler” had been put into practical use, while it hoped the “Lingshi edge server” would become increasingly intelligent. After Shenzhen’s state-owned capital took deep control of Vanke in January 2025, Vanke’s senior management team was reshuffled: the management of the operating services business was given to Li Gang, who oversaw a number of diversified business units including the property company and the commercial business unit. According to Caixin, after the reshuffle Zhu Baoquan was responsible only for Onewo’s specific work, and these important Vanke businesses were taken over and controlled by newly appointed state-owned capital executives. On the evening of 10 February 2025, Vanke announced that Shenzhen Metro planned to provide Vanke with a shareholder loan totalling 2.8 billion yuan for repaying Vanke’s maturing public bonds; as credit enhancement, Vanke planned to pledge part of its Onewo shares to Shenzhen Metro at a 70% pledge ratio, with the shares having a market value of 4 billion yuan. According to Caixin, after Shenzhen’s state-owned capital took over Vanke in January 2025, Shenzhen Metro, as the major shareholder, stepped in 13 times, providing Vanke with cumulative shareholder loans of 31.46 billion yuan; Vanke actually drew 30.797 billion yuan and repaid 30.49 billion yuan of public bonds on time; since 2025, Vanke has put up all of its Onewo shares, among other assets, as credit enhancement for the shareholder loans.

According to Vanke’s 2025 management discussion and analysis, affected by the long-cycle downturn on the property development side, national residential completions fell 20.2% year on year in 2025 and sales area of new commercial housing fell 8.7% year on year; the industry fully entered competition for existing stock, and property service companies generally shifted their focus to existing residential and non-residential sectors. Onewo’s operating revenue in 2025 was 37.36 billion yuan, up 2.5% year on year (including revenue from services provided to the Vanke group). By segment, community space residential consumer services revenue was 23.33 billion yuan, up 10.7% year on year, accounting for 62.4%; commercial-enterprise and urban space integrated services 11.79 billion yuan, down 4.4% year on year, accounting for 31.6%; and AIoT and BPaaS solution services 2.24 billion yuan, down 26.0% year on year, accounting for 6.0%. According to Onewo’s 2025 management discussion and analysis, the average collection rate of the national top 500 property service companies fell to 71% in 2025, the fourth consecutive annual decline, and a single project often attracted 10 to 15 competing companies; the company expected Chinese property service companies to consolidate from the “hundred-thousand level” to the “ten-thousand level”, designated 2025 to 2027 as three years for completing capability building, and pursued the three strategies of “Butterfly City+, Enterprise Services+ and Ecosystem+” around the three keywords of “asset services, smart and low-carbon”. During the reporting period, the company won 247 residential projects in the existing-stock market, with newly contracted annualised saturated revenue of RMB 1.4224 billion, up 21.1% year on year, of which 51 residential projects, or 20.6% of existing-stock market expansion, were won through a “flexible pricing” model; the home repair business achieved revenue of RMB 556.3 million, up 67.1% year on year, and new contracts for Yanxuanjia’s self-operated renovation business reached RMB 529.9 million, up 26.6% year on year. 2025 was a major renewal year for Cushman & Wakefield Vanke Service, which renewed contracts with saturated revenue of RMB 4.838 billion at a renewal rate of 90.85%. The company helped draft energy audit standards and published a carbon accounting methodology; administrative expenses fell by RMB 197.7 million year on year, a decrease of 10.1%. The decline in commercial-enterprise and urban space integrated services revenue was mainly because the company had actively scaled back its developer business since the second half of 2024; AIoT solutions revenue was RMB 437.9 million, down 69.3% year on year, accounting for 1.1% of total revenue, with gross profit of RMB 43.2 million, down 85.6% year on year, mainly due to the property sector downturn and the business being in a service transition period. Profit for the year fell from RMB 1.2446 billion in 2024 to RMB 771.6 million in 2025, down 38.0% year on year, mainly because net losses from non-recurring items rose by RMB 564.4 million year on year, including a year-on-year increase of RMB 567.2 million in credit impairment losses; further impairment provisions of about RMB 742.7 million were made in 2025 on amounts owed by related parties, up RMB 483.3 million year on year; core net profit was RMB 2.1282 billion, up 0.8% year on year. According to the letter to shareholders in Onewo’s 2025 annual report, the company made impairment provisions of RMB 740 million on the relevant amounts in the second half, making the annual net profit figure look poor. The letter argued that after the delivery guarantee campaign the industry urgently needed to solve the problem of “unexpectedly high vacant housing”: a delivered residential community might have more than 30% of homes unsold, property companies passively accepted vacant-home property fees payable by developers, these receivables often became bad debts, and the vacancy rate of homes already bought by owners was also considerable. On competition, non-developer property projects had entered red-ocean competition, with more than 10 companies bidding for most targets and the industry gross margin declining; in 2025, Cushman & Wakefield Vanke Service’s bid success rate was 51.8% and Vanke Service’s was 70%, and the winners of projects it lost were mostly small and medium-sized regional property companies. The company chose to use the “Lingshi” edge server to build a robotics ecosystem with multiple manufacturers. In 2025 the company received two honours, (China) Top Employer and S&P ESG Global Industry Mover; in the same year Vanke Service withdrew for the first time from a Tianjin project developed by a related company. According to Vanke’s investor relations activity record of 31 March 2026, Vanke said that in 2025 Onewo drove existing-stock market expansion through “menu-based services plus transparent pricing”, and also launched the “Lingshi” AI energy butler and the GC large model platform, bringing down administrative expenses year on year; Onewo’s dividend yield that year was about 9%. By then, “Lingshi” had been deployed in more than 700 projects, and the intelligent butler “Keke” had served 800,000 homeowners. More than 1,400 agents ran on the agent platform built by Onewo, which had consumed a cumulative 72.5 billion tokens, and administrative costs fell by 200 million yuan year on year, a decrease of 10.1%.

On the evening of 13 August 2026, Onewo released its interim results announcement for the six months ended 30 June 2026, reporting first-half revenue of 19.112 billion yuan, up 5.4% year on year, a growth rate broadly in line with the same period of the previous year. Gross profit was 2.419 billion yuan, down 3.0% year on year; the gross margin was 12.7%, 1.0 percentage point lower than a year earlier, which the company attributed to structural factors such as rising staff and outsourcing costs, price adjustments at some existing projects and changes in the share of AIoT hardware revenue. Excluding developer-related business, core business net profit was about 1.10 billion yuan, up 7.3% year on year. Revenue across the three business segments showed a pattern of “two up, one down”: community space residential consumer services revenue was 11.952 billion yuan, up 5.5% year on year, accounting for 62.5% of total revenue; commercial-enterprise and urban space integrated services revenue was 6.205 billion yuan, accounting for 32.5%, up 7.9% year on year, the fastest growth among the segments; and AIoT and BPaaS solutions revenue was 956 million yuan, down 10.1% year on year, accounting for 5.0%. The three recurring businesses of residential property services, property and facility management services and BPaaS solutions together generated revenue of 17.35 billion yuan, up 6.4% year on year, accounting for 90.8% of revenue, and contributed gross profit of 2.1 billion yuan, accounting for 86.8%. On the morning of 14 August, Onewo held its 2026 interim results briefing at the Shanghai Binjiang Vanke Center, a commercial asset the company had bought from Vanke at the end of March the previous year and later converted into Shanghai Binjiang Wanqianhui; according to management at the event, after the conversion Wanqianhui’s office occupancy rate was 83% and the occupancy rate of its retail portion rose from 34.2% to 82.7%, so the asset could now generate cash flow, with operating income sufficient to cover amortisation.

The residential property market saw many “exits” in the first half. Zhu Baoquan acknowledged that both Vanke Service and other excellent peers had withdrawn from some projects, and he grouped the exits into three types: first, developer vacancy, where formerly high-quality projects had become problem projects; second, acquired assets, where after review some projects were found not to fit the company’s city footprint, so it exited the non-strategic parts of the asset packages; and third, owners’ committee projects, where after the property company moved in the owners’ committee dissolved without honouring the commitments made during negotiations, making the project unsustainable. In his view, exit is a two-way choice: the company’s cash flow and operating quality improve, and owners also get the chance to choose again. He Shuhua added that such voluntary exits were a strategic arrangement by the company to advance lean operations and adjust its project portfolio, not a passive contraction. In the first half, Vanke Service exited a total of 139 residential property projects, corresponding to annualised saturated revenue of 740 million yuan, and narrowed its pre-tax loss by 32.33 million yuan; among the exited projects, developer vacancy accounted for about 40%, non-strategic projects about 20%, owners’ committee projects 20%, and contracts expiring naturally without renewal 15%. In the same period Vanke Service signed 207 new residential projects with saturated revenue of 840 million yuan, enough to offset the impact of the exits; by the end of June it managed 4,680 residential projects, 272 more than a year earlier, with annualised saturated revenue of 29.557 billion yuan, up 5.06% year on year. In the B-end business, based on prudent pricing and disciplined selection, the company voluntarily gave up or exited 16 projects with low gross margins, low returns and unsustainable service boundaries during the period, involving contract value of 57 million yuan. Zhu Baoquan pointed out that the property and facility management business had entered red-ocean competition in 2025 to 2026: there were more participants, with a single target often drawing more than ten bidders, while office vacancy rates were still rising and corporate administrative budgets were shrinking; he said Cushman & Wakefield Vanke Service and Dantian Property both had a “first-mover advantage”, and in the first half they won new contracts with saturated revenue of 1.99 billion yuan, adding 20 university projects, 15 hospital projects and 320 corporate projects.

In the first half, Onewo’s reliance on related parties fell further: revenue from related parties during the period was 820 million yuan, down 30% year on year, accounting for 4.3% of total revenue, 1.7 percentage points lower than a year earlier and the lowest level on record. Net trade receivables at the end of the period were about 7.002 billion yuan, up 16.6% from the start of the year; receivables from related parties were 1.774 billion yuan, 290 million yuan less than at the start of the year. Wang Xubin said the risks from the developer business were being gradually cleared: the gross amount of developer receivables fell 20.5% year on year and the net amount fell 50.6% year on year, declines markedly greater than for receivables as a whole; for historical arrears, the company pursued collection through various means and proactively swapped some receivables for in-kind assets offsetting construction payments, forming assets totalling 5.16 billion yuan, of which operating assets were 1.69 billion yuan and assets for sale 3.35 billion yuan. He said the company’s future growth would rely mainly on building capabilities in three areas: Butterfly City upgrades, Lingshi deliveries and AI-driven efficiency. By the end of the first half, Onewo’s base of Butterfly Cities had expanded to 708, comprising 284 standard Butterfly Cities, 251 focus Butterfly Cities and 173 target Butterfly Cities. According to Zhu Baoquan, Onewo’s Lingshi had entered the stage of large-scale contracting, with 1,339 units contracted by August 2026, of which 472 had been delivered; under the company’s next three-year business plan for 2028 to 2030, Lingshi would then enter a period of strong growth, with 2027 being a period of heavy investment. On AI, the company was moving AI from an internal efficiency tool to customer service: the homeowner-facing AI assistant “Keke” covered 4,140 projects and 12,992 grids, had served more than 470,000 customers cumulatively, generated more than 350,000 valid conversations and 2.84 million valid messages, and handled more than 107,000 homeowner requests. Thanks to AI-driven efficiency, administrative expenses fell by 43.04 million yuan year on year in the first half, a decrease of 4.9%, and their share of revenue fell to 4.4%, 0.5 percentage points lower than in the same period of 2025.