The industry is still fixated on shallow value-added activities like selling goods and group buying, with many property companies trapped in the community retail track, caught in endless internal competition that looks busy but yields thin profits. ONEwo's 2026 interim results have been released, and through this report card, one thing becomes clear: the key to success in property value-added services is no longer about hawking products within residential compounds, but about digging deep into the properties themselves to tap existing assets.

Compared with leading peers such as Country Garden Services and Greentown Service, ONEwo has taken a differentiated path of "proactively trimming down and focusing on asset appreciation." Existing Home Value-Added Services Outpace the Market

ONEwo's value-added services over the past three years have focused on residential-related asset services, namely home asset value-added services. In the first half of the year, revenue reached 903 million yuan, up 5.2% year on year, while gross profit hit 210 million yuan, surging 9.5% year on year. Gross profit growth clearly outpaced revenue growth, with the segment's gross margin at 23.2%, up 0.9 percentage points year on year. This set of figures is highly representative: it is not revenue built by expanding scale, but a sign of continuously rising profitability.

There are standout highlights within the sub-tracks. Pulin second-hand home transactions reached 6,429 units in the first half, with signed performance of 190 million yuan, and the market share of second-hand homes in managed projects rose to 18.06%. Renovation revenue reached 313 million yuan, soaring 45.3%, firmly capturing the rigid demand dividends from old community renovation and old home repairs. For Yanxuanjia decoration, effective leads brought by property channels accounted for nearly 60%, fully activating the natural community trust advantage of property management.

The Butterfly City foundation has expanded to 708 locations, laying a solid groundwork for on-site maintenance, home brokerage, and other asset value-added services to be implemented. In a horizontal industry comparison, the differences immediately become apparent.

Country Garden Services' value-added growth follows a lifestyle consumption route. Its community value-added revenue in the first half reached 2.308 billion yuan, up 18.3% year on year, driven notably by community retail, charging piles, and liquor businesses, leveraging the release of private-domain consumption scenarios within communities. Greentown Service's park value-added segment, by contrast, showed divergence, with property asset management revenue falling 13.1% year on year, while home life services grew only slightly by 3%, with home asset-related businesses under clear pressure.

Simply put, Country Garden Services earns money from "homeowner consumption," Greentown's asset-side business faces pressure, while ONEwo bets on the properties themselves. Renovation, second-hand homes, and home decoration are all tied to the rigid, full-lifecycle needs of housing. Such businesses are less affected by fluctuations in consumption cycles. The repurchase logic is not about frequently buying everyday necessities, but about mid-to-long-term demand arising from housing aging and replacement.

To concentrate resources, ONEwo has proactively cut low-value, fragmented value-added businesses. Revenue from other community value-added segments fell sharply by 43.9% year on year, with manpower and budgets fully redirected to the home asset track. This is a proactive business repositioning.

Technology Value-Added Services Face Adjustment

AIoT and BPaaS solution services generated revenue of 956 million yuan, down 10.1% year on year, of which AIoT revenue was 175 million yuan, down 14.3% year on year. Many people immediately write off the business upon seeing a revenue decline, but the signals from the financial report and earnings call are clear: this is not a business collapse, but a proactive cleanup of low-value-added orders.

In the past, the industry was caught up in digitalization, with many property companies selling software and hardware at low prices to win projects. Orders looked plentiful, but collections were poor, margins were thin, and later-stage operation and maintenance costs remained high. ONEwo no longer blindly takes on low-priced digital outsourcing projects, decisively abandoning money-losing, low-return orders. Sacrificing short-term revenue preserves the overall profit quality of the segment.

The positioning of technology value-added services has already changed: no longer simply selling systems and hardware externally, but shifting toward high-value BPaaS solutions matching Butterfly City and commercial enterprise projects, using digital tools to feed back into basic property management and community asset value-added services. In the first half, AI implementation brought group administrative expense savings of 43.04 million yuan. The value of technology value-added services is not only reflected in front-end sales revenue, but also hidden in internal cost reduction and efficiency gains.

Compared with peers, China Resources Mixc Lifestyle and Poly Property's digitalization is more embedded in commercial enterprise and public service projects, delivered as bundled supporting services, and rarely sold separately as a scaled value-added segment externally. Meanwhile, many small and medium-sized property companies' digital businesses remain at the stage of selling access control and surveillance hardware, with limited profit space. ONEwo's BPaaS model is essentially about turning digitalization into reusable service capability, rather than one-off equipment sales.

Of course, the pain is real. Short-term revenue contraction means the technology value-added segment still needs time to validate its new business model.

The Value-Added Logic Has Changed Tracks

Several years ago, the entire industry had a highly unified imagination for community value-added services: relying on private-domain traffic within residential compounds to do retail, housekeeping, and advertising, monetizing homeowners' daily consumption. But after several years of running, the pain points have been fully exposed: community retail cannot compete with e-commerce, housekeeping services have low barriers and thin margins, and it is easy to fall into the dilemma of "large investment, low conversion."

Today, the value-added routes of leading property companies have clearly diverged. Country Garden Services continues to deepen local community life, with charging piles and community retail maintaining high growth and impressive growth rates, but the business is highly dependent on homeowners' willingness to spend. Greentown Service's park services segment is under pressure, seeking balance among home, space, and asset lines. ONEwo, meanwhile, has completely switched tracks, with its value-added main line turning to operating home assets.

Developer-related businesses continue to shrink, with their proportion dropping to a historic low. Corporate growth increasingly depends on existing community customers and market-oriented B-end customers. Value-added services are no longer an appendage "side business" of basic property management. Renovation, second-hand homes, and home decoration revolve around preserving and increasing the value of housing assets. Digital solutions are value-added tools for serving B-end customers.

The trade-offs are very clear: abandon the low-margin traffic-driven product-selling business and deepen high-stickiness, high-margin asset services. Of course, challenges remain. The overall pie of community asset value-added services is still not large, and it will be difficult to support large-scale group revenue in the short term. The technology value-added segment is still in a painful adjustment period, and the business model still needs continuous refinement. At the same time, competition in home brokerage and renovation tracks is intensifying, and external service providers in decoration and second-hand housing markets are also penetrating communities.

But compared with many peers in the industry still struggling with community retail, ONEwo's value-added transformation route has already produced verifiable data. In the second half of property value-added services, what matters is no longer product-selling ability, but the ability to operate existing housing assets. The dividend of the traffic business has peaked, and asset services are the true long-term story for property value-added services.

Business innovation empowers the future! The PMIF Property Management Innovation Forum is about to open in Shenzhen. Facing stock-market competition in the property industry, finding new growth tracks is urgent. This forum invites several industry-leading guests to break down the practical implementation of community value-added services from dimensions such as asset management, property elderly care, community retail, and car life services, and to hold a roundtable discussion on the opportunities and pain points of diversified property operations.