明源云资管，作为不动产行业领先的资产管理数字化管理平台、沉淀了1000余家企业服务经验，以5大 成熟的数字化手段帮助国企提升资产管理、运营和监管能力，实现对资产的盘清、看清、盘活。 一、盘清：厘清权属，快速出账 资产建档，构建全域资产数字化底座 明源云与百余家企业客户共同实践，沉淀了27类资产档案模板，一分钟即完成资产建档。八大维度记录 资产从接收、日常管理、到资产退出的完整生命周期，资产的"前世今生"都准确记录在档。 集多业态经营于一身的国企平台，过去往往存在管理较粗放的现象，多类经营缺乏统筹视角，容易因为 不合理规划而出现资产无人经营、或责任不清的灰色地带，进一步导致资产闲置、效益受损、甚至产生 经营合规风险。 一资一档一码，确保海量资产档案100%账实相符，构建真实、准确、及时的资产数字化底座。 超级台账，让海量资产1分钟出台账 云资管系统确保集团上下一本帐，无需再依赖一线业务人员逐级汇报，就能一键查询资产档案，随时随 地获取项目情况。支持"千人千面"自助输出台账报表，一键盘清出账，灵活支撑业务决策。 二、看清：掌握布局，洞察经营 对于管理者，依托传统表格台账，难以直观地看清资产布局、实现洞察营情况。 ...

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 1,434.8 million, a decrease of 12.5% year-on-year[11]. - Gross profit for the same period was RMB 1,102.7 million, reflecting a decline from previous years[8]. - The adjusted net loss for 2024 was RMB 44.0 million, a significant reduction of 74.1% compared to the prior year[13]. - Total assets as of December 31, 2024, amounted to RMB 5,448.5 million, down from RMB 5,852.2 million in 2023[10]. - The company reported an operating loss of RMB 376.3 million for 2024, an improvement from the loss of RMB 763.2 million in 2023[8]. - Total liabilities decreased to RMB 745.6 million in 2024 from RMB 918.3 million in 2023[10]. - The company reported a net loss of RMB (189,546) thousand for the year ended December 31, 2024, a reduction of 67.7% from RMB (587,043) thousand in 2023[73]. - The company maintained a net cash position as of December 31, 2024, with no debt[78]. Market and Industry Trends - The company has successfully navigated significant challenges in the real estate sector, which saw a decline in sales from RMB 18.2 trillion in 2021 to RMB 9.7 trillion in 2024[16]. - In 2024, China's cumulative sales area of commercial housing reached 970 million square meters, a year-on-year decrease of 12.9%, with a cumulative sales amount of RMB 9.7 trillion, down 17.1% year-on-year[20]. - In Q4 2024, China's cumulative sales amount of commercial housing was RMB 2.8 trillion, showing a year-on-year growth of 1.1%, indicating a stabilization signal in the market[20]. - The demand for digital tools in real estate operations and management is expected to continue growing as the industry shifts focus from new development to existing asset management[22]. Strategic Focus and Future Plans - The company plans to focus on consolidating the domestic market and restoring sustainable profitability[17]. - There is an emphasis on accelerating investments in AI technology and driving product and technological innovation[17]. - The company aims to expand its overseas market presence to increase business scale and influence[17]. - The company plans to accelerate the AI application in various real estate business scenarios, enhancing SaaS product functions and services[26]. - The company plans to focus on core products and improve product profitability, particularly in high-potential areas like "AI + real estate marketing" and "asset management & operations" in 2025[43]. - The company aims to expand its international market presence by establishing localized teams in regions such as Singapore, Malaysia, and Japan, with a cumulative contract value of nearly RMB 10 million[46]. Product and Service Performance - In 2024, the company's cloud service revenue was RMB 1,195.1 million, a year-on-year decrease of 10.7%, accounting for 83.3% of total revenue[28]. - The asset management and operation product line achieved year-on-year revenue growth, driven by increased investment in the management of existing real estate[28]. - The revenue from the customer relationship management product line was RMB 858.9 million, a year-on-year decrease of 9.2%[33]. - The project construction product line recorded revenue of RMB 124.2 million, a year-on-year decline of 20.7%[36]. - The asset management and operation product line generated revenue of RMB 99.8 million, a year-on-year increase of 14.2%[37]. - The Tianji PaaS platform recorded revenue of RMB 112.3 million, a year-on-year decrease of 24.6%[39]. Cost Management and Efficiency - The company's sales and marketing expenses in 2024 were RMB 757.7 million, down 17.8% from RMB 921.7 million in 2023[42]. - General and administrative expenses were RMB 244.0 million in 2024, a significant decrease of 53.0% from RMB 519.5 million in 2023[42]. - Research and development expenses amounted to RMB 482.1 million in 2024, a decline of 25.0% from RMB 643.0 million in 2023[42]. - The company intends to optimize resource allocation and enhance operational efficiency by implementing stricter project management measures and promoting the use of AI tools across departments[48]. Corporate Governance and Management - The company is committed to maintaining high standards of corporate governance and transparency in its operations[110]. - The management team has extensive experience in finance and technology, with members holding degrees from prestigious institutions such as Tsinghua University and Wuhan University[106][117]. - The company has established several key subsidiaries, including Mingyuan Cloud Technology and Mingyuan Cloud Procurement, which are integral to its operations[96][99]. - The board of directors includes Mr. Gao as Chairman and Mr. Jiang as CEO, with a structured rotation of board members every three years[153][154]. Employee and Stakeholder Relations - The total employee count is 1,912, down from 2,577 as of December 31, 2023[192]. - The total employee cost for the year ended December 31, 2024, is approximately RMB 1,098,058,000, which includes salaries, bonuses, and other employee benefits[192]. - The company emphasizes the importance of attracting and retaining quality employees through regular training programs[147]. - The company maintains strong relationships with stakeholders, including employees and customers, to ensure sustainable business development[147]. Shareholder Information - The company reported a special dividend of HKD 0.1 per share, amounting to approximately RMB 167.52 million, approved at the 2023 annual general meeting[128]. - As of December 31, 2024, the company's distributable reserves calculated under Cayman Islands law amounted to approximately RMB 7,661.5 million[135]. - The company had no bank loans or other borrowings as of December 31, 2024[137]. - The board does not recommend the distribution of a final dividend for the fiscal year ending December 31, 2024[130]. Contractual Arrangements and Compliance - The company has established a series of contractual arrangements to effectively control its consolidated affiliated entity, Mingyuan Cloud Procurement, due to restrictions on foreign investment in certain industries in China[168]. - The exclusive business cooperation agreement stipulates that Mingyuan Cloud Procurement will pay service fees based on its pre-tax consolidated profit, adjusted for any accumulated losses and operational costs[171]. - The company confirmed that there have been no significant changes to the contractual arrangements for the year ending December 31, 2024, and no termination of these arrangements[177]. - Independent non-executive directors confirmed that transactions conducted under the contractual arrangements were established according to relevant terms and were fair and reasonable for the group[184].

Investment Rating - The report assigns an "Outperform" rating to the company, indicating an expectation of relative performance exceeding the market benchmark by over 10% within six months following the report's release [12]. Core Insights - The company is positioned as a leader in digital technology for real estate, focusing on AI and SaaS to unlock new growth opportunities [12]. - The report highlights a significant narrowing of net losses due to effective cost reduction measures, with a projected revenue decline of 12.5% in 2024, but a substantial reduction in adjusted net loss by 74.1% [8][12]. - The transition in the real estate industry from "incremental development" to a dual model of "incremental development + stock operation & management" is noted, impacting digital demand [8][12]. Financial Data and Forecasts - Revenue projections for the company are as follows: - 2023: 1,657 million RMB - 2024: 1,435 million RMB (down 9.6% YoY) - 2025E: 1,365 million RMB (down 12.5% YoY) - 2026E: 1,392 million RMB (up 2.0% YoY) - 2027E: 1,472 million RMB (up 5.7% YoY) [7][11]. - Net profit forecasts indicate a significant recovery, with expected figures of: - 2024: -190 million RMB - 2025E: -146 million RMB - 2026E: -73 million RMB - 2027E: 36 million RMB [7][11]. - The overall gross margin is projected to improve from 76.85% in 2024 to 79.17% in 2027, driven by an increase in SaaS revenue share [11][12]. Business Segmentation - The company's SaaS revenue is expected to decline slightly in 2024 but is projected to grow in subsequent years, with a forecast of 12.93 million RMB by 2027 [11]. - The ERP business is anticipated to continue its strategic contraction, with revenue growth rates of -15% in 2025, -8% in 2026, and -5% in 2027 [11]. - The report emphasizes the integration of AI into real estate marketing, with the launch of specialized AI products and a significant increase in client engagement [8][12]. Market Performance - The company's stock price is currently at 3.00 RMB, with a market capitalization of 5,832 million RMB [3]. - The report notes a 52-week price range of 1.57 to 4.65 RMB, indicating volatility in the stock's performance [3].

Core Insights - Mingyuan Cloud Group Holdings Limited (00909.HK) held its 2024 annual performance conference, discussing financial performance and operational strategies, particularly in AI and international expansion [1] - The company is positioned as a leader in digital solutions for the real estate ecosystem, focusing on "AI + Real Estate" as its core strategy to drive digital transformation [1] - Mingyuan Cloud's AI products have seen significant uptake, with a 2.7% year-on-year increase in the average project unit price for its cloud sales offices, reaching RMB 77,000 per unit in 2024 [1] Financial Performance - The company reported a total signed amount of RMB 28 million for its cloud AI products in 2024, with clients including major real estate firms like Poly Developments and China Overseas Land & Investment [2] - The number of real estate sales offices covered by Mingyuan Cloud's AI products has approached 1,000 [2] AI Product Development - Mingyuan Cloud has developed a comprehensive product matrix in the AI + marketing sector, addressing various business scenarios in real estate marketing [2] - Approximately 30% of the core functionalities of its AI products utilize the DeepSeek series of domestic large models [2] International Expansion - The company has accelerated its overseas market expansion since 2024, establishing localized teams in regions such as Hong Kong, Singapore, Malaysia, Indonesia, and Japan [2] - Mingyuan Cloud has signed contracts with local real estate clients, accumulating nearly RMB 10 million in signed amounts, with some projects already delivered [2] - The company plans to continue expanding in Hong Kong, Southeast Asia, and Japan, while exploring opportunities in the Middle East and North America [2] Product Strategy - The company has adopted an "AI + IoT + SaaS" product strategy tailored to the needs of overseas markets, focusing on innovation in AI [3] - An example of this strategy is the implementation of AI and IoT for real-time monitoring and safety management on construction sites, which has received positive feedback in international markets [3] Investment and Partnerships - Mingyuan Cloud is considering increasing investments in quality partners in target regions to foster mutually beneficial relationships, particularly in real estate technology companies with strong local resources [3] - The company has made small-scale investments in the Japanese market to leverage local innovation capabilities and market resources [3] Market Conditions - According to research from Zhongtai Securities, the real estate and construction industry is still in a downward adjustment phase, with continued low capital expenditure from downstream clients [3] - Mingyuan Cloud is actively reducing costs and controlling expenses, which is expected to lead to a quicker recovery of profits and cash flow [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report indicates that as the pressure in the real estate market eases, the company's revenue is expected to recover, driven by effective cost control and growth in AI and overseas business [6][7] - The adjusted net profit forecasts for 2025-2026 have been revised from -310 million/-280 million to -30 million/+50 million, with a new forecast for 2027 net profit at 120 million [6] - The current stock price corresponds to a PS valuation of 3.8/3.7/3.4 times and an adjusted net profit PE valuation of 64.8/39.6/26.7 times [6] Financial Performance Summary - In 2024, the company's revenue is projected to be 1.44 billion, a year-on-year decline of 12.5%, while the adjusted profit loss is expected to narrow to 40 million from 170 million in 2023 [7] - The revenue from local deployment/SaaS is expected to decline by 20.4%/10.7% due to weak real estate conditions and the company’s decision to forgo less profitable orders [7] - The gross margin is expected to decrease by 2.6 percentage points due to industry pressures and an increase in third-party procurement in cloud services [7] Business Segment Analysis - CRM revenue is expected to decline by 9% year-on-year, while the average revenue per user (ARPU) is projected to increase by 2.7% due to AI module contributions [8] - The engineering construction segment is expected to see a revenue decline of 20.6%, but state-owned enterprise clients are maintaining stable digital investments, leading to a 40.9% increase in the number of projects and a 4.3% increase in ARPU [8] - The asset management and operations segment is expected to grow by 14.2% year-on-year, driven by strong demand from state-owned platform companies [8] AI Business Potential - The AI business has shown promising results, with a cumulative contract value of approximately 28 million for cloud AI, indicating significant growth potential [8] - The company’s AI strategy involves a differentiated approach using AI+IoT+SaaS, allowing it to cover the entire real estate scenario and maintain a competitive edge [8]

Investment Rating - The investment rating for the company is "Increase" [2][4] Core Views - The company is experiencing a decline in revenue due to a sluggish real estate market, with a projected revenue of 1.38 billion in 2025, down from 1.43 billion in 2024, reflecting a decrease of 4% [2][4] - The adjusted net profit is expected to improve significantly, moving from a loss of 190 million in 2024 to a profit of 30 million in 2025, indicating a growth rate of 85% [2][4] - The company is focusing on enhancing its SaaS products through AI technology and expanding its presence in overseas markets, which is expected to create new growth opportunities [3][4] Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 1.38 billion, 1.43 billion, and 1.55 billion respectively, with growth rates of -4%, 3%, and 9% [2][4] - The company anticipates a net profit of -28 million in 2025, followed by a profit of 30 million in 2026 and 123 million in 2027, showing a significant recovery trajectory [2][4] - The earnings per share (EPS) is expected to improve from -0.10 in 2024 to 0.06 in 2027 [2][4] Business Strategy - The company is shifting its focus towards asset management and operations in the real estate sector, which is expected to yield positive results despite the overall market downturn [3][4] - The introduction of AI-driven products is aimed at enhancing marketing capabilities in the real estate sector, with significant contracts already signed with major developers [3][4] - The company is actively expanding its international market presence, particularly in regions like Japan, Hong Kong, and Southeast Asia, to tap into diverse real estate opportunities [3][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report indicates that as the pressure in the real estate market eases, the company's revenue is expected to recover, driven by effective cost control and growth in AI and overseas business [6] - Adjusted net profit forecasts for 2025-2026 have been revised from -310 million/-280 million to -30 million/+50 million, with a new forecast for 2027 net profit at 120 million [6] - The current stock price corresponds to a PS valuation of 3.8/3.7/3.4 times and an adjusted net profit PE valuation of 64.8/39.6/26.7 times [6] Financial Performance Summary - In 2024, the company's revenue is projected to be 1.44 billion, a year-on-year decline of 12.5%, while adjusted profit loss is expected to narrow to 40 million from 170 million in 2023 [7] - The revenue from local deployment/SaaS is expected to decline by 20.4%/10.7% due to weak real estate conditions and the company’s decision to forgo less profitable orders [7] - The gross margin is expected to decrease by 2.6 percentage points due to industry pressures and an increase in third-party procurement in cloud services [7] Business Segment Performance - In 2024, the CRM segment is expected to see a revenue decline of 9%, while the engineering construction segment is projected to decline by 20.6% [8] - The asset management and operations segment is expected to grow by 14.2%, driven by strong demand from state-owned enterprises [8] - The company has signed contracts worth approximately 28 million for its AI business, indicating significant growth potential [8] Financial Metrics - The projected operating revenue for 2025 is 1.435 billion, with a year-on-year change of 0.0% [8] - The net profit for 2025 is expected to be -30 million, improving from -190 million in 2024 [8] - The gross margin is projected to stabilize around 77.4% in 2025, with a net margin of -2.1% [8]

Core Viewpoint - Mingyuan Cloud has shown a significant recovery trend in profitability, with its asset management business becoming a new growth driver despite challenges in the real estate sector and infrastructure investment slowdown [1][2]. Financial Performance - In 2024, Mingyuan Cloud achieved total revenue of 1.435 billion RMB, a year-on-year decrease of 12.5% [1]. - Revenue from cloud services and localized deployment fell by 10.7% and 20.4% respectively [1]. - The asset management and operation business under cloud services saw a revenue increase of 14.2% year-on-year, indicating the strategic foresight of the company's focus on digitalization of existing assets [1]. Profitability - The company reported a net loss attributable to shareholders of 190 million RMB in 2024, an improvement from a loss of 598 million RMB in the previous year [1]. - Adjusted net loss, excluding non-cash factors, was 43.96 million RMB, a reduction of 74.1% [1]. Cost Management and Efficiency - Total expenses, excluding share-based payments, decreased by 19.7% in 2024, with per capita output increasing by 14.7% [2]. - Management, R&D, and marketing expenses fell by 19.1%, 25.4%, and 15.7% respectively [2]. - The asset-liability ratio was 13.68%, down 2.01 percentage points from the previous year, indicating improved financial stability [2]. Product Development and Market Position - Mingyuan Cloud has developed a robust product matrix in the AI+ marketing field, addressing various pain points in real estate marketing [3]. - The cumulative contract amount for the cloud AI products reached 28 million RMB, covering nearly 1,000 real estate sales offices [3]. - The company holds a cash reserve of 4.042 billion RMB at the end of 2024, ensuring a solid financial foundation for strategic initiatives [3].

Summary of the Conference Call for Mingyuan Cloud Company Overview - Mingyuan Cloud reported a 12.5% decline in overall revenue for 2024, with net profit decreasing by 67.7%. Adjusted net loss, excluding equity payment factors, was 44 million yuan, a significant reduction of 74.1% year-on-year [3][4][3]. - The decline in revenue was primarily due to the macroeconomic impact on the real estate market, particularly in the real estate development business, where the number of new projects decreased by approximately 20% and sales dropped by over 10% [3][4][3]. Key Financial Performance - Despite the overall revenue decline, the asset management and operations product line performed well, generating nearly 100 million yuan in revenue and showing growth [4][3]. - Overall expenses decreased by over 10%, with three expense categories dropping between 15% to 25%. The workforce was reduced to 1,900 employees, a 25% decrease, leading to an increase in per capita output [3][4][3]. - The company maintained a healthy financial position with a low debt-to-asset ratio and a provision rate for bad debts on accounts receivable above 40% [3][4][3]. - Operating cash flow for 2024 was approximately 70 million yuan, primarily due to performance bonuses distributed in the first half of the year. Year-end cash reserves reached 4.268 billion yuan, providing a safety net against market fluctuations [3][4][3]. Business Lines and Growth Areas - The cloud CRM product line showed resilience with a single-digit revenue decline, while the average transaction price increased. AI product commercialization reached a contract value of 28 million yuan, covering 1,300 real estate projects, indicating significant growth potential [4][6][4]. - The project construction business is undergoing structural adjustments, focusing more on state-owned enterprise (SOE) clients, which increased in proportion, leading to a 4.3% rise in average project price despite a 20.7% revenue decline [4][7][4]. - Asset management and operations are highlighted as growth areas, with nearly 100 million yuan in revenue and continuous growth, targeting SOE clients [4][7][4]. Market Outlook - For 2025, the company anticipates a slight decline in domestic market revenue but expects rapid growth in overseas markets, resulting in relatively minor overall revenue pressure. Sales expenses are projected to decrease by over 10%, with operating net profit and cash flow expected to turn positive [4][14][4]. - The company plans to continue optimizing its business structure and strengthen collaborations with state-owned enterprises [3][4][3]. AI and Technology Integration - The company is focusing on AI and marketing, with recorded contract values between 23 million to 28 million yuan and plans to launch more standalone SKUs [4][13][4]. - AI products are being integrated into various business lines, enhancing customer acquisition capabilities and increasing project transaction prices [4][20][4]. - The integration of AI with IoT and existing SaaS products is expected to enhance product interactivity and data collection capabilities, providing a competitive advantage in the real estate sector [4][28][4]. International Strategy - Mingyuan Cloud is prioritizing partnerships with local tech companies in overseas markets, particularly in Southeast Asia, Japan, and Hong Kong, with a goal of achieving significant growth in these regions [4][12][4]. - The company aims to provide lightweight, understandable SaaS products combined with AI and IoT capabilities, such as safety management systems for construction sites [4][22][4]. Conclusion - Mingyuan Cloud is navigating a challenging domestic market while strategically positioning itself for growth in international markets and leveraging AI technology to enhance its product offerings and operational efficiency [4][27][4].

Core Viewpoint - Mingyuan Cloud's chairman Gao Yu stated that the most challenging times have passed, and the company will focus on high-quality clients and AI innovation moving forward [3]. Financial Performance - For the fiscal year 2024, Mingyuan Cloud reported total revenue of 1.435 billion RMB, a decrease of 12.5% year-on-year [5][6]. - The company incurred a loss of approximately 190 million RMB, which is a 67.7% reduction compared to the previous year [3][5]. - Adjusted net loss was 43.96 million RMB, down 74.1% year-on-year [3][5]. Business Segments - The cloud service revenue declined by 10.7% to 1.195 billion RMB, accounting for 83.3% of total revenue [6]. - The customer relationship management product line, "Yunke," generated revenue of 859 million RMB, a decrease of 9.2% year-on-year [6]. - The asset management and operation product line recorded 99.8 million RMB, showing a growth of 14.2% [9]. AI and Innovation - The cumulative signed amount for the AI product "Yunke" reached nearly 28 million RMB, adopted by major real estate companies [3][6]. - The company anticipates a three-digit growth in paid income from AI commercial products in the real estate sector [3]. Market Outlook - Gao Yu expressed optimism about the recovery of the real estate market, noting that the probability of a significant further decline is low [9]. - The company plans to enhance profitability by focusing on core products and establishing better relationships with state-owned and quality private enterprises [12]. Strategic Initiatives - Mingyuan Cloud is launching an overseas market strategy, targeting regions such as Japan, Singapore, Malaysia, and Indonesia, with a direct sales team exceeding 300 members [13]. - The company aims to develop AI+/AIOT SaaS products and explore opportunities in the Middle East and North America [13].