2025年上半年，不动产行业历经着一场AI驱动的生产力革命。明源云和伙伴们躬身入局，率先拥抱变 化。 一、AI大事件 明源云率先接入DeepSeek大模型。在DeepSeek 大模型爆火前，明源云客已率先接入，目前已实现地产/ 家居/汽车三大行业，2500+项目应用落地，日均推理用量12万+。 之后，明源云提出「AI能力三级跳」战略，不动产企业可从前期的投资管理，到中期的项目建设，到 后期的租售运营服务，通过AI实现全程提效降本。 同时，明源云发布「投建营AI产品整体蓝图」，并在营销阶段推出一系列AI产品——AI创意工场、AI 走播、AI销售员、AI投流等，重塑营销每一个环节。 保利和润牵手明源云，用AI赋能短直能力升级。作为"2025中国房地产策划代理百强企业TOP1"，保利 和润通过AI赋能短直能力升级，构建销售自获客能力。实现了试点项目矩阵账号30多倍的曝光、留资 量25%的提升，缩减了近30万的单项目年投入成本。 龙湖成立了DTC线上能力中心，快速搭建矩阵账号，自建MCN孵化团队，开创集中打盘新玩法，并通 过"人工自建素材库+AI视频营销助手"破解素材难题，让龙湖营销再次走在行业前列。 华发携手明源云 ...

Core Viewpoint - The real estate industry is transitioning towards a focus on quality and sustainability, driven by the "good house" concept, with government support in standards, technology, and projects [1][2]. Group 1: Industry Transformation - The "good house" initiative aims to create safe, comfortable, green, and smart housing, marking a new development path for the real estate sector [2]. - The implementation of the National Standard for Residential Projects sets baseline requirements for the construction of "good houses" [2]. - The demand for "good houses" is expected to activate new growth momentum in the real estate industry, supported by policies in planning, land, finance, and other areas [2]. Group 2: Marketing and Sales Challenges - The transition to "good houses" necessitates improved marketing strategies to effectively communicate unique features to potential buyers [3]. - There is a need for enhanced marketing capabilities to meet the higher demands for design, construction, and operation of "good houses" [3]. - AI technology can assist in capturing operational data and providing maintenance suggestions, improving overall efficiency [3]. Group 3: AI Integration in Real Estate - Mingyuan Cloud is leveraging AI technology to enhance real estate services, with plans to develop specialized AI models based on extensive industry data [4]. - The company has signed contracts worth approximately 28 million RMB for its AI products, covering nearly 1,000 real estate projects [4]. - Mingyuan Cloud focuses on integrating industry data with AI capabilities to improve application efficiency and reduce development redundancy [5]. Group 4: Future Growth and Market Expansion - The company anticipates rapid growth in its AI product offerings, with projected contract values potentially exceeding 100 million RMB by 2026 [7]. - The goal is to increase market penetration of AI products and expand market share through differentiated competitive strategies [7]. - Mingyuan Cloud aims to cover over 10,000 real estate projects with its AI solutions in the future [7].

Core Insights - The development of AI is creating new opportunities across various industries, with large models driving the digital ecosystem forward [1] - The industrial internet is becoming a key driver for digital transformation in many sectors, enhancing efficiency and intelligence in products and services [1] Group 1: Company Developments - Meiyun Zhishu, an industrial software company incubated by Midea Group, leverages AI technologies to provide digital consulting services and industrial software solutions across verticals like automotive and electronics [2] - Xuanwu Cloud, a CRM service provider, is enhancing its AI capabilities to create impactful products, such as its Xuantong AI, which improves marketing efficiency for consumer goods companies [3] - Mingyuan Cloud, a digital solution provider for the real estate ecosystem, is accelerating its "AI+SaaS" product innovation to drive business growth and enhance customer engagement [3] Group 2: Industry Trends - The integration of AI in industrial internet is significantly supporting digital transformation and improving production efficiency across various sectors [4] - Companies like Meiyun Zhishu are sharing their digital experiences with other manufacturers, helping them implement AI solutions to enhance operational efficiency [4] - The collaboration between industry and academia is being emphasized, with companies like Gechuang Dongzhi partnering with universities to foster AI research and application [6][7] Group 3: Talent Development - There is a notable talent shortage in the AI and digitalization sectors, prompting companies to collaborate with educational institutions to bridge the gap [6] - Meiyun Zhishu is actively working with nearly 200 universities to create a comprehensive talent innovation platform that integrates education and industry needs [7]

Core Viewpoint - Mingyuan Cloud Asset Management is a leading digital management platform in the real estate industry, leveraging over 1,000 enterprise service experiences to enhance state-owned enterprises' asset management, operations, and regulatory capabilities, achieving asset clarity, visibility, and activation [1]. Group 1: Asset Clarity - The platform enables rapid asset registration, constructing a comprehensive digital asset foundation with 27 types of asset record templates, allowing for asset documentation in just one minute [2]. - Each asset is linked to a unique record, ensuring 100% consistency between asset records and actual status, thereby creating a real-time, accurate digital asset foundation [3]. - The system allows for quick generation of asset ledgers, enabling centralized access to asset records without relying on frontline personnel for reporting, thus facilitating flexible business decision-making [4]. Group 2: Asset Visibility - Traditional spreadsheet ledgers make it difficult for managers to intuitively understand asset layouts and operational insights [5]. - The cloud asset management system utilizes GIS technology to provide a panoramic view of asset ownership and operational layouts, allowing managers to see asset dynamics from macro to micro levels [6][8]. Group 3: Asset Activation - State-owned enterprises often face challenges with loosely managed operations and lack of coordinated perspectives, leading to asset idleness and compliance risks [9]. - The system employs a three-tier management model to separate asset stability from operational agility, clarifying ownership and operational relationships [11]. - It facilitates online business coordination through a "rental and sales integration" platform, enhancing asset utilization efficiency and maximizing operational benefits [11]. - The platform allows for quick reporting of operational data through a closed-loop model, aiding in decision-making with a unified analysis and dashboard system [12]. Conclusion - Mingyuan Cloud Asset Management's digital solutions are driving intelligent upgrades in asset management capabilities for over a thousand enterprises, focusing on asset clarity, operational insights, and enhanced efficiency [13].

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]