格隆汇9月3日丨明源云(00909.HK)发布公告，2025年9月3日耗资98.31万港元回购27.7万股，回购价格每 股3.54-3.56港元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 明源雲集團控股有限公司 第 1 頁 共 7 頁 v 1.3.0 | | | 第 2 頁 共 7 頁 v 1.3.0 FF305 FF305 呈交日期： 2025年9月3日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00909 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | 庫存股份變動 | | | ...

智通财经APP获悉，中金发布研报称，考虑到行业逆风的影响，下调明源云(00909)2025年和2026年收入 预测18.0%和17.6%至12.7亿元和12.7亿元;考虑到公司的费用控制，将2025年和2026年经调整归母净利润 预测由-191万元和1,773万元上调至6,810万元和8,705万元。考虑到行业估值中枢上行，维持跑赢行业评 级和目标价3.5港元(基于5倍2025年市销率)。公司目前交易于5倍2025年市销率。 AI与海外市场成为重要的增长驱动 2025年上半年，明源云在AI领域的布局成果显著，云客AI产品上半年签约金额3,200万元，超过去年全 年的新签约金额(2,800万元)，AI投流、AI销售员、AI工牌等产品覆盖房地产营销核心环节，累计覆盖 约2,000个地产项目。而在海外市场，公司上半年实现约1,500万元的签约金额，发布面向不动产建筑公 司的安全及劳务管理平台Linkforce，2025年8月完成对日本不动产科技公司ASIOT株式会社的全资收购; 目前，明源云已在日本、中国香港和东南亚建立本地化团队，公司预计2025年全年海外产品签约金额为 5,000万元。 明源云2025年上半年收 ...

2025年上半年，受国内住宅市场逆风及公司优化部分产品线的影响，短期签约有所下降，导致部分业务 线收入承压。上半年公司云服务收入同比下滑14.3%至5.2亿元，其中客户关系管理/项目建设/资产管理 与运营/天际PaaS平台收入分别同比-13.1% / -25.5% / +2.0% / -23.5%至3.8亿 / 4,656万 / 4,724万 / 4,752万 元;本地化部署软件及服务收入同比下滑24.8%至8,112万元。展望2025年下半年，随着行业逐渐止跌回 稳、公司业务聚焦的影响逐渐得到消化，该行预计明源云下半年收入跌幅将收窄。 AI与海外市场成为重要的增长驱动 2025年上半年，明源云在AI领域的布局成果显著，云客AI产品上半年签约金额3,200万元，超过去年全 年的新签约金额(2,800万元)，AI投流、AI销售员、AI工牌等产品覆盖房地产营销核心环节，累计覆盖 约2,000个地产项目。而在海外市场，公司上半年实现约1,500万元的签约金额，发布面向不动产建筑公 司的安全及劳务管理平台Linkforce，2025年8月完成对日本不动产科技公司ASIOT株式会社的全资收购; 目前，明源云已在日本、中 ...

致：香港交易及結算所有限公司 公司名稱: 明源雲集團控股有限公司 (於開曼群島註冊成立之有限公司) 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00909 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,800,000,000 | HKD | | 0.0001 HKD | | 380,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 3,800,000,000 | HKD | | 0.0001 HKD | | 380,000 | 本月底法定/註冊股本總額： HKD 380,000 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截 ...

在2025中国国际大数据产业博览会暨828 B2B企业节上，明源云产业中心政企营销负责人张宇雷作为华为云生态 伙伴代表，以《加速国资国企智赢新时代》为主题，与来自全国各地的行业嘉宾分享了明源云在助力国资国企数 字化转型方面的最新实践与成果。张宇雷指出，"盘清家底、资产盘活、严控新增债务"是国资国企高质量发展的 核心抓手，而数字化、智能化体系则是这一转型的关键驱动力。 作为华为云长期紧密合作的伙伴，明源云与华为云在智算、云服务、安全等层面深度协同，共同打造适配国资国 企全场景需求的"1+2+N"智慧监管与运营模式，已累计服务全国1000+家国资国企，覆盖政府平台、城市运营、产 业发展及地产开发等领域，推动国资国企数智治理迈向新高度。 明源云基于已服务超过1000家国资国企得出的丰富实践经验，提炼出"1+2+N"智慧监管模式，这一模式已成为加 速国资国企数字化转型的关键框架。它由1个核心分析决策平台，数据交换层与数据分析层2大能力中心，以及N 个业务场景模块组成，全面覆盖政府平台、城市运营、产业发展等全链路需求，帮助企业实现从数据驱动到智能 决策的跃升。 具体而言，1个分析决策平台作为中枢，整合多源数据并提供实时 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing revenue pressure, but profits are gradually improving. The focus on AI and overseas expansion is becoming clearer, leading to a positive outlook despite current challenges in the real estate market [5][6] - Revenue estimates for 2025-2027 have been revised down to 1.29 billion, 1.24 billion, and 1.29 billion RMB respectively, reflecting year-on-year changes of -10.3%, -3.8%, and +4.4%. However, net profit estimates for 2025 and 2026 have been raised to 40 million and 80 million RMB, respectively [5][6] Financial Summary and Valuation Metrics - Revenue for 2023 was 1.64 billion RMB, with a year-on-year decline of 9.7%. The projected revenue for 2025 is 1.29 billion RMB, reflecting a further decline of 10.3% [8] - The net profit for 2023 was -586 million RMB, with a projected net profit of 43 million RMB for 2025, indicating a significant turnaround [8] - The gross margin is expected to be stable at around 80.6% from 2025 to 2027, while the net margin is projected to improve from 3.3% in 2025 to 8.5% in 2027 [8] - The price-to-sales (P/S) ratio is estimated at 5.5 for 2025, indicating a valuation that reflects the company's growth potential despite current market pressures [8]

Market Overview - The Hang Seng Index closed at 25,201.76 points, down 1.27% [1] - The Hang Seng Tech Index closed at 5,697.53 points, down 1.47% [1] - The China Enterprises Index closed at 9,020.26 points, down 1.40% [1] - The Red Chip Index closed at 4,273.29 points, down 1.62% [1] Top Gainers - Nongfu Spring rose over 7% to 50.250 HKD [1][2] - NIO-SW increased over 4% to 51.700 HKD [1][2] - Shanghai Fudan and WanGuo Data-SW both rose over 1% [1][2] Top Losers - Beike-W fell over 6% to 47.200 HKD [1][2] - Naixue's Tea and Stone Pharmaceutical Group both dropped over 5% [1][2] - Li Ning, Alibaba Health, and Pop Mart fell over 4% [1][2] - JD Logistics, Zhou Hei Ya, and Mengniu Dairy declined over 3% [1][2] - Other notable declines include Zhou Dafu, Dongfang Zhenxuan, and Haidilao, all down over 2% [1][2]

Core Insights - Mingyuan Cloud Group has demonstrated significant improvement in profitability and operational efficiency despite a decline in total revenue for the first half of 2025, which was 606 million RMB, down 15.9% year-on-year [1] - The company achieved a gross profit of 486 million RMB with a stable gross margin of 80.2%, and managed to reduce operating losses by 68.8% to 65.58 million RMB, turning a profit of 13.748 million RMB compared to a loss of 115 million RMB in the same period last year [1] - The improvement in profitability is attributed to proactive adjustments in product strategy, customer structure, internal cost management, and the application of AI tools [1] Financial Performance - Total revenue for the first half of 2025 was 606 million RMB, a decrease of 15.9% year-on-year [1] - Gross profit reached 486 million RMB, maintaining a gross margin of 80.2% [1] - Operating losses narrowed to 65.58 million RMB, a reduction of 68.8% year-on-year [1] - The company reported a profit of 13.748 million RMB, compared to a loss of 115 million RMB in the previous year [1] - Net cash outflow from operating activities decreased by 74% year-on-year, indicating improved cash management efficiency [1] AI Strategy and Product Development - Cloud services, the core business of Mingyuan Cloud, generated 525 million RMB in revenue, accounting for 86.6% of total revenue [2] - The customer relationship management product line generated 383 million RMB, while AI product contract amounts reached 32 million RMB, surpassing the total for the entire year of 2024 [2] - The company launched new AI tools, including "AI投流," covering the entire lifecycle of short video marketing in real estate [2] - Mingyuan Cloud has signed a deep cooperation agreement with Douyin for digital transformation in the real estate sector [2] Global Expansion - The company has established localized teams in regions such as Hong Kong, Singapore, Malaysia, Indonesia, and Japan, successfully expanding its local marketing and delivery partnerships [3] - Overseas product contract amounts exceeded 15 million RMB in the first half of 2025 [3] - The launch of the self-developed product "Linkforce" in Hong Kong marks a breakthrough in developed markets, integrating AI, IoT, and SaaS for worker safety and efficiency management [3] - Mingyuan Cloud's acquisition of ASIOT in Japan for 700 million JPY (approximately 33 million RMB) signifies a substantial step in its global strategy [4] Strategic Directions - For the second half of 2025, Mingyuan Cloud has outlined four strategic directions: focusing on high-profit products and clients in the domestic market, increasing investment in overseas markets, deepening AI and SaaS product innovation, and utilizing AI to reshape internal processes and organizational structure [5][6] - The company aims to reduce reliance on residential developers while expanding into the Middle East and European markets [6] - Mingyuan Cloud's strong adaptability and strategic execution during the industry adjustment period have positioned it favorably for future growth amid improving real estate policies in China and the ongoing global real estate technology market expansion [6]

明源云 20250826 2025 年上半年，明源云集团实现了关键的财务转折，净利润与经调整净利润 同步扭亏为盈。公司总收入为 6.06 亿人民币，较 2024 年同期的 7.2 亿下降 15.9%。毛利润为 4.86 亿人民币，较 2024 年同期的 5.78 亿下降 15.9%， 但毛利率保持在 80.2%的稳定水平，与 2024 年持平。公司净利润为 1,370 万 元人民币，较 2024 年同期的亏损 1.15 亿，同比大幅改善 111.9%。经调整净 利润为 3,310 万元，较 2024 年同期的亏损 1,700 万元，同比改善幅度达 295.3%。 天际 PaaS 平台收入同比下降 23.5%，但作为核心技术基础设施，具备 AI 开发能力，并不断沉淀不动产行业知识，支持业务 Agent 构建，降低 研发投入。 公司积极拓展海外市场，已在多地建立本地团队，并收购日本 ASOTO 公司，提供 AI+IoT 智能抄表解决方案。海外市场签约金额超过 1,500 万元人民币，品牌知名度不断提升。Link Force 智慧劳工管理平台已在 香港成功应用。 摘要 明源云集团在降本增效方面取得了哪些成效？ 20 ...