Summary of Mingyuan Cloud Conference Call Company Overview - **Company**: Mingyuan Cloud - **Industry**: Real Estate Technology Key Points AI Product Development and Commercialization - Mingyuan Cloud launched AI products such as Youke Factory and AI Video Risk Control Tool to assist real estate developers in acquiring customers at low costs through short video platforms, achieving a cumulative signed amount of 25 million RMB by October 2024 [2][3] - The introduction of generative AI models has enhanced customer acquisition tools, improving content generation, lead management, and violation detection capabilities, effectively boosting commercial outcomes [2][3] - The company has integrated various domestic large models like BigScience and Doubao for short video marketing effect analysis and sales office data analysis, significantly reducing costs and improving efficiency [2][3] Customer Base and Market Trends - Mingyuan Cloud's primary customers include real estate developers and related enterprises, with a shift from traditional sales models to marketing-driven approaches [4] - Customers measure the ROI of AI tools through exposure rates and lead conversion rates, with AI-generated video content achieving significant natural exposure and AI sales tools increasing lead conversion rates by over 50% [4][12] Competitive Advantage and Market Penetration - The company’s AI marketing products cover nearly 50% of sales offices nationwide, with nine out of the top ten real estate companies deploying its AI marketing tools [6] - Mingyuan Cloud sees substantial growth potential in the real estate sector, with only a few hundred projects currently utilizing its AI products out of nearly 20,000 available projects in China [7][17] Future Growth and Expansion Plans - The company has established direct sales teams in Southeast Asia and Japan, focusing on localized ERP systems and adapting to the management needs of developers in these regions [21][22] - In Japan, the focus is on providing marketing tools and CRM solutions to real estate agencies, capitalizing on the active second-hand property market [23] Financial Performance and Revenue Structure - Mingyuan Cloud's revenue is heavily reliant on state-owned enterprises, which account for 53% of total income, with the real estate marketing (CRM) segment contributing 60%-70% of total revenue [24] Industry Impact and Adaptation - The overall recovery cycle in the real estate industry affects different business lines differently, with marketing budgets likely to increase in response to policy stimuli that boost demand [19][20] Key Metrics and Cost Efficiency - The AI tools have demonstrated significant cost savings, with the AI Creative Factory allowing for the generation of numerous videos at a fraction of the cost compared to traditional paid promotions [12][13] - AI-driven contract reviews in real estate can reduce processing time from several days to two days, achieving an accuracy rate of 80%-90% [11][9] Conclusion - Mingyuan Cloud is positioned to leverage its technological advantages and extensive data assets to expand its market share in the real estate sector, with a strong focus on AI-driven solutions that enhance marketing efficiency and customer engagement [14][18]

Company and Industry Summary Industry Overview - The focus is on the AI application industry, particularly in marketing and customer service, which is seen as a significant application scenario for AI logic [1][2]. Company Insights - The company is actively exploring AI applications in marketing, leveraging its historical background in marketing-related services [1]. - The company has experienced a significant reduction in personnel from approximately 2,500 at the beginning of the year to around 1,800-1,900 by year-end, which has positively impacted cost control [5]. - The company is focusing on client and product concentration, targeting state-owned enterprises and leading private companies with strong payment capabilities [6]. Financial Performance - The real estate market is undergoing a deep adjustment, with investment and sales figures declining by approximately 10% to 20% [4]. - The company anticipates a significant reduction in losses for the year 2024, attributed to effective cost control measures [5]. Growth Opportunities - The company has identified two new growth points for 2024: overseas market expansion, particularly in Southeast Asia, and the development of AI-based marketing products [7]. - The company has secured approximately one million in orders from Southeast Asia, focusing on digital products for real estate development [8]. - The company has begun exploring AI large models and their integration with mainstream product lines, with a focus on data marketing and online short video marketing products [9]. Product Development - The company is developing AI-driven marketing tools, including digital sales agents and intelligent customer service solutions, to enhance lead conversion [9]. - The potential for AI products to achieve a price increase of up to 100% has been noted [10]. Market Trends - The real estate sector is expected to continue facing challenges, but there is a shift towards asset management and operational efficiency among state-owned enterprises [4]. - The company is adapting its product offerings to meet the evolving needs of clients in a changing market environment [6]. This summary encapsulates the key points from the conference call, highlighting the company's strategic focus, financial outlook, and growth opportunities within the AI and real estate sectors.

很荣幸邀请到了公司的投资责人肖总然后来为我们公司的一个近况然后和大家感兴趣的问题做一个解读那接下来的时间我们先交给肖总这边看看有什么需要先给大家介绍的然后之后我们的时间再开放给一些上网投资者进行QA肖总您好,能听到吗?好的呀可以听到,好,谢谢赵总让大家回顾一下我们 业务的一些基本的情况然后包括最新的一些进展也跟大家同步一下其实刚才您说到我们是第一产SaaS的龙头股其实从2022年开始我们就逐步的向整个不动产生态链去做转型那我们现在给自己的定位是不动产生态链的数字化解决方案的供应商 那么现在呢我们整个公司和新的业务有两部分组成一部分这个是本地化部署软件与服务还一部分就是云服务云服务里面呢又包含了我们的客户关系管理项目建设资产管理及运营以及天气怕的平台而他分别是面向这个开发商 的这个负责营销管理的这个需求然后还有说这个住宅开发商以及基建产业开发商的一个在项目建设过程当中的一个这个计划进一步成本质量安全的一个管理的这个呃建设管理的呃软件产品哎喂能听到吗哎可以听到可以听到先让您继续 等一下我的设备调整你好你好能听到吗听到好好好不好意思哦那我继续好 那么像我们这个资产管理和运营产品现在它面向主要是这个不动产的管理和运营 ...

明源零 股份代號 0909.HK MING YUAN CLOUD GROUP HOLDINGS LIMITED 明源雲集團控股有限公司 （於開曼群島註冊成立的有限公司） 2024 中期報告 深 耕 數 字 科 技 ·助 力 產 業 升 級 | --- | --- | |-------|------------------------| | | | | | 目錄 | | 2 | 公司資料 | | 4 | 財務摘要 | | 6 | 業務回顧及展望 | | 17 | 管理層討論及分析 | | 26 | 其他資料 | | | | | 43 | 中期財務資料的審閱報告 | | 44 | 中期簡明綜合全面收益表 | | 46 | 中期簡明綜合財務狀況表 | | 48 | 中期簡明綜合權益變動表 | | 50 | 中期簡明綜合現金流量表 | | 51 | 中期財務資料附註 | | 90 | 釋義 | | 94 | 技術詞彙 | 公司資料 | --- | --- | |-------------------------|----------------------------------------| | 董事會 | 註冊辦 ...

股 票 研 究 海 外 公 司 （ 中 国 香 港 ） 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 [table_Authors] 朱丽江(分析师) 010-83939785 zhulijiang@gtjas.com 登记编号 S0880523060002 本报告导读： 公司收入端仍有承压，内部收入结构有所改善，利润端亏损显著收窄，降本增效成 果显著，下游需求呈现改善趋势，AI 化有望带动业务超预期发展。 投资要点： [Table_Summary] 维持"增持"评级，维持目标价 3.23 元。维持盈利预测，预计 2024- 2026 年公司营收分别为 16.67、17.91、19.64 亿元，维持目标价 3.23 元，对应 2024 年 3.75 倍 PS，维持"增持"评级。 收入端仍有承压，利润端亏损显著收窄。2024 年上半年，公司实现 营收 7.27 亿元，同比小幅下降 5.73%，实现归母净利润-1.15 亿元， 亏损幅度同比收窄 64.32%，收入端仍有一定承压，利润端亏损显著 收窄，符合市场 ...

Investment Rating - The report maintains a "Buy" rating for Mingyuan Cloud with a target price of HKD 2.65 per share [1] Core Views - Mingyuan Cloud's 24H1 revenue decreased by 5.5% YoY to RMB 720 million, with a net loss of RMB 115 million and an adjusted net loss of RMB 17 million [1][2] - The company's gross margin improved by 0.4 percentage points YoY to 80.2% [2] - Cloud services revenue declined by 3.6% YoY to RMB 610 million, accounting for 88.5% of total revenue [1][2] - The company has a strong cash position with RMB 4.36 billion in cash and cash equivalents, and no bank financing [2] Business Segments Cloud Services - Customer Relationship Management (CRM) revenue decreased by 6.0% YoY to RMB 440 million, with a 9.1% decline in the number of sales offices [2] - Project Construction revenue increased by 4.9% YoY to RMB 60 million, driven by higher ARPU [3] - Asset Management & Operations revenue grew by 30.5% YoY to RMB 46 million, with a customer retention rate of 94% [3] - Tianji PaaS platform revenue decreased by 12.0% YoY to RMB 62 million, but the platform has been fully adapted for domestic use and integrated with AI capabilities [4] ERP Solutions - Localized deployment software and services revenue declined by 15.1% YoY to RMB 108 million, reflecting cautious IT spending by private residential developers [4] Strategic Initiatives - The company is focusing on deepening relationships with high-quality state-owned enterprise (SOE) clients and leveraging AI to upgrade products [5] - Mingyuan Cloud is expanding internationally, with initial breakthroughs in Southeast Asia and plans to establish local teams in Malaysia and Hong Kong [5] - The company is implementing cost-saving measures and improving operational efficiency [5] Financial Projections - Revenue for 2024-2026 is projected to be RMB 1.59 billion, RMB 1.593 billion, and RMB 1.629 billion, respectively [6] - Adjusted net profit is expected to turn positive in 2024 and continue to improve in 2025 and 2026 [6] - The company's gross margin is forecasted to increase as SaaS revenue grows, with further optimization of expense ratios [6] Valuation - The report values Mingyuan Cloud at 3x PS for 2024, based on comparable SaaS companies such as Adobe, Salesforce, Kingdee, and Glodon [6] - The target price of HKD 2.65 per share reflects the company's improving business structure and strong cash position [6]

Key Points - **Company's Net Profit for H1 2024**: The company reported a net profit of -115 million, a decrease of 64.5% compared to the same period last year. This improvement is primarily attributed to a decline in overall operating expenses and a significant reduction in share-based compensation expenses. After adjusting for share-based compensation, the adjusted net loss was -17 million, a decrease of 82.5% compared to the same period last year [1]. References - [1] 2024 H1 financial results discussion

Investment Rating - The report maintains a "Buy" rating for Mingyuan Cloud (0909.HK) [4] Core Views - The company reported a revenue of 720 million RMB for H1 2024, a year-on-year decrease of 5.5%, with a gross profit of 578 million RMB and a gross margin of 80.2%, which is an increase of 0.3 percentage points year-on-year [2] - The net loss narrowed by 64.5% to 115 million RMB, while the adjusted net loss decreased significantly by 82.5% to 17 million RMB, attributed to effective cost control measures [2] - The company plans to repurchase shares worth up to 500 million HKD to enhance market valuation and demonstrate confidence in its development [2] Summary by Sections Revenue Performance - Revenue from localized software and services was 108 million RMB, down 15.1% year-on-year, while cloud service revenue was 612 million RMB, down 3.6% [2] - Revenue from state-owned enterprise clients increased by 12.8% to 380 million RMB, accounting for a larger share of total revenue [2] Customer Segments - Customer relationship management revenue was 441 million RMB, a decrease of 6.0%, with cloud customer product revenue at 397 million RMB, down 6.6% [2] - The number of domestic sales offices equipped with cloud customer products decreased by 9.1% to 10,794, while the average revenue per customer increased by 2.8% to 36,800 RMB [2] Cost Management - Total expenses, excluding share-based payments, were 704 million RMB, down 13.6% year-on-year, with management, R&D, and sales expenses decreasing by 17.5%, 22.0%, and 6.5% respectively [2] - The company reduced its workforce by 24.7% to 2,202 employees, resulting in a semi-annual output per employee of 301,000 RMB, an increase of 22.9% year-on-year [2] Future Outlook - The company is focusing on AI-driven innovations in four areas: "AI + video marketing," "AI + 3D digitalization," "AI + smart hardware," and "AI + Tianji PaaS platform" to enhance competitiveness [2] - Revenue forecasts for 2024-2026 have been adjusted to 1.52 billion, 1.56 billion, and 1.60 billion RMB, reflecting a downward revision of 8%, 11%, and 13% respectively [2]

Key Points - **Company's Net Profit for H1 2024**: The company reported a net profit of -115 million, a decrease of 64.5% compared to the same period last year. [1] - **Reason for Profit Improvement**: The improvement was primarily driven by a decrease in overall corporate expenses. [1] - **Adjusted Net Loss**: After adjusting for stock-based compensation, the company's adjusted net loss narrowed significantly to -17 million, a decrease of 82.5% compared to the same period last year. [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 明源零 Ming Yuan Cloud Group Holdings Limited 明源雲集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：909） 截至二零二四年六月三十日止六個月 中期業績公告 及 所得款項用途變更 董事會謹此宣佈，本集團截至二零二四年六月三十日止六個月的未經審計簡明綜 合中期業績，連同截至二零二三年六月三十日止六個月的可比較數字如下： 財務摘要 | --- | --- | --- | --- | |----------------|------------------------|-------------------------------------------------------|--------------------| | 收入 | 二零二四年 \n720,106 | 二零二三年 （人民幣千元，另有指明者除外） \n762,340 | 同比變動 % \ ...