Core Viewpoint - Goldman Sachs has downgraded Mingyuan Cloud's revenue forecasts for 2025 to 2027 by 9% to 12% due to disappointing mid-term performance and ongoing pressures in the Chinese real estate sector, while anticipating recovery in revenue growth from overseas business and AI initiatives in the medium term [1] Company Performance - Mingyuan Cloud's mid-year performance was below expectations, with a 16% year-on-year decline in revenue, which was worse than both Goldman Sachs' and market forecasts of a 10% decline [1] - Core cloud service revenue fell by 14%, and most cloud business revenues did not meet expectations [1] - Despite the underperformance, the company recorded adjusted net profit for the first time since 2022, amounting to 33 million RMB [1] Cost Management and Profitability - The company has terminated loss-making product lines and implemented effective cost control measures, resulting in a gross margin that exceeded Goldman Sachs' expectations [1] - Adjusted operating expenses decreased by 20% year-on-year, contributing to the adjusted net profit [1] Future Outlook - Goldman Sachs raised the adjusted net profit margin forecast for 2027 by 1.6 percentage points, and increased the target price from HKD 2.25 to HKD 2.55, while maintaining a "Neutral" rating [1]

Core Viewpoint - Goldman Sachs has downgraded Mingyuan Cloud's revenue forecasts for 2025 to 2027 by 9% to 12% due to disappointing mid-term performance and ongoing pressures in the Chinese real estate sector, while maintaining a "Neutral" rating and raising the target price from HKD 2.25 to HKD 2.55 [1] Group 1: Company Performance - Mingyuan Cloud's mid-year performance was below expectations, with a year-on-year revenue decline of 16%, which was worse than both Goldman Sachs' and market forecasts of a 10% decline [1] - Core cloud service revenue fell by 14%, and most cloud business revenues did not meet expectations [1] - Despite the disappointing revenue, the company recorded adjusted net profit for the first time since 2022, amounting to RMB 33 million, aided by effective cost control and the termination of loss-making product lines [1] Group 2: Financial Adjustments - Goldman Sachs has increased the adjusted net profit margin forecast for Mingyuan Cloud in 2027 by 1.6 percentage points due to efficiency improvements from artificial intelligence [1] - Adjusted operating expenses decreased by 20% year-on-year, contributing to the higher-than-expected gross margin [1]

Core Insights - The report from Goldman Sachs indicates that Mingyuan Cloud's performance in the first half of the year fell short of expectations, but the company achieved adjusted net profit for the first time since 2022 [1] Financial Performance - Revenue decreased by 16% year-on-year, which was below both Goldman Sachs' and market forecasts [1] - Core cloud service revenue declined by 14%, with most cloud business revenues also not meeting expectations [1] - The company ceased operations of loss-making product lines and implemented effective cost control measures, resulting in a gross margin that exceeded expectations [1] - Adjusted operating expenses decreased by 20% year-on-year, leading to an adjusted net profit of 33 million yuan [1] Analyst Adjustments - Goldman Sachs raised the company's adjusted net profit margin forecast for 2027 by 1.6 percentage points [1] - The target price for the company was increased from HKD 2.25 to HKD 2.55, while maintaining a "Neutral" rating [1]

Core Insights - Goldman Sachs reports that Mingyuan Cloud's performance in the first half of the year fell short of expectations, but it recorded adjusted net profit for the first time since 2022 [1] Financial Performance - Revenue decreased by 16% year-on-year, which was below Goldman Sachs and market forecasts of a 10% decline [1] - Core cloud service revenue dropped by 14%, with most cloud business revenues underperforming expectations [1] - The company terminated loss-making product lines and implemented effective cost control, leading to a gross margin that exceeded Goldman Sachs' expectations [1] - Adjusted operating expenses decreased by 20% year-on-year, resulting in an adjusted net profit of 33 million yuan [1] Future Projections - Goldman Sachs has lowered revenue forecasts for the company from 2025 to 2027 by 9% to 12% [1] - The firm anticipates that overseas business and artificial intelligence initiatives could restore revenue growth in the medium term [1] - Benefiting from improved efficiency through artificial intelligence, Goldman Sachs raised the company's adjusted net profit margin forecast for 2027 by 1.6 percentage points [1] - The target price for the company has been increased from 2.25 HKD to 2.55 HKD, while maintaining a "neutral" rating [1]

Core Viewpoint - Mingyuan Cloud's revenue for the first half of 2025 fell short of expectations, declining by 15.9% year-on-year to 610 million yuan, primarily due to headwinds in the real estate industry; however, adjusted net profit reached 33.12 million yuan, marking a turnaround from a loss of 16.96 million yuan in the same period last year, benefiting from effective cost control [1][2] Industry Trends - The ongoing headwinds in the industry continue to impact performance, with a decrease in short-term contracts leading to revenue pressure across various business lines; cloud service revenue dropped by 14.3% to 520 million yuan, with specific declines in customer relationship management, project construction, and PaaS platform revenues [1] - The company anticipates a narrowing of revenue decline in the second half of 2025 as the industry stabilizes and the effects of business focus become more apparent [1] Growth Drivers - AI and overseas markets are emerging as significant growth drivers; in the first half of 2025, the company achieved a signing amount of 32 million yuan for its AI products, surpassing the total for the previous year, and has covered approximately 2,000 real estate projects [1] - The company also reported a signing amount of about 15 million yuan in overseas markets and completed the acquisition of ASIOT Co., Ltd. in Japan, with expectations of reaching 50 million yuan in overseas product signing amounts for the entire year [1] Cost Reduction and Efficiency - The company has made significant progress in cost reduction and efficiency improvement, with overall expenses (excluding share-based payments) decreasing by 20% to 560 million yuan; management, R&D, and marketing expenses saw declines of 5%, 21%, and 22% respectively [2] - The adjusted net profit of 33.12 million yuan reflects successful cost control measures, while operating cash flow net outflow narrowed by 74% year-on-year [2] Profit Forecast and Valuation - Due to industry headwinds, revenue forecasts for 2025 and 2026 have been lowered by 18.0% and 17.6% to 1.27 billion yuan; however, adjusted net profit forecasts have been revised upward to 68.10 million yuan and 87.05 million yuan for the same years due to effective cost management [2] - The company maintains an outperform rating and a target price of 3.5 HKD, based on a 5x price-to-sales ratio for 2025 [2]

Core Viewpoint - Mingyuan Cloud (00909) announced a share buyback plan, intending to repurchase 277,000 shares for a total cost of HKD 983,000 [1] Group 1 - The company plans to execute the buyback on September 3, 2025 [1] - The total amount allocated for the buyback is HKD 983,000 [1] - The number of shares to be repurchased is 277,000 [1]

Group 1 - The company Mingyuan Cloud (00909) announced a share buyback plan, intending to repurchase 277,000 shares at a cost of HKD 983,000 [1]

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 | | | ...

Core Viewpoint - The company has adjusted its revenue forecasts for 2025 and 2026 downwards by 18.0% and 17.6% to 1.27 billion yuan each, while increasing its adjusted net profit forecasts for the same years to 68.1 million yuan and 87.05 million yuan due to effective cost control [1] Group 1: Financial Performance - In the first half of 2025, the company's revenue decreased by 15.9% year-on-year to 610 million yuan, which was below expectations, primarily due to headwinds in the real estate industry [2] - The adjusted net profit for the first half of 2025 was 33.12 million yuan, marking a turnaround from a loss of 16.96 million yuan in the same period last year, with an adjusted net profit margin of 5.5% [2] - The company’s overall expenses decreased by 20% year-on-year to 560 million yuan, contributing to the improved profitability [5] Group 2: Industry Challenges - The company faced revenue pressure in various business lines due to the downturn in the domestic residential market and optimization of certain product lines, leading to a decline in short-term contracts [3] - The cloud service revenue fell by 14.3% year-on-year to 520 million yuan, with specific segments like customer relationship management and project construction experiencing significant declines [3] Group 3: Growth Drivers - The company has made significant progress in the AI sector, with AI product contracts amounting to 32 million yuan in the first half of 2025, surpassing the total for the previous year [4] - In the overseas market, the company achieved approximately 15 million yuan in contract value and completed the acquisition of a Japanese real estate technology company, establishing localized teams in Japan, Hong Kong, and Southeast Asia [4] Group 4: Cost Control and Efficiency - The company has successfully implemented cost reduction and efficiency improvement measures, resulting in a 14.6% increase in per capita output value to 345,000 yuan [5] - The operating cash flow net outflow narrowed by 74% year-on-year, indicating improved cash flow management [5]