Core Viewpoint - Mingyuan Cloud (00909) reported a decline in revenue and gross profit for the first half of 2025, but achieved profitability in net income, indicating a potential recovery path despite current challenges [1] Financial Performance - Revenue for the first half of 2025 was approximately 606 million yuan, a year-on-year decrease of 15.9% [1] - Gross profit was about 486 million yuan, also down 15.9% year-on-year [1] - Net profit for the period was 13.748 million yuan, marking a turnaround from a loss [1] - Adjusted net profit reached 33.119 million yuan, indicating a return to profitability [1] Business Segments - Cloud service revenue was approximately 525 million yuan, a year-on-year decline of 14.3%, accounting for 86.6% of total revenue (up from 85.0% in the same period of 2024) [1] - The decline in cloud services was attributed to changes in the macro market environment and a decrease in historical contract signings affecting deferred revenue [1] - Revenue from localized deployment software and services was 81.1 million yuan, down 24.8% year-on-year [1] - Revenue from existing customers for product support and value-added services remained stable, but new customer acquisition in the residential market was limited [1] Growth Outlook - Despite the revenue decline, there has been an improvement in revenue structure, with contributions from AI and overseas products [1] - The Chinese residential market is showing signs of stabilization, and the company plans to focus on AI innovation and expanding into overseas markets to drive sustainable growth and profitability [1]

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） 明源雲集團控股有限公司 （「公司」） 提名委員會職權範圍 1 定義 1. 就本職權範圍（「職權範圍」）而言： 董事會指公司之董事會。 首席財務官指董事會不時委任負責管理財務之公司高級行政人員。 公司秘書指公司之公司秘書或任一聯席公司秘書。 董事指董事會成員。 本集團指公司及其不時的附屬公司和併表聯屬實體；或若文義另有所指，於 公司成為其現時附屬公司和併表聯屬實體之控股公司前之期間，則指有關附 屬公司和併表聯屬實體（猶如其於相關時間已為本公司的附屬公司和併表聯 屬實體）。 上市規則指《香港聯合交易所有限公司證券上市規則》（經不時修訂）。 提名委員會指董事會根據本職權範圍第2條通過之決議而設立之提名委員會。 高級管理層指主席、副總裁、行政總裁、首席財務官及董事會不時決定出任 公司高級管理層之本集團任何其他行政人員；公司之其他管理人員而其薪酬 待遇或建議薪酬待遇比其他由董事會委任的人員較為優厚；及其他由公司的 薪酬委員會視為高級管理層的人士。 股東指公司之股東 ...

Financial Performance - Revenue for the six months ended June 30, 2025, reached RMB 605.8 million, a decrease of 15.9% year-on-year[4] - Adjusted net profit for the same period was RMB 33.1 million, compared to a loss of RMB 17.0 million in the previous year, marking a turnaround from loss to profit[5] - Operating loss improved to RMB 65.6 million, a reduction of 68.8% compared to the previous year's loss of RMB 210.4 million[4] - Net cash outflow from operating activities was approximately RMB 42.8 million, a decrease of 74.0% year-on-year[6] - Total revenue for the six months ended June 30 was RMB 605.8 million, a decrease of 15.9% compared to RMB 720.1 million in the same period last year[35] - Gross profit for the period was RMB 486.0 million, a decrease of 15.9%, with a stable gross margin of 80.2%[38] - The company recorded a profit before tax of RMB 9.6 million, compared to a loss of RMB 116.3 million in the same period last year[48] - Net profit for the period was approximately RMB 13.7 million, a turnaround from a loss of RMB 115.4 million in the previous year[50] - The net profit for the period is RMB 13,748,000, compared to a loss of RMB 115,369,000 in the previous year, representing a significant improvement of 111.9%[54] - Adjusted net profit for the period is RMB 33,119,000, a turnaround from a loss of RMB 16,962,000, reflecting a change of 295.3%[54] Market Overview - The Chinese real estate market saw a total sales area of 458.51 million square meters in the first half of 2025, down 3.5% year-on-year, with total sales value at RMB 442.41 billion, a decline of 5.5%[7] - The global real estate technology market is projected to grow from USD 36.55 billion in 2024 to USD 88.37 billion by 2032, with a compound annual growth rate of 11.9%[11] Product and Service Performance - Cloud services revenue for the first half of 2025 was RMB 524.7 million, a year-on-year decrease of 14.3% from RMB 612.2 million in the same period of 2024, accounting for 86.6% of total revenue[17] - Customer relationship management product line generated total revenue of RMB 383.4 million, down 13.1% year-on-year from RMB 441.3 million, with the cloud customer product contributing RMB 376.7 million, a decrease of 5.1%[19] - Project construction product line recorded total revenue of RMB 46.6 million, a year-on-year decline of 25.5% from RMB 62.5 million, with the number of construction sites equipped with the product decreasing by 28.0% to 5,264[21] - Asset management and operation product line achieved revenue of RMB 47.2 million, a year-on-year increase of 2.0% from RMB 46.3 million, with a customer account retention rate of 90%[23] - The Tianji PaaS platform generated total revenue of RMB 47.5 million, down 23.5% year-on-year from RMB 62.1 million, with approximately 1,200 existing cooperative clients[24] - In the first half of 2025, revenue from localized software and services was RMB 81.1 million, a year-on-year decrease of 24.8% compared to RMB 107.9 million in the same period of 2024[25] Strategic Initiatives - The company aims to support residential developers in creating "good houses" through digital capabilities as part of the national strategy[8] - The company plans to leverage its accumulated technical capabilities in real estate digitization to expand into more overseas markets[12] - AI integration into the real estate management business is expected to enhance operational efficiency and decision-making processes[13] - The company has launched multiple AI applications aimed at the real estate marketing sector, establishing a strong product barrier[14] - The company plans to focus on core products and key customers in the domestic market to enhance profitability, while limiting high-risk project contracts[30] - The company aims to accelerate its global market presence by entering the Middle East and European markets, alongside strengthening its foothold in Japan, Southeast Asia, and Hong Kong[31] - The company will prioritize AI and SaaS product innovation, integrating AI technology into existing offerings to enhance customer acquisition and sales conversion rates[32] - The company is committed to optimizing resource allocation and talent management to improve operational efficiency and reduce costs through AI tools[33] Cost Management - Sales and marketing expenses for the first half of 2025 were approximately RMB 317.2 million, a decrease of 22.2% from RMB 407.8 million in the same period of 2024[28] - Research and development expenses were approximately RMB 204.7 million, down 19.4% from RMB 254.1 million in the same period of 2024[28] - Employee benefit expenses for the six months ended June 30, 2025, were RMB 382,781 thousand, a decrease of 22.6% from RMB 494,595 thousand in 2024[86] Corporate Governance - The audit committee, consisting of three independent non-executive directors, has reviewed the company's accounting principles and internal controls, ensuring compliance with applicable accounting standards and regulations[108] - The independent auditor, Ernst & Young, reviewed the interim financial information for the six months ending June 30, 2025, confirming its adherence to international review standards[109] Employee Management - As of June 30, 2025, the company had 1,604 employees, a decrease of 16.1% from 1,912 employees as of December 31, 2024[106] - The company provides competitive salaries, bonuses, and share-based compensation to employees, particularly key personnel[106] - The company plans to continue granting share-based incentive awards to motivate employees to contribute to its growth and development[106]

消息面上，明源云拟于8月26日举行董事会会议批准中期业绩。公司此前发布盈喜，预计上半年股东应 占利润净额约1209万元至1541万元人民币，去年同期亏损1.15亿元。高盛认为，明源云上半年盈利表现 超出预期，主要源于成本控制较理想。 明源云(00909)午后涨超6%，截至发稿，涨6.68%，报4.31港元，成交额1.3亿港元。 此外，明源云近日宣布拟收购ASIOT株式会社100%股权，目标公司是一家专为日本不动产行业提供人 工智能(AI)及物联网(IOT)解决方案的服务商，现金代价7亿日元。光大证券此前指出，25年2月，明源 云正式对外宣布已接入DeepSeek大模型，DeepSeek大模型已深度融入公司的AI数字营销全系产品中， 目前已在地产、家居、汽车三大行业的2500多个项目中成功应用落地，日均推理用量高达12万+。预计 预计上半年公司AI产品签约金额约3000万元，25年签约金额有望达6000万元。 ...

Core Viewpoint - Mingyuan Cloud (00909) experienced a decline of 3.57% in stock price, trading at 4.32 yuan per share with a transaction volume of 300 million yuan as of 15:56 on August 19 [1] Group 1: Company Overview - Mingyuan Cloud Group Holdings Limited is a service provider offering digital solutions for the real estate ecosystem, focusing on various SaaS products and solutions including digital operations, marketing, engineering, asset management, supply chain, property management, and commercial services [1] - The company has provided digital products and services to over 7,000 real estate development and operation enterprises, as well as comprehensive digital solutions to more than 1,000 state-owned enterprises, aiding in their digital transformation and high-quality development [1] Group 2: Financial Performance - As of the 2024 annual report, Mingyuan Cloud reported total revenue of 1.435 billion yuan and a net loss of 190 million yuan [2]

截至2024年年报，明源云营业总收入14.35亿元、净利润-1.9亿元。 本文源自：金融界 8月18日，明源云(00909)盘中上涨20.32%，截至13:13，报4.5元/股，成交2.72亿元。 明源云集团控股有限公司是一家提供不动产生态链数字化解决方案的服务商，主要业务包括数字经营、 数字营销、数字工程、数字资管、数字供应链、数字物业和数字商业等SaaS产品和解决方案，目前已为 超过7000家不动产开发、运营企业提供了数字化产品与服务。同时，也为1000多家国资国企提供全价值 链的数字化解决方案，助力企业进行数字化转型和高质量发展。 作者：行情君 ...

Core Viewpoint - Mingyuan Cloud (00909) experienced a significant stock price increase of approximately 14.17%, reaching HKD 4.27, with a trading volume of HKD 197.5 million, following the announcement of a positive earnings forecast for the first half of the year [1] Financial Performance - The company anticipates a net profit attributable to shareholders of approximately RMB 12.09 million to RMB 15.41 million for the first half of the year, a notable recovery from a loss of RMB 115 million in the same period last year [1] - Goldman Sachs views Mingyuan Cloud's earnings performance as exceeding expectations, primarily due to effective cost control measures [1] Analyst Rating - Based on a discounted cash flow valuation method, Goldman Sachs has raised the target price for Mingyuan Cloud from HKD 2.00 to HKD 2.25 while maintaining a "Neutral" rating [1]

明源云(00909)再涨近15%，截至发稿，涨13.37%，报4.24港元，成交额1.91亿港元。 此外，明源云近日公布，开拓日本市场，向独立第三方收购ASIOT株式会社100%股权。目标公司是一 家专为日本不动产行业提供人工智能(AI)及物联网(IOT)解决方案的服务商，现金代价7亿日元。收购完 成后，公司与目标公司将在产品、运营和技术等方面进行资源共享，实现业务快速协同发展。 消息面上，明源云拟于8月26日举行董事会会议批准中期业绩。公司此前发布盈喜，预计上半年股东应 占利润净额约1209万元至1541万元人民币，去年同期亏损1.15亿元。高盛认为，明源云上半年盈利表现 超出预期，主要源于成本控制较理想；基于现金流折现估值法，高盛将明源云的目标价从2港元上调至 2.25港元，维持"中性"评级。 ...

Core Viewpoint - Mingyuan Cloud (00909) has seen a significant stock price increase of nearly 15%, currently trading at 4.24 HKD, with a transaction volume of 191 million HKD, following the announcement of its mid-term performance meeting on August 26 [1] Financial Performance - The company has issued a profit warning, expecting a net profit attributable to shareholders of approximately 12.09 million to 15.41 million RMB for the first half of the year, compared to a loss of 115 million RMB in the same period last year [1] - Goldman Sachs believes that Mingyuan Cloud's half-year earnings performance exceeded expectations, primarily due to effective cost control [1] - Based on discounted cash flow valuation, Goldman Sachs has raised the target price for Mingyuan Cloud from 2 HKD to 2.25 HKD, maintaining a "Neutral" rating [1] Strategic Expansion - Mingyuan Cloud has announced its entry into the Japanese market by acquiring 100% of ASIOT Corporation, a company providing AI and IoT solutions specifically for the Japanese real estate industry, for a cash consideration of 700 million JPY [1] - Post-acquisition, the company and ASIOT will share resources in products, operations, and technology to achieve rapid business synergy [1]

作者：行情君 截至2024年年报，明源云营业总收入14.35亿元、净利润-1.9亿元。 本文源自：金融界 8月18日，明源云(00909)盘中上涨10.16%，截至10:10，报4.12元/股，成交6851.41万元。 明源云集团控股有限公司是一家提供不动产生态链数字化解决方案的服务商，主要业务包括数字经营、 数字营销、数字工程、数字资管、数字供应链、数字物业和数字商业等SaaS产品和解决方案，目前已为 超过7000家不动产开发、运营企业提供了数字化产品与服务。同时，也为1000多家国资国企提供全价值 链的数字化解决方案，助力企业进行数字化转型和高质量发展。 ...