Summary of Ming Yuan Cloud (0909.HK) Conference Call Company Overview - **Company**: Ming Yuan Cloud (0909.HK) - **Industry**: Real Estate Software in China Key Financial Highlights - **1H25 Profit Alert**: Expected net profit between Rmb12.09 million to Rmb15.41 million, significantly better than previous estimates of Rmb141 million net loss and Rmb85 million loss consensus [1][6] - **Cost Control**: The positive profit is attributed to better-than-expected cost control measures [1] Forecast Changes - **Revenue Forecast**: 2025-27E revenue forecast remains largely unchanged [2] - **Adjusted Net Profit**: Increased by 107%/57%/46% for 2025-27E to reflect the above-expectation net profit [2] - **2025E Expectations**: Anticipated flat revenue with adjusted net profit of Rmb117 million [2] Valuation and Price Target - **Target Price**: Raised to HK$2.25 from HK$2.00 based on DCF valuation methodology [2] - **Current Price**: HK$3.53, indicating a downside potential of 36.3% [11] Investment Thesis - **Business Transition**: Ming Yuan Cloud is in the early stages of transitioning its business model amidst a challenging real estate market in China [7] - **Cash Position**: Strong net cash position of Rmb3.8 billion as of 1H24, with 71% held in USD/HKD offshore [7] - **Operational Efficiency**: Effective OPEX reduction leading to a positive net profit inflection expected in 2H24E [9] Risks and Considerations - **Upside Risks**: Faster recovery in the real estate sector, increased digitization demand, successful transition into new business initiatives, and improved market sentiment [10] - **Downside Risks**: Poor execution in cost reduction, weaker sales cycles, and slow share repurchase program execution [10] Financial Metrics - **Market Cap**: HK$6.5 billion / $829.4 million [11] - **Revenue Estimates**: Expected revenues for 2025E at Rmb1,434.8 million [11] - **EBITDA**: Projected negative EBITDA for 2024, turning positive in subsequent years [11] Conclusion - **Rating**: Neutral on Ming Yuan Cloud, with a cautious outlook given the current market conditions and the company's transition phase [9][10]

Core Viewpoint - Mingyuan Cloud (00909) has announced a positive earnings forecast, expecting a net profit attributable to shareholders between RMB 12.09 million and RMB 15.41 million for the six months ending June 30, 2025, compared to a net loss of approximately RMB 115 million in the same period last year [1] Group 1: Financial Performance - The company anticipates a turnaround from loss to profit, primarily due to the optimization of its existing product line and customer structure [1] - The expected profit range indicates a significant improvement in financial health, showcasing a strategic shift in operations [1] Group 2: Operational Efficiency - The focus on core products and key customers has led to a reduction in development, sales, and operational costs [1] - The implementation of AI technology has significantly enhanced operational efficiency, resulting in a substantial year-on-year increase in output per employee [1] Group 3: Currency Impact - The report period experienced an increase in foreign exchange gains due to the appreciation of the US dollar against the Hong Kong dollar [1]

Group 1 - The core viewpoint of the article highlights the significant stock performance of Mingyuan Cloud, which saw a 5.38% increase, reaching a price of 3.72 yuan per share with a trading volume of 1.16 billion yuan [1] - Mingyuan Cloud Group Holdings Limited is a service provider offering digital solutions for the real estate ecosystem, with a focus 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 - As of the 2024 annual report, Mingyuan Cloud reported total operating revenue of 1.435 billion yuan and a net profit of -190 million yuan [2]

明源云(00909)午后一度涨超9%，截至发稿，涨7.08%，报3.78港元，成交额2.05亿港元。 消息面上，明源云日前发盈喜，预期于截至2025年6月30日止六个月将取得于约人民币1209万元至人民 币1541万元之间的股东应占利润净额，去年同期则取得股东应占亏损净额约人民币1.15亿元。预期扭亏 为盈主要归因于公司积极优化其现有产品线及客户结构，聚焦核心产品与重点客户，以此削减对应的开 发、销售、运营成本；通过AI技术赋能进一步提升经营效率，人均产出同比大幅提升；及报告期内受 美元兑港币升值影响导致的外汇收益增加。 ...

本文源自财华网 【财华社讯】明源云(00909.HK)公布，预期截至2025年6月30日止六个月将录得介乎于约人民币1209万 元至人民币1541万元之间的股东应占利润净额，相比2024年同期则录得股东应占亏损净额约人民币1.15 亿元。预期扭亏为盈主要原因为积极优化其现有产品线及客户结构，聚焦核心产品与重点客户，以此削 减对应的开发、销售、运营成本；通过AI技术赋能进一步提升经营效率，人均产出同比大幅提升；及 报告期內受美元兑港币升值影响导致的外汇收益增加。 ...

公告称，预期扭亏为盈的主要原因为：(i)公司积极优化其现有产品线及客户结构，聚焦核心产品与重点 客户，以此削减对应的开发、销售、运营成本;(ii)公司通过AI技术赋能进一步提升经营效率，人均产出 同比大幅提升;及(iii)报告期内受美元兑港币升值影响导致的外汇收益增加。 明源云(00909)发布公告，集团预期于截至2025年6月30日止六个月将取得于约人民币1209万元至人民币 1541万元之间的股东应占利润净额。相比之下，集团于去年同期取得股东应占亏损净额约人民币1.15亿 元。 ...

Core Viewpoint - Mingyuan Cloud (00909) is expected to achieve a net profit attributable to shareholders ranging from approximately RMB 12.09 million to RMB 15.41 million for the six months ending June 30, 2025, marking a turnaround from a net loss of approximately RMB 115 million in the same period last year [1] Group 1 - The anticipated turnaround to profitability is primarily due to the company's active optimization of its existing product line and customer structure, focusing on core products and key customers to reduce corresponding development, sales, and operational costs [1] - The company has enhanced operational efficiency through AI technology, significantly increasing output per employee year-on-year [1] - The reporting period also benefited from increased foreign exchange gains due to the appreciation of the US dollar against the Hong Kong dollar [1]

本公告乃由明源雲集團控股有限公司（「本公司」，連同其附屬公司及併表聯屬實 體，統稱「本集團」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第 13.09(2)(a)條及香港法例第571章證券及期貨條例第XIVA部的內幕消息條文（定義 見上市規則）作出。 本公司董事（「董事」）會（「董事會」）謹此通知本公司股東（「股東」）及潛在投資 者，根據對本集團截至二零二五年六月三十日止六個月（「報告期」）之未經審核綜 合管理賬目作出之初步審閱及分析以及董事會目前所得資料，本集團預期於報告 期將錄得介乎於約人民幣12.09百萬元至人民幣15.41百萬元之間的股東應佔利潤 淨額。相比之下，本集團於去年同期錄得股東應佔虧損淨額約人民幣115.37百萬 元。 預期扭虧為盈之主要原因為： 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。 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 ...

格隆汇8月6日丨明源云(00909.HK)发布公告，2025年8月6日，公司注销918.2万股回购的股份。 ...

智通财经APP讯，明源云(00909)发布公告，于2025年8月6日注销已回购股份合共918.2万股。 ...