明源云(00909)发布公告，于2025年9月23日斥资98.3万港元回购27.8万股。 ...

格隆汇9月23日丨明源云(00909.HK)发布公告，2025年9月23日耗资98.31万港元回购27.8万股，回购价格 每股3.49-3.56港元。 ...

智通财经APP讯，明源云(00909)发布公告，于2025年9月23日斥资98.3万港元回购27.8万股。 ...

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 呈交日期： 2025年9月23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 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫 ...

Core Viewpoint - The report from Zhongtai Securities maintains an "overweight" rating for Mingyuan Cloud, forecasting revenue and net profit for 2025-2027, while highlighting the company's resilience in the face of a declining real estate market [1] Revenue Performance - In H1 2025, the company reported a revenue of 606 million yuan, a year-on-year decrease of 15.9%, primarily due to the ongoing downturn in the downstream real estate and construction sectors [1] - The customer relationship management product line generated 383 million yuan in revenue, down 13.1% year-on-year, with the main product, Cloud Customer, achieving 377 million yuan, a decline of 5.1%, indicating some resilience [1] - The company increased its investment in AI-related products, with the Cloud Customer AI product signing contracts worth approximately 32 million yuan in H1 2025, surpassing the total for the entire year of 2024 [1] Cost Management and Profitability - The company has implemented lean operations to reduce costs and improve efficiency, particularly through the use of AI tools in customer service and R&D [2] - In H1 2025, sales, management, and R&D expenses were 317 million, 61 million, and 205 million yuan, respectively, showing year-on-year decreases of 22.2%, 56.5%, and 19.4% [2] - These efforts led to a net profit of 13.75 million yuan in H1 2025, with an adjusted net profit of 33.12 million yuan, marking a turnaround from losses [2] Business Outlook - For H2 2025, the company plans to focus on core products and key clients in the domestic market to enhance profitability, while reducing reliance on residential developers [3] - The company aims to increase investment in overseas markets, particularly in the Middle East and Europe, and establish localized teams to accelerate internationalization [3] - There will be a push for innovation in AI and SaaS products, with a focus on integrating AI technology into real estate business scenarios and exploring usage-based business models [3] - The company will continue to optimize resource allocation and talent management to enhance operational efficiency [3]

Core Viewpoint - The report from Zhongtai Securities maintains a "buy" rating for Mingyuan Cloud (00909), forecasting revenue for 2025-2027 to be 1.318 billion, 1.271 billion, and 1.266 billion yuan respectively, with net profit attributable to the parent company at 18 million, 30 million, and 44 million yuan respectively [1] Revenue Performance - In H1 2025, the company achieved revenue of 606 million yuan, a year-on-year decline of 15.9%, primarily due to the ongoing downturn in the downstream real estate and construction industries [1] - The customer relationship management product line generated revenue of 383 million yuan in H1 2025, down 13.1% year-on-year, with the main product, Cloud Customer, achieving revenue of 377 million yuan, a smaller decline of 5.1% [1] - The average customer unit price for Cloud Customer in H1 2025 was 37,700 yuan per unit, reflecting a 2.4% increase year-on-year, driven by increased procurement of AI-related products [1] Cost Control and Profitability - The company has implemented lean operations to reduce costs and improve efficiency, particularly through the use of AI tools in customer service and R&D [2] - In H1 2025, sales, management, and R&D expenses were 317 million, 61 million, and 205 million yuan respectively, showing year-on-year decreases of 22.2%, 56.5%, and 19.4% [2] - The effective control of expenses and improved operational efficiency led to a net profit attributable to the parent company of 13.75 million yuan in H1 2025, with adjusted net profit at 33.12 million yuan, both reflecting a turnaround from losses [2] Business Outlook - For H2 2025, the company plans to focus on core products and key clients in the domestic market to enhance profitability, while reducing reliance on residential developers [3] - The company aims to increase investment in overseas markets, particularly in the Middle East and Europe, and establish localized teams to accelerate international expansion [3] - The strategy includes accelerating AI and SaaS product innovation, prioritizing the integration of AI technology with real estate business scenarios, and exploring usage-based business models [3] - The company will continue to optimize resource and talent allocation to enhance operational efficiency, applying AI tools across all functions [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company achieved positive profitability in the first half of 2025, driven by AI-enabled enhancements that increased the average transaction value of its cloud products [3] - Despite a 15.9% year-on-year decline in revenue due to the ongoing downturn in the real estate sector, the company managed to turn around its net profit to 13.75 million yuan in 25H1, with adjusted net profit reaching 33.12 million yuan [3] - The company is focusing on cost control and operational efficiency, which has led to a significant reduction in expenses across sales, management, and R&D [3] Financial Performance Summary - Revenue for 2023 is projected at 1.657 billion yuan, with a decline expected in the following years: 1.435 billion yuan in 2024, 1.318 billion yuan in 2025, 1.271 billion yuan in 2026, and 1.266 billion yuan in 2027 [2] - The company forecasts a return to profitability with net profits of 18 million yuan in 2025, 30 million yuan in 2026, and 44 million yuan in 2027 [2] - The average transaction price for the company's cloud product, Yunke, increased by 2.4% year-on-year to 37,700 yuan per unit in 25H1, reflecting resilience amid overall revenue decline [3] Business Outlook - The company plans to focus on core products and key clients in the domestic market to enhance profitability, while also increasing investments in AI products and expanding into overseas markets [3] - The strategy includes optimizing resource allocation and enhancing operational efficiency through the application of AI tools across various functions [3]

[Company Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section provides an overview of the company's governance structure, registered and operating locations, and key professional advisors [Board of Directors and Committees](index=3&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%8F%8A%E5%A7%94%E5%93%A1%E6%9C%83) The company's board of directors comprises executive, non-executive, and independent non-executive directors, with established audit, remuneration, and nomination committees to ensure sound corporate governance - The board members include executive directors Mr. Gao Yu (Chairman), Mr. Jiang Haiyang (CEO), Mr. Chen Xiaohui (Vice President), non-executive director Mr. Liang Guozhi, and independent non-executive directors Mr. Li Hanhui, Mr. Zhao Liang, and Ms. Wen Hongmei[6](index=6&type=chunk) - Audit, remuneration, and nomination committees have been established, each chaired by an independent non-executive director to strengthen corporate governance[6](index=6&type=chunk) [Registered and Operating Locations](index=3&type=section&id=%E8%A8%BB%E5%86%8A%E5%8F%8A%E7%87%9F%E9%81%8B%E5%9C%B0%E9%BB%9E) The company is registered in the Cayman Islands, with its headquarters and main operating location in Nanshan District, Shenzhen, and its principal place of business in Hong Kong at Times Square, Causeway Bay - The registered office is located at Cricket Square, Cayman Islands, with headquarters and principal operating location in China at Gemdale Viseen Center, Nanshan District, Shenzhen[6](index=6&type=chunk) - The principal place of business in Hong Kong is located at 31/F, Tower Two, Times Square, 1 Matheson Street, Causeway Bay[6](index=6&type=chunk) [Professional Advisors and Partners](index=4&type=section&id=%E5%B0%88%E6%A5%AD%E9%A1%A7%E5%95%8F%E5%8F%8A%E5%90%88%E4%BD%9C%E5%A4%A5%E4%BC%B4) The company engages Ernst & Young as its independent auditor, Davis Polk & Wardwell as its Hong Kong legal counsel, and collaborates with major banks including China Merchants Bank and Bank of China (Hong Kong) - The independent auditor is Ernst & Young, and the Hong Kong legal counsel is Davis Polk & Wardwell[8](index=8&type=chunk) - Key banking partners include China Merchants Bank Co., Ltd. Shenzhen Hi-Tech Park Innovation Sub-branch and Bank of China (Hong Kong) Limited[8](index=8&type=chunk) - The company's stock code is **909**, and its official website is www.mingyuanyun.com[8](index=8&type=chunk) [Financial Highlights](index=6&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) This section summarizes the company's key financial performance and position, highlighting revenue trends, profitability, and liquidity [Summary of Interim Condensed Consolidated Statement of Comprehensive Income](index=5&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8%E6%91%98%E8%A6%81) For the six months ended June 30, 2025, the company's revenue decreased by **15.9%** year-on-year to **RMB 605.8 million**, while operating loss significantly narrowed by **68.8%**, achieving an adjusted net profit of **RMB 33.1 million** from a loss Key Financial Data for the Six Months Ended June 30 (RMB Thousand) | Metric | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 605,807 | 720,106 | (15.9) | | Gross Profit | 486,023 | 577,696 | (15.9) | | Operating Loss | (65,580) | (210,434) | (68.8) | | Profit/(Loss) Before Income Tax | 9,622 | (116,287) | (108.3) | | Profit/(Loss) for the Period | 13,748 | (115,369) | (111.9) | | Adjusted Net Profit/(Loss) | 33,119 | (16,962) | (295.3) | - Net cash outflow from operating activities was approximately **RMB 42.8 million**, a **74.0% year-on-year reduction** in net outflow, indicating significant improvement in cash flow[14](index=14&type=chunk) [Summary of Interim Condensed Consolidated Statement of Financial Position](index=6&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8%E6%91%98%E8%A6%81) As of June 30, 2025, the company's total assets slightly decreased, while current liabilities increased, leading to a decrease in the current ratio from **6.01** at the end of 2024 to **5.54** Key Financial Position Data as of June 30 (RMB Thousand) | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total Assets | 5,311,561 | 5,448,492 | | Total Liabilities | 810,778 | 745,606 | | Total Equity | 4,500,783 | 4,702,886 | | Current Assets | 4,253,254 | 4,113,632 | | Current Liabilities | 767,271 | 684,643 | - The current ratio decreased from **6.01** as of December 31, 2024, to **5.54** as of June 30, 2025, but remains at a high level[71](index=71&type=chunk) [Business Review and Outlook](index=7&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E5%8F%8A%E5%B1%95%E6%9C%9B) This section provides an overview of the company's operational performance in the first half of the year and outlines strategic directions for future growth [I. Industry Status and Trends](index=7&type=section&id=%E4%B8%80%E3%80%81%E8%A1%8C%E6%A5%AD%E7%8F%BE%E7%8B%80%E8%88%87%E8%B6%A8%E5%8B%A2) The Chinese real estate market is gradually stabilizing under policy impetus, with increasing demand for revitalizing existing properties and digitalization, while global PropTech flourishes, and AI integration becomes a new growth driver for the company [1. Policy-Driven Market Stabilization, 'Good Housing' Construction Forces Technology Upgrades](index=7&type=section&id=1.%20%E6%94%BF%E7%AD%96%E6%8E%A8%E5%8B%95%E5%B8%82%E5%A0%B4%E5%9B%9E%E7%A9%A9%EF%BC%8C%E3%80%8C%E5%A5%BD%E6%88%BF%E5%AD%90%E3%80%8D%E5%BB%BA%E8%A8%AD%E5%80%92%E9%80%BC%E6%8A%80%E8%A1%93%E5%8D%87%E7%B4%9A) China's real estate market sales decline narrowed under policy support, with the central government emphasizing 'stabilizing the market' and 'good housing' construction, creating new opportunities for digital technology applications - From January to June **2025**, China's new commercial housing sales area decreased by **3.5%** year-on-year, and sales value decreased by **5.5%** year-on-year, with the decline narrowing and market transaction volume improving[15](index=15&type=chunk) - The Central Political Bureau meeting emphasized "continuously consolidating the stable trend of the real estate market", and the State Council meeting proposed "greater efforts to promote the real estate market to stop falling and stabilize", while for the first time incorporating "good housing" construction into national strategy, encouraging the creation of safe, comfortable, green, and smart residences[15](index=15&type=chunk)[16](index=16&type=chunk) [2. Gradual Entry into Real Estate Stock Era, Asset Revitalization Promotes Digitalization Demand](index=8&type=section&id=2.%20%E4%B8%8D%E5%8B%95%E7%94%A2%E5%AD%98%E9%87%8F%E6%99%82%E4%BB%A3%E6%BC%B8%E9%80%B2%EF%BC%8C%E8%B3%87%E7%94%

Core Viewpoint - The report from Bank of America Securities highlights the robust progress in AI monetization among Chinese software companies, with increasing contract values related to AI and improvements in operational efficiency driven by AI deployment [1] Group 1: Software Companies - Companies like Kingdee International (00268) and Meitu (01357) are expected to show higher growth visibility due to their significant subscription revenue [1] - The development of AI is driving strong demand for data centers, with advancements in domestic AI chip research supporting increased orders [1] - The report favors companies with stable downstream demand and high recurring revenue, recommending Kingdee and Meitu as top picks with target prices of HKD 20.7 and HKD 13.5, respectively [1] Group 2: Data Centers and Public Cloud - In the data center and public cloud sectors, the report is optimistic about companies like GDS Holdings (09698, GDS.US), CenturyLink (VNET.US), and Kingsoft Cloud (03896, KC.US), all benefiting from strong AI demand [1] - All these companies are expected to exceed performance expectations, with a "buy" rating assigned to each [1] - The target price for Mingyuan Cloud (00909) has been raised from HKD 3.7 to HKD 4, maintaining a "neutral" rating [1]

Group 1 - The core viewpoint of the article highlights that software companies in China, such as Kingdee International, Meitu, Kingsoft Office, and Yonyou Network, are making steady progress in monetizing AI, with increasing contract values related to AI [1] - AI-driven demand is expected to significantly boost the growth of data centers, supported by advancements in domestic AI chip research, which will lead to increased orders [1] - The report favors companies with robust downstream demand and high recurring revenue, identifying Kingdee and Meitu as top picks in the software sector, both rated "Buy" with target prices of HKD 20.7 and HKD 13.5 respectively [1] Group 2 - In the data center and public cloud sectors, the report is optimistic about companies like GDS Holdings, Century Internet, and Kingsoft Cloud, all benefiting from strong AI demand, with performance exceeding expectations and rated "Buy" [1] - The target price for Mingyuan Cloud has been raised from HKD 3.7 to HKD 4, while maintaining a "Neutral" rating [1]