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]

Financial Performance - For the six months ended June 30, 2024, the company's revenue reached RMB 720.1 million, a year-on-year decrease of 5.5% compared to RMB 762.3 million in the same period of 2023[2]. - Gross profit for the same period was RMB 577.7 million, down 5.1% from RMB 608.8 million year-on-year[2]. - The adjusted net loss for the six months ended June 30, 2024, was RMB 17.0 million, a significant reduction of 82.5% compared to RMB 97.1 million in the same period of 2023[3]. - The company reported a net operating loss of RMB 210.4 million for the first half of 2024, significantly improved from a loss of RMB 403.2 million in the same period of 2023[25]. - The company reported a net loss attributable to the company's owners for the period was RMB 115,369 thousand, compared to RMB 324,733 thousand in the previous year, representing a reduction of 64.5%[51]. - Operating loss narrowed to RMB 210,434 thousand from RMB 403,167 thousand, indicating a significant improvement in operational efficiency[50]. Revenue Breakdown - The company's cloud services revenue was RMB 612.2 million, representing a 3.6% decline from RMB 635.1 million year-on-year, accounting for 85.0% of total revenue[6]. - The customer relationship management product line generated revenue of RMB 441.3 million, a decrease of 6.0% from RMB 469.5 million in the same period of 2023[9]. - The project construction product line recorded revenue of RMB 62.5 million, an increase of 4.9% compared to RMB 59.6 million in the same period of 2023[11]. - The asset management and operations product line recorded revenue of RMB 46.3 million for the six months ended June 30, 2024, representing a year-on-year growth of 30.5% compared to RMB 35.5 million in the same period of 2023[12]. - Revenue from localized deployment software and services was RMB 107.9 million for the six months ended June 30, 2024, down 15.1% from RMB 127.2 million in the same period of 2023[14]. - The Tianji PaaS platform generated revenue of RMB 62.1 million for the six months ended June 30, 2024, a decline of 12.0% from RMB 70.6 million in the same period of 2023[13]. Cost Management - Sales and marketing expenses amounted to RMB 407.8 million for the six months ended June 30, 2024, a decrease of 9.8% compared to RMB 452.0 million in the same period of 2023[17]. - General and administrative expenses were RMB 140.9 million, down 46.6% from RMB 263.8 million in the same period of 2023[17]. - Research and development expenses totaled RMB 254.1 million, a decrease of 22.2% from RMB 326.7 million in the same period of 2023[17]. - The company aims to enhance operational efficiency and reduce costs through resource optimization and internal budget management[16]. Customer Retention and Market Strategy - The company achieved a customer account retention rate of 88% for the customer relationship management product line, up from 85% in the same period of 2023[9]. - The customer account retention rate for the asset management and operations segment was 94% as of June 30, 2024, up from 93% in the same period of 2023[12]. - The company aims to deepen its focus on high-quality state-owned enterprise clients to ensure continuous revenue growth[21]. - The company plans to integrate AI technology into its products to explore more business growth opportunities, including the launch of "AI+SaaS" applications[22]. - The company continues to focus on expanding its cloud services and localized deployment software offerings in the Chinese real estate sector[56]. Cash Flow and Financial Position - The company reported a net cash outflow from operating activities of approximately RMB 164.5 million, a decrease of 39.1% year-on-year[3]. - Cash and cash equivalents and time deposits totaled approximately RMB 3,841.5 million as of June 30, 2024, down from RMB 4,392.0 million as of December 31, 2023[40]. - Current ratio as of June 30, 2024, was approximately 5.43, a decrease from 5.96 as of December 31, 2023[41]. - The company maintained a net cash position as of June 30, 2024, with no significant capital commitments[42]. - The company has implemented a detailed cash management policy to enhance financial security and reduce funding costs[47]. Future Outlook and Strategic Initiatives - The company plans to enhance its ERP solutions, allocating 6% of the net proceeds, which is approximately RMB 414.62 million[83]. - The company aims to seek strategic investments and acquisitions, allocating 20% of the net proceeds, which is approximately RMB 1,382.06 million[83]. - The company has completed the international adaptation of its key products and plans to launch several AI-enabled overseas products and solutions in the second half of 2024[23]. - Future outlook includes potential new product launches and enhancements in technology to improve service delivery[56]. Shareholder and Corporate Governance - The board has proposed a special dividend of RMB 0.1 per share, amounting to RMB 179,532,000, to be paid on July 5, 2024[75]. - The board has decided not to declare any interim dividend for the six months ended June 30, 2024[86]. - The audit committee has reviewed the company's accounting principles and internal controls, confirming compliance with applicable accounting standards and regulations[91]. - The company operates under international financial reporting standards[97]. - The board consists of executive and non-executive directors, including independent directors[98].

Financial Performance - The company's revenue for 2023 reached RMB 1,639.6 million, a decrease of 9.7% year-on-year[10]. - Total expenses for 2023 amounted to RMB 2,084.2 million, down 16.8% year-on-year[10]. - Adjusted net loss for 2023 was RMB 169.7 million, a reduction of 72.9% compared to the previous year[10]. - The company reported a gross profit of RMB 1,303.2 million for 2023, down from RMB 1,479.3 million in 2022[8]. - The operating loss for 2023 was RMB 763.2 million, an improvement from a loss of RMB 1,265.7 million in 2022[8]. - Total revenue for the year ended December 31, 2023, was RMB 1,639.6 million, a decrease of 9.7% compared to RMB 1,816.4 million in the same period of 2022[40]. - The overall gross profit for the group was RMB 1,303.2 million, a year-on-year decrease of 11.9%[43]. - The net loss for the year was approximately RMB 587.0 million, a year-on-year decrease of 49.4%[50]. Assets and Liabilities - The total assets as of December 31, 2023, were RMB 5,852.2 million, compared to RMB 6,184.2 million in 2022[9]. - The total liabilities decreased to RMB 918.3 million in 2023 from RMB 1,089.7 million in 2022[9]. - As of December 31, 2023, the total cash and cash equivalents and time deposits amounted to approximately RMB 4,392.0 million, a decrease from RMB 4,636.2 million as of December 31, 2022[56]. - As of December 31, 2023, the company is in a net cash position, with no capital commitments for construction assets reported[60]. - The company has no significant contingent liabilities as of December 31, 2023[60]. Revenue Breakdown - In 2023, cloud service revenue was RMB 1,338.7 million, a decrease of 6.2% year-on-year, accounting for 81.6% of total revenue[16]. - The customer relationship management product line generated revenue of RMB 945.9 million, down 9.2% year-on-year, with a customer retention rate of 80%[19]. - The project construction product line recorded revenue of RMB 156.5 million, an increase of 32.7% year-on-year, with a single construction site customer price of RMB 23,000, up 35.3% year-on-year[21]. - The asset management and operation product line achieved revenue of RMB 87.4 million, a growth of 42.0% year-on-year, managing approximately 47.069 million square meters of real estate, up 5.3% year-on-year[22]. - The revenue from the Tianji PaaS platform in 2023 was RMB 148.9 million, a decrease of 27.6% year-on-year compared to RMB 205.6 million in the same period of 2022[23]. - The revenue from localized deployment software and services totaled RMB 301.0 million in 2023, down 22.8% year-on-year from RMB 398.8 million in 2022[25]. Market Conditions and Strategy - The residential market in China saw a total sales area of 1.12 billion square meters in 2023, a decline of 8.5% year-on-year[13]. - The company is focusing on strategic transformation and cost control to improve its financial performance amid challenging market conditions[12]. - Future growth is expected as core business segments show signs of revenue growth and reduced losses[12]. - The company anticipates a recovery in the Chinese residential market, with no further drastic declines expected in property development and sales[28]. - The government plans to invest RMB 1 trillion in infrastructure construction starting in 2024, which is expected to drive significant investment in local infrastructure projects[30]. Operational Efficiency and Cost Management - The average output per employee in 2023 was RMB 557,000, an increase of 15.8% compared to RMB 481,000 in 2022[27]. - Sales and marketing expenses were RMB 921.7 million, a year-on-year decrease of 8.5%[44]. - General and administrative expenses were RMB 519.5 million, a year-on-year decrease of 23.9%[45]. - Research and development expenses were RMB 643.0 million, a year-on-year decrease of 21.3%[47]. - The company has implemented a series of fund layout adjustments to effectively reduce foreign exchange risks due to significant currency fluctuations in 2023[60]. Client and Supplier Relationships - The company signed contracts with over 130 new supplier clients, including leading firms such as Dongfang Yuhong and Haier Smart Home[19]. - The company is focusing on high-quality state-owned enterprise residential developers, which have clear digital transformation goals and sufficient IT budgets[25]. - The competitive landscape among residential developers is increasingly polarized, with state-owned enterprises outperforming private enterprises[28]. Product Development and Innovation - The company launched new products like "Video Marketing Assistant" and "AI Digital Human" to enhance marketing efficiency for real estate developers[17]. - The company is integrating AI technology into its products, launching applications like "AI Creative Factory" to enhance marketing productivity[34]. - The company aims to improve operational efficiency by leveraging AI tools such as "Tianji GPT - Application Development Assistant" to enhance development and testing processes[36]. Shareholder Information and Corporate Governance - The company proposed a special dividend of HKD 0.1 per share, subject to shareholder approval at the upcoming annual general meeting[76]. - As of December 31, 2023, the company's distributable reserves amounted to approximately RMB 7,529.9 million[80]. - The annual general meeting is scheduled for May 10, 2024, to discuss the proposed special dividend and other matters[78]. - The company will suspend share transfer registration from May 7 to May 10, 2024, to determine eligibility for voting at the annual general meeting[78]. Employee and Share Plans - The total employee cost for the year ended December 31, 2023, was approximately RMB 1,599,847,000, which includes salaries, bonuses, and other employee benefits[141]. - The company had a total of 2,577 employees as of December 31, 2023, a decrease from 3,310 employees as of December 31, 2022[141]. - The company has adopted three share plans: (1) equity incentive plan, (2) share reward plan, and (3) stock option plan, with a potential issuance of shares based on these plans amounting to 3.75% of the weighted average number of shares issued during the reporting period[142]. Compliance and Risk Management - The company has confirmed compliance with the disclosure requirements for related party transactions under the Listing Rules[117]. - The company faces risks related to its contractual arrangements, including potential non-compliance with Chinese laws and regulations, which could lead to severe consequences[135]. - The company has arranged appropriate directors' liability insurance as of December 31, 2023, in accordance with the permitted indemnity provisions[140].

Investment Rating - The report gives an "Accumulate" rating with a target price of HKD 3.23 [2][5]. Core Views - The company is a leader in the digitalization of the real estate ecosystem, showing significant results from its cloud service transformation and benefiting from favorable policies. The optimization of product and customer structure suggests that future revenue growth may exceed expectations [5][16]. Summary by Sections 1. Profit Forecast and Valuation - The company is expected to generate revenues of RMB 16.67 billion, RMB 17.91 billion, and RMB 19.64 billion for the years 2023-2025, with net losses of RMB 2.95 billion, RMB 2.39 billion, and RMB 2.26 billion respectively. The EPS is projected to be -0.15, -0.12, and -0.12 for the same period [9][12]. 2. Cloud Service Transformation and Policy Support - The company is positioned as a digital leader in the real estate ecosystem, leveraging a dual strategy of PaaS and digitalization for growth. The cloud service revenue is expected to account for 81.6% of total revenue in 2023, despite a 6.2% decline due to market conditions [8][10][19]. - The company has a comprehensive product matrix covering the entire customer lifecycle, including customer relationship management, project construction, and asset management [19][20]. 3. Market Demand Driven by Policy and Funding - The CRM market is rapidly developing, with cloud deployment becoming mainstream. The market size for CRM in China is projected to exceed RMB 250 billion by 2024, growing at around 10% annually [40][41]. - The residential market is expected to rebound due to policy support, with various measures being implemented to stabilize the real estate sector [44][45]. 4. Focus on State-Owned Enterprises and International Markets - The company is deepening its engagement with high-quality state-owned enterprise clients, enhancing customer value through product upgrades and tailored solutions [53]. - An international strategy is underway, with the establishment of a headquarters in Singapore to expand into Southeast Asia and the Middle East [57]. 5. AI Technology Integration - The company is increasing its investment in AI technology, integrating it into various product lines to enhance marketing productivity and operational efficiency [55].

业务结构优化&降本增效显成效，三大抓手着眼未来 明源云（0909.HK）/计算机 证券研究报告/公司点评 2024年04月02日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：2.44港元 指标 2022A 2023A 2024E 2025E 2026E 总收入（百万元） 1,833 1,657 1,686 1,832 2,114 分析师：闻学臣 增长率yoy% -17.2% -9.6% 1.8% 8.7% 15.4% 执业证书编号：S0740519090007 净利润（百万元） -1,154 -586 -244 -211 -112 Email：wenxc@zts.com.cn 增长率yoy% -235.5% 49.3% 58.3% 13.7% 46.9% 每股收益（元） -0.59 -0.30 -0.13 -0.11 -0.06 每股经营现金流（元） -0.19 0.00 0.01 0.04 0.05 研究助理：刘一哲 净资产收益率 -20.9% -11.7% -5.1% -4.6% -2.5% Email： ...

2024年3月28日 公司研究 业务结构优化，降本增效驱动盈利拐点向上 ——明源云（0909.HK）2023 年业绩点评 要点 增持（维持） 当前价：2.42港元 事件：明源云公布23年业绩，实现营业收入16.4亿元人民币（YoY-9.7%）， 主要由于国内住宅市场尚处于调整阶段，23 年新签合同需要一定转化周期。 实现毛利润13.03亿元（YoY-11.9%），对应毛利率79.5%，同比下降2pct； 作者 净亏损5.87亿元，同比减亏49.4%；经调整净亏损1.70亿元，同比大幅减亏 分析师：付天姿 72.9%，主要由于持续的降本提效成果显现。公司现金储备丰富，截至23年 执业证书编号：S0930517040002 12月31日，公司现金及现金等价物及定期存款约43.92亿元；公司计划派发 021-52523692 23年特别股息每股股份0.1港元。 futz@ebscn.com 点评：收入结构持续优化，项目建设及资管收入保持较高增速。本地化部署 软件及服务收入3.01亿元（YoY-22.8%），云服务收入13.4亿元（YoY-6.2%）， 联系人：杨朋沛 占总收入比重达 81.6%；公司客群逐步转向至国 ...

[Table_Page] 公告点评|软件与服务 证券研究报告 [【Table_T广itle] 发 计 算 机 & 海 外 】 明 源 云 [公Tab司le_评Inve级st] 买入 当前价格 2.59港元 （00909.HK） 合理价值 3.76港元 前次评级 买入 业务结构优化成效体现，经营逐步转好 报告日期 2024-03-21 [ 核Tab 心le_S 观umm 点ary ：] 相[Ta对ble市_P场icQ表uot现e]  公司披露23年业绩，业务结构持续优化，H2收入降幅继续收窄，控 10% 费提效推动亏损进一步减少。23年收入同比-9.7%至16.4亿元，其中 -4%03/23 05/23 07/23 09/23 11/23 01/24 03/24 H2 降幅收窄至6.2%；23年/23H2 经调整净亏损分别为 1.70/0.73亿 -17% 元，23H2 环比继续收窄。毛利率同比-2.0pct 至 79.5%，整体趋稳。 -31% 降本增效效果明显，23 年三费同比-16.8%，H2 费用率环比收窄。根 -44% 据业绩发布会，23H2经营净现金流转正至1.31亿元。 -58%  23年持续 ...

计算机/软件开发 公 司 研 明源云（00909.HK） 具备估值安全垫，盈利拐点向上有望驱动估值修复 究 2024年03月21日 ——港股公司信息更新报告 投资评级：买入（维持） 吴柳燕（分析师） 李祎晗（联系人） wuliuyan@kysec.cn liyihan@kysec.cn 证 书编号：S0790521110001 证书编号：S0790123080037 日期 2024/3/21  现金储备提供估值安全垫，盈利拐点向上有望驱动估值修复 港 当前股价(港元) 2.660 考虑到地产行业复苏力度低于预期影响公司核心产品云客表现，我们下调 股 一年最高最低(港元) 5.300/1.880 2024-2025年收入预测至16.43/17.31亿元（前值18.68/21.8亿元），新增2026年 公 司 总市值(亿港元) 51.67 收入预测18.56亿元，对应同比增速为0.2%/5.4%/7.2%；由此下调2024-2025年 信 流通市值(亿港元) 51.67 调整后净利润预测至0.069/0.994亿元（前值0.075/1.01亿元），新增2026年调整 息 总股本(亿股) 19.42 更 后净利润 ...