Core Viewpoint - Bank of America Securities reports that during a recent investor event, discussions with management from Chinese software companies and data center/cloud computing firms revealed steady progress in AI monetization and an increase in AI-related contract values [1] Group 1: Software Companies - AI agency and AI coding deployment are enhancing operational efficiency for software companies [1] - Companies like Kingdee and Meitu, which have a high proportion of subscription revenue, are expected to show greater growth visibility [1] - Bank of America Securities prefers companies with robust downstream demand and high recurring revenue, with Kingdee and Meitu being top picks, rated "Buy" with target prices of HKD 20.7 and HKD 13.5 respectively [1] Group 2: Data Centers and Cloud Services - AI development is driving strong growth in data center demand, supported by positive progress in domestic AI chip research [1] - The public cloud business is also experiencing robust growth due to AI [1] - Bank of America Securities is optimistic about companies like GDS Holdings, Century Internet, and Kingsoft Cloud, all benefiting from strong AI demand, with all performance exceeding expectations and rated "Buy" [1] - Mingyuan Cloud's target price has been raised from HKD 3.7 to HKD 4, maintaining a "Neutral" rating [1]

Summary of Ming Yuan Cloud (0909.HK) Conference Call Company Overview - **Company**: Ming Yuan Cloud (0909.HK) - **Industry**: Real Estate Software and SaaS Key Points AI Software Products - The company has launched **8 AI products** aimed at driving Average Revenue Per User (ARPU) growth for its CRM Cloud, generating contract values of **Rmb28 million** in 2024 and **Rmb32 million** in 1H25. The target is to reach **Rmb50-60 million** in 2025 and **Rmb100 million/200 million** in 2026/27 for AI products [3][11] - **AI Employee Badge**: Launched in early 2022, it generated **Rmb10 million** in contracted amount in 1H25, helping improve customer conversion rates by recording sales personnel's conversations [6] - **AI Video Generation**: A fast-growing tool using Alibaba Qwen/Bytedance Doubao model, currently in discussions for collaboration with Kuaishou Kling [6][7] - **AI Sales Assistant**: Engages with potential leads post live-streaming, processing over **2 million** conversations in 1H25 [8] - **AI Live-Streaming Robots**: Conducts autonomous live-streaming for property tours, aiming for over **70%** market share [8] - **AI Ad Intelligent Placement**: Automates ad placement strategies for better results [8] Overseas Expansion - Achieved a contracted amount of **Rmb15 million** in 1H25 from markets outside mainland China, including Southeast Asia, Japan, and Hong Kong, with a target of **Rmb50 million** for 2025 [8] - Established localized teams in these regions to foster partnerships with local software teams and channel partners [8] - **Linkforce Platform**: A construction site management solution in Hong Kong, showing a **10%** increase in worker attendance and **20%** improvement in safety alert processing efficiency [9] - **ASIOT Acquisition**: Completed acquisition of Japanese SaaS+IoT company ASIOT, expected to consolidate in 2H25, with a **99%** retention rate for smart utility meters [9] Financial Outlook - The company expects a **10-15%** decline in revenue for 2025, with a narrowing decline projected for 2026 [14] - Operating Profit Margin (OPM) is expected to turn positive in 2026, with adjusted Net Profit Margin (NPM) projected at **5%-10%** in 2025 and **10%** in 2026 due to reduced R&D and sales expenses [14] - The current valuation is considered fair, supported by a strong net cash position and operational expense reductions leading to a positive net profit from 1H25 [11] Investment Thesis - The company is viewed as being in the early stages of business transition amid a challenging real estate market in China. The **12-month target price** is set at **HK$2.55**, with a **Neutral** rating [2][12] Risks - Upside risks include a faster-than-expected recovery in the real estate sector and better-than-expected digitization demand [12] - Downside risks involve execution challenges in cost reduction and weaker sales cycles from state-owned enterprises [12] Additional Information - The company is currently trading at **HK$3.47**, indicating a potential downside of **26.5%** to the target price [13]

Group 1 - The company Mingyuan Cloud (00909) announced a share buyback plan [1] - The company will spend HKD 985,900 to repurchase 285,000 shares [1] - The buyback is scheduled for September 4, 2025 [1]

Group 1 - The company Mingyuan Cloud (00909.HK) announced a share buyback on September 4, 2023, spending HKD 986,000 to repurchase 285,000 shares [1]

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4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 ...

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]

该行表示，明源云上半年业绩逊于预期，但自2022年以来公司首次录得经调整净利润。期内，收入同比 跌16%，逊于该行及市场预测10%;核心云服务收入降14%;大部分云业务收入均逊于预期。不过，由于 公司终止营运亏损的产品线，并采取有效的成本控制，带动毛利率高于该行预期，而经调整营运开支同 比下降20%，带动经调整净利润录3,300万元人民币。 智通财经APP获悉，高盛发布研报称，由于明源云(00909)中期业绩逊于预期，加上中国地产行业持续受 压，下调公司2025至2027年的收入预测9至12%，预计其海外业务和人工智能计划可在中期内恢复收入 增长。受惠于人工智能效率提升，该行上调公司2027年经调整净利润率1.6个百分点，又将目标价由2.25 港元调升至2.55港元，维持"中性"评级。 ...

高盛上调了公司2027年经调整净利润率1.6个百分点，并将目标价从2.25港元上调至2.55港元，维持"中 性"评级。 高盛的研究报告指出，明源云上半年的业绩表现未达预期，但公司自2022年以来首次实现经调整净利 润。报告显示，期内收入同比下降16%，低于高盛及市场的预测。核心云服务收入下降14%，大部分云 业务收入也未达预期。然而，由于公司停止了亏损的产品线运营，并实施了有效的成本控制措施，毛利 率超出预期。此外，经调整运营开支同比下降20%，使得公司录得3300万元的经调整净利润。 ...

该行下调公司2025至2027年的收入预测9至12%，预计其海外业务和人工智能计划可在中期内恢复收入 增长。受惠于人工智能效率提升，该行上调公司2027年经调整净利润率1.6个百分点，又将目标价由2.25 港元上调至2.55港元，维持"中性"评级。 高盛发表研究报告指，明源云上半年业绩逊于预期，但自2022年以来公司首次录得经调整净利润。期内 收入按年跌16%，逊于该行及市场预测10%；核心云服务收入降14%；大部分云业务收入均逊于预期。 由于公司终止营运亏损的产品线，并采取有效的成本控制，带动毛利率高于该行预期，而经调整营运开 支按年下降20%，带动经调整净利润录3300万元。 ...

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]