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明源云(00909) - 2025 - 中期财报

Company Information This section provides an overview of the company's governance structure, registered and operating locations, and key professional advisors Board of Directors and Committees 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 Hongmei6 - Audit, remuneration, and nomination committees have been established, each chaired by an independent non-executive director to strengthen corporate governance6 Registered and Operating Locations 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, Shenzhen6 - The principal place of business in Hong Kong is located at 31/F, Tower Two, Times Square, 1 Matheson Street, Causeway Bay6 Professional Advisors and Partners 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 & Wardwell8 - Key banking partners include China Merchants Bank Co., Ltd. Shenzhen Hi-Tech Park Innovation Sub-branch and Bank of China (Hong Kong) Limited8 - The company's stock code is 909, and its official website is www.mingyuanyun.com[8](index=8&type=chunk) Financial Highlights 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 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 flow14 Summary of Interim Condensed Consolidated Statement of Financial Position 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 level71 Business Review and Outlook 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 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 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 improving15 - 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 residences1516 [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%