Core Viewpoint - Mingyuan Cloud has shown a significant recovery trend in profitability, with its asset management business becoming a new growth driver despite challenges in the real estate sector and infrastructure investment slowdown [1][2]. Financial Performance - In 2024, Mingyuan Cloud achieved total revenue of 1.435 billion RMB, a year-on-year decrease of 12.5% [1]. - Revenue from cloud services and localized deployment fell by 10.7% and 20.4% respectively [1]. - The asset management and operation business under cloud services saw a revenue increase of 14.2% year-on-year, indicating the strategic foresight of the company's focus on digitalization of existing assets [1]. Profitability - The company reported a net loss attributable to shareholders of 190 million RMB in 2024, an improvement from a loss of 598 million RMB in the previous year [1]. - Adjusted net loss, excluding non-cash factors, was 43.96 million RMB, a reduction of 74.1% [1]. Cost Management and Efficiency - Total expenses, excluding share-based payments, decreased by 19.7% in 2024, with per capita output increasing by 14.7% [2]. - Management, R&D, and marketing expenses fell by 19.1%, 25.4%, and 15.7% respectively [2]. - The asset-liability ratio was 13.68%, down 2.01 percentage points from the previous year, indicating improved financial stability [2]. Product Development and Market Position - Mingyuan Cloud has developed a robust product matrix in the AI+ marketing field, addressing various pain points in real estate marketing [3]. - The cumulative contract amount for the cloud AI products reached 28 million RMB, covering nearly 1,000 real estate sales offices [3]. - The company holds a cash reserve of 4.042 billion RMB at the end of 2024, ensuring a solid financial foundation for strategic initiatives [3].
明源云：恢复盈利趋势显著，资管业务成增长新引擎