Core Viewpoint - The real estate industry is currently in a relatively smooth adjustment phase, with a significant decline in contract amounts affecting revenue expectations for the first half of 2025, leading to an anticipated revenue drop of 14.8% year-on-year to 610 million RMB [1] Revenue Performance - In 2024, the company's revenue was 1.435 billion RMB, a year-on-year decline of 12.5%, with an adjusted net loss of 40 million RMB, an improvement from a loss of 170 million RMB in 2023, primarily due to a substantial reduction in expenses [2] - Total expenses for 2024 were 1.484 billion RMB, down 28.8% year-on-year, with sales, management, and R&D expenses decreasing by 17.8%, 53.0%, and 25.0% respectively [2] - The workforce has been reduced from 4,247 in 2021 to 1,912 by the end of 2024, with further reductions expected to 1,600-1,700 by mid-2025 [2] Business Line Performance - Customer relationship management revenue was 859 million RMB, down 9.2% year-on-year, with cloud customer revenue at 810 million RMB, a decline of 6.6% [2] - Project construction revenue decreased by 20.7% to 124 million RMB [2] - Asset management and operations revenue grew by 14.2% to 100 million RMB, driven by local city investment companies focusing on revitalizing existing real estate for operational gains [2] - Revenue from the Tianji PaaS platform fell by 24.6% to 112 million RMB, significantly impacted by reduced demand from residential developers [2] AI Product Development - The company has deepened its AI product matrix, with expected contract amounts for AI products in 2025 potentially exceeding expectations, aiming for 30 million RMB in the first half and 60 million RMB for the entire year [3] - In 2024, the cumulative contract amount for cloud customer AI products reached approximately 28 million RMB, covering around 1,000 real estate projects [3] - The integration of the DeepSeek large model into the company's AI digital marketing products has been successful, with applications in over 2,500 projects across three industries, achieving a daily inference volume exceeding 120,000 [3] Profit Forecast and Valuation - Revenue forecasts for 2025-2026 have been revised down to 1.29 billion RMB and 1.24 billion RMB respectively, with a new forecast for 2027 at 1.25 billion RMB [4] - Non-GAAP net profit predictions for 2025-2026 are maintained at 57 million RMB and 108 million RMB, with a new forecast for 2027 at 175 million RMB [4]
明源云(0909.HK)：收入受签单影响预计下滑 关注AI产品商业化进展