Core Viewpoint - The company has adjusted its revenue forecasts for Mingyuan Cloud (00909) for 2025 and 2026 down by 18.0% and 17.6% to 1.27 billion yuan each, while increasing its adjusted net profit forecasts for the same years to 68.1 million yuan and 87.05 million yuan due to effective cost control [1] Group 1: Financial Performance - In the first half of 2025, Mingyuan Cloud's revenue decreased by 15.9% year-on-year to 610 million yuan, which was below expectations, primarily due to headwinds in the real estate industry [2] - The adjusted net profit for the same period was 33.12 million yuan, marking a turnaround from a loss of 16.96 million yuan in the previous year, with an adjusted net profit margin of 5.5% [2] - The company’s overall expenses (excluding share-based payments) decreased by 20% year-on-year to 560 million yuan, with management, R&D, and marketing expenses down by 5%, 21%, and 22% respectively [5] Group 2: Industry Challenges - The company faced revenue pressure in various business lines due to a decline in short-term contracts, influenced by the domestic residential market downturn and product line optimization [3] - Cloud service revenue fell by 14.3% to 520 million yuan, with specific segments like customer relationship management and project construction seeing declines of 13.1% and 25.5% respectively [3] Group 3: Growth Drivers - The company has made significant progress in AI, with AI product contracts totaling 32 million yuan in the first half of 2025, surpassing the entire previous year's new contract amount [4] - In the overseas market, the company achieved approximately 15 million yuan in contract value and completed the acquisition of ASIOT Corporation in Japan, establishing localized teams in Japan, Hong Kong, and Southeast Asia [4] Group 4: Operational Efficiency - The company reported a 14.6% increase in per capita output to 345,000 yuan, reflecting successful cost reduction and efficiency improvement measures [5] - Operating cash flow net outflow narrowed by 74% year-on-year to 42.8 million yuan, indicating improved cash flow management [5]
中金：维持明源云跑赢行业评级 目标价3.5港元