Core Insights - The report from Goldman Sachs indicates that Mingyuan Cloud's performance in the first half of the year fell short of expectations, but the company achieved adjusted net profit for the first time since 2022 [1] Financial Performance - Revenue decreased by 16% year-on-year, which was below both Goldman Sachs' and market forecasts [1] - Core cloud service revenue declined by 14%, with most cloud business revenues also not meeting expectations [1] - The company ceased operations of loss-making product lines and implemented effective cost control measures, resulting in a gross margin that exceeded expectations [1] - Adjusted operating expenses decreased by 20% year-on-year, leading to an adjusted net profit of 33 million yuan [1] Analyst Adjustments - Goldman Sachs raised the company's adjusted net profit margin forecast for 2027 by 1.6 percentage points [1] - The target price for the company was increased from HKD 2.25 to HKD 2.55, while maintaining a "Neutral" rating [1]
高盛：上调明源云目标价至2.55港元