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明源云(00909.HK):25H1实现正向盈利 AI赋能提升云客客单价

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but managed to achieve profitability through cost control and efficiency improvements, particularly leveraging AI technology [1][2][4]. Revenue Performance - In H1 2025, the company achieved revenue of 606 million yuan, a year-on-year decrease of 15.9% due to the ongoing downturn in the real estate and construction sectors [1]. - The customer relationship management product line generated revenue of 383 million yuan, down 13.1% year-on-year, while the main product, Cloud Customer, saw revenue of 377 million yuan, a smaller decline of 5.1% [1]. - The average customer price for Cloud Customer in H1 2025 was 37,700 yuan per unit, reflecting a 2.4% increase compared to the same period last year, driven by increased demand for AI products [1]. Profitability and Cost Management - The company implemented lean operations to reduce costs and improve efficiency, resulting in a positive net profit of 13.75 million yuan in H1 2025, with adjusted net profit reaching 33.12 million yuan, both showing a turnaround from losses [2]. - Sales, management, and R&D expenses were 317 million, 61 million, and 205 million yuan respectively, with year-on-year decreases of 22.2%, 56.5%, and 19.4% [2]. Business Outlook - For H2 2025, the company plans to focus on core products and key clients in the domestic market to enhance profitability, while reducing reliance on residential developers [3]. - The company aims to increase investment in overseas markets, particularly in the Middle East and Europe, and will establish localized teams to accelerate international expansion [3]. - The strategy includes accelerating AI and SaaS product innovation, prioritizing the development of AI-driven marketing products, and exploring usage-based business models [3]. - Internal resource and talent allocation will be optimized to enhance operational efficiency, with AI tools applied across all functions [3]. Profit Forecast and Investment Recommendation - The company’s revenue forecasts for 2025-2027 have been adjusted to 1.318 billion, 1.271 billion, and 1.266 billion yuan, with net profits projected at 18 million, 30 million, and 44 million yuan respectively [4]. - The company maintains a "buy" rating despite the ongoing revenue challenges due to the real estate sector's downturn [4].