新股消息 | 绿云软件递表港交所 为中国领先的住宿业数字化服务商

Core Viewpoint - Green Cloud Software is a leading digital service provider for the accommodation industry in China, focusing on digital solutions, marketing services, and value-added services, with a significant market share in the PMS sector [3][4]. Company Overview - Green Cloud Software is recognized as the largest PMS supplier in China's accommodation digitalization industry, holding market shares of 16.8% in sales and 16.3% in room coverage as of 2024 [3]. - The company is the only profitable player among the top five digital service providers in the accommodation sector over the past five years, achieving the highest cumulative net profit [3]. - As of February 13, 2026, the company has provided PMS to over 37,000 hotels in China, including major hotel management groups [3]. Financial Performance - Revenue for the nine months ending September 30 for 2023, 2024, and 2025 was approximately RMB 337.24 million, RMB 327.05 million, and RMB 219.03 million, respectively [5]. - Profit for the same periods was RMB 73.85 million, RMB 68.97 million, and RMB 32.33 million, respectively [6]. - Gross profit margins for the same periods were 64.1%, 68.0%, and 66.2% [8]. Industry Overview - The market size of China's accommodation industry is projected to grow from RMB 793.1 billion in 2019 to RMB 975.1 billion in 2024, with a compound annual growth rate (CAGR) of 4.2% [10]. - The hotel sector is the largest component of the accommodation industry, expected to reach RMB 875.8 billion in 2024, accounting for 89.8% of the total market [10]. - The digitalization market for the accommodation industry is anticipated to grow from approximately RMB 2,931.7 million in 2019 to RMB 4,988.3 million in 2024, with a CAGR of 11.2% [13]. Product Ecosystem - The company has established a cloud-based product ecosystem centered around PMS, referred to as the Green Cloud Chain, which integrates various modules through API for seamless operation [4]. - This system enhances operational efficiency and guest experience by connecting front-end and back-end operations [4]. Market Position - Green Cloud Software is positioned as the leading provider in the digital accommodation services market, particularly in the PMS segment, which is expected to grow significantly in the coming years [16]. - The PMS market size is projected to increase from approximately RMB 1,289.5 million in 2019 to RMB 2,095.0 million in 2024, with a CAGR of 10.2% [16].