Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company achieved positive profitability in the first half of 2025, driven by AI-enabled enhancements that increased the average transaction value of its cloud products [3] - Despite a 15.9% year-on-year decline in revenue due to the ongoing downturn in the real estate sector, the company managed to turn around its net profit to 13.75 million yuan in 25H1, with adjusted net profit reaching 33.12 million yuan [3] - The company is focusing on cost control and operational efficiency, which has led to a significant reduction in expenses across sales, management, and R&D [3] Financial Performance Summary - Revenue for 2023 is projected at 1.657 billion yuan, with a decline expected in the following years: 1.435 billion yuan in 2024, 1.318 billion yuan in 2025, 1.271 billion yuan in 2026, and 1.266 billion yuan in 2027 [2] - The company forecasts a return to profitability with net profits of 18 million yuan in 2025, 30 million yuan in 2026, and 44 million yuan in 2027 [2] - The average transaction price for the company's cloud product, Yunke, increased by 2.4% year-on-year to 37,700 yuan per unit in 25H1, reflecting resilience amid overall revenue decline [3] Business Outlook - The company plans to focus on core products and key clients in the domestic market to enhance profitability, while also increasing investments in AI products and expanding into overseas markets [3] - The strategy includes optimizing resource allocation and enhancing operational efficiency through the application of AI tools across various functions [3]
明源云（00909）：25H1实现正向盈利，AI赋能提升云客客单价