FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 明源雲集團控股有限公司 呈交日期： 2025年8月6日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： (註7) (i) 上市發行人已收取其在是次股份發行或庫存股份出售或轉讓應得的全部款項； (viii) 有關債券、借貸股份、票據或公司債券的信託契約/平邊契據經已製備及簽署，有關詳情已送呈公司註冊處處長存檔（如法律如此規定）。 第一章節註釋： 若股份曾以超過一個每股價格發行/出售/購 ...

Core Viewpoint - The real estate industry is currently in a smooth adjustment phase, with a significant decline in contract amounts affecting revenue recognition for the first half of 2025, leading to an expected total revenue of 610 million RMB, a year-on-year decrease of 14.8% [3] Revenue Performance in 2024 - In 2024, the company's revenue was 1.435 billion RMB, down 12.5% year-on-year, with an adjusted net loss of 40 million RMB, an improvement from a loss of 170 million RMB in 2023, primarily due to a substantial reduction in expenses [4] - Total expenses for 2024 were 1.484 billion RMB, a decrease of 28.8% year-on-year, with sales, management, and R&D expenses down 17.8%, 53.0%, and 25.0% respectively [4] - The company reduced its workforce from 4,247 in 2021 to 1,912 by the end of 2024, with further reductions expected to 1,600-1,700 by mid-2025 [4] - Revenue breakdown includes: - Customer relationship management revenue of 859 million RMB, down 9.2% year-on-year, with cloud customer revenue at 810 million RMB, down 6.6% [4] - Project construction revenue of 124 million RMB, down 20.7% year-on-year [4] - Asset management and operation revenue grew 14.2% to 100 million RMB, driven by local city investment companies focusing on revitalizing existing real estate [4] - Tianji PaaS platform revenue decreased 24.6% to 112 million RMB, significantly impacted by reduced demand from residential developers [4] AI Product Development - The company has launched multiple AI+ marketing products, with total signed amounts for AI products in 2024 reaching approximately 28 million RMB, covering around 1,000 real estate projects [5] - The average contract value for signed projects is about 28,000 RMB per project per year [5] - In February 2025, the company announced the integration of the DeepSeek large model into its AI digital marketing products, successfully applied in over 2,500 projects across real estate, home furnishings, and automotive industries, with a daily inference volume exceeding 120,000 [5] - Expected AI product signed amounts for the first half of 2025 are around 30 million RMB, with a total for 2025 projected to reach 60 million RMB [5]

Real Estate - In July, the top 100 real estate companies reported a total sales amount of 226.5 billion yuan, with equity sales amounting to 164.1 billion yuan, and total sales area of 13.22 million square meters, showing year-on-year declines of 25.2%, 26.6%, and 23.8% respectively [5] - For the cumulative period from January to July, the total sales reached 2.01 trillion yuan, equity sales were 1.47 trillion yuan, and total sales area was 99.19 million square meters, reflecting year-on-year decreases of 13.2%, 13.5%, and 22.4% respectively [5] Metals - Rhenium prices have reached a nearly six-year high, while tungsten prices have hit a nearly ten-year high, indicating a strong outlook for the metal new materials sector [5] - Lithium prices are around 70,000 yuan per ton, with potential for accelerated capacity clearance in the future, suggesting a focus on companies with cost advantages and resource expansion in the lithium mining sector [5] - The cobalt export ban from the Democratic Republic of Congo has been extended for three months [5] - Prices for praseodymium and neodymium oxide have reached a 19-month high [5] Automotive - In July, the delivery performance of new energy vehicle manufacturers showed divergence, with Li Auto's delivery volume down 39.7% year-on-year to 30,731 units, while Xpeng's deliveries increased by 229.4% year-on-year to 36,717 units [5] - NIO's delivery volume saw a slight increase of 2.5% year-on-year, totaling 21,017 units [5] Company Analysis - Oriental Yuhong reported a revenue of 1.357 billion yuan and a net profit of 56 million yuan for the first half of 2025, reflecting year-on-year declines of 10.8% and 40.2% respectively [7] - The company plans to distribute a dividend of 0.925 yuan per share, corresponding to a dividend yield of 7.7% [7] - BAIC Blue Valley's revenue for 2024 was 14.51 billion yuan, with a net loss of 6.95 billion yuan, marking an increase in losses by 28.7% [8] - Mingyuan Cloud is expected to see a revenue decline of 14.8% in the first half of 2025, with total revenue projected at 610 million yuan due to a significant drop in signed project amounts [8] - Ninebot's total revenue for the first half of 2025 reached 11.7 billion yuan, a year-on-year increase of 76%, with net profits of 1.2 billion yuan, reflecting a growth of 108% [9]

Core Viewpoint - The real estate industry is currently in a relatively smooth adjustment phase, with a significant decline in contract amounts affecting revenue expectations for the first half of 2025, leading to an anticipated revenue drop of 14.8% year-on-year to 610 million RMB [1] Revenue Performance - In 2024, the company's revenue was 1.435 billion RMB, a year-on-year decline of 12.5%, with an adjusted net loss of 40 million RMB, an improvement from a loss of 170 million RMB in 2023, primarily due to a substantial reduction in expenses [2] - Total expenses for 2024 were 1.484 billion RMB, down 28.8% year-on-year, with sales, management, and R&D expenses decreasing by 17.8%, 53.0%, and 25.0% respectively [2] - The workforce has been reduced from 4,247 in 2021 to 1,912 by the end of 2024, with further reductions expected to 1,600-1,700 by mid-2025 [2] Business Line Performance - Customer relationship management revenue was 859 million RMB, down 9.2% year-on-year, with cloud customer revenue at 810 million RMB, a decline of 6.6% [2] - Project construction revenue decreased by 20.7% to 124 million RMB [2] - Asset management and operations revenue grew by 14.2% to 100 million RMB, driven by local city investment companies focusing on revitalizing existing real estate for operational gains [2] - Revenue from the Tianji PaaS platform fell by 24.6% to 112 million RMB, significantly impacted by reduced demand from residential developers [2] AI Product Development - The company has deepened its AI product matrix, with expected contract amounts for AI products in 2025 potentially exceeding expectations, aiming for 30 million RMB in the first half and 60 million RMB for the entire year [3] - In 2024, the cumulative contract amount for cloud customer AI products reached approximately 28 million RMB, covering around 1,000 real estate projects [3] - The integration of the DeepSeek large model into the company's AI digital marketing products has been successful, with applications in over 2,500 projects across three industries, achieving a daily inference volume exceeding 120,000 [3] Profit Forecast and Valuation - Revenue forecasts for 2025-2026 have been revised down to 1.29 billion RMB and 1.24 billion RMB respectively, with a new forecast for 2027 at 1.25 billion RMB [4] - Non-GAAP net profit predictions for 2025-2026 are maintained at 57 million RMB and 108 million RMB, with a new forecast for 2027 at 175 million RMB [4]

光大证券报告预测，明源云在2025年上半年的收入预计将因2024年下半年签约项目金额下降而同比下滑 14.8%，总收入预计为6.1亿元人民币。其中，本地化部署软件及服务收入预计下滑超过20%，云服务收 入预计下降13%至5.3亿元。然而，公司通过持续降本增效，经调整净利润有望在上半年转正。报告同 时看好公司AI产品的商业化进展，预计2025年AI产品签约金额将达到6000万元。维持"增持"评级。 ...

Core Insights - The report highlights the impact of tax restoration on bond pricing, indicating that new bonds will see an increase in yield while older bonds may experience a slight decrease in yield due to investor expectations [2] - The performance of various sector funds has shown a rotation, with pharmaceutical-themed funds regaining the highest net value growth, while cyclical funds have seen significant pullbacks [3] - The liquidity outlook for August suggests an increase in credit issuance and government bond supply, with market interest rates under upward pressure [4] Sector Summaries Automotive - In July, the delivery performance of new energy vehicle manufacturers showed divergence, with Li Auto and NIO experiencing a month-on-month decline, while XPeng achieved a historical sales high [5] - The report anticipates a potential turning point in the commercialization scale of Robotaxi, favoring companies with technological, ecological, and operational advantages [5] Real Estate - The top 100 real estate companies reported a year-on-year decline in sales, with July's total sales amounting to 226.5 billion yuan, reflecting a 25.2% decrease [6] - The cumulative sales from January to July also showed a decline of 13.2%, indicating ongoing challenges in the sector [6] Steel - The July PMI for new export orders was reported at 47.10%, with the Ministry of Industry and Information Technology emphasizing the need for the orderly exit of outdated production capacity [9] - The report suggests that steel sector profitability may recover to historical average levels, supported by regulatory measures [9] Copper - The report notes that the operating rate of cable enterprises in July hit a near six-year low, with expectations for copper prices to rise in Q4 due to recovering demand [10] - The ongoing tension in supply and demand dynamics is expected to influence copper pricing positively in the latter part of the year [10] Construction Materials - The photovoltaic glass industry is facing a supply-demand imbalance, with a significant drop in average daily melting volume required to achieve sales balance [8] - The report indicates that achieving production balance will be challenging even with coordinated production cuts [8] Chemical Industry - The report discusses the performance of Xin'an Chemical, noting a downward revision in profit forecasts for 2025-2026 due to low prices of key products [11] - Despite current pressures, the company is expected to recover profitability as downstream demand improves [11] Coal - China Shenhua's asset injection is seen as a positive development, with expectations for continued expansion and scale effects [12] - The profit forecasts for 2025-2027 remain stable despite the anticipated asset injection [12] Building Materials - Oriental Yuhong reported a revenue decline in H1 2025, but its strong domestic position and overseas expansion are expected to drive future growth [13] - The company is projected to recover from the industry bottom, maintaining a "buy" rating [13] Internet Media - Mingyuan Cloud is focusing on optimizing its product layout and enhancing AI functionalities, with revenue forecasts adjusted downward due to slow recovery in real estate demand [15] - The company aims to achieve breakeven through cost control and improved product offerings [15] Education Services - TAL Education reported a significant revenue increase in FY26Q1, with a year-on-year growth of 38.8% [16] - The company is expected to continue its growth trajectory, supported by strong performance in offline classes and new product launches [16]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The real estate industry is in a relatively smooth adjustment phase, with a significant decline in the company's contracted project amounts in 24H2, leading to a forecasted revenue drop of 14.8% year-on-year for 1H25, amounting to 610 million RMB [1] - The company is focusing on the commercialization of AI products, with expectations for AI product contract amounts in 2025 to exceed previous estimates, potentially reaching 60 million RMB [3] - The company has implemented strong cost control measures, which are expected to accelerate the path to breakeven, despite a downward revision of revenue forecasts for 2025-2026 [4] Revenue Performance - In 2024, the company reported a revenue of 1.435 billion RMB, a year-on-year decline of 12.5%, with an adjusted net loss of 40 million RMB, an improvement from a loss of 170 million RMB in 2023 [2] - The breakdown of revenue shows a decline in customer relationship management revenue by 9.2% to 859 million RMB, while asset management and operations revenue grew by 14.2% to 100 million RMB [2] AI Product Development - The company has launched multiple AI+ marketing products, with a total contract amount of approximately 28 million RMB for AI products in 2024, covering around 1,000 real estate projects [3] - The integration of the DeepSeek large model into the company's AI digital marketing products has been successful, with daily inference usage exceeding 120,000 [3] Financial Forecasts - The revenue forecasts for 2025 and 2026 have been revised down to 1.291 billion RMB and 1.243 billion RMB respectively, with a new forecast for 2027 set at 1.25 billion RMB [4] - Non-GAAP net profit forecasts for 2025 and 2026 are maintained at 57 million RMB and 108 million RMB respectively, with a new forecast for 2027 at 175 million RMB [4]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 FF301 本月底法定/註冊股本總額： HKD 380,000 第 1 頁 共 10 頁 v 1.1.1 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 明源雲集團控股有限公司 (於開曼群島註冊成立之有限公司) 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00909 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,800,000,000 | HKD | | 0.0001 HKD | | 380,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 3,80 ...

智通财经APP获悉，香港证监会通告，在原讼法庭取得针对中大国际控股有限公司(中大国际)前副主席 兼执行董事张玉清(男)的取消资格令。未经法庭许可，张不得担任香港任何上市或非上市法团的董事， 及不得参与该等法团的管理，为期六年。该取消资格令的期限反映了其失当行为的严重性。 至于有关"中威客车"20%股权的出售，该股权按大幅低于其价值的价格，被转移至由徐氏兄弟拥有或控 制的一家私人公司，而中大国际或其附属公司并无收到任何款项。张担任"中威客车"的董事并负责其财 务管理，理应知悉所造成的股权变动，并应采取行动防止或汇报该项出售，但他并没有通知董事会，违 反了其保障中大国际权益的职责。 鉴于张知悉该未经授权的资金转移及其在"中威客车"的管理层角色，他理应知道中大国际的2011年中期 业绩没有反映该未经授权的资金转移及该项出售，但他仍批准了2011年中期业绩的发布，而该业绩当中 包含了虚假或具误导性的资料。 虽然并无提出关于张在该未经授权的资金转移或该项出售中谋取私利的指称，但法庭经考虑其违规行为 的严重性及涉及的庞大金额后，认同证监会的观点，即将取消资格令期限订为六年，是适当的做法。 该法律程序源于证监会的调查，当中 ...

Group 1 - The article reports on share buybacks conducted by various companies on July 25, 2025, with Yum China (09987) having the largest buyback amount of 6.2679 million yuan for 16,700 shares [1][2] - The total number of shares repurchased by Yum China in the year reached 3.2541 million, accounting for 0.870% of its total share capital [2] - Other notable companies involved in buybacks include Huajian Medical (01931) with 1.414 million shares repurchased for 5.0763 million yuan, and Mengniu Dairy (02319) with 200,000 shares for 3.4333 million yuan [2] Group 2 - The buyback activities reflect a strategic move by companies to enhance shareholder value and signal confidence in their financial health [1] - The buyback amounts and share counts for other companies include Xinyi International (00732) with 2.644 million shares for 3.2257 million yuan, and Beike-W (02423) with 462,600 shares for 3 million yuan [2] - The data indicates a diverse range of companies participating in buybacks, suggesting a broader trend in the market towards returning capital to shareholders [1][2]