2026年2月20日，杭州绿云软件股份有限公司向港交所递交主板上市申请，中金公司担任独家保荐人。若闯关成功，它将摘下港股"酒旅数智第一股"的桂 冠。 按2024年销售额及覆盖客房数计算，这家住宿业数字化服务商已是国内最大的PMS（酒店物业管理系统）供应商，市场份额分别为16.8%和16.3%（灼识咨 询报告）。截至2025年9月底，其服务酒店超3.7万家，客户涵盖锦江、君亭等国内酒管集团，以及万豪、洲际等国际巨头。按累计签约中高端酒店数量计， 2024年位居行业第一。 更令资本市场关注的是其盈利记录：在国内前五大住宿业数字化服务商中，绿云是2020年至2024年唯一持续盈利且累计净利润最高的企业。2023年至2025年 前9月，净利润分别为7385万元、6897万元和3457万元，毛利率维持在64%以上。 然而，褪去龙头光环，这份成绩单背后潜藏隐忧。财务承压、供应链"卡脖子"、合规治理瑕疵、竞争壁垒薄弱——这家号称酒店"大脑"的企业，IPO闯关之 路并不平坦。 现金流状况加剧了发展压力。截至2025年9月底，绿云持有现金及等价物仅5218万元，同期应收账款达1.24亿元，短期贷款0.1亿元。更值得关注的是，2 ...

Group 1 - Green Cloud Software has submitted a listing application to the Hong Kong Stock Exchange, with CICC as its sole sponsor. The company is the largest PMS provider in China's accommodation industry, holding market shares of 16.8% and 16.3% in sales and room coverage respectively as of 2024 [1] - Kinko Service officially delisted from the Hong Kong Stock Exchange on February 20, marking the fourth property company to do so. Once valued at over HKD 55 billion, its market value plummeted to approximately HKD 5.2 billion, a decline of over 90% from its peak [2] - Hengyu Group's listing status will be canceled starting February 26, 2026, as the company has decided not to appeal the delisting decision. This reflects the ongoing optimization and clearing of weaker companies in the Hong Kong property sector [3] Group 2 - Yunbai International issued a profit warning, expecting a net profit attributable to shareholders of HKD 2.5 million to HKD 6.5 million for the fiscal year 2025, a significant decrease of approximately 65% to 85% from HKD 18 million in fiscal year 2024. The decline is attributed to a drop in sales of high-margin products, leading to a reduction in gross margin from about 8.74% in 2024 to 2% to 5% in 2025 [4]