2025年上半年，云服务业务收入为人民币5.247亿元，同比下降14.3%，占整体收入86.6%。云服务下降 主要是受到宏观市场环境变化以及历史签约下滑导致的递延收入影响，综合导致云服务整体收入下降。 本地化部署软件及服务业务收入为人民币8110万元，同比下降24.8%。来自存量客户的产品支持服务及 专项增值服务收入保持稳定。然而，由于住宅市场新增客户数量有限，以及新增产品许可证销售和交付 合同签约同比下滑，导致本地化部署软件及服务收入整体下滑。 格隆汇8月26日丨明源云(00909.HK)公布中期业绩，2025年上半年，集团达人民币6.058亿元，同比下降 15.9%；期内利润为人民币1374.8万元，去年同期亏损人民币1.15亿元；经调整净利润达人民币3310万 元，较去年同期亏损人民币1.00万元，实现由亏转盈。 ...

Core Viewpoint - Mingyuan Cloud (00909) reported a decline in revenue and gross profit for the first half of 2025, but achieved profitability in net income, indicating a potential recovery path despite current challenges [1] Financial Performance - Revenue for the first half of 2025 was approximately 606 million yuan, a year-on-year decrease of 15.9% [1] - Gross profit was about 486 million yuan, also down 15.9% year-on-year [1] - Net profit for the period was 13.748 million yuan, marking a turnaround from a loss [1] - Adjusted net profit reached 33.119 million yuan, indicating a return to profitability [1] Business Segments - Cloud service revenue was approximately 525 million yuan, a year-on-year decline of 14.3%, accounting for 86.6% of total revenue (up from 85.0% in the same period of 2024) [1] - The decline in cloud services was attributed to changes in the macro market environment and a decrease in historical contract signings affecting deferred revenue [1] - Revenue from localized deployment software and services was 81.1 million yuan, down 24.8% year-on-year [1] - Revenue from existing customers for product support and value-added services remained stable, but new customer acquisition in the residential market was limited [1] Growth Outlook - Despite the revenue decline, there has been an improvement in revenue structure, with contributions from AI and overseas products [1] - The Chinese residential market is showing signs of stabilization, and the company plans to focus on AI innovation and expanding into overseas markets to drive sustainable growth and profitability [1]