明源云 20250826 2025 年上半年，明源云集团实现了关键的财务转折，净利润与经调整净利润 同步扭亏为盈。公司总收入为 6.06 亿人民币，较 2024 年同期的 7.2 亿下降 15.9%。毛利润为 4.86 亿人民币，较 2024 年同期的 5.78 亿下降 15.9%， 但毛利率保持在 80.2%的稳定水平，与 2024 年持平。公司净利润为 1,370 万 元人民币，较 2024 年同期的亏损 1.15 亿，同比大幅改善 111.9%。经调整净 利润为 3,310 万元，较 2024 年同期的亏损 1,700 万元，同比改善幅度达 295.3%。 天际 PaaS 平台收入同比下降 23.5%，但作为核心技术基础设施，具备 AI 开发能力，并不断沉淀不动产行业知识，支持业务 Agent 构建，降低 研发投入。 公司积极拓展海外市场，已在多地建立本地团队，并收购日本 ASOTO 公司，提供 AI+IoT 智能抄表解决方案。海外市场签约金额超过 1,500 万元人民币，品牌知名度不断提升。Link Force 智慧劳工管理平台已在 香港成功应用。 摘要 明源云集团在降本增效方面取得了哪些成效？ 20 ...

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]

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]

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]