中国酒店的"大脑"要来港股IPO了。 2月20日，香港交易所马年开市首日，绿云软件这家被视为中国酒店的"大脑"积极地敲响了港交所大 门，拟香港主板上市，中金公司担任独家保荐人。 绿云软件之所以被酒店的"大脑"，主要是因为公司的PMS系统。PMS的全称是物业管理系统，可以通俗 地理解为酒店的后台操作中枢。前台员工的日常操作，如办理入住、换房、退房，以及房费结算，都离 不开它。 按销售额及覆盖客房数计，绿云软件是2024年中国住宿业数字化行业最大的PMS供应商，市场份额分别 为16.8%和16.3%。截至2025年9月底，公司已向中国3.7万多家酒店提供PMS。 不仅如此，深耕住宿业数字化十余年，绿云软件的客户名单也堪称豪华—— 龙头底色：盈利表现稀缺，行业确定性强 随着全球住宿业市场规模加速发展以及数字化支出占比持续提升，住宿业数字化是一条确定性很高的增 长赛道。 根据灼识咨询报告披露，中国住宿业数字化市场规模预计在2029年达到90.2亿元，2024-2029年的复合 年增长率(CAGR)为12.6%。其中，PMS作为核心系统亦同步扩容，市场规模预计在2029年达到35.2亿 元，CAGR为10.9%，为绿云 ...

商报讯（记者 叶晓珺）杭州准独角兽企业"一马当先"，率先启动IPO进程。港交所官网近日披露，杭州 绿云软件股份有限公司（以下简称"绿云软件"） 已正式提交上市申请，独家保荐人为中金公司 （601995）。若顺利推进，绿云软件有望成为"港股酒旅数智第一股"。 根据灼识咨询资料，2024年绿云软件以16.8%的销售额份额和16.3%的覆盖客房数份额，登顶中国住宿 业PMS（酒店物业管理系统）供应商榜首，成为行业公认的龙头企业。目前， 绿云软件已向超3.7万家 酒店提供PMS，客户包括万豪、洲际、雅高、温德姆、雷迪森等一众酒店巨头；除传统酒店外，公司的 解决方案已广泛应用于阿那亚、松赞集团等文旅项目。 马年首家 PMS赛道"隐形冠军"绿云软件赴港IPO 2月20日，农历大年初四，绿云软件向港交所递交了招股书，成为马年首家IPO申报企业。 公开资料显示，绿云软件是中国领先的住宿业数字化服务商，主要提供以酒店物业管理系统（PMS）为 核心的住宿业数字化解决方案、数字营销服务和其他数字增值服务。产品是以PMS为核心的"绿云云 链"云端产品生态体系，已应用于住宿业全流程管理，包括住前客户预订、住中前台及后台营运、住后 客户 ...

为了抢"马年第一"的好彩头，你知道杭州这家企业有多拼吗？ 早在大年初四的港交所开市首日，绿云软件就提交了上市申请，成功将"马年首单IPO"申请的成就收入 囊中，可谓赚足了眼球，这家企业究竟什么来头？ 01，浙大IT男征服3.7万家酒店 2月20日，杭州绿云软件股份有限公司（简称"绿云软件"）正式向港交所递交招股说明书，中金公司担 任独家保荐人，消息出炉，引发行业关注，尽管对C端消费者而言，它的名字很陌生，可是放到中国的 酒店、文旅等产业，它的大名可谓如雷贯耳： 据公开资料，绿云软件、杭州西湖软件皆由由杨铭魁于1988年起陆续创立，他从浙江大学计算机系本硕 毕业后留校任教，担任浙大计算机学院的教师，并长期从事酒店信息化和互联网应用研究，他主导开发 iHotel酒店信息化平台，在学术界和产业界均取得显著成就； 他多次获得国家级及省部级科技进步奖，发表论文10余篇，参编教材及著作10余部，还参与制定智慧旅 游及酒店物联网国家标准，推动旅游信息化教育发展，与高校合作培养专业人才。 据招股书披露，公司已向中国37000多家酒店提供PMS服务，客户覆盖中国饭店协会2024年排名前50的 酒店管理集团以及中国旅游饭店业协会 ...

Core Viewpoint - Hangzhou GreenCloud Software Co., Ltd. (GreenCloud Software) is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its position as a leading digital service provider in the accommodation industry [2]. Company Overview - GreenCloud Software, established in 2010, specializes in providing digital solutions, digital marketing services, and other value-added services for the accommodation industry [2]. - The company has developed a cloud-based product ecosystem centered around its Property Management System (PMS), enhancing operational efficiency and guest experience for hotels [6]. Market Position - GreenCloud Software is the largest PMS supplier in China's accommodation digitalization industry, holding market shares of 16.8% in sales and 16.3% in room coverage as of 2024 [5]. - The company has been the only profitable player among the top five accommodation digital service providers in China from 2020 to 2024, with the highest cumulative net profit during this period [5]. Client Base - The company serves over 37,000 hotels in China, including major hotel management groups ranked in the top 50 by the China Hotel Association and top 60 by the China Tourism Hotel Association [4]. - GreenCloud Software's solutions are also utilized in the cultural tourism sector, with clients including notable groups such as Songzan and Anaya [4]. Revenue Breakdown - The company's revenue for the years ending December 31, 2023, and 2024, is reported as RMB 337.241 million and RMB 327.053 million, respectively, with a projected revenue of RMB 225.070 million for the nine months ending September 30, 2025 [7][14]. - Revenue sources include digital solutions for the accommodation industry (80.1%), digital marketing services (12.9%), and other value-added services (7.0%) [7]. Shareholding Structure - The pre-IPO shareholding structure indicates that Yang Mingkui and Gao Liang collectively hold approximately 58.81% of the company, making them the controlling shareholders [8][10]. Management Team - The board of directors consists of nine members, including six executive directors and three independent non-executive directors, with Yang Mingkui serving as the Chairman and General Manager [12][13]. Advisory Team - The IPO's advisory team includes CICC as the sole sponsor, Ernst & Young as the auditor, and various legal advisors [16][17].

Core Viewpoint - Green Cloud Software is a leading digital service provider for the accommodation industry in China, focusing on digital solutions, marketing services, and value-added services, with a significant market share in the PMS sector [3][4]. Company Overview - Green Cloud Software is recognized as the largest PMS supplier in China's accommodation digitalization industry, holding market shares of 16.8% in sales and 16.3% in room coverage as of 2024 [3]. - The company is the only profitable player among the top five digital service providers in the accommodation sector over the past five years, achieving the highest cumulative net profit [3]. - As of February 13, 2026, the company has provided PMS to over 37,000 hotels in China, including major hotel management groups [3]. Financial Performance - Revenue for the nine months ending September 30 for 2023, 2024, and 2025 was approximately RMB 337.24 million, RMB 327.05 million, and RMB 219.03 million, respectively [5]. - Profit for the same periods was RMB 73.85 million, RMB 68.97 million, and RMB 32.33 million, respectively [6]. - Gross profit margins for the same periods were 64.1%, 68.0%, and 66.2% [8]. Industry Overview - The market size of China's accommodation industry is projected to grow from RMB 793.1 billion in 2019 to RMB 975.1 billion in 2024, with a compound annual growth rate (CAGR) of 4.2% [10]. - The hotel sector is the largest component of the accommodation industry, expected to reach RMB 875.8 billion in 2024, accounting for 89.8% of the total market [10]. - The digitalization market for the accommodation industry is anticipated to grow from approximately RMB 2,931.7 million in 2019 to RMB 4,988.3 million in 2024, with a CAGR of 11.2% [13]. Product Ecosystem - The company has established a cloud-based product ecosystem centered around PMS, referred to as the Green Cloud Chain, which integrates various modules through API for seamless operation [4]. - This system enhances operational efficiency and guest experience by connecting front-end and back-end operations [4]. Market Position - Green Cloud Software is positioned as the leading provider in the digital accommodation services market, particularly in the PMS segment, which is expected to grow significantly in the coming years [16]. - The PMS market size is projected to increase from approximately RMB 1,289.5 million in 2019 to RMB 2,095.0 million in 2024, with a CAGR of 10.2% [16].