2022年2.56亿元 2023年3.37亿元 一、绿云软件提交上升申请 2026年2月20日，杭州绿云软件股份有限公司正式向港交所递交招股说明书，拟主板挂牌上市，中金公 司担任独家保荐人。 1、服务3.7万家酒店 截至2026年2月13日，绿云软件已向中国3.7万家酒店提供前台软件。 2、历年营业收入 2024年3.27亿元 3、历年净利润 2022年3886.37万元 2023年7385.12万元 2024年6897万元 4、2025年1至9月经营状况 营业收入2.25亿元 毛利润1.5亿元 净利润3457万元，利润率15.36% 首业资本持股11.31％ 澄泓投资持股3.61% 携程通过 上海科慧持股2.66% 5、营业结构 2025年1至9个月来自住宿业数字化解决方案的收入1.8亿元，占80.1%；来自数字营销服务的收入2899万 元，占12.9%。 6、股权结构 绿云软件执行董事为杨铭魁、高亮、郭迪胜、屠承荣、葛丽华女士、薛颖女士；独立非执行董事为凌伟 欣女士、杨建刚、黄健峤。 杨铭魁持股27.19%，高亮持股26.75%，新余夏菊(由杨铭魁作为其普通合伙人控制)持股为4.87%，合计 控股58.8 ...

Core Insights - The company, Beijing Zhongchang Shiji Information Technology Co., Ltd. (referred to as "Shiji Information"), conducted a targeted investor research activity on January 14, 2026, with participation from four institutions including GF Securities and Guotai Junan Securities [1][2] SaaS Business Model - The SaaS business operates on a subscription model, with pricing linked to the number of hotel rooms and the functionality of the modules used. Different pricing standards apply for Full Service and Limited Service hotels, with more comprehensive features leading to higher charges [3] AI Technology Applications - The company is focusing on two main applications of AI technology: AI marketing tools that charge a percentage of the GMV generated from orders, which have started to yield some revenue, and AI-assisted product development aimed at improving efficiency through AI code generation tools [4] Strategic Focus - The company has completed its major business segment layouts and is now concentrating on globalization and platformization strategies, with no new acquisition plans currently in place [5] Product Line Differentiation - The company has a differentiated product matrix targeting various market segments, including DAYLIGHT PMS for international luxury hotel groups, Cambridge cloud hotel management system for localized star-rated hotels, and XMS and Qianlima iPMS for purely local star-rated hotels. The economic chain hotel information systems in China are primarily self-developed [6] International Collaboration Challenges - The company explained that the signing cycle with international hotel groups is lengthy due to the multi-stage process required for core system selection, which includes strategic planning, RFI, RFP, POC, and sometimes PILOT verification, along with legal reviews that consider geopolitical risks [7] Booking and Payment Efficiency - The booking and payment platform business enhances efficiency and reduces operational costs by directly connecting customer information systems with various booking channels and payment institutions, replacing manual operations [8] Cloud PMS Advantages - The company highlighted four core advantages of its cloud PMS: platform design suitable for group clients, microservices architecture, single customer profile and inventory management, and robust data security that complies with local regulations [9] Global Team Structure - The overseas business team has exceeded 1,000 members, primarily composed of R&D and technical personnel, with a low proportion of sales staff. This structure supports the company's global strategy and leverages the concentration of technical talent in the hotel management sector [10]

Group 1: SaaS Business Model - The SaaS business charges subscription fees based on monthly usage and the number of hotel rooms [2] - Pricing for cloud products varies depending on the functionality used by clients, with different rates for Full Service and Limited Service hotels [2] Group 2: AI Technology Integration - AI is utilized in two main areas: marketing tools that generate revenue based on a percentage of GMV, and integration into PMS and POS products for predictive assistance [3] - The company is developing a knowledge base to enhance prediction accuracy as more data is collected [3] - AI code generation tools are being used in the European R&D center to improve development efficiency while ensuring code safety [3] Group 3: Market Position and Strategy - The company is focusing on global and platform business strategies, with no immediate acquisition plans as major segments are already established [4] - DAYLIGHT PMS targets international hotel chains and luxury hotels, emphasizing strong group control rather than just hotel tier [5] Group 4: Client Engagement and Contracting Process - The selection process for core systems like PMS involves strategic planning, RFI, RFP stages, product demonstrations, and potential pilot projects before signing a Master Service Agreement (MSA) [6] - The contracting timeline is lengthy due to legal reviews and integration requirements, but it is expected to become more manageable as the company signs more groups [6] Group 5: Product Differentiation - DAYLIGHT PMS is designed as a platform for group clients, utilizing a microservices architecture and offering a single customer profile to streamline operations [8] - The product ensures data security by automatically storing customer data in compliance with local regulations [8] Group 6: International Operations - The overseas team has over 1,000 members, primarily composed of R&D and technical personnel, with a stable size to support globalization efforts [8] - The R&D team is based overseas to leverage industry experience and technical talent necessary for developing next-generation hotel management systems [9]

Group 1: Global Expansion and Client Acquisition - INFRASYS POS has signed all top five international hotel groups, with a total of 4,333 clients expected by the end of 2024 [1] - DAYLIGHT PMS has been implemented in 629 hotels across over 20 countries, aiming to leverage flagship clients for further international hotel group contracts [2] - New contracts signed in 2024 include notable clients such as MELCO, Kempinski, and Rosewood, with significant progress in Europe and Asia-Pacific regions [4] Group 2: Research and Development Costs - The company maintains a global strategy for R&D, sales, and service networks, despite high costs in overseas markets, particularly in Europe [3] - Ongoing investments in overseas projects are expected to continue as the company undergoes a critical phase of globalization [3] Group 3: Market Positioning and Product Offerings - DAYLIGHT PMS targets international chain hotels and luxury regional hotel groups, focusing on strong group control rather than just hotel tier [6] - Additional cloud PMS products are available for local star-rated hotels with international management features, such as Cambridge cloud hotel management system and XMS [6] Group 4: Shareholding and Management Stability - The company has reacquired shares in Sihon Software to maintain the founding shareholders' stake, which is beneficial for management stability and employee motivation [7]