中国酒店物业管理系统（ PMS ）市占率最大的绿云软件，计划趁近期港股市旺，乘势递交香港上市申请 ▶ 公司首九个月股东应占溢利年增7% ▶ 中国业务占整体收入的99% Image Key takeaways: 数字经济已打入各行各业，不单为消费者带来方便，也为企业更简易管理日常业务，中国领先的住宿数字化服务商杭州绿云软件股份 有限公司，趁近期香港新股热潮火热，最近亦递交上市申请文件。 绿云软件 于2010年成立，主攻一般性酒店提供酒店物业管理系统（Property Management System，简称PMS），2013年初为应对市场变 化，为业务作出策略性调整，分别服务两个不同细分市场，包括中高端酒店，以及中端至经济型酒店，随后更引入多位策略股东，当 中包括通过合约安排由携程控制的上海科慧。 "住宿业"是指为旅行者提供留宿场所，除酒店外，还包括文旅综合体住宿业、民宿等等。2024年全球住宿业市场规模达6.4万亿元，当 中中国住宿业市场规模达9,751亿元，随着后疫情时代全球经济逐渐复苏，预计中国市场到2029年将大幅增至1.3万亿元，当于2024至 2029复合年增长率达6.7%，行业规模绝对不小。 按业 ...

Core Viewpoint - Hangzhou-based company "Green Cloud Software" has initiated its IPO process, aiming to become the first "smart travel stock" in Hong Kong's stock market [1][2] Company Overview - Green Cloud Software is a leading digital service provider in the accommodation industry, primarily offering hotel property management systems (PMS) and digital marketing services [2][3] - The company has developed a cloud-based product ecosystem centered around PMS, which manages the entire accommodation process from booking to customer management [2][4] Market Position - By 2024, Green Cloud Software is projected to hold a market share of 16.8% in sales and 16.3% in covered room numbers, making it the largest PMS supplier in China's accommodation industry [2][4] - The company has provided PMS to over 37,000 hotels, including major international brands like Marriott, InterContinental, and Accor [1][3] Financial Performance - The company's revenue for 2022, 2023, and 2024 is reported as 337 million, 337 million, and 327 million yuan respectively, with net profits of 74 million, 74 million, and 69 million yuan [3] - The gross profit margins for the same years are 64.1%, 64.1%, and 68.0% [3] Industry Growth - The digital accommodation market in China is expected to grow from 2.93 billion yuan in 2019 to 4.99 billion yuan in 2024, with a compound annual growth rate (CAGR) of 11.2% [4] - The hotel digitalization segment is the largest, projected to reach 4.32 billion yuan in 2024, with a CAGR of 10.8% [4] IPO Use of Proceeds - The funds raised from the IPO will be allocated to enhance R&D capabilities, expand the sales team, promote the brand, and for strategic acquisitions and general corporate purposes [5] Leadership and Ownership - The core team of Green Cloud Software consists of graduates from Zhejiang University, with significant ownership held by key executives [6]

Core Viewpoint - The Hong Kong Stock Exchange has seen a strong start to 2026 with 24 IPOs raising over HKD 87 billion, and 488 companies are currently in the IPO application queue. Hangzhou GreenCloud Software Co., Ltd., a leading PMS provider in the accommodation industry, has submitted its IPO application, with CICC as the sole sponsor [1]. Company Overview - Hangzhou GreenCloud Software, founded in 2010, specializes in digital solutions for the accommodation industry, including digital marketing services and other value-added services [11]. - The company is recognized as a leading digital service provider in China's accommodation sector, with a market share exceeding 16% and managing over 37,000 hotel rooms [11]. - GreenCloud Software has been profitable every year from 2020 to 2024, distinguishing itself among the top five digital service providers in the accommodation industry [11]. Financial Performance - The company's revenue for 2023, 2024, and the first nine months of 2025 was reported at CNY 337 million, CNY 327 million, and CNY 225 million, respectively, with corresponding profits of CNY 73.85 million, CNY 68.96 million, and CNY 34.57 million [10]. - The estimated compensation for directors in 2026 is projected to be approximately CNY 3.49 million, showing a slight increase from 2024 [5]. Management and Compensation - The executive team, including Chairman Yang Mingkui, has relatively low salaries, with Yang earning CNY 480,000 and the highest-paid executive earning CNY 643,000 [3][4]. - To supplement limited executive compensation, the company has implemented an employee stock ownership plan, granting a total of 5.3 million shares to 166 eligible participants from 2016 to 2021 [7]. IPO and Fundraising Plans - The funds raised from the IPO will be allocated towards upgrading the AI hotel operating system, expanding the sales team, and enhancing brand promotion, including hiring approximately 15 senior algorithm developers and 70 operational support staff [11]. - GreenCloud Software has undergone five rounds of financing, with a post-investment valuation of approximately CNY 2.5 billion [11].