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]

历经八载同行，新财富"最佳IR港股公司"评选已凝练为国际资本市场的价值标尺。投资者关系（IR）作为企业与全球资 本对话的中枢，通过精准传递价值、管理预期稳定股价与流动性，更是化解港股高波动、弥合国际监管鸿沟的关键屏 障。卓越IR团队借力数字化工具与ESG前瞻叙事，将挑战淬炼为融入全球估值体系的机遇。 在数字经济浪潮以前所未有的深度与广度重塑全球产业格局的今天，传统色彩浓厚的不动产行业正站 在转型升级的关键十字路口，面临着前所未有的挑战与机遇。明源云（0909.HK），作为中国领先的 不动产生态链数字化解决方案服务商，深刻洞察行业脉搏，坚守"深耕数字科技，助力产业升级"的核 心使命。公司不仅专注于为房地产开发商、产业园区运营商、国资国企等不动产生态链的关键参与者 提供尖端的数字化产品与服务，更致力于成为其最信赖的合作伙伴，共同推动业务模式的精细化重塑 与深层次的数字化变革。 0 1 业务引擎全速驱动：创新引领，重塑行业数智版图 明源云的业务线包括云服务及本地化部署软件和服务，其中云服务包括客户关系管理、项目建设、资 产管理与运营及天际Paas平台四大产品线，适配不动产增量开发、存量资管及运营全场景数字化需 求。 ...

Summary of Conference Call Notes Industry or Company Involved - Focus on the AI and technology sectors, particularly in relation to new innovations and applications in artificial intelligence [2][3][9] Core Points and Arguments 1. **Government Policy and Innovation**: The government emphasizes the importance of leveraging new mainstream systems and enhancing core technology development, indicating a favorable environment for innovation in the tech sector this year [3] 2. **AI Applications and Market Potential**: The current state of AI applications is seen as transitioning from an introduction phase to an accelerated growth phase, with significant potential for market expansion, particularly in sectors like healthcare and finance [14][22] 3. **Investment Recommendations**: Companies in the AI space, particularly those involved in software and application development, are recommended as key investment opportunities. Specific companies mentioned include 北森控股 (Beisen Holdings) for its AI recruitment product [18][29] 4. **Market Dynamics**: The AI sector is expected to experience substantial growth, with estimates suggesting a potential tenfold or even hundredfold increase in market size due to AI applications [13] 5. **Challenges in AI Deployment**: There is a caution against excessive localized deployment of AI solutions, which could hinder the scalability and effectiveness of AI applications [7][26] 6. **Sector-Specific Opportunities**: Various sectors such as finance, healthcare, and manufacturing are highlighted for their unique opportunities in AI integration, with specific examples of companies and products that are leading in these areas [21][22][24] Other Important but Possibly Overlooked Content 1. **AI Iteration Speed**: The rapid iteration of AI technologies is noted, with some companies achieving updates as frequently as weekly, which poses challenges for localized deployment due to high costs [8] 2. **Long-term Trends**: The discussion includes a long-term view on AI's role in transforming productivity across various industries, suggesting that AI will fundamentally change labor markets and operational efficiencies [12][13] 3. **Investment Strategy**: The importance of selecting companies based on their data quality, industry know-how, and customer resources is emphasized as a critical factor for successful investment in AI [29] 4. **Emerging Technologies**: The call highlights the significance of next-generation technologies such as autonomous driving and robotics, which are entering a phase of scalability and market readiness [23] This summary encapsulates the key insights and recommendations from the conference call, focusing on the AI industry's current landscape and future potential.

人工智能相关举措：公司推出了一些用于房地产视频营销的人工智能产品，包括AI创意工厂、AI销售 员、视频营销风控等。2024年，CRMCloud的人工智能产品合同金额达到2800万元人民币。CRMCloud 还将其支持人工智能的视频营销业务扩展到房屋经纪、汽车和家装领域。 云SaaS/PaaS业务营收同比下降17%：物业管理与运营SaaS营收同比增长3%，但被CRMSaaS/建筑管理 SaaS/SkylinePaaS平台(与住宅市场高度相关)分别同比下降12%/36%/36%的营收所抵消。公司将营收下 降归因于房地产行业新开工项目规模下降，以及预算紧张的房地产开发商需求减少。具体而言， CRMCloud覆盖的售楼处数量同比下降9%，而CRMCloud每用户平均收入(ARPU)同比增长3%。 本地部署软件业务营收同比下降24%：该业务主要为住宅房地产开发商提供房地产产品，由于民营开发 商在信息技术方面支出保守，导致营收下滑。 高盛指，明源云公布的2024年下半年业绩，营收和盈利能力均未达到高盛预期，营收同比下降19%，至 7.15亿元人民币(比高盛预期低14%)，其中云服务/本地部署软件营收分别同比下降17%/2 ...