Group 1: AI Integration in Real Estate - Mingyuan Cloud has integrated the DeepSeek large model, achieving over 2,500 project applications across real estate, home furnishing, and automotive industries, with a daily inference usage exceeding 120,000 [2] - The "AI Capability Three-Step" strategy proposed by Mingyuan Cloud allows real estate companies to enhance efficiency and reduce costs throughout investment management, project construction, and rental/sales operations [2] - Mingyuan Cloud has launched a series of AI products for marketing, including AI Creative Workshop, AI Live Broadcast, AI Salesperson, and AI Traffic Flow, transforming every aspect of marketing [2] Group 2: Partnerships and Collaborations - LianTou Real Estate and Mingyuan Cloud have integrated AI into real estate marketing, creating a digital marketing system that covers the entire customer lifecycle [4] - China Resources Land and Mingyuan Cloud have developed an integrated media matrix for customer acquisition across platforms like Douyin, Xiaohongshu, and Video Number [4] - Poly and Run have upgraded their direct sales capabilities through AI, achieving a 30-fold increase in exposure and a 25% increase in lead generation while reducing project costs by nearly 300,000 [5] Group 3: Digital Transformation in Project Management - Guangzhou Industrial Investment Group and Mingyuan Cloud aim to create a digital benchmark in engineering construction, focusing on quality, safety, planning, cost, design, and documentation [6] - Guiyang Investment Control and Mingyuan Cloud are developing a project management platform to enhance management efficiency and precision [6] - Suqian City Investment and Mingyuan Cloud are leveraging digital transformation for efficient management of state-owned assets, providing comprehensive oversight of asset operations [6] Group 4: International Expansion and Events - Mingyuan Cloud's overseas company MytePro has launched its Tokyo office, marking a significant step in its global business expansion [12] - MytePro hosted an event in Hong Kong focusing on AI's role in driving digital transformation in the real estate and construction sectors, attracting various industry stakeholders [12] - Mingyuan Cloud has organized numerous forums and events across China, engaging over 600 leaders from state-owned enterprises to discuss key development topics in the real estate sector [11]

Core Viewpoint - The real estate industry is transitioning towards a focus on quality and sustainability, driven by the "good house" concept, with government support in standards, technology, and projects [1][2]. Group 1: Industry Transformation - The "good house" initiative aims to create safe, comfortable, green, and smart housing, marking a new development path for the real estate sector [2]. - The implementation of the National Standard for Residential Projects sets baseline requirements for the construction of "good houses" [2]. - The demand for "good houses" is expected to activate new growth momentum in the real estate industry, supported by policies in planning, land, finance, and other areas [2]. Group 2: Marketing and Sales Challenges - The transition to "good houses" necessitates improved marketing strategies to effectively communicate unique features to potential buyers [3]. - There is a need for enhanced marketing capabilities to meet the higher demands for design, construction, and operation of "good houses" [3]. - AI technology can assist in capturing operational data and providing maintenance suggestions, improving overall efficiency [3]. Group 3: AI Integration in Real Estate - Mingyuan Cloud is leveraging AI technology to enhance real estate services, with plans to develop specialized AI models based on extensive industry data [4]. - The company has signed contracts worth approximately 28 million RMB for its AI products, covering nearly 1,000 real estate projects [4]. - Mingyuan Cloud focuses on integrating industry data with AI capabilities to improve application efficiency and reduce development redundancy [5]. Group 4: Future Growth and Market Expansion - The company anticipates rapid growth in its AI product offerings, with projected contract values potentially exceeding 100 million RMB by 2026 [7]. - The goal is to increase market penetration of AI products and expand market share through differentiated competitive strategies [7]. - Mingyuan Cloud aims to cover over 10,000 real estate projects with its AI solutions in the future [7].

Core Viewpoint - Hong Kong serves as a global financial hub, providing a bridge for mainland enterprises to connect with global capital, showcasing resilience amid challenges like Federal Reserve interest rate hikes and geopolitical fluctuations [1] Group 1: Company Overview - Mingyuan Cloud (0909.HK) is a leading digital solution provider in the real estate ecosystem in China, focusing on digital technology to assist industry upgrades [1][3] - The company offers cloud services and localized software, including customer relationship management, project construction, asset management, and the Tianji PaaS platform, catering to the digital needs of the real estate sector [3] Group 2: Business Performance - In 2024, the asset management and operation product line achieved a 14.2% year-on-year growth, indicating strong potential in the existing real estate operation market [3] - The company has significantly increased its R&D investment in AI technology, launching innovative products like "AI Creative Factory" and "AI Salesperson" to enhance operational efficiency [5] Group 3: Innovation and Market Expansion - The "AI Creative Factory" enables rapid generation of high-quality marketing videos, transforming traditional content production methods [5][6] - The "AI Salesperson" utilizes deep learning to identify high-potential leads and engage them proactively, improving conversion rates and reducing customer acquisition costs [5][6] - Mingyuan Cloud has accelerated its international expansion since 2024, establishing teams in key markets like Hong Kong, Singapore, Malaysia, Indonesia, and Japan, with a cumulative contract value nearing ten million RMB [8] Group 4: Investor Relations - The investor relations (IR) team plays a crucial role in connecting the company with the capital market, effectively communicating corporate value and building investor trust [10] - In 2024, the IR team conducted over 100 investor communication activities, enhancing market understanding of the company's AI commercialization progress [12][14] - The company maintains high ESG ratings, reflecting its commitment to sustainable development and social responsibility [15][16] Group 5: Shareholder Returns - Mingyuan Cloud actively engages in share buybacks and special dividends, repurchasing 34.46 million shares for approximately 60.67 million RMB and distributing special dividends totaling about 180 million RMB in 2024 [18] - The company aims to enhance operational efficiency and profitability while exploring sustainable investor return mechanisms [18]

Core Viewpoint - Goldman Sachs reports that Mingyuan Cloud's performance in the second half of 2024 is expected to be below expectations due to continued weak demand from real estate developers, maintaining a neutral rating with a 12-month target price of HKD 2.00 [1] Group 1: Financial Performance - Revenue for the second half of 2024 is projected to decline by 19% year-on-year to RMB 715 million, which is 14% lower than Goldman Sachs' expectations [1] - Gross margin decreased by 5.7 percentage points year-on-year and 6.8 percentage points quarter-on-quarter, primarily due to a significant reduction in orders [1] - Adjusted net loss reached RMB 27 million, which is better than Goldman Sachs' forecasted adjusted net profit loss of RMB 35 million [1] Group 2: Business Segment Analysis - Cloud SaaS/PaaS revenue declined by 17% year-on-year, with property management and operation SaaS revenue increasing by 3%, offset by declines in CRM SaaS, construction management SaaS, and Skyline PaaS revenue, which fell by 12%, 36%, and 36% respectively [1][2] - The decline in revenue is attributed to a decrease in new construction projects in the real estate sector and reduced demand from budget-constrained developers [1] - The number of sales offices covered by CRM Cloud decreased by 9% year-on-year, while the average revenue per user (ARPU) for CRM Cloud increased by 3% [1] Group 3: Software Business and AI Initiatives - Revenue from on-premise software business declined by 24% year-on-year, primarily due to conservative IT spending by private developers [2] - The company has launched several AI products for real estate video marketing, including AI Creative Factory and AI Salesperson, with contract amounts for AI products reaching RMB 28 million in 2024 [2] - CRM Cloud is expanding its AI-supported video marketing services into real estate brokerage, automotive, and home decoration sectors [2]