智通财经APP获悉，中金发布研报称，考虑到行业逆风的影响，下调明源云(00909)2025年和2026年收入 预测18.0%和17.6%至12.7亿元和12.7亿元;考虑到公司的费用控制，将2025年和2026年经调整归母净利润 预测由-191万元和1,773万元上调至6,810万元和8,705万元。考虑到行业估值中枢上行，维持跑赢行业评 级和目标价3.5港元(基于5倍2025年市销率)。公司目前交易于5倍2025年市销率。 AI与海外市场成为重要的增长驱动 2025年上半年，明源云在AI领域的布局成果显著，云客AI产品上半年签约金额3,200万元，超过去年全 年的新签约金额(2,800万元)，AI投流、AI销售员、AI工牌等产品覆盖房地产营销核心环节，累计覆盖 约2,000个地产项目。而在海外市场，公司上半年实现约1,500万元的签约金额，发布面向不动产建筑公 司的安全及劳务管理平台Linkforce，2025年8月完成对日本不动产科技公司ASIOT株式会社的全资收购; 目前，明源云已在日本、中国香港和东南亚建立本地化团队，公司预计2025年全年海外产品签约金额为 5,000万元。 明源云2025年上半年收 ...

2025年上半年，受国内住宅市场逆风及公司优化部分产品线的影响，短期签约有所下降，导致部分业务 线收入承压。上半年公司云服务收入同比下滑14.3%至5.2亿元，其中客户关系管理/项目建设/资产管理 与运营/天际PaaS平台收入分别同比-13.1% / -25.5% / +2.0% / -23.5%至3.8亿 / 4,656万 / 4,724万 / 4,752万 元;本地化部署软件及服务收入同比下滑24.8%至8,112万元。展望2025年下半年，随着行业逐渐止跌回 稳、公司业务聚焦的影响逐渐得到消化，该行预计明源云下半年收入跌幅将收窄。 AI与海外市场成为重要的增长驱动 2025年上半年，明源云在AI领域的布局成果显著，云客AI产品上半年签约金额3,200万元，超过去年全 年的新签约金额(2,800万元)，AI投流、AI销售员、AI工牌等产品覆盖房地产营销核心环节，累计覆盖 约2,000个地产项目。而在海外市场，公司上半年实现约1,500万元的签约金额，发布面向不动产建筑公 司的安全及劳务管理平台Linkforce，2025年8月完成对日本不动产科技公司ASIOT株式会社的全资收购; 目前，明源云已在日本、中 ...

Core Insights - Mingyuan Cloud Group has demonstrated significant improvement in profitability and operational efficiency despite a decline in total revenue for the first half of 2025, which was 606 million RMB, down 15.9% year-on-year [1] - The company achieved a gross profit of 486 million RMB with a stable gross margin of 80.2%, and managed to reduce operating losses by 68.8% to 65.58 million RMB, turning a profit of 13.748 million RMB compared to a loss of 115 million RMB in the same period last year [1] - The improvement in profitability is attributed to proactive adjustments in product strategy, customer structure, internal cost management, and the application of AI tools [1] Financial Performance - Total revenue for the first half of 2025 was 606 million RMB, a decrease of 15.9% year-on-year [1] - Gross profit reached 486 million RMB, maintaining a gross margin of 80.2% [1] - Operating losses narrowed to 65.58 million RMB, a reduction of 68.8% year-on-year [1] - The company reported a profit of 13.748 million RMB, compared to a loss of 115 million RMB in the previous year [1] - Net cash outflow from operating activities decreased by 74% year-on-year, indicating improved cash management efficiency [1] AI Strategy and Product Development - Cloud services, the core business of Mingyuan Cloud, generated 525 million RMB in revenue, accounting for 86.6% of total revenue [2] - The customer relationship management product line generated 383 million RMB, while AI product contract amounts reached 32 million RMB, surpassing the total for the entire year of 2024 [2] - The company launched new AI tools, including "AI投流," covering the entire lifecycle of short video marketing in real estate [2] - Mingyuan Cloud has signed a deep cooperation agreement with Douyin for digital transformation in the real estate sector [2] Global Expansion - The company has established localized teams in regions such as Hong Kong, Singapore, Malaysia, Indonesia, and Japan, successfully expanding its local marketing and delivery partnerships [3] - Overseas product contract amounts exceeded 15 million RMB in the first half of 2025 [3] - The launch of the self-developed product "Linkforce" in Hong Kong marks a breakthrough in developed markets, integrating AI, IoT, and SaaS for worker safety and efficiency management [3] - Mingyuan Cloud's acquisition of ASIOT in Japan for 700 million JPY (approximately 33 million RMB) signifies a substantial step in its global strategy [4] Strategic Directions - For the second half of 2025, Mingyuan Cloud has outlined four strategic directions: focusing on high-profit products and clients in the domestic market, increasing investment in overseas markets, deepening AI and SaaS product innovation, and utilizing AI to reshape internal processes and organizational structure [5][6] - The company aims to reduce reliance on residential developers while expanding into the Middle East and European markets [6] - Mingyuan Cloud's strong adaptability and strategic execution during the industry adjustment period have positioned it favorably for future growth amid improving real estate policies in China and the ongoing global real estate technology market expansion [6]

展望未来，公司将聚焦核心产品与客户，在保证国内业务盈利的基础上，加大AI领域与海外市场投 入，优化资源人才配置，推动业务实现持续增长。 海外业务方面，公司围绕"AI+IOT+SaaS"的产品理念，年初发布自研新产品"Linkforce"，在中国香港区 域完成客户签约与交付，实现新产品在发达地区市场的突破。同时，公司已于2025年8月全资收购日本 不动产科技公司ASIOT，积极拓展海外布局。上半年海外产品签约金额超1500万元，公司在海外市场的 品牌与知名度持续提升。 成本管控方面，通过落实降本、提升组织效益，公司的成本与费用均实现不同程度的下降，上半年销售 费用同比下降22.2%，管理费用下降56.5%，研发费用下降19.4%。 近日，明源云公布2025年上半年业绩。报告期内，明源云实现营收6.06亿元(人民币，下同)，其中资产 管理及运营产品线收入持续录得正增长。公司净利润自去年同期亏损1.15亿元成功扭亏，实现净利润 1375万元。 AI应用方面，旗下云客上半年AI产品新签约金额超3200万元，新推出"AI投流"产品，产品矩阵已覆盖 房地产短视频营销全生命周期，累计覆盖房地产项目数量超2000个。此外，云 ...