中国酒店的"大脑"要来港股IPO了。 2月20日，香港交易所马年开市首日，绿云软件这家被视为中国酒店的"大脑"积极地敲响了港交所大 门，拟香港主板上市，中金公司担任独家保荐人。 绿云软件之所以被酒店的"大脑"，主要是因为公司的PMS系统。PMS的全称是物业管理系统，可以通俗 地理解为酒店的后台操作中枢。前台员工的日常操作，如办理入住、换房、退房，以及房费结算，都离 不开它。 按销售额及覆盖客房数计，绿云软件是2024年中国住宿业数字化行业最大的PMS供应商，市场份额分别 为16.8%和16.3%。截至2025年9月底，公司已向中国3.7万多家酒店提供PMS。 不仅如此，深耕住宿业数字化十余年，绿云软件的客户名单也堪称豪华—— 龙头底色：盈利表现稀缺，行业确定性强 随着全球住宿业市场规模加速发展以及数字化支出占比持续提升，住宿业数字化是一条确定性很高的增 长赛道。 根据灼识咨询报告披露，中国住宿业数字化市场规模预计在2029年达到90.2亿元，2024-2029年的复合 年增长率(CAGR)为12.6%。其中，PMS作为核心系统亦同步扩容，市场规模预计在2029年达到35.2亿 元，CAGR为10.9%，为绿云 ...

Financial Data and Key Metrics Changes - Fiscal year 2025 revenue reached a record $275.6 million, a 16% increase from the previous year, despite a 16% decline in one-time product revenue [18][24][29] - Q4 revenue was a record $74.3 million, up 19.4% from $62.2 million in the prior year quarter [15][23] - Subscription revenue for Q4 was $29.8 million, growing by 42.7% year-over-year, representing 64.4% of total recurring revenue [16][26] - Full fiscal year 2025 adjusted EBITDA was $53.8 million, compared to $37.1 million in the prior year [29] Business Line Data and Key Metrics Changes - Subscription SaaS software and services had a record sales year, with PMS and related add-on modules sales up 58% compared to the previous best year [7][8] - Managed food services (FSM) sales in Q4 were the best of the year, with sales in the second half of fiscal 2025 nearly double that of the first half [9][10] - POS sales in Q4 were 27% higher than Q3 and 16% higher than the previous highest Q2 quarter [8][24] Market Data and Key Metrics Changes - International sales showed positive signs of consistent growth, although still dependent on significant wins [10] - The current global demo plus stage sales pipeline is at a record level, 18% higher than the previous year [13] Company Strategy and Development Direction - The company is focused on maintaining investments in various areas, including cybersecurity, product innovation, and customer support, to fuel future revenue growth [21] - The modernization of the POS platform has been completed, enhancing adaptability and supply chain management [20] - The company aims to achieve subscription revenue growth of 25% in fiscal year 2026, with total revenue expected to be in the range of $308 million to $312 million [31][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future prospects despite macroeconomic challenges, citing a strong position in the hospitality technology market [20][35] - The company has seen significant growth in annual revenue and subscription revenue over the past three years, indicating a successful transformation [34] Other Important Information - The company has expanded its sales teams significantly, particularly in the hotels and resorts vertical, to enhance market presence [35] - The Book for Time acquisition has been successful, contributing positively to the company's product offerings and sales capabilities [96][97] Q&A Session Summary Question: What attributed to the success in POS bookings this quarter? - Management attributed the improvement to the installation of a fully modernized and unified POS platform, which has enhanced implementation ease and customer demand [39][40] Question: Can you update on the mix of customers using Agilysys implementation teams versus third-party support? - Most implementations are done by Agilysys teams due to the complexity of the software, and the growth in professional services revenue is expected to be normal [42][44] Question: What does the 2026 guidance for subscription revenue imply for organic growth? - The 25% growth includes benefits from the Book for Time acquisition, with organic growth expected to be in the 22-23% range [46] Question: Can you discuss the momentum in add-on sales? - Add-on modules are driving improvement, particularly on the PMS side, due to their value and integration into a unified ecosystem [50][52] Question: How is the beta testing with Marriott progressing? - The testing is going well, with positive feedback from property personnel, although it remains a complex transformational project [67][70] Question: What is the rationale for excluding the Marriott project from fiscal year 2026 guidance? - The project is still in the pilot phase, and its impact on the P&L is not expected to be material until mass rollout [83][84] Question: What is the outlook for international growth? - International markets present a significant growth opportunity, with current customers increasing their spending [92][93]