Summary of Ming Yuan Cloud (0909.HK) Conference Call Company Overview - Company: Ming Yuan Cloud (0909.HK) - Industry: Real Estate Software and SaaS Key Points AI Software Products - The company has launched 8 AI products aimed at driving Average Revenue Per User (ARPU) growth for its CRM Cloud, generating contract values of Rmb28 million in 2024 and Rmb32 million in 1H25. The target is to reach Rmb50-60 million in 2025 and Rmb100 million/200 million in 2026/27 for AI products [3][11] - AI Employee Badge: Launched in early 2022, it generated Rmb10 million in contracted amount in 1H25, helping improve customer conversion rates by recording sales personnel's conversations [6] - AI Video Generation: A fast-growing tool using Alibaba Qwen/Bytedance Doubao model, currently in discussions for collaboration with Kuaishou Kling [6][7] - AI Sales Assistant: Engages with potential leads post live-streaming, processing over 2 million conversations in 1H25 [8] - AI Live-Streaming Robots: Conducts autonomous live-streaming for property tours, aiming for over 70% market share [8] - AI Ad Intelligent Placement: Automates ad placement strategies for better results [8] Overseas Expansion - Achieved a contracted amount of Rmb15 million in 1H25 from markets outside mainland China, including Southeast Asia, Japan, and Hong Kong, with a target of Rmb50 million for 2025 [8] - Established localized teams in these regions to foster partnerships with local software teams and channel partners [8] - Linkforce Platform: A construction site management solution in Hong Kong, showing a 10% increase in worker attendance and 20% improvement in safety alert processing efficiency [9] - ASIOT Acquisition: Completed acquisition of Japanese SaaS+IoT company ASIOT, expected to consolidate in 2H25, with a 99% retention rate for smart utility meters [9] Financial Outlook - The company expects a 10-15% decline in revenue for 2025, with a narrowing decline projected for 2026 [14] - Operating Profit Margin (OPM) is expected to turn positive in 2026, with adjusted Net Profit Margin (NPM) projected at 5%-10% in 2025 and 10% in 2026 due to reduced R&D and sales expenses [14] - The current valuation is considered fair, supported by a strong net cash position and operational expense reductions leading to a positive net profit from 1H25 [11] Investment Thesis - The company is viewed as being in the early stages of business transition amid a challenging real estate market in China. The 12-month target price is set at HK$2.55, with a Neutral rating [2][12] Risks - Upside risks include a faster-than-expected recovery in the real estate sector and better-than-expected digitization demand [12] - Downside risks involve execution challenges in cost reduction and weaker sales cycles from state-owned enterprises [12] Additional Information - The company is currently trading at HK$3.47, indicating a potential downside of 26.5% to the target price [13]
明源云_ 关键要点 _ 人工智能与海外软件即服务（SaaS）业务转型