明源云(0909.HK):收入受签单影响预计下滑 关注AI产品商业化进展

光大证券
Aug 04, 2025

25H1 业绩前瞻:当前地产行业的复苏仍处于相对平滑的调整阶段,受24H2公司签约项目金额降幅较大影响,使得25H1 确认的收入有所承压,因此我们预计1H25 公司实现总收入6.1 亿元人民币,同比下降14.8%。1)本地化部署软件及服务收入预计下降幅度超20%;2)云服务收入预计下降13%达5.3亿元。分业务线条来看:客户关系管理收入预计下降10-15%,主要考虑涉及不动产数字营销场景的产品收入...

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