智通财经APP获悉，明源云(00909)午后涨超4%，截至发稿，涨4.11%，报3.8港元，成交额8657.78万港元。
中泰证券发布研报称，受下游地产建筑行业持续低迷影响，明源云营收端持续承压，但公司加大在云客AI相关的投入与产品推广，25H1云客AI产品终端签约金额约3200万元，超过2024年全年签约金额。受AI产品推广加速促进，25H1云客单售楼处半年度客单价为3.77万元/个，较去年同期提升2.4%，这一提升主要系客户增加对云客AI产品的采购。此外，公司精益运营持续推进，降本增效推动利润端转正。
高盛则表示，明源云上半年业绩逊于预期，但自2022年以来公司首次录得经调整净利润。期内，收入按年跌16%，逊于该行及市场预测10%；核心云服务收入降14%；大部分云业务收入均逊于预期。不过，由于公司终止营运亏损的产品线，并采取有效的成本控制，带动毛利率高于该行预期，而经调整营运开支按年下降20%，带动经调整净利润录3,300万元人民币。
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