According to the Zhitong Finance App, Ming Yuanyun (00909) announced the 2026 interim results, with revenue of 525 million yuan, a year-on-year decrease of 13.3%; gross profit of 416 million yuan, a year-on-year decrease of 14.4%; profit for the period of 503,000 yuan, a decrease of 96.3%; and adjusted net profit of 12.881 million yuan, a year-on-year decrease of 61.1%.
During the reporting period, our cloud service revenue was 451 million yuan, a year-on-year decrease of 14.1%, accounting for 85.8% of total revenue (same period in 2025:86.6%). The decline in cloud service revenue is mainly due to the fact that the industry's backbone repair process has not yet been completed, and the scale of new contracts has shrunk; in addition, the impact of the decline in historical contracts on deferred revenue is gradually reflected, putting pressure on overall revenue. On the other hand, we continue to expand our customer base and launch new products to drive continued growth in asset management & operations. During the reporting period, asset management & operating revenue was 49.9 million yuan, an increase of 5.7% over the previous year.
Revenue from localized software and services was 74.7 million yuan, a year-on-year decrease of 7.9%. Mainly due to adjustments in real estate market demand, product license sales and delivery contract amounts declined year-on-year; however, demand for product support and value-added services from stock customers remained stable, and the revenue structure continued to be optimized, leading to a narrowing of the overall revenue decline.