Ming Yuan Cloud released unaudited interim results for the six months ended 30 June 2026, showing a broad-based revenue decline and a sharp drop in earnings amid China’s protracted real-estate downturn.

Financial performance • Revenue fell 13.3% year on year to RMB 525.26 million. • Gross profit slipped 14.4% to RMB 416.20 million; gross margin eased to 79.2% (1H 2025: 80.2%). • Operating loss narrowed 20.6% to RMB 52.05 million, aided by a 17.9% reduction in total expenses. • Profit for the period was RMB 0.50 million, a 96.3% plunge from RMB 13.75 million a year earlier. • Net profit attributable to shareholders dropped 91.9% to RMB 1.12 million; adjusted net profit declined 61.1% to RMB 12.88 million. • Basic and diluted EPS both fell to RMB 0.00 from RMB 0.01.

Segment trends • Cloud Services contributed 85.8% of group revenue but contracted 14.1% to RMB 450.57 million. – CRM SaaS: RMB 315.29 million (-17.8%); sales-office coverage shrank 19.5% to 8,052 sites. – Construction Management SaaS: RMB 39.93 million (-14.2%). – Property Management & Operation SaaS: the sole growth engine, up 5.7% to RMB 49.94 million. – Skyline PaaS: RMB 45.42 million (-4.4%). • On-premise Software & Services slipped 7.9% to RMB 74.69 million as new licence demand softened.

Expense discipline • Selling & marketing expenses cut 20.2% to RMB 253.0 million. • R&D spending reduced 15.7% to RMB 172.62 million. • G&A costs fell 13.7% to RMB 52.95 million. • Impairment losses on financial and contract assets declined 35.3% to RMB 21.77 million. Nevertheless, lower finance income (-31.6%) and a 65.1% drop in other income offset savings.

Balance-sheet highlights • Cash, cash equivalents and term deposits stood at RMB 3.00 billion (31 Dec 2025: RMB 3.53 billion). • Current ratio slightly improved to 4.90 (end-2025: 4.88), and the group remained in a net cash position. • Capital commitments totalled RMB 12.90 million; no material contingent liabilities reported.

Capital management • Repurchased 1.40 million shares for HK$4.61 million during 1H 2026; 55.37 million shares remained in treasury at period-end. • No interim dividend declared.

Strategic outlook Management will prioritise “AI-Native + AI-Enabled” product development, deepen focus on high-quality domestic customers, and accelerate expansion into developed overseas markets with a “2+X” portfolio led by smart metering (VeriReader) and AI Virtual Tour solutions.

Industry backdrop China’s property sector continued to contract in 1H 2026, with new-home sales area down 11.6% and new starts down 23.4%, pressuring demand from the group’s core developer clientele. Policy support and the shift toward existing-asset operations are expected to shape future digitalisation needs.

Ming Yuan Cloud aims to leverage cost controls and AI-driven product upgrades to restore profitability amid challenging market conditions.