Mingyuanyun: One brother of real estate SaaS is not good

Introduction: The market value of five days has shrunk by nearly 20 %. Is the myth of Mingyun, the pre -losing losses of the central report, over?

Produced 丨 Nuke Science Society

Author 丨 Ningxi

Everything is not smooth, it is most suitable to describe Mingyuan Yun entering July.

In the first week of July, Zhongjin announced the preview report of Mingyuanyun's performance. It is expected that the revenue growth rate of Mingyuanyun's core business line is expected to be lower than the annual guidelines of previous management.

After the news came out, the stock price of Mingyuanyun was fell quickly at the beginning of the month, and it basically fell in June. In order to boost investor confidence, Mingyuan Yun launched an emergency stock repurchase plan, and a total of about 2.88 million shares were repurchased within 5 days on July 16.

However, the stock price still showed a trend of shocks, and it fell by nearly 30%during the repurchase of stocks. As of July 29, Mingyuanyun's stock price had fallen 42%, and major investment banks expressed concern about the prospects of Mingyuanyun's stock, and Citi directly changed the rating bought to sell.

On August 2nd, even worse news came. On the same day, Mingyuan Yun issued the announcement of the semi -annual results of the announcement, and the announcement stated that the Group is expected to obtain about 540 million yuan to approximately 580 million yuan of company equity holders of the company's equity holders for the six months ended June 30, 2022. Compared with the six months ended June 30 last year, the ownership of the company's equity holders should have a profit of about 165 million yuan.

Last week, Mingyuanyun's stock price still showed a trend of shocks. Within 5 days, the stock price fell nearly 20%. At present, the stock price has fallen by 90%, and the issue price has fallen by nearly 60%.

The key triggered by institutional investors is not a simple news, but how Mingyuanyun can turn the tide, and the current market does not give the answer.

01 丨 profit cow business shrinks

The loss of the Mingyun Yun Interim is a high probability event that the market can predict, but the loss is so high but unexpected.

From all aspects, the basis of Mingyuan Yun's rooting market is real estate developers. Jin Di, Longhu, Poly, Country Garden, Zhonghai, etc. are all key customers of Mingyuan Yun.

According to data from the 2021 annual report, the supplier resources of Mingyuan Cloud procurement have exceeded 60,000, housing enterprises have exceeded 1,600, and they have served more than 1,500 housing companies. The annual order volume of the platform exceeds 200 billion.

From 2014 to 2021, with the rapid development of the real estate industry, Mingyuan Yun's revenue also rose from 580 million yuan to 2.184 billion yuan, with a compound annual growth rate of 30.37%. In 2021, the level of gross profit margin was 80.2%, which was far ahead of TOP50 real estate companies with average gross profit of only 22.41%. It was at a medium level in the peers, UFIDA, Guanglianda, and Pancanium.

However, the annual report data has already shown a loss of losses. At that time, the data showed that the previously dominated cash cow ERP business was further limited, and the income increased by only 1.5%to 847 million yuan, accounting for further reduction of only 38.8%of total revenue.

In this context, Mingyuan Cloud's preview shows that the adjustment of the adjustment of the adjustment of the adjustment of the adjustment of the adjusted loss of about 320 million yuan to about 360 million yuan will be between about 320 million yuan to about 360 million yuan, which is a decrease from the same period of 2021. 265%to 286%. The previous annual report showed that in 2021, the net loss of Mingyun returned to the parent company was 344 million yuan, and the loss decreased by 51.17%year -on -year.

From the annual report of 2021, the loss of more than 50%, and in the middle of 2022, the propaganda losses increased by nearly 300%. Behind the numbers, it means that as the new round of adjustments in the real estate industry occurred quietly, the days of Mingyuan Yun began to get better.

On the one hand, Mingyuan Yun, which was completely serving real estate customers in the past, now encountered a new situation of real estate enterprise funds tight, business tightening, and even some corporate debt issues broke out.

In the context of the tightening of the entire industry's funds, the ambitions of these real estate companies have originally reduced the ambitions of large -scale investment in informationization and even digital construction, and even canceled directly.

This also allowed Ming Yuanyun, which led the entire industry to drive the entire industry to increase the income of enterprises, and was ahead of 2022.

On the other hand, real estate companies have entered the era of refined operations, and have an urgent need to reduce costs and take effect. In the eyes of these housing companies, the bosses may pass through the investment that can help them improve efficiency and reduce costs, and others may be put on hold.

This allows Mingyuanyun, which used to lead the information development of real estate enterprises with ERP functions, was at a loss.

Mingyuan Yun did not realize this.

Both the annual report and the interim report pointed out that Mingyuan Yun has now increased its research and development, and has begun to expand from the real estate industry like derived park management and real estate commercial management.

The interim report notation pointed out that the first half of Mingyuan Yun increased investment in R & D investment, especially in the field of SaaS. According to many people in the industry, this SaaS platform is an important weapon and starting point for Mingyuanyun to expand its application.

However, industry people are not optimistic about it because even in real estate and related fields, many businesses do not overlap, which is equivalent to the SaaS platform to continuously expand business and functional. This is a major test for technical teams and product managers.

02 丨 SaaS becomes the key to transformation

Mingyuan Yun started with ERP in the real estate field.

At the beginning of the company's establishment in 2003, it was managed by several large real estate companies as sales systems and customers. At that time, it was not called ERP, but later it became bigger and bigger. In the end, most of the top 100 real estate developers adopted Mingyuanyun's ERP system to manage sales and customers. During the heyday, all SaaS manufacturers, including Kingdee and UFIDA's financial software, must give priority to the port of the Mingyuanyun ERP system to enter the real estate market, and also pay a lot of interface fees.

However, after Ming Yuanyun's impact on A shares twice, it was found that simply relying on ERP could not monopolize the entire real estate software market, and the extra SaaS system became their inevitable second curve.

Since 2014, Mingyuan Cloud has gradually appeared in services such as Yunke, Cloud Chain, Cloud Procurement, and Cloud Space, which basically covers other aspects of the informatization non -professional part of the real estate enterprise.

From 2015 to 2020, Mingyuan Yun's development was extremely rapid because the main income of the second curve SaaS and the ERP system was well cooperated. After all, these services are homologous to Mingyuanyun's ERP system. They have advantages naturally in interfaces and calls. They are more in line with the needs of real estate customers than those of the third -party SaaS services introduced by the open interface of Mingyuanyun.

In addition, as the real estate business develops difficulties and cash flow problems, the functions of customer acquisition and customer management, market expansion and sales related to cash and recovery are highly valued by real estate companies.

In addition, in the long run, the focus of real estate enterprises will be transformed from "landing and building houses" to "large asset management" and "large operations". The arrival of the existing operation era puts forward higher requirements for the refined operation of housing companies. Housing companies need to use customers as the center to dig new needs and explore the "real estate+" products and service models to improve their competitiveness.

The key, because of the convenience of data retraction, Mingyuan Yun's SaaS service and ERP are directly opened, which is not the same as other third -party SaaS. Real estate customers are used to use the circulation of mid -layer data to drive a lot of convenient scenarios, and it has also deepened. They are determined to pay on Mingyuan Yun.

From 2017-2021, the compound annual growth rate of 65.23%of Mingyuan Yun's SaaS business revenue was much higher than 20.61%of ERP business. Last year's annual report showed that as of the end of 2021, Mingyuan Yun's SaaS product achieved revenue of 1.338 billion yuan, accounting for 61.2%of the total revenue.

To some extent, the SaaS platform has now become a well -deserved cash cow and main business of Mingyun Yun, and the original advantage product ERP has gradually returned to secondary.

The latest interim reports show that SaaS products' revenue for six months ended June 30, 2022 will be between approximately 660 million yuan to approximately 680 million yuan, an increase of about 20%to 23%from the same period in 2021. It is expected that the total operating income of SaaS product revenue accounted for about 75%to 77%of the total operating income for the six months ended June 30, 2022, further increasing the relevant proportion.

According to corresponding reports, starting from March this year, Mingyuan Yun realized that only SaaS is the life -saving straw and the only development direction in the future, and it has begun to focus on increasing investment in industry needs.

According to the research report, with the normalization of real estate regulation, real estate companies no longer pursue a single capital dividend. The digital construction of housing companies at this stage pays more attention to the connection and collaboration between functional departments, and strives to refine management.

Some heads of housing companies establish a large -scale operating system based on the digital base as the core. Through modular construction, the "Group+Area+City+Project" multi -level collaboration is achieved. The size of China's real estate digital market is expected to increase to 11.6 billion yuan by 2024, with a compound growth rate of 4.9%.

In this context, in 2022, Mingyuan Yun continued to increase research and development investment, especially the sky PAAS platform, and adhered to the development strategy of "SaaS+PaaS+Ecology".

03 丨 Yunhua Real Estate's Ambition

"Digitalization of real estate is an applied technology that is interspersed with space asset scenarios and emerging technology. Through cost reduction and efficiency and digital economy, the cash flow and liquidity of the digital economy will be improved, and the implementation path is precipitated and operated by data assets." Yang Tianxiao, director of Ecological Fund, said in an interview with the media recently.

In fact, although the old dividends of the real estate industry have gradually become thinner, the demand for residence still has a solid foundation, and China's real estate and its related industrial chains still have huge development space.

Experts believe that the era of product and service will really come, which is not only the well -being of consumers, but also marks the industry's professionalism and refinement. The key is that the new development model will be established and consolidated, and all types of market entities can cross the cycle in the transformation, which requires informationization and digital ability support.

Song Yanqing, president of Rand Consulting, pointed out at a recent meeting that in the future, housing companies will shift from scale -oriented and speed -oriented development models to product force and service -oriented.

In order to enhance their product power and service, real estate companies are already carrying out the operation and business management operation of the stock market. For example, change the house to an apartment for rent, turn office buildings into shared office space, and so on.

Behind these attempts means the transformation of its own business model. Of course, now the capital chain is tightening, and real estate developers' transformation also hopes to choose projects with low investment and high output. To achieve this, it is inevitable to use digital tools to help large -scale use.

From the successful case of Ruixing Coffee turn over, it can be seen that business big data judgment is vital to a company. The accumulation of this ability is actually an extension of digital ability. In addition, whether it is the renovation of the residential house as an apartment or turning the office building into a shared office space, the superposition of the informatization capacity is a bonus, which may become a pointer to guide future customers. Coupled with the implementation of REITs (Real Estate Trust Investment Fund), high -quality commercial real estate real estate will directly monetize in the capital market, which greatly promotes the determination of the industry to rely on digitalization to improve management. In addition, various housing companies hope to reduce costs and increase efficiency, maximize human resources, and improve office efficiency, and also become a certain factor.

The emergence of these requirements is that the era of cloud -based services and product development is coming.

First of all, in order to promote the transformation of real estate enterprises with informatization, opening up the underlying data is the key. And all digital tools and businesses are clouding, which is the easiest way to solve this demand. The technical investment of Mingyuan Cloud in this field and the era of Yunhua Real Estate, I am afraid that Mingyuan Yun's development advantage will be greatly improved.

Secondly, the transformation of real estate companies must solve the balance of short -term investment and long -term investment. In the field of digitalization, the solution of this problem generally relies on cloud services. After all, paying on demand is the basis of cloud services, which is of great significance for the current rapid layout of real estate companies.

Finally, technical choice. Regardless of the information technology, cloud service companies will provide or provide construction tools to minimize the investment in the secondary R & D in the future, which is very meaningful for the current real estate companies.

Of course, this also shows that Mingyuan Yun, which occupies the advantages of development in this industry, has found a good development opportunity.

At present, Ming Yuanyun spares no effort to increase its research and development, which is trying to deal with this trend. Annual report data shows that in 2021, Mingyuan Yun's research and development investment reached 642 million yuan, an increase of 80.5%year -on -year, much higher than the growth rate of revenue; the number of R & D employees reached 2,123, an increase of 64.8%year -on -year, accounting for 50.0%of the company's total.

However, the biggest problem of Mingyuan Yun is actually slower, and the capital chain of major customers is difficult. This may drag the speed of enterprise development, especially today, which is developed to Yunhua throughout the industry. How to solve this is a big problem to test the leadership of Mingyuan Cloud.

Of course, Mingyuan Yun is not without opponents in the field of real estate. Especially the head of the first real estate enterprises represented by Vanke's "picking", Poly "He", and the "leading tide" of China Shipping. These companies have seen the direction of development, and have also carried out their own technical research and development and built their own platforms. Become the biggest opponent of Mingyuan Yun.

After all, once the real estate head enterprise gradually develops the SaaS system and the cloud service platform, they will be more advantageous in carrying the short -term pain in real estate informatization.

The only uncertain thing is who can be faster. Because the Internet has always been fast fish.

Reference materials:

Western Securities "Deep Cultivation for more than ten years, Mingyuan Yun in the real estate field ERP leader"

Research Reporter "Nirvana Regeneration | Informatization Construction of Top 100 Housing Enterprises"

Titanium Media Research Institute "2021 China Real Estate Digital Capacity Observation White Paper"

- END -