明源云2025 中期报告

（於開曼群島註冊成立的有限公司） 2025中期報告 2461827444546474951529296 Cricket Square, Hutchins DriveP.O. Box 2681, Grand Cayman KY1-1111Cayman Islands 16A801 131 Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands 183171712-1716 97927 3A10 1 188262602 909 www.mingyuanyun.com 605.815.9% 583.127.4% 33.117.0 42.874.0% 1. 45,8513.5%44,2415.5% SaaS 2. 55%67%19 & 3. FortuneBusiness Insights365.5883.711.9%AIIOTAIAR/VR 37%55 AI+ 4.AI DeepSeekAIAIAI(agents) AIAIAIAI know-howAIAI 1. 1.1 &PaaS &524.714.3%612.286.6% (1) AIAIAIAIAIVMA SDKAI3,2001,000AI2,000 383.413.1%441.3376.75.1%396.810,0047.3%10,7943.772.4%3.68AI89%88% (2) AI IT46.625.5%62.55,26428.0%7,3162,1083.5%2,0360.894.7%0.8570%78% (3)& && 250AI &&&&47.22.0%46.3&90%94% (4)PaaS PaaS PaaSAIagentRAGagent PaaS47.523.5%62.1PaaS1,2003,00090 1.2 ERP 81.124.8%107.9 1.3 (Mytepro)ASIOTA-SmartAI+IOT+SaaSLinkforce1,500 2. 3. AI80%23%AIAIAI36.8% 317.222.2%407.861.356.5%140.9204.719.4%254.134.514.6%30.1 AIAI 1. AIAI 2. LinkforceA-SMARTAI+IOT+SaaS 3.AI+SaaS AIAIAI+SaaSAIAIAPI+AI+AI+ 4. AI 605.815.9%720.1 524.714.3%86.6%85.0% 81.124.8% 486.015.9%577.780.2%80.2% 317.222.2%407.8307.622.0%394.1 61.356.5%140.958.35.0%61.3 204.719.4%254.1197.920.5%248.9 33.777.4%19.0362.353.3%49.5% 55.913.3%49.4 9.315.831.84.7 65.668.8%210.4 76.820.8%97.0 1.544.4%2.7 9.6116.3 4.10.9 13.7115.4 3,661.44,042.4 3,486.03,429.05.546.01 090 1,6041,91216.1% MyteProTechnology JapanMytePro JapanASIOTMyteProJapan700,000,000100%100% C1 C3 13.51(2)(a)(e)(g) 3.10(2)3.21 2410 8,516,00023,707,751.068,516,000666,0001,974,410.009,182,000 12,316,000 8.08 6,910.3 (i)(ii)D211(8) 1. 2. XV(a)XV78(b)352(c) (1)GHTongRuiInvestment Limited376,423,600GHTongRui InvestmentLimited99%MYTongRuiHoldings LimitedMYTongRuiHoldings LimitedTMF(Cayman)Ltd.GHTongRuiInvestment Limited (2)HengXinYuanInvestment LimitedSunshineSmoorHoldings Limited268,978,1344,000,000HengXinYuan Investment LimitedSunshineSmoorHoldings LimitedSunshineMorning Holdings Limited99%SunshineMorningHoldings LimitedTMF(Cayman)Ltd.HengXinYuan Investment LimitedSunshineSmoor Holdings Limited (3)LINGFAN Investment Limited187,826,600LINGFAN Investment Limited99%Mindfree Holdings LimitedMindfree Holdings LimitedTMF (Cayman) Ltd.LINGFANInvestment Limited (4)1,943,885,020 336XV23 (1)GHTongRuiInvestment Limited99%MYTongRuiHoldings LimitedMYTongRuiHoldings LimitedTMF(Cayman)Ltd.MYTongRui Holdings LimitedGHTongRui Investment Limited(2)HengXinYuan Investment Limited99%SunshineMorning Holdings LimitedSunshineMorning Holdings LimitedTMF (Cayman) Ltd.SunshineSmoor Holdings Limited4,000,000SunshineMorning Holdings LimitedSunshineMorning Holdings LimitedHengXinYuan Investment LimitedSunshineSmoor Holdings Limited(3)LINGFAN Investment Limited99%Mindfree Holdings LimitedMindfree Holdings LimitedTMF (Cayman)L t d .M i n d f r e eHoldings LimitedLINGFAN Investment Limited(4)TMF (Cayman) Ltd.GHTongRui Investment LimitedHengXinYuan Investment Limited LINGFAN Investment LimitedSunshineSmoor Holdings Limited(5)MYCJIABAOSZ Investment LimitedJIABAOSZ InvestmentLimited82,180,00099%JINBAOSZ Holdings LimitedJINBAOSZ Holdings LimitedMYC(6)1,943,885,020 XV23336 (1)(2)(3)(i)(ii)MYCMarvellousMYC MarvellousMYC Marvellous 196,709,5029,835,4750.92% 194,826,9809,835,47516,846,018178,805,0529,835,475179,023,2419.31% (1) (i)(ii)(i)(ii) 3941 (2) (i)(ii)(i)(ii) 16,846,018 17.07 11)C2)3) 21)C2)3) 31)2)C3)4)5) 7(i)(ii)17.03D1%(iii)0.1% 23 (3) (i)(ii)(i)(ii) 41,200,000 1(i)C(ii)21)25%2)25%3)25%4) 25%3(i)(ii)1%47.73235(i)(ii)17.03D1%(iii)0.1% 4591343434 2410 34 1 223CricketSquare, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands 2 34 3 21 21 4 5 6 6.1 (a) 6 6.1 6.2 6 6.3 6.3.1 • •• 6 6.3 6 6.3 6.3.2 •••• 6 6.3 6.3.3 6 6.3 6.3.4 ••• 18(a)18(b) 6 6.3 6.3.4 6 6.3 6.3.4 10%54,925,00027,548,000 10%21,00019,600 7 7 8 8 (a) 8 (a) (i) 10 (b)20193913% [2011]1003% 13 14 14 15 0.10.092167,743,000 16 232,369,263219,478,000 17 (a) 1,997,00015,157,000 434,00068,141,000 17 (b) 19,439,00025,480,000218,000118,000 18 (a) 6.3 (b) 6.3 18 (b) 19 (a) 090 19 (a) (b) 12 20 (iii) 21 21 (a)8,516,00035,576,00021,940,00062,708,000118,959,654114,208,93123,210,000 MYC Marvellous Limited 22 23 M Y CMarvellousLimited7,484,080MYCMarvellous Limited74,840,800 43,743,0040.0001 26,794,0190.0001 1,817,6550.0001 23 5% 41,443,9960.0001 13,089,9930.0001 27,628,7750.0001 26,661,7880.0001 23 16,846,0180.0001 5% 5941,200,00010.0001 23 90%96% (a) 23 (b) 24 24 26 (a) (b) 16 27 27 28 29 MyteProJapanMyteProJapan700,000,000100% 0.0001 % ERPPaaSSaaSPaaSPaaS