Core Viewpoint - Kingdee International (00268) has seen a stock price increase of over 4%, currently trading at HKD 15.05, with a transaction volume of HKD 230 million [1] Financial Performance - As of September 30, Kingdee's annual recurring revenue (ARR) from its cloud subscription services reached approximately RMB 3.86 billion, representing a year-on-year growth of 18% [1] - The net renewal rates for various Kingdee cloud products are as follows: - Kingdee Cloud · Cang Qiong: 105% - Kingdee Cloud · Xing Han: 95% - Kingdee Cloud · Xing Kong: 93% - Kingdee Jing Dou Cloud: 88% [1] Client Acquisition - During the reporting period, Kingdee signed new clients including Chin Hin Group Berhad, BAIC Group, Yuchai Group, Xin Steel Union, Huaxi Biological, and Qiang Nao Technology [1] Strategic Partnerships - On August 13, the company signed an ERP project construction agreement with Chin Hin Group Berhad, leveraging its Xing Han and AI quotation agent products. This partnership signifies a shift from merely following Chinese enterprises abroad to directly engaging with local companies, potentially setting a benchmark for regional replication [1]

Core Insights - The XINGQUAN Flexible Allocation Mixed Fund (LOF), managed by Xie Zhiyu and Xie Yiran, reported a net value growth rate of 43.58% over the past year [1] Fund Holdings Summary - New additions to the top ten holdings include: - Zhongji Xuchuang (300308) with 2.58 million shares valued at 1.042 billion [1] - Lanke Technology (688008) with 4.92 million shares valued at 761 million [1] - Dongshan Precision (002384) with 9.14 million shares valued at 653 million [1] - CATL (300750) with 1.57 million shares valued at 629 million [1] - Significant changes in existing holdings: - Innovent Biologics (01801) increased by 4.81 million shares (42.97%) to 16.01 million shares valued at 1.408 billion [1] - JuHua Co. (600160) increased by 1.09% to 25.23 million shares valued at 1.009 billion [1] - A decrease in holdings for: - Jingchen Technology (6880889) by 5.85% to 8.96 million shares valued at 996 million [1] - SMIC (00981) by 31.54% to 12.11 million shares valued at 880 million [1] - Exited from the top ten holdings: - Xiaomi Group-W, Kingdee International, Lens Technology, Alibaba-W [1]

Core Insights - Kingdee International (00268) continues to deepen its core strategy of "AI-first, Subscription-first, Globalization" [1] - As of September 30, 2025, the annual recurring revenue (ARR) from Kingdee Cloud subscription services is approximately RMB 3.86 billion, representing a year-on-year growth of about 18% [1] - The net dollar retention rates (NDR) for Kingdee Cloud products are as follows: 105% for Cloud Cang Qiong & Xing Han, 95% for Cloud Xing Kong, 93% for Cloud Xing Chen, and 88% for Kingdee Jing Dou Cloud [1] - During the period, the company has signed contracts with notable enterprises such as Chin Hin Group Berhad, BAIC Group, Yuchai Group, New Steel Union, Huaxi Biology, and Qiang Nao Technology [1]

Core Viewpoint - Kingdee International (00268) is deepening its core strategy of "AI-first, Subscription-first, Globalization" with a projected annual recurring revenue (ARR) of approximately RMB 3.86 billion by September 30, 2025, representing a year-on-year growth of about 18% [1] Group 1: Financial Performance - The ARR for Kingdee's cloud subscription services is expected to reach approximately RMB 3.86 billion by September 30, 2025, with a year-on-year growth of around 18% [1] - The net dollar retention rates (NDR) for various Kingdee cloud products are as follows: Kingdee Cloud · Cang Qiong & Xing Han at 105%, Kingdee Cloud · Xing Kong at 95%, Kingdee Cloud · Xing Chen at 93%, and Kingdee Jing Dou Cloud at 88% [1] Group 2: Strategic Partnerships - During the reporting period, Kingdee has signed contracts with notable companies such as Chin Hin Group Berhad, BAIC Group, Yuchai Group, New Steel Union, Huaxi Biological, and Qiang Nao Technology [1]

Core Viewpoint - Kingdee International (00268.HK) is deepening its core strategy of "AI-first, Subscription-first, Globalization," with a projected annual recurring revenue (ARR) of approximately RMB 3.86 billion by September 30, 2025, representing a year-on-year growth of about 18% [1] Group 1 - The net dollar retention rates (NDR) for Kingdee Cloud's various services are as follows: 105% for Cloud Cang Qiong & Xing Han, 95% for Cloud Xing Kong, 93% for Cloud Xing Chen, and 88% for Kingdee Jing Dou Cloud [1] - The company has secured contracts with notable enterprises such as Chin Hin Group Berhad, BAIC Group, Yuchai Group, Xin Steel Union, Huaxi Biological, and Qiang Nao Technology during the period [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並表明不會就本公告全部或任何部 分內容所產生或因倚賴該等內容而引致的任何損失承擔任何責任。 金蝶國際軟件集團有限公司 主 席 徐 少 春 深圳，中華人民共和國 本公告乃金蝶國際軟件集團有限公司（「本公司」連同其附屬公司（「本集團」）） 自願作出，旨在向本公司的股東及潛在投資者提供有關本集團的最新季度業務發 展情況。 金蝶持續深化「AI優先、訂閱優先、全球化」的核心戰略，截至2025年9月30日， 金蝶雲訂閱服務年經常性收入（ARR）約為人民幣38.6億元，同比增長約18%； 金蝶雲·苍穹&星瀚、金蝶雲·星空、金蝶雲·星辰、金蝶精斗雲的淨金額續費率（Net Dollar Retention，NDR）分別為105%、95%、93%、88%。期內，集團中標簽約 Chin Hin Group Berhad、北汽集團、玉柴集團、新鋼聯、華熙生物、強腦科技等 知名企業。 本公告所載以上營運數據未經審核乃僅供參考。本公司股東及潛在投資者應審慎 以避免不恰當地依賴上述數據，及於買賣本公司證券時務請審慎行事。 承董事會 ...

Group 1 - The Hang Seng Index rebounded, closing up 0.72%, with the internet sector leading the gains, followed by banking, industry, technology, and real estate sectors [1] - The internet sector saw a rise of 1.07%, with Meituan up 4.06%, Alibaba up 1.67%, Tencent Holdings up 1.52%, JD Group up 1.5%, and Baidu Group up 1.22%. However, companies like SenseTime, Bilibili, and Kingdee International experienced declines [3] - The banking sector opened strong and maintained a consolidation above the midline, closing up 0.88%, with Postal Savings Bank rising 4.59% and Minsheng Bank up 2.39% [3] Group 2 - The consumer sector rebounded, closing up 0.35%, with notable gains from companies like Chenzi Biological up 6.68%, Li Ning up 6.55%, and Sands China up 4.4% [3] - The healthcare sector opened low and saw a slight reversal near the end, closing down 1.31%, with CSPC Pharmaceutical down 2.96% and China Biopharmaceutical down 2.78% [3]

Core Insights - The article discusses the challenges small companies face in financial management and how Kingdee Cloud Star addresses these needs with a tailored solution [1][11] - Kingdee Cloud Star is positioned as a lightweight financial solution that integrates various functions to automate financial processes at a low cost [1][11] Group 1: Challenges Faced by Small Companies - Small companies often struggle with limited financial personnel, tight budgets, and diverse business needs, making it difficult to adopt traditional financial software [1] - The need for low-cost, easy-to-use, integrated, and compliant financial solutions is critical for small businesses [1] Group 2: Kingdee Cloud Star Features - Kingdee Cloud Star offers a cloud-native architecture that eliminates the need for server deployment, significantly lowering the digitalization barrier for small companies [1] - The solution automates financial processes, integrating smart finance, inventory management, tax compliance, and data analysis [1][11] Group 3: Efficiency Improvements - The software reduces repetitive tasks by 80% through features like intelligent bookkeeping, OCR invoice management, and automated bank reconciliation [2] - Integration of inventory and financial data eliminates "data silos," improving efficiency and accuracy in financial reporting [2] Group 4: Tax Management and Compliance - Kingdee Cloud Star includes a policy radar feature that updates tax incentives and automates tax reporting for various tax types, reducing the burden of tax compliance [4][5] Group 5: Mobile and Collaborative Features - The platform supports multi-device collaboration, allowing business owners to access financial data in real-time and approve transactions on the go [5] - The mobile app enhances decision-making efficiency by providing instant access to key financial metrics [5] Group 6: Industry Recognition - Kingdee Cloud Star has been recognized as the leading SaaS cloud service for small and medium enterprises in China for three consecutive years [6] - The product has received endorsements from government initiatives, ensuring compliance with tax regulations [6] Group 7: Customer Success Stories - A trading company reduced its month-end closing time from three days to two hours after implementing Kingdee Cloud Star, significantly decreasing error rates [7] - A restaurant chain managed to automate tax reporting, saving costs and achieving zero tax anomalies over a year [8] - A tech company improved financial processing efficiency by 60% during remote work by utilizing mobile approval features [9] Group 8: Free Trial Offer - Kingdee Cloud Star offers a 15-day free trial, allowing small companies to experience the software without upfront costs, with flexible payment options available afterward [10] Group 9: Conclusion - Kingdee Cloud Star is positioned as an ideal financial software choice for small companies, addressing their unique challenges with a focus on low cost, high efficiency, and comprehensive integration [11]

Core Insights - The article highlights the digital transformation challenges faced by small and medium-sized enterprises (SMEs) in selecting ERP systems, emphasizing the need for low-cost, high-efficiency, and user-friendly solutions [1][2][3] Group 1: ERP Selection Challenges - SMEs often encounter a dilemma in ERP selection due to high deployment costs, lengthy implementation periods, and complex operational logic associated with traditional ERP systems [1] - The overwhelming variety of ERP products in the market leads to "choice anxiety," making it difficult for SMEs to identify the most suitable solution [1][2] Group 2: ERP Brand Rankings - The domestic ERP market has developed a multi-tier brand structure, with top brands like Yonyou and Kingdee leading the first tier, focusing on comprehensive product lines [2] - Kingdee's "Cloud Star" product stands out in the SME segment due to its integrated design and high cost-effectiveness, addressing the specific needs of SMEs [2] Group 3: Kingdee Cloud Star Features - Kingdee Cloud Star offers a balanced approach with full-chain integration and lightweight experience, covering essential business scenarios for SMEs [3][4] - The intelligent finance module significantly reduces repetitive tasks for finance personnel, streamlining processes such as tax reporting [3] - The inventory management module addresses common issues like inaccurate stock levels and order confusion, enhancing operational efficiency [3][4] Group 4: E-commerce Collaboration - The system's e-commerce collaboration capabilities allow SMEs to manage orders across multiple platforms seamlessly, reducing manual entry errors [4] - Multi-end collaboration features enable real-time data access and management, improving overall operational efficiency for retail businesses [4] Group 5: Industry Recognition and Technical Strength - Kingdee Cloud Star has received multiple industry accolades, including recognition as a recommended product for SME digital transformation [5][6] - The product's technical architecture has achieved ISO27001 information security certification, ensuring data safety and compliance [5] Group 6: Case Studies Demonstrating Value - A case study of a clothing trade company shows that implementing Kingdee Cloud Star improved inventory accuracy and reduced operational costs by 25% [7] - Another case study of a food processing factory highlights the effectiveness of batch management features in reducing material loss rates [8] Group 7: Risk-Free Trial Offer - Kingdee Cloud Star offers a 15-day free trial, allowing SMEs to experience the system without upfront costs, thereby reducing the risk of poor investment decisions [9] - User feedback indicates that the trial experience effectively demonstrates the system's convenience and efficiency, leading to quicker decision-making [9] Conclusion - The article concludes that selecting the right ERP system is a crucial first step for SMEs in their digital transformation journey, with Kingdee Cloud Star positioned as an ideal choice due to its comprehensive features and cost-effectiveness [9]

Investment Rating - The report maintains an "Outperform" rating for the computer sector, suggesting a positive outlook for the industry [1][12]. Core Insights - The metropolitan "millisecond computing" initiative emphasizes low latency and high computing power requirements, with specific goals set for 2027 [12]. - Shanghai's smart terminal action plan aims to strengthen intelligent computing terminals and create computing clusters, promoting the application of core components like GPUs and interconnect modules [12]. - The emergence of domestic EDA and high-end testing equipment indicates a clear pace of domestic substitution in the industry [12]. Summary by Sections Metropolitan "Millisecond Computing" Initiative - The initiative sets three clear goals: computing center interconnection under 1 millisecond, resource access under 1 millisecond, and terminal network delay under 10 milliseconds by 2027 [12]. - Emphasis on the application of 400Gbps optical transmission and new network protocols is expected to benefit optical transmission, networks, edge nodes, and scheduling software [12]. Shanghai Smart Terminal Action Plan - The plan aims to enhance the capabilities of intelligent computing terminals and create a billion-level scale for local enterprises [12]. - It promotes the mass production of AI computers and smartphones, as well as the development of plug-and-play edge solutions [12]. Domestic EDA and Testing Equipment - New domestic EDA software and high-end testing equipment have been introduced, showcasing advancements in high-end measurement and industrial software [12]. - Taiwan Semiconductor Manufacturing's Q3 results exceeded expectations, indicating strong demand driven by AI and high-performance computing [12].