Core Viewpoint - *ST Jiawo (300268.SZ) is primarily engaged in the processing and sales of products such as cod and Arctic sweet shrimp through its domestic subsidiary, Qingdao Guoxing Food Co., Ltd. The company sources its raw materials mainly from foreign suppliers and large fishing fleets in Russia and Canada. The current suspension of Japanese seafood imports by China has not yet impacted the company's main business operations. [1] Group 1 - The company operates mainly through its subsidiary Qingdao Guoxing Food Co., Ltd. [1] - The main products include cod and Arctic sweet shrimp. [1] - Raw materials are primarily imported from suppliers in Russia and Canada. [1] Group 2 - The suspension of Japanese seafood imports has not affected the company's production and sales. [1]

Group 1 - The company, *ST Jiawo (300268.SZ), currently does not have any aquaculture business [1]

Core Insights - The Human Capital Management (HCM) industry focuses on solutions and services for recruiting, managing, developing, retaining, and optimizing talent, covering various segments such as recruitment, assessment, core HR, performance, succession, and online learning [1][2] - The HCM software market is divided into on-premise and cloud-based solutions, with cloud solutions offering flexibility, scalability, and cost-effectiveness, making them increasingly popular among businesses [4][5] - The Chinese HCM SaaS market is projected to grow from CNY 2.43 billion in 2020 to CNY 5.13 billion by 2024, achieving a compound annual growth rate (CAGR) of 20.5% [7][8] Market Overview - The HCM SaaS market consists of six sub-markets: employee performance management, recruitment/talent acquisition, core HR, workforce management, learning management, and compensation management [8] - By 2024, the core HR segment is expected to hold approximately 26% of the market share, followed by recruitment management at 19% and learning management at around 14% [8][9] - The global HCM application market is anticipated to grow by 14.8% in 2024, reaching USD 41 billion, with the Americas accounting for nearly 65% of total market revenue [7] Competitive Landscape - The Chinese HCM SaaS industry features a diverse range of competitors, with the top five companies holding about 49% of the market share in 2024 [9] - Beisen Holdings leads the market with an estimated 15% share in 2024, followed by companies like Kenna and Inspur [9][10] - Major players in the market include international firms like SAP, Oracle, and Workday, as well as domestic companies such as Yonyou, Kingdee, and emerging firms like Beisen and CDP [9] Future Trends - The HCM SaaS market is expected to exceed CNY 10 billion by 2029 and reach CNY 14 billion by 2031, driven by deepening digital transformation and breakthroughs in AI technology [10][12] - AI integration is anticipated to innovate the HCM SaaS industry, transforming traditional HR tools into intelligent systems capable of autonomous decision-making [11][12] - The dual-driven capability of "platform + intelligent agents" is expected to become a core engine for market growth, facilitating a shift from functional modules to intelligent capital management [12][13]

Summary of Key Takeaways from the China Technology Conference Call Industry Overview - **Industry**: Technology, specifically focusing on PCB (Printed Circuit Board) and AI software development - **Companies Discussed**: Victory Giant (VGT), Shennan Circuits, Kingsoft Office, Kingdee Victory Giant (VGT) Demand and Growth Outlook - Management maintains a positive outlook on demand for AI PCBs, despite a temporary moderation in earnings growth in 3Q25 due to a large AI customer's product transition [2][4] - Anticipated continued expansion of Gross Profit Margin (GPM) in 2026 driven by higher contributions from AI PCBs and product upgrades from AI customers [2] Capacity Expansion Plans - VGT is on track to enhance its HDI (High Density Interconnect) and HLC (High Layer Count) capacities, primarily in Huizhou this year, with expansions planned in Thailand and Vietnam next year [3] - Current HDI capacity is valued at approximately CNY 7-9 billion, HLC capacity at over CNY 9 billion, with total capacity projected to reach CNY 35 billion by the end of 2025, CNY 80-90 billion by 2026, and CNY 100-120 billion+ by 2027 [3] Revenue Contribution and Customer Development - AI PCBs currently account for about 50% of VGT's revenue, with consumer electronics and automotive electronics each contributing around 15% [4] - VGT is the largest AI PCB supplier, holding approximately 50% wallet share with a major AI customer, and expects a significant order from a large CSP (Cloud Service Provider) exceeding CNY 10 billion for 2026 [4] Competitive Advantages - VGT's strong management and execution have resulted in an industry-leading yield rate, allowing for faster production ramp-up compared to competitors [5] Shennan Circuits Supply Constraints and Revenue Contribution - The PCB supply remains constrained, with communication contributing around 40% of PCB sector revenue, predominantly from fixed-line communication [6] - AI is expected to contribute roughly 30% of PCB revenue [6] IC Substrate Business Update - Memory customers contributed approximately 40% of revenue for BT-based substrates in 3Q25, with strong growth momentum [7] - The company is experiencing stable demand for ABF-based IC substrates, with plans to narrow losses in the coming years [7] Capacity Expansion Plans - Supply for AI PCB business is constrained as the company ramps up existing factories in Thailand and Jiangsu, with planned capacities in Shenzhen, Wuxi, and Guangzhou [8] Price Hikes - Both PCB and substrate products are facing cost pressures due to upstream material price hikes, and the company is negotiating with CCL suppliers to adjust prices [10] Kingsoft Office AI User Growth - The company's focus has shifted to AI user growth, with monthly active users increasing from approximately 20 million at the beginning of 2025 to nearly 50 million by 3Q25 [11] - The launch of AI 3.0 in July has been promoted to around 50 million users, with significant growth potential within its ~600 million user base [11] Growth Outlook - Management anticipates a 10%+ revenue CAGR for the Consumer business from FY25-30E, with AI users expected to exceed 100 million next year [12] - The enterprise business (WPS 365) is projected to deliver a 30% revenue CAGR over FY25-30E, competing in a CNY 400-500 billion market [12] On-Premise Software Business - Strong demand in 3Q25 is expected to continue into 2026, driven by government initiatives for domestic substitution of PC and software products [13] Kingdee Earnings Turnaround - Kingdee is on track for an earnings turnaround in FY25, targeting low-teens year-on-year revenue growth, with subscription revenue growth around 20% year-on-year [14] AI Monetization Efforts - The "Kingdee Cloud" brand has been upgraded to "Kingdee AI," with plans for deeper integration of AI agents into cloud offerings [14] Conclusion - The technology sector, particularly in PCB and AI software, shows promising growth potential with significant capacity expansions and increasing revenue contributions from AI-related products. Companies like VGT, Shennan Circuits, Kingsoft Office, and Kingdee are well-positioned to capitalize on these trends, although they face challenges such as supply constraints and rising material costs.

Core Insights - The article discusses the transformation of enterprise software towards AI, highlighting the trend among ERP vendors like Kingdee to upgrade their brands and focus on AI to enhance competitiveness in the global market [2][4][10] - The conversation emphasizes the challenges and opportunities for Chinese software companies in replacing established players like SAP, particularly in the context of the manufacturing sector [19][22] Group 1: AI Transformation in Enterprise Software - The shift towards AI in enterprise software is seen as an industry trend, with many companies still in the exploratory phase of AI application [4][10] - Kingdee's brand upgrade to "Kingdee AI" aims to leverage AI as a core driver for enhancing enterprise competitiveness [2][4] - The transition from traditional ERP systems to AI-native solutions is expected to take several years, with a focus on integrating AI into existing business processes [4][5] Group 2: Challenges and Opportunities for Chinese Software - Chinese software companies face the challenge of moving from a service-oriented model to a product-oriented model, which is essential for achieving exponential growth [25][26] - The complexity of China's manufacturing sector presents both a challenge and an opportunity for local software companies to develop competitive products [19][20] - Successful case studies of Chinese companies replacing SAP with domestic software indicate a growing acceptance and capability of local solutions [22][23] Group 3: Market Dynamics and Future Outlook - The future of enterprise software is expected to involve a hybrid model where AI plays a significant role in understanding and executing business processes [10][11] - The integration of AI into enterprise software is anticipated to create a collaborative environment between human users and AI systems, enhancing operational efficiency [10][11] - The article suggests that the market will evolve towards a structure where standardized backend systems (like those from Kingdee) support flexible front-end interactions driven by AI [18][29]

Core Insights - The CFO Forum 2025, co-hosted by Shanghai National Accounting Institute, Kingdee Software, Lixin Accounting Firm, and ACCA, focuses on "Internationalization Strategies and Financial Empowerment under Global Changes" [1] - The forum gathered CFOs and experts from various sectors to discuss macro challenges such as supply chain restructuring, rising funding costs, and technological paradigm shifts [1] Group 1: CFO Role Transformation - The role of CFOs is evolving from traditional financial managers to strategic participants, resource integrators, and global risk navigators due to profound changes in the global economy [2] - Chinese enterprises are in a new wave of globalization, requiring CFOs to develop three core competencies: resource allocation with a global perspective, data-driven strategic judgment, and compliance and governance under international rules [2] Group 2: Future of Finance and Accounting - ACCA's CEO highlighted the increasing importance of globally applicable finance and accounting skills amidst complex global trade conditions, emphasizing the need for finance teams to embrace AI and data analytics [3] - CFOs are transitioning to "Chief Value Officers" (CVOs), focusing on long-term value creation and the social and environmental impacts of their enterprises [3] Group 3: AI in Financial Management - Kingdee's executive shared insights on the transformation and innovation in financial management in the AI era, presenting case studies on global treasury management [4] - Seven major changes in financial management due to AI were identified, including the shift to "无人会计" (unmanned accounting) and the expansion of external reporting to include ESG [4] Group 4: Challenges for Enterprises Going Global - Lixin Accounting Firm's executive analyzed four major challenges faced by enterprises going global: accelerated supply chain restructuring, intensified geopolitical conflicts, rapid technological changes, and increasingly complex compliance regulations [4] - Despite these challenges, Chinese enterprises are becoming more agile in their global expansion, facing difficulties such as high information acquisition costs and local operational management issues [4] Group 5: Research Report on Global Expansion - A research report titled "Opportunities and Challenges for Chinese Enterprises Going Global from the CFO Perspective" was released, indicating that expanding overseas markets remains the primary motivation for Chinese enterprises [5] - Southeast Asia, Africa, and the Middle East are identified as key growth markets for the next three years, with nearly half of the surveyed companies planning to establish financial centers abroad [5]

Core Insights - In 2025, artificial intelligence (AI) is transitioning from a "buzzword" to a deeper industrial application, with consumer-facing AI applications like Doubao and ChatGPT becoming widely accepted, while enterprise adoption remains uneven [1][3] - The transformation towards an AI-driven era requires companies to focus on data as an asset and integrate AI into existing business operations, as well as explore AI-native business models [1][3] Company Developments - Kingdee announced the comprehensive upgrade of "Kingdee Cloud" to "Kingdee AI" and introduced a new AI product called "Xiao K" [3][8] - The company aims to create a closed-loop system with "Sky Platform + Data Cloud + AI Native Intelligent Agents," focusing on embedding AI into business rather than merely applying it superficially [3][8] AI Transformation Challenges - Companies are facing seven areas of mindset transformation in their AI journey, including shifting from daily operations to strategic execution, traditional products to intelligent systems, and centralized ecosystems to intelligent symbiotic networks [4][7] - The transition from manual operations to automated intelligent operations is emphasized, with a focus on strategic decision-making rather than routine tasks [7][10] Product and Technology Strategy - "Xiao K" currently integrates nearly 20 intelligent agents across various fields such as marketing, supply chain, human resources, and finance, designed for immediate usability [8][9] - Kingdee's product strategy has evolved into the "Kingdee AI" product family, with the upcoming launch of the "Kingdee AI Starry Sky" suite, which will offer a comprehensive AI product solution [8][12] Data and AI Integration - Kingdee is addressing the challenge of data integration for AI applications by standardizing data and enhancing its semantic structure to make it more compatible with large language models [11][12] - The company's Data Cloud features a four-layer technical architecture aimed at building industry data models and templates to facilitate easier consumption by intelligent agents [15] Future Outlook - The year is referred to as the "Year of Intelligent Agents," indicating the initial phase of applying this technology in practical scenarios, with a focus on analysis and decision support as well as proactive actions by intelligent agents [15]

Group 1 - SaaS concept stocks are showing strength, with companies like 汇量科技 (01860) up 6.77%, 迈富时 (02556) up 4.30%, 金蝶国际 (00268) up 1.47%, and 中国软件国际 (00354) up 1.22% [1] - The State Council issued a policy aimed at promoting the large-scale commercialization of new technologies such as AI, emphasizing the construction of various integrated scenarios to enhance resource allocation and application [1][2] - The policy outlines a pathway for technological breakthroughs, scenario validation, industrial application, and system upgrades, indicating significant progress in AI and other new technologies in China [1][2] Group 2 - AI Agents are emerging as a new trend in the application industry, with Gartner predicting that by 2028, at least 15% of daily work decisions will be autonomously completed by agentic AI [2] - Recent innovations in AI Agent technology include Anthropic's new code execution model, which enhances the efficiency of AI Agents in utilizing external tools and data services [2] - 金蝶 announced the upgrade of "金蝶云" to "金蝶AI," introducing a new AI product "小K" that integrates nearly 20 AI Agents across various fields such as marketing, supply chain, human resources, finance, and ESG [2]

Core Insights - The Hang Seng Index rose by 0.61% at midday, with the Hang Seng Tech Index increasing by 0.12% and the Hang Seng China Enterprises Index climbing by 0.84% [1] - The market's half-day trading volume reached HKD 114.79 billion [1] - The technology sector attracted significant foreign investment, viewed as having both valuation safety margins and growth potential amid global market volatility [1] Technology Sector Performance - Notable gainers in the tech sector included Tongcheng Travel, which rose by 4.54%, Kingsoft up by 1.89%, and Kingdee International increasing by 1.85% [1] - Conversely, Huahong fell by 3.21%, and Tencent Music declined by 1.91% [1] Market Outlook - Analysts suggest that the local economy is stabilizing, the IPO market is recovering, and global liquidity is improving due to the Federal Reserve's interest rate cuts, which may provide further revaluation momentum for the Hong Kong tech sector [1] - JPMorgan forecasts that this upward trend will continue until 2026, presenting long-term investment opportunities for investors [1] Related ETFs - The Hong Kong Stock Connect Technology ETF (159101) covers the entire technology industry chain [1] - The Hang Seng Internet ETF (513330) focuses on leading internet companies [1]

Summary of Kingdee International Software Group Conference Call Company Overview - **Company**: Kingdee International Software Group - **Industry**: Software, specifically enterprise resource planning (ERP) solutions - **Market Cap**: HK$53.6 billion (approximately US$6.89 billion) [6] Key Points Strategic Shift - Kingdee announced a strategic upgrade from Kingdee Cloud to Kingdee AI, positioning itself as an AI-native enterprise software provider [2][3] - Introduction of the Xiao K AI Agent and the AI Galaxy Suite, set to launch on December 12, 2025, aimed at creating a unified AI product ecosystem [2] AI Product Offerings - Management views AI spending as incremental but cost-efficient in the long term, driving strong customer demand [3] - Plans for flexible pricing based on company size and usage, exploring a potential prepayment model [3] - Competitive advantage stems from a deep understanding of enterprise workflows and industry specifications, enabling credible and reusable AI solutions [3] Market Expansion - Kingdee aims to diversify its product offerings beyond its current 2B offerings, with potential tools for individual users [4] - Anticipates a blurring of lines between enterprise and consumer use cases in the AI era [4] - While promoting cloud adoption, the company expects sustained demand for localized deployment among large enterprises and state-owned enterprises (SOEs) [4] Financial Performance and Valuation - The software sector in China showed strong growth, with industry revenue increasing by 15.7% in September 2025, up from 12.6% in the first eight months of 2025 [5] - Kingdee is currently trading at 5x 2026E EV/Sales, with a price target of HK$21.50, implying an 8x 2026E EV/Sales [5][6] - Forecasted revenues are expected to grow from Rmb6,256 million in 2024 to Rmb7,024 million in 2025, with net earnings projected to turn positive at Rmb155 million in 2025 [8] Risks and Opportunities - **Upside Risks**: Faster-than-expected cloud migration in China, breakthroughs in AI solutions, and increased IT budgets from enterprises [11] - **Downside Risks**: Slower cloud migration, customer churn amid macroeconomic challenges, and lower net dollar retention [11] Analyst Ratings - Current rating is "Buy" with a forecast stock return of 42.3% over the next 12 months [9][25] Additional Insights - Kingdee's Galaxy Cloud solution primarily targets mid-sized enterprises, while also upselling to larger enterprises through its Cosmic & Constellation Cloud offerings [10] - The company is positioned to lead in China's AI-driven ERP market with potential for expansion into Southeast Asia [3] This summary encapsulates the key insights from the conference call, highlighting Kingdee's strategic direction, market positioning, financial outlook, and associated risks.