里昂将金蝶的目标价由15.4港元上调至17.6港元，维持"跑赢大市"评级；将2025至2027年收入预测下调 1.3%、3.2%、5.2%，净利润率预测基本保持不变。 招银国际对公司的2025至2027年收入预测保持不变，目标价从19.3港元微降至19.2港元，维持"买入"评 级。 星展银行表示，随着经济持续复苏，人工智能应用的采用将促进云端业务的增长，维持公司"买入"评 级，目标价由19.2港元上调至21.7港元。 中国经济网北京8月14日讯 金蝶国际（00268.HK）港股股价今日下跌，截至收盘报15.71港元，跌幅 0.51%。金蝶国际港股股价连续5个交易日下跌，此前4个交易日（8月8日、8月11日、8月12日、8月13 日），该股跌幅分别为4.06%、2.67%、8.41%、1.31%。 中银国际根据最新分部估值(SOTP)假设，将其目标价由18.9港元降至18.08港元，维持"买入"评级。 （责任编辑：马欣） ...

Group 1: Tencent Holdings - Company reported a 14.5% year-on-year revenue growth to 184.5 billion yuan in Q2 2025, with Non-IFRS net profit increasing by 10% to 63.05 billion yuan [1] - AI applications are accelerating in advertising, gaming, and cloud services, with video account advertising revenue growing by 50% and overseas gaming revenue increasing by 35% [1] - Capital expenditure is primarily focused on AI infrastructure, indicating significant potential for efficiency improvements in the future [1] Group 2: Huahong Semiconductor - Company is expected to benefit from short-term price recovery and full capacity utilization, with a strong competitive position in specialty foundry services [1] - Projected net profits for 2025-2027 are 90 million, 152 million, and 202 million USD respectively, with current stock price corresponding to PB ratios of 1.56, 1.52, and 1.48 [1] Group 3: Hong Kong Exchanges and Clearing - As of July 2023, the company's PE ratio is 38.24x, positioned at the 58th percentile historically since 2016, suggesting attractive valuation [1] - Anticipated increase in market liquidity due to ongoing connectivity policies, which may enhance overall market activity and valuation [1] Group 4: 361 Degrees - Company reported an 11% year-on-year revenue growth to 5.7 billion yuan in H1 2025, with a slight increase in gross margin to 41.5% [2] - Significant improvement in operating cash flow to 520 million yuan, attributed to better inventory management and aging structure [2] - Strong performance in footwear and children's clothing segments, with steady growth in e-commerce channels [2] Group 5: Hongteng Precision - Company experienced a 9% year-on-year revenue growth in Q2 2025, with net profit increasing by 13%, driven by rapid growth in cloud computing/AI server business (+28% YoY) [3] - Despite challenges in the smartphone sector, the company is strategically expanding into AI servers, automotive cables, and new consumer electronics projects [3] - Current valuation is considered attractive, with a target price raised to 4.96 HKD [3] Group 6: Kingdee International - Company reported a 22.1% year-on-year growth in cloud subscription revenue, accounting for 52.8% of total revenue in H1 2025 [5] - Significant improvement in cash flow and reduction in operating losses, with AI contract amounts exceeding 150 million yuan [5] - Positive outlook on AI commercialization and global expansion efforts [5] Group 7: Reading Group - Company reported a 23.9% year-on-year decline in total revenue to 3.191 billion yuan in H1 2025, with Non-IFRS net profit of 508 million yuan [6] - Rapid growth in IP derivative business, with GMV reaching 480 million yuan, nearing the total for the entire year of 2024 [6] - AI technology is enhancing creative, visualization, and translation processes, improving efficiency and reducing costs [6] Group 8: Galaxy Entertainment - Company reported a 10% year-on-year increase in total revenue to 11.2 billion HKD in Q2 2025, with adjusted EBITDA growing by 12% to 3.6 billion HKD [7] - Strong recovery in gaming business with a market share of 20.5%, supported by the opening of high-end hotel Capella [7] - Anticipated growth driven by a rich project pipeline, with Galaxy Phase IV expected to be completed by 2027 [7] Group 9: Galaxy Entertainment (Alternative Report) - Company reported a 10.3% year-on-year increase in net revenue to 12.04 billion HKD in Q2 2025, with adjusted EBITDA rising by 12.4% to 3.57 billion HKD [7] - VIP business saw a significant increase of 73.5%, with market share reaching 20.2%, up 0.7 percentage points from Q1 2025 [7] - Continued success in high-end projects, with Capella hotel performing exceptionally well [7]

Investment Rating - The report maintains a "Buy" rating for Kingdee International (00268) [1] Core Insights - The company reported a revenue of 3.19 billion RMB for H1 2025, representing a year-on-year increase of 11.2%. The net loss attributable to shareholders was 97.74 million RMB, an improvement from a loss of 218 million RMB in the same period last year. Revenue met expectations, while profit performance was slightly below the most optimistic market forecasts due to increased management expenses, which are speculated to be one-time impacts [4] - Cloud subscription revenue reached 1.68 billion RMB in H1 2025, up 22.1% year-on-year, accounting for 53% of total revenue. The Annual Recurring Revenue (ARR) grew to 3.73 billion RMB, an 18.5% increase year-on-year. Contract liabilities rose to 3.38 billion RMB, up 24.7% year-on-year, indicating strong growth in subscription revenue [6] - The company anticipates accelerated growth in AI contracts, with amounts exceeding 150 million RMB. The AI revenue is expected to gradually reflect in the second half of the year as the sales window for AI products was relatively short in the first half [6] Financial Data and Profit Forecast - The projected financials for Kingdee International are as follows: - Revenue (in million RMB): 5,679 in 2023, 6,256 in 2024, 7,078 in 2025E, 8,121 in 2026E, and 9,517 in 2027E, with year-on-year growth rates of 16.7%, 10.2%, 13.1%, 14.7%, and 17.2% respectively [5] - Net profit (in million RMB): -210 in 2023, -142 in 2024, 47 in 2025E, 288 in 2026E, and 527 in 2027E, with significant growth expected in the later years [7] - The report adjusts the revenue growth assumptions for the company's key business lines from 40% to 30% for the years 2025-2027, leading to a revised revenue forecast of 7.08 billion RMB for 2025, down from a previous estimate of 7.29 billion RMB [6]

Group 1 - The core viewpoint of the article highlights the recent stock performance of Kingdee International, which saw a decline of 2.03% to HKD 15.47 per share, with a trading volume of HKD 5.37 billion [1] - Kingdee International Software Group Limited is recognized as a leading global enterprise management cloud SaaS company, primarily offering cloud services for enterprise resource management (ERP) and AI management platforms [1] - According to IDC research data, Kingdee ranks first in the Chinese enterprise resource management cloud service market and has maintained the top position in the Chinese growth-oriented enterprise application software market for 19 consecutive years, serving over 7.4 million enterprises and government organizations globally [1] Group 2 - As of the mid-year report in 2025, Kingdee International reported total operating revenue of HKD 3.192 billion and a net profit of negative HKD 97.738 million [2] - On August 13, CMB International maintained a buy rating for Kingdee, while adjusting the target price to HKD 19.2 [3]

智通财经APP获悉，星展发布研报称，金蝶国际(00268)上半年收入同比增长11.2%，符合预期。根据管 理层的指引，该行有信心其可于全年录得盈利。该行表示，随着经济持续复苏，人工智能应用的采用将 促进云端业务的增长，维持公司"买入"评级，目标价由19.2港元上调至21.7港元。 ...

Group 1 - The core viewpoint of the article is that Kingdee International (00268) reported a year-on-year revenue growth of 11.2% in the first half of the year, which aligns with expectations [1] - The management's guidance indicates confidence in achieving profitability for the full year [1] - The ongoing economic recovery and the adoption of artificial intelligence applications are expected to drive growth in cloud business [1] Group 2 - The investment bank maintains a "buy" rating for the company [1] - The target price has been raised from HKD 19.2 to HKD 21.7 [1]

Group 1 - The core viewpoint of the report is that the revenue forecast for Kingdee International (00268.HK) for 2025 to 2027 remains unchanged, with a target price of HKD 19.2, based on an expected enterprise value/sales ratio of 8.4 times for 2025, which aligns with the two-year average plus two standard deviations, maintaining a "Buy" rating [1][2] - In the past 90 days, six investment banks have issued "Buy" ratings for Kingdee International, with an average target price of HKD 18.14 [1] - The market capitalization of Kingdee International is HKD 56.792 billion, ranking third in the computer application industry [1][2] Group 2 - Key financial metrics for Kingdee International include a Return on Equity (ROE) of -0.29%, a net profit margin of -3.42%, and a gross profit margin of 65.63%, which is significantly higher than the industry average [2] - The operating revenue for Kingdee International is HKD 65.78 billion, surpassing the industry average of HKD 44.25 billion [2] - The debt ratio for Kingdee International stands at 40.33%, which is lower than the industry average of 42.59% [2]

该行对金蝶作为人工智能应用时代的主要受益者之一保持乐观，认为人工智能货币化进展、收入增长复 苏、宏观经济复苏及数字化需求增加，将成为其股价的关键驱动力。该行对公司的2025至2027年收入预 测保持不变，目标价从19.3港元微降至19.2港元，维持"买入"评级。 招银国际发表研究报告指出，金蝶国际今年上半年收入31.9亿元，按年增长11.2%，符合该行预测及市 场一致预期；普通股东应占净亏损为9770万元，略差过市场一致预期的亏损7300万元，因营运费用略高 于预期。 ...

Group 1 - The core viewpoint of the report is that 招银国际 maintains its revenue forecast for 金蝶国际 (00268) for the years 2025 to 2027 and sets a target price of HKD 19.2, based on an expected enterprise value/sales ratio of 8.4 times for 2025, which is slightly adjusted from the previous 8.5 times [1] - 金蝶国际's revenue for the first half of this year reached RMB 3.19 billion, reflecting a year-on-year growth of 11.2%, which aligns with 招银国际's predictions and market consensus [1] - 招银国际 remains optimistic about 金蝶国际 as a key beneficiary in the era of artificial intelligence applications, citing factors such as the monetization of AI, recovery in revenue growth, macroeconomic recovery, and increased demand for digitalization as critical drivers for its stock price [1]

Core Viewpoint - The overall performance of Kingdee International in the first half of the year slightly underperformed market expectations, with a year-on-year revenue growth of 11.2%, which met expectations, while net loss narrowed to 98 million yuan [1] Financial Performance - Kingdee International's revenue grew by 11.2% year-on-year, aligning with market expectations [1] - The net loss for the first half of the year was reduced to 98 million yuan [1] Management Guidance - Management has indicated confidence in achieving profitability for the full year [1] - To meet the previously forecasted annual profit of 163 million yuan, the company needs to record a profit of 261 million yuan in the second half, which appears to be a significant challenge [1] Earnings Forecast Adjustment - The bank has lowered its earnings forecasts for Kingdee International for the fiscal years 2025 and 2026 by 17% and 3%, respectively, to 135 million yuan and 243 million yuan [1] - The adjustments reflect lower profitability in the first half and potential increases in artificial intelligence research and development expenses [1] Market Outlook - The bank maintains a "buy" rating on Kingdee International, citing that the adoption of artificial intelligence applications will drive growth in cloud business as the economy continues to recover [1] - The target price for Kingdee International has been raised from 19.2 HKD to 21.7 HKD [1]