智通财经APP获悉，金蝶国际(00268)早盘涨近6%，截至发稿，涨5.83%，报17.05港元，成交额3亿港 元。 消息面上，9月15日，金蝶国际公告称，通过泓金投资以0.68亿元收购云之家62.8%股权，交易完成后， 金蝶对云之家的持股比例将从7.5%提升至70.3%，重新实现并表。据悉，云之家是从公司生态系统中孵 化出的企业社交与协同平台。 财通证券指出，云之家发展方向与公司订阅优先、AI优先战略一致。该平台基于云原生架构构建，自 创立起采取订阅收费，随付费客户群扩大、订阅收入占比提升，其财务状况得到明显改善，2025年1-4 月的税后利润已达到466万元。基于良好的云基础，云之家推进其协同云产品模块全面AI化，并在自然 语言处理、智能审批、办公助手方面已形成成熟的AI产品。此外，云之家有望加强公司移动办公能 力，定位"AI+协同"统一入口。 ...

金蝶国际(0268.HK)现跌4.05%报16.1港元，暂成交3.3亿港元，最新市值571.5亿港元。联交所权益披露资料显示，金蝶国际于9月19日遭执行董事林波(首席 财务官)在场内以每股均价16.83港元减持49万股，涉资约824.67万港元。减持后，其持股比例由0.06%下降至0.05%。(格隆汇) | 持有權益的股份數目 佔已發行的 有關事件的日期 相 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | 泉図 | 股份數目 | (請參閱上述*註 有投票權股(日/月/年) | 表格序號 | | --- | --- | --- | --- | --- | --- | | 份自分比 | | | | 一波 8/5 1 | | | HKD 16.8300 DA20250922E00003 林渡 490,000(L) | | 1201(L) | | 1,662,717(L) 0.05(L) 19/09/2025 | | | ■】金蝶国际 分时 多日 日K 周K 月K 季K 年K 1分 3分 5分 10分 15分 30分 1小时 2小时 3小时 4小时 Tick | | | | | ...

Group 1 - The core point of the news is that Lin Bo, the Chief Financial Officer of Kingdee International (00268.HK), reduced his shareholding by selling 490,000 shares at an average price of HKD 16.83 per share, amounting to approximately HKD 8.25 million [1] - After the sale, Lin Bo's total shareholding decreased to 1,662,717 shares, which represents a reduction in his ownership percentage from 0.06% to 0.05% [1]

Group 1 - The core viewpoint is that every enterprise needs to enhance labor productivity and per capita efficiency, which requires the assistance of AI [1]

Core Viewpoint - Kingdee International is expected to report a revenue of 6.667 to 7.215 billion yuan for the fiscal year, representing a year-on-year growth of 6.6% to 15.3%, and a net profit of 28 to 173 million yuan, with a significant increase of 119.7% to 221.8% [1] Financial Performance Forecast - Projected revenue range: 6.667 to 7.215 billion yuan, with a year-on-year growth of 6.6% to 15.3% [1][2] - Projected net profit range: 28 to 173 million yuan, with a year-on-year growth of 119.7% to 221.8% [1][2] - Adjusted net profit forecast: 28 to 157 million yuan [1] - Average revenue forecast from various institutions: approximately 7.029 billion yuan, with a growth of 12.4% [2] - Median net profit forecast: 115 million yuan, with a growth of 180.6% [2] Business Developments - Kingdee International acquired a 62.8% stake in Yunzhijia for 68 million yuan, increasing its ownership to 70.3%, which will be consolidated into its financial statements [4][5] - Yunzhijia is advancing its AI product modules, including natural language processing and intelligent approval systems, enhancing Kingdee's mobile office capabilities [4][5] - Kingdee aims to position Yunzhijia as a unified entry point for AI and collaboration, facilitating the lightweight and scenario-based deployment of AI applications [5] Market Position - Kingdee holds a 15.7% market share in China's low-code and no-code software market, maintaining the top position for five consecutive years, with the market size reaching 2.29 billion yuan, a year-on-year growth of 20.2% [4][6] - The company leads in several segments, including SaaS ERP and financial cloud, and has been ranked first in the IDC's growth enterprise application software market for 21 years [4][6] - In the first half of 2025, Kingdee achieved a revenue of 3.192 billion yuan, reflecting an 11.24% year-on-year increase, while its gross profit margin improved by 2.38 percentage points [6]

Market Overview - On September 18, Hong Kong's three major indices experienced a pullback, with the Hang Seng Index down 1.35% to 26,544.85 points, the Hang Seng Tech Index down 0.99% to 6,271.22 points, and the National Enterprises Index down 1.46% to 9,456.52 points. The tech sector saw a decline, while the semiconductor and robotics industries performed well, with Hua Hong Semiconductor rising over 8.5% and SMIC up over 2.5% [1] Southbound Capital - On September 18, southbound funds recorded a net inflow of HKD 62.88 billion, with Meituan, Alibaba, and Pop Mart receiving net purchases of HKD 14.12 billion, HKD 12.1 billion, and HKD 12.07 billion, respectively. Year-to-date, the cumulative net inflow of southbound funds has reached HKD 1,099.89 billion, significantly surpassing last year's total [2] U.S. Market Performance - U.S. stock indices reached new closing highs, with the Dow Jones up 0.27%, the S&P 500 up 0.48%, and the Nasdaq up 0.94%. Notable gains were seen in Caterpillar and NVIDIA, both rising over 3%. However, many Chinese concept stocks declined, with the Nasdaq Golden Dragon China Index down 1.79% [3] Key Developments 1. NVIDIA announced a USD 5 billion investment in Intel, purchasing shares at USD 23.28 each, a 6.5% discount to Intel's previous closing price [4] 2. At Huawei's Connect 2025 event, the company unveiled its Ascend chip roadmap, planning three series of chips through 2028, including the Ascend 950 series [4] 3. Kuaishou's Keling AI launched a new digital human feature, allowing users to create 1080p/48FPS videos from images and text or audio [4] Short Selling Data - On September 18, a total of 641 Hong Kong stocks were short-sold, with a total short-selling amount of HKD 37.879 billion. Alibaba, Baidu, and Tencent had the highest short-selling amounts, at HKD 47.94 billion, HKD 25.6 billion, and HKD 23.06 billion, respectively [5] Institutional Insights - Zheshang Securities highlighted the rapid development of AI applications in Hong Kong's internet sector, suggesting that the sector is at a historical low in valuation. The firm recommends focusing on leading internet companies with AI advancements, such as Alibaba, Baidu, and Tencent, as well as vertical application companies like Kuaishou and Meitu [6] Hong Kong ETFs - The Hong Kong Consumption ETF (513230) focuses on e-commerce and new consumption sectors, while the Hang Seng Tech Index ETF (513180) includes core AI assets and leading tech companies [7][8]

Core Viewpoint - The company reported a resilient growth in its cloud subscription business, which significantly contributed to its overall performance despite a net loss in the first half of 2025 [1][2]. Financial Performance - In the first half of 2025, the company achieved a revenue of 3.192 billion yuan, representing a year-on-year increase of 11.2% [1]. - The net loss attributable to shareholders was 98 million yuan, which is a reduction in loss by 55.1% compared to the previous year [1]. - The operating cash flow was -18 million yuan, showing an improvement of approximately 89.0% year-on-year [1]. - The gross margin for the first half of 2025 was 65.63%, an increase of 2.39 percentage points from the same period last year, primarily due to the higher proportion of high-margin cloud subscription revenue [1]. Cloud Subscription Business - The cloud subscription business generated revenue of 1.684 billion yuan in the first half of 2025, with a year-on-year growth of 22.1% [1]. - The Annual Recurring Revenue (ARR) for cloud subscriptions reached 3.73 billion yuan, marking an 18.5% increase year-on-year [1]. - Major products like Cangqiong and Xinghan saw significant growth, with a combined revenue of 845 million yuan, up 34.3% year-on-year, and 304 new clients signed [1]. - The company’s AI applications have also shown promising results, with AI contract amounts exceeding 150 million yuan in the first half of 2025 [2]. Cost Management - The company successfully reduced its sales and R&D expense ratios by 2.64 and 0.04 percentage points, respectively, compared to the previous year [1]. - However, the management expense ratio increased by 2.29 percentage points due to personnel restructuring and increased severance payments [1]. AI Development and Applications - The company launched the upgraded Cangqiong Agent Platform 2.0, which includes various templates and tools for agile AI application deployment [2]. - New AI applications have been signed with key clients, significantly enhancing their operational efficiency [2]. - The AI+ financial and tax applications have improved bookkeeping efficiency for thousands of small and micro enterprises by approximately 80% [2]. Investment Outlook - The company is positioned as a leading player in the domestic ERP SaaS market, with cloud subscription business driving resilient growth [2]. - The expected EPS for 2025-2027 are projected to be 0.03, 0.10, and 0.17, with corresponding PE ratios of 528.8, 151.8, and 85.1 [2].

Group 1 - The competitive landscape of global AI models is primarily dominated by OpenAI, Anthropic, Google, and Tesla, with Chinese companies DeepSeek and Alibaba's Tongyi Qwen entering the top tier [1] - The GPQA test results show that the top 25 models are mainly from OpenAI, Anthropic, Microsoft, Google, and Meta, with a low representation from Chinese companies [1] - DeepSeek-V3/R1 is expected to be released in December 2024/January 2025, potentially disrupting the global AI landscape and representing China's open-source models aligning with SOTA [1] Group 2 - Major tech companies are heavily investing in large model training, which is boosting their internal computing power demand through both training and inference [2] - Cloud providers are offering large model APIs on their platforms, with the MaaS business model driving external computing power growth [2] - Capital expenditure (CapEx) as a percentage of revenue for major companies in Q2 2025 is projected to be 34.8% for Microsoft, 23.3% for Google, 35.8% for Meta, and 18.7% for Amazon [2] Group 3 - Investment recommendations include Meituan, which has potential for valuation recovery, Kingdee International with sustainable ARR growth from cloud business, Lenovo Group benefiting from AI PC product cycles, and Tencent Holdings as a long-term preferred choice [3]

Group 1 - The competitive landscape of global AI models is primarily dominated by OpenAI, Anthropic, Google, and Tesla, with Chinese companies like DeepSeek and Alibaba's Tongyi Qwen entering the top tier [1] - The GPQA test results show that the top 25 models are mainly composed of those from OpenAI, Anthropic, Microsoft, Google, and Meta, indicating a low representation of Chinese companies [1] - DeepSeek-V3/R1 is expected to disrupt the global AI landscape upon its release in December 2024/January 2025, representing China's alignment with state-of-the-art (SOTA) open-source models [1] Group 2 - Major tech companies are heavily investing in large model training, which is boosting their self-use computing power demand [2] - Capital expenditure (CapEx) for major companies in Q2 2025 is significant, with Microsoft at 34.8%, Google at 23.3%, Meta at 35.8%, and Amazon at 18.7% of their revenues [2] - Chinese internet giants like Baidu, Alibaba, and Tencent have seen substantial year-on-year increases in CapEx, with Alibaba's increasing by 162.7% and Tencent's by 319.1% [2] Group 3 - Investment recommendations include Meituan, which has potential for valuation recovery, Kingdee International with sustainable ARR growth from cloud business, Lenovo Group benefiting from AI PC product cycles, and Tencent Holdings as a long-term preferred choice [2]

Group 1 - The gap in AI model and capital expenditure between Chinese and American internet companies is narrowing, with major global models led by OpenAI, Anthropic, Google, and Tesla, while Chinese companies like DeepSeek and Alibaba's Tongyi Qwen are emerging in the first tier [1] - The GPQA test results show that the top 25 models are primarily composed of OpenAI, Anthropic, Microsoft, Google, and Meta, with a low representation from Chinese companies; DeepSeek-V3/R1 is expected to disrupt the global AI landscape upon its release in late 2024 or early 2025, representing China's open-source model aligning with SOTA [1] Group 2 - Major tech companies are heavily investing in large model training, boosting their own computing power demand through training and inference; cloud providers are also offering large model APIs on their platforms, leading to increased external computing power supply [2] - Capital expenditure (CapEx) density for Microsoft, Google, Meta, and Amazon reached 34.8%, 23.3%, 35.8%, and 18.7% respectively in Q2 2025; Chinese internet giants like Baidu, Alibaba, and Tencent saw significant year-on-year increases in CapEx of 10.2%, 162.7%, and 319.1% to 2.3 billion, 31.8 billion, and 36.6 billion yuan respectively [2] - Chinese internet companies are accelerating their AI investments, although their CapEx as a percentage of revenue still lags behind that of overseas giants by about a year [2] Group 3 - Investment recommendations include Meituan, which has potential for valuation recovery; Kingdee International, benefiting from sustained growth in cloud business and subscription transformation; Lenovo Group, expected to enter a slow bull trend with AI PC product cycles; and Tencent Holdings, recommended as a long-term preference [2]