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Group 1 - The core viewpoint of the article emphasizes the acceleration of digital transformation in enterprises driven by a new wave of artificial intelligence (AI) technology, moving from "imaginable" to "implementable" in enterprise management [1][2] - Kingdee China aims to integrate AI technology deeply with enterprise management practices, focusing on creating a new generation of enterprise management platforms that cover strategic, operational, organizational, human resources, and innovation areas [1][3] - The introduction of five new AI agents by Kingdee, including "Jin Yao Financial Report" and "ChatBI," aims to empower all employees and management personnel in various core business scenarios [2][3] Group 2 - Kingdee's upgraded Agent 2.0 platform is designed to lower the technical barriers for enterprises to apply AI, providing richer templates, deeper SaaS connections, and enhanced security [2][3] - The AIGO methodology introduced by Kingdee encompasses assessment, implementation, governance, and operation, forming a complete loop for enterprises to accelerate their AI transformation [3] - The establishment of an AI experience zone and a CIO club during the event highlights the practical value of AI technology in enterprise management [4]

Core Viewpoint - The Hong Kong Internet ETF is showing strong performance, with a significant increase in net value and favorable market conditions for technology stocks, particularly in the context of the AI industry transformation [1][2]. Group 1: Market Performance - As of June 4, 2025, the Hong Kong Internet ETF has risen by 0.49%, with notable increases in constituent stocks such as Alibaba Pictures (3.33%) and Xiaomi Group (1.88%) [1]. - The Hong Kong Internet ETF has seen a net value increase of 39.38% over the past year, ranking 143 out of 2831 index stock funds, placing it in the top 5.05% [2]. - The ETF has a historical one-year profit probability of 100% and an average monthly return of 9.47% during the rising months [2]. Group 2: Financial Metrics - The ETF's Sharpe ratio since inception is 1.51, indicating a favorable risk-adjusted return [3]. - The relative drawdown since inception is 4.62% compared to its benchmark [4]. - The management fee is 0.50% and the custody fee is 0.10%, making it one of the lowest in its category [5]. Group 3: Valuation and Composition - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the ETF is 21.67, which is below 90.91% of the historical data over the past year, indicating a low valuation [5]. - The top ten weighted stocks in the index account for 77.23% of the total, with Alibaba-W (18.49%) and Xiaomi Group-W (15.72%) being the most significant [5][7].

Investment Rating - The report maintains a "Buy" recommendation for the computer industry, highlighting the ongoing advancements in AI technology and its applications [2]. Core Insights - The report emphasizes the significant developments in AI technology showcased at various global tech conferences, indicating a new era of AI applications and opportunities [11][12]. - It notes the emergence of domestic AI products, marking the beginning of an "AI localization" trend in China, with companies like Kunlun Wanwei and Kingdee International leading the charge [45][49]. Summary by Sections Global Tech Conferences - Major tech events have focused on AI advancements, with companies like Microsoft and Google unveiling new AI tools and platforms [11]. - The Microsoft Build conference highlighted the integration of AI agents into their services, showcasing a shift towards autonomous AI capabilities [13][16]. - Google I/O introduced the upgraded Gemini model, enhancing AI's role in core business functions [20][21]. Overseas Developments - Microsoft showcased its "Agentic AI" strategy, emphasizing the development of AI agents capable of autonomous operations [13][19]. - Google announced the integration of AI agents into its search and assistant services, enhancing user interaction and functionality [20][22]. - Anthropic's Claude 4 model demonstrated significant advancements in programming capabilities, marking a shift from AI as a tool to a collaborative partner in software development [26][28]. Domestic Developments - Kunlun Wanwei launched the Skywork Super Agents, a multi-modal AI system that integrates various functionalities for document and content generation [45][46]. - Kingdee International introduced its five AI agents, enhancing enterprise management through intelligent data analysis and automation [49][50]. - The report highlights the "AIGO" methodology proposed by Kingdee for systematic AI transformation in enterprises, emphasizing a structured approach to AI integration [59][64]. Investment Recommendations - The report suggests focusing on enterprise-level AI services and applications across various sectors, including finance, education, and healthcare, indicating a broad range of investment opportunities [7][8].

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry, particularly focusing on AI applications [2]. Core Insights - The report emphasizes that AI applications are entering a realization phase, with significant advancements in model performance and increasing enterprise adoption [2][12]. - The report highlights the emergence of multi-modal capabilities, cost-effective models, and enhanced reasoning abilities as key drivers for AI development [7][12]. - The report notes that the AI sector is witnessing a surge in demand, particularly in advertising, programming, search, big data, office applications, and education, indicating a robust growth trajectory [9][28][37]. Summary by Sections Model Performance Progress - Multi-modal capabilities are being enhanced, with major companies supporting text, image, audio, and video inputs, marking 2025 as a pivotal year for native multi-modal development [7][15]. - High-performance models like OpenAI's GPT-4.1 and Alibaba's Qwen3 have emerged, significantly reducing deployment costs while maintaining performance [7][15]. - New models are achieving breakthroughs in reasoning capabilities across mathematics, coding, and image tasks, meeting higher application demands [7][15]. AI Application Developments - Overseas AI applications are exceeding expectations, with major companies like Microsoft and Alibaba rapidly deploying AI agents to transform user interactions and enterprise workflows [8][28]. - The report identifies a trend where AI is creating new demand and significantly enhancing traditional business needs, particularly in advertising and programming sectors [9][28]. - Companies such as Applovin and Meta are experiencing substantial growth in advertising revenue, driven by improved ROI from AI technologies [9][42]. Agent Industry Progress - The report discusses the evolution of AI agents from tools to collaborative "AI colleagues," reshaping enterprise structures and workflows [11][35]. - Major firms are integrating AI agents into their operations, with Salesforce and ServiceNOW leading the way in enhancing business efficiency through automation [11][35]. - The report predicts that the AI agent market will transition to a multi-agent collaboration model, significantly impacting enterprise budgeting and valuation [11][12]. Investment Recommendations - The report expresses optimism about the accelerated development of AI, suggesting that companies strategically investing in AI are likely to see accelerated performance growth [12]. - It highlights the potential for market space to shift from IT budgets to human resource budgets, leading to a revaluation of AI application companies [12].

Core Insights - The year 2025 is anticipated to be a pivotal year for the implementation of AI Agents, with both global giants like Microsoft and Google and domestic companies advancing their applications [1] - The enterprise-level SaaS software market is seen as a fertile ground for the transition to intelligent solutions due to its prior digitalization and industrialization efforts [1] - The introduction of AI capabilities into core business scenarios is accelerating among SaaS vendors, necessitating a transformation in business models [1][5] Group 1: AI Agent Development - Kingdee has launched five intelligent agents and the Cloud Sky Agent Platform 2.0, marking a significant shift from previous AI assistant models to result-oriented delivery [3][4] - The evolution of enterprise management software has undergone five major phases, culminating in the current AI era where natural language interaction and complex data processing are key features [2] - The new Agent 2.0 emphasizes integration with business scenarios, offering rich templates and tools while ensuring data security [4] Group 2: Business Model Transformation - Kingdee is transitioning from a functional fee model to a results-based pricing model, indicating a shift towards "Result as a Service" (RaaS) [5] - This new model requires a higher standard of service effectiveness, moving from delivering tools to delivering measurable outcomes [5][6] - The internal organization and development processes at Kingdee have also changed, focusing on complete teams dedicated to delivering results rather than modular solutions [6] Group 3: Challenges and Future Outlook - Despite the opportunities presented by AI models, challenges remain in the practical application and commercial model transformation [5][7] - The integration of AI capabilities into enterprise management is still in its early stages, with many companies exploring how to effectively utilize large models [7] - The future of enterprise management AI is envisioned as a collaborative ecosystem between humans and intelligent agents, expanding the market potential significantly [8]

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of May 23, 2025, highlighting significant players in the industry [1]. Group 1: Market Capitalization Rankings - Xiaomi Group ranks 4th with a market capitalization of 1754.49 billion [3]. - Pinduoduo follows in 5th place with a market capitalization of 1700.74 billion [3]. - Meituan is ranked 6th with a market capitalization of 1086.84 billion [3]. - JD.com holds the 8th position with a market capitalization of 485.64 billion [4]. - Dongfang Caifu is in 9th place with a market capitalization of 468.01 billion [4]. - SMIC (Semiconductor Manufacturing International Corporation) ranks 10th with a market capitalization of 428.82 billion [4]. Group 2: Additional Notable Companies - Li Auto is ranked 11th with a market capitalization of 306.9 billion [4]. - Baidu is in 12th place with a market capitalization of 289.01 billion [4]. - Kuaishou is ranked 13th with a market capitalization of 268.52 billion [4]. - Tencent Music holds the 14th position with a market capitalization of 262.23 billion [4]. - Beike ranks 15th with a market capitalization of 219.97 billion [4]. - XPeng Motors is in 16th place with a market capitalization of 195.11 billion [4]. Group 3: Lower Rankings - 36Kr Holdings is ranked 21st with a market capitalization of 99.46 billion [5]. - NIO is in 22nd place with a market capitalization of 87.87 billion [5]. - New Oriental Education ranks 23rd with a market capitalization of 76.79 billion [5]. - Bilibili is in 24th place with a market capitalization of 76.7 billion [5]. - Vipshop is ranked 25th with a market capitalization of 74.92 billion [5]. - Kingsoft is in 26th place with a market capitalization of 69.3 billion [5].

Investment Logic - The company is a leader in domestic enterprise service SaaS, having launched the first Windows-based financial management software in 1995 and transitioning to cloud services in 2007. By 2024, cloud service revenue is expected to account for 81.6% of total revenue [1] - From a total perspective, the company's cloud transformation has resulted in stronger revenue growth resilience, maintaining positive growth from 2016 to 2024, higher employee efficiency with a CAGR of 10% from 2020 to 2024, lower expense ratios with improvements of 2.45pp and 5.10pp in sales and R&D expense ratios respectively from 2020 to 2024, and healthier cash flow returning to historical highs in 2024 [1] - From a structural perspective, in 2024, the revenue from the "Cang Qiong" and "Xing Han" products is expected to be approximately 1.3 billion yuan, accounting for 20.8% of total revenue, with a net dollar retention rate (NDR) of 108% maintained for five consecutive quarters. The demand side is driven by ERP system replacements mandated by policies for central and state-owned enterprises by the end of 2025/2027 [1] Revenue Breakdown - In 2024, revenue from the "Xing Kong" product is projected to be approximately 2.15 billion yuan, accounting for 34.3% of total revenue, with an NDR of over 94% [2] - The "Xing Chen" product, aimed at small and micro enterprises, is expected to generate approximately 1.23 billion yuan in revenue in 2024, accounting for 19.6% of total revenue, with an NDR improvement to 93% [2] - The company has covered 435,000 small and micro enterprises with its integrated financial, tax, and business solutions, addressing common issues faced by these enterprises in their digital transformation [2] AI and Future Outlook - Since 2017, the company has been investing in AI, launching the "Jin Die Cloud·Cang Qiong GPT" large model platform in 2023, and has developed agent capabilities across seven major scenarios including finance, human resources, and marketing [2] - The company forecasts revenues of 7.01 billion, 8.05 billion, and 9.38 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 80 million, 490 million, and 1.07 billion yuan for the same years [2] - A target price of 16.98 HKD per share is set based on an 8x PS valuation for 2025, with an initial "buy" rating assigned [2]

Market Space and Transformation Demand - The demand for digital transformation in enterprises has significantly increased post-pandemic, with the core ERP market space exceeding 50 billion yuan and the broader ERP market space exceeding 100 billion yuan [1][10] - Large enterprises continue to release information technology needs in areas such as group finance, marketing, and supply chain, while medium-sized enterprises are upgrading from basic information technology to intelligent management [1][10] - There are nearly 400,000 industrial enterprises above a designated size in China, providing a substantial customer base for ERP software, with significant differences in customer unit prices across different enterprise sizes [1][10] Breakthroughs and Competitive Landscape of Domestic Vendors - The dual-channel drive of digital transformation and the "Xinchuang" policy has created significant opportunities for domestic vendors, particularly in state-owned enterprises [2][10] - Leading vendors such as Kingdee, Yonyou, and Inspur have established dominant market positions through cloud transformation and product line enhancements, with Kingdee's cloud business revenue accounting for 76% of total revenue, and Yonyou's cloud business revenue nearing 70% [2][10] - Market share is dominated by Yonyou and Kingdee, which together account for approximately 26%, while foreign vendors like SAP hold an 18% share [2][10] Technological Evolution and Application Scenario Innovation - AI technology is reshaping the application model of enterprise management software, with international vendors like Microsoft and Salesforce implementing low-code platforms combined with AI capabilities [3][10] - Domestic vendors are also leveraging AI, with Kingdee's cloud services implementing chatbots and visual recognition, while Yonyou's intelligent platform automates processes in finance, human resources, and procurement [3][10] - The combination of cloud computing and AI is lowering the barriers to software usage, with Kingdee's public cloud renewal rate reaching 90% [3][10] Xinchuang and Domestic Process - The Xinchuang policy is driving the localization of software from office applications to core business systems, with significant progress in the financial and telecommunications sectors [4][10] - State-owned enterprises have set clear digital transformation goals during the 14th Five-Year Plan, with notable increases in Xinchuang investment proportions [4][10] - Domestic vendors like Kingdee and Yonyou are gradually replacing foreign systems like SAP and Oracle in core systems of large enterprises [4][10] Future Trends - The enterprise management software market is expected to exhibit a threefold trend of "cloudification, localization, and intelligence," with cloud business revenue continuing to rise [5][10] - Driven by Xinchuang, domestic vendors are likely to increase their market share in large enterprises from the current 50% [5][10] - AI technology is anticipated to evolve from being an auxiliary tool to becoming a core productivity driver, ultimately achieving full-scenario coverage as "personal AI assistants" [5][10]

KINGDEE INTERNATIONAL SOFTWARE GROUP COMPANY LIMITED 香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並表明不會就本公佈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 （於開曼群島註冊成立的有限公司） （股份代號：268） 二零二五年五月二十二日舉行之股東週年大會投票表決結果 茲提述金蝶國際軟件集團有限公司（「本公司」）日期為二零二五年四月二十三日之通函（「通 函」）。本公告所用辭彙與通函所界定者具有相同涵義。 董事會謹此宣佈，於二零二五年五月二十二日舉行之股東週年大會的投票表決結果如下： | | 普通決議案 | 有效投票票數 | (%) | | --- | --- | --- | --- | | | | 贊成 | 反對 | | | 省覽及採納本公司於截至二零二四年十二月三 十一日止年度的經審核綜合賬目及董事報告書 | 2,173,251,757 | 3,924,909 | | 1. | | (99.819725%) | (0.180275%) | | | 及核數師報告書 ...