Core Viewpoint - The article emphasizes the importance of having a competitive moat in business, arguing that industries with low barriers to entry and high competition are difficult to succeed in, as profits can be easily eroded by new entrants [6][12]. Group 1: Industry Analysis - The distinction between software companies and internet companies is highlighted, with software companies typically providing B2B services (SaaS) and internet companies focusing on B2C services [7]. - The profitability of China's SaaS industry is discussed, noting that while gross margins are around 55%-60%, net profit margins have been nearly negative over the past three years [11]. - The article points out that the software industry has high fixed costs and low marginal costs, leading to initial losses, while internet companies can achieve higher net profit margins due to customer retention [11][12]. Group 2: Competitive Landscape - The article mentions that industries like retail and soft drinks can produce billionaires due to their ability to monopolize the market, while sectors like restaurants and fashion struggle to generate significant wealth [8][9]. - It is noted that the Chinese SaaS market is characterized by intense competition, which drives down profits, making it difficult for companies to maintain high net profit margins [17]. - The article argues that the entry barriers in the software industry are relatively low, leading to a flood of competitors that can erode profits [12][13]. Group 3: Market Dynamics - The article discusses the difference in demand between B2C and B2B products, stating that B2C internet products thrive on fulfilling enjoyment needs, while B2B software products must demonstrate significant efficiency improvements to be adopted by businesses [16]. - It is highlighted that the Chinese SaaS market is only 1%-5% of the global market, indicating limited growth potential compared to more mature markets [15]. - The article concludes that the essence of successful business models lies in having a strong competitive moat, rather than merely being labeled as high-tech [19].

在"以销定采、快反快供"成为电商运营核心逻辑的今天，企业对前后端系统协同效率的要求前所未有地提高。前端依赖聚水潭等电商SaaS平台快速响应市场 订单、高效管理仓配；后端则依托金蝶云·星空实现财务合规、成本核算与供应链计划。然而，若两者之间仅靠人工导表或简单接口对接，极易在采购入 库、销售出库等关键业务环节出现断点——不仅拖慢履约速度，更可能引发账实不符、税务风险和客户投诉。 本文聚焦于聚水潭与金蝶云·星空在购销业务流上的深度集成，剖析典型场景中的协同难点，并探讨如何通过以KPaaS集成扩展平台实现单据自动流转、状 态实时同步与业务闭环管理。 购销业务是连接前端交易与后端财务的"主干道"。其顺畅与否，直接决定企业的运营效率与数据可信度。典型的集成路径包括： 这些单据不仅是物流动作的记录，更是财务凭证的源头。一旦同步失败或延迟，将导致： 因此，购销业务流的自动化、一致性与可追溯性，是衡量集成成熟度的关键指标。 许多企业在初期采用以下方式处理购销单据同步，但很快遭遇瓶颈： 1.手工导出导入：效率低、易出错 运营人员每日从聚水潭导出数百条出库单Excel，再由财务手工导入金蝶。不仅耗时（平均2–3小时/天），还常因字 ...

数字经济浪潮席卷全球，推动零售乃至各行各业供应链深度重塑。随着跨境电商蓬勃发展与全球消费市 场融合，构建一套敏捷、合规且智能的全球化供应链体系，已成为企业突破增长瓶颈、赢得国际竞争的 关键所在。 12月19日在成都举办的华为云零售峰会2025"企业数智化供应链建设主题论坛"上，金蝶国际业务支持部 业务架构师韩勇分享了金蝶携手华为云，赋能中国企业供应链出海的前沿实践。双方通过云端一体化技 术底座与全球化部署能力的深度融合，正为零售乃至更广泛的企业提供一条可落地、可复制的全球化智 能管理升级路径。 洞察出海之痛：多维挑战构成复杂矩阵 作为全球领先的企业管理云SaaS公司，金蝶凭借多年深厚经验，精准勾勒出中国企业在出海征程中面临 的共性挑战矩阵，这些挑战贯穿于市场进入与运营的全过程： 1.合规与监管复杂：各国在原材料、标签、认证及数据跨境等方面的合规要求复杂多变，违规风险高。 2.跨境物流成本与敏捷性失衡：跨境物流拉长供应链链路，导致成本升高同时敏捷性下降。 3.新兴市场物流基础设施薄弱：新兴市场物流基础设施不完善，影响履约与逆向物流体验。 4.本地化经营与竞争挑战：产品规格、功能与本地化需求的错位，以及来自本土品 ...

Company Overview - Kingdee International, founded in 1993 in Shenzhen, is a leading global provider of enterprise management cloud SaaS services, leveraging technologies such as cloud computing, big data, and AI to create digital solutions covering the entire lifecycle of enterprises, serving over 7.4 million businesses and government organizations globally across more than 20 industries [1][23] - The company ranks first in the Chinese market for SaaS EA, SaaS ERM, financial cloud, EPM, and PLM, and is the only enterprise management vendor in the top 10 of the generative AI model market in China, maintaining a leading market share in the growth enterprise application software sector for 20 consecutive years [1][23] Company Development Stages - The company's development has gone through four stages: 1. Financial software period (1993-2001): Established with the launch of Kingdee financial software in 1995 and the first internet-based ERP system in 1999 [2][24] 2. ERP period (2001-2011): Introduced BPM-based strategic management solutions and launched the EAS software for large enterprises [2][24] 3. Cloud service transformation period (2011-2023): Released Kingdee K/3 Cloud in 2012, marking a shift from traditional ERP models [2][24] 4. AI era (2023-present): Launched Cangqiong GPT in 2023 and plans to fully transform into an enterprise management AI company by 2025 [2][24] Shareholding Structure - The founder, Xu Shaochun, holds a total of 19.81% of the shares, making him the largest shareholder. The management team has extensive industry experience, with most members having over five years of tenure in the company [4][26] Main Business - Kingdee's main business includes enterprise-level cloud services and digital management solutions, forming a diverse product matrix that includes a cloud-native PaaS platform and layered SaaS management clouds [5][27] - The company’s flagship products include the Kingdee Cloud Cangqiong AI platform and SaaS management clouds such as Xinghan, Xingkong, and Xingchen, catering to different enterprise needs [5][27] Financial Performance - The company has seen significant growth in cloud service revenue, which accounted for 83.74% of total revenue in the first half of 2025, with cloud service revenue reaching 2.673 billion yuan, a year-on-year increase of 11.9% [6][28] - Total revenue for the first half of 2025 was 3.192 billion yuan, a year-on-year increase of 11.24%, with a net profit of -98 million yuan, reflecting a 55.14% year-on-year improvement [7][29] Profitability and Cost Management - The company’s gross margin and net margin have shown recovery, with a gross margin of 65.63% and a net margin of -3.42% in the first half of 2025, indicating improvements in profitability [10][31] - The company has also seen a decrease in expense ratios, with sales, management, and R&D expense ratios at 39.59%, 10.84%, and 24.4% respectively [11][31] Cloud Transformation Impact - The shift to a SaaS subscription model has enhanced customer retention and revenue stability, with renewal rates for large, growing, and small enterprises reaching 108%, 95%, and 93% respectively [17][18] - The company’s annual recurring revenue (ARR) reached 3.73 billion yuan in the first half of 2025, a year-on-year increase of 18.5%, contributing to 54.83% of total revenue [17][18] Market Trends and Future Outlook - The transition from traditional ERP to cloud-native EBC (Enterprise Business Capability) is essential for AI deployment, with predictions indicating that AI will add approximately $13 trillion to the global economy by 2030 [15][36] - The adoption of cloud-native technologies is rapidly increasing, with a projected 89% global adoption rate by 2024, indicating a significant shift in enterprise software architecture [14][35]

| 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 份數目 | | | ( 請參閱上述 * 註解 ) 有投票權股 (日 / 月 / 年) | | | | | | | | | 份自分比 | | | | | | | | | ( 96 ) | | | CS20251218E00333 | 富国基金管理有限公司 | 1101(L) | | 8,152,000(L | HKD 13.8259 | 217.574,000(L) | 6.13(L) 17/12/2025 | 格隆汇12月22日丨根据联交所最新权益披露资料显示，2025年12月17日，金蝶国际(00268.HK)获富国基金管理有限公司在场内以每股均价13.8259港元增持 815.2万股，涉资约1.13亿港元。 增持后，富国基金管理有限公司最新持股数目为217,574,000股，持股比例由5.90%上升至6.13%。 ...

智通财经APP获悉，香港联交所最新资料显示，12月17日，富国基金管理有限公司增持金蝶国际 (00268)815.2万股，每股作价13.8259港元，总金额约为1.13亿港元。增持后最新持股数目约为2.18亿 股，最新持股比例为6.13%。 ...

香港联交所最新资料显示，12月17日，富国基金管理有限公司增持金蝶国际(00268)815.2万股，每股作 价13.8259港元，总金额约为1.13亿港元。增持后最新持股数目约为2.18亿股，最新持股比例为6.13%。 ...

Group 1 - The commercial aerospace concept stocks experienced a significant decline, with Longzhou Co., Ltd. hitting the limit down for two consecutive days after a previous surge [1][3] - Sichuan Jinding also faced a limit down, while Tongguang Cable and Hongxiang Co., Ltd. dropped over 10%, along with Aerospace Changfeng, Zaiseng Technology, Zhongchao Holdings, and Boya Precision Engineering, all falling over 9% [3][4] Group 2 - The following stocks reported notable declines: - Tongguang Cable: -12.19% at 12.75 - Hongxiang Co., Ltd.: -11.48% at 12.42 - Sichuan Jinding: -10.01% at 13.66 - Longzhou Co., Ltd.: -9.96% at 9.67 - KQ Co., Ltd.: -9.84% at 15.67 - Galaxy Electronics: -9.92% at 5.99 - Aerospace Changfeng: -9.53% at 20.02 - Zaiseng Technology: -9.54% at 8.44 - Zhongchao Holdings: -9.40% at 5.59 - Boya Precision Engineering: -9.30% at 21.95 [4]

| 表格序號 | 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 | | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法國 | | | --- | --- | --- | --- | --- | --- | --- | | | 股份數目 | 原因 | | | ( 請參閱上述*註 有投票權股期(日/月/ 份權益 | | | | | | | | 份百分比 年) | | | with the production of the control of the control concession for the first for | | | Supporter and Income of the controllers of the controlled with | Classic All Career of and on any of | of the continued in the large of the county of | | | CS20251215E00333 | 富国基金管理有限公司 | 1001(L) | 21,831,000(L | HKD 13. ...

"我们不是单纯上个工具，而是把管理和数字化的思维运用到企业经营中去。"湖南牛数商智信息科技有 限公司总经理罗光北道出了数字化转型的关键。 对许多中小企业而言，传统生产流程犹如"黑箱"——进度不透明、库存积压、质量难追溯，管理成本居 高不下。这在工序长、零部件多的工程机械行业尤为明显。"以前全靠纸质单据，现在通过数字化系 统，可以从销售订单到发货实现全流程打通、全程可控。"罗光北介绍。 长沙晚报掌上长沙12月16日讯（全媒体记者 陈星源 通讯员 侯英伦）当前，制造业正从单纯提供产品， 向交付"产品+服务"的一体化解决方案转型。为破解中小企业"不敢转、不会转、转不起"的难题，近年 来，长沙积极鼓励服务商围绕实际生产与管理场景，推出"小快轻准"（小型化、快速化、轻量化、精准 化）解决方案。记者从长沙市工业和信息化局获悉，全市中小企业数字化转型服务平台已汇聚"小快轻 准"产品超1000项，吸引企业入驻超1000家，相关链接月点击量30万次。 成绩背后，有何诀窍？在15日举行的2025年长沙市中小企业数字化转型"小快轻准"数字化解决方案（产 品）遴选竞赛决赛上，一批扎根长沙的数字服务商亮出"绝活"。他们或深耕于机器轰鸣 ...