（原标题：金蝶国际(00268)发盈喜 预计2025年度总收入约69.5亿至70.5亿元 同比增长约11.1%至 12.7%） 剔除以股份为基础的薪酬、商誉减值、投资公允价值变动净值、收购所得无形资产摊销、享有联营投资 的盈利份额及相关所得税后，预计经调整后的归属于公司权益持有人应占利润约人民币1.9亿元至约人 民币2.4亿元之间(2024年：亏损约人民币1000万元)。 预计来自经营活动产生的净现金流入约为人民币10.9亿元至约人民币11.1亿元之间，较2024年同期增长 约16.8%至18.9%(2024年：净流入约人民币 9.34亿元)。 智通财经APP讯，金蝶国际(00268)发布公告，根据董事会目前所得资料及对集团截至2025年12月31日止 年度的初步预估： 预计报告期内取得的总收入约人民币69.5亿元至约人民币70.5亿元之间，较2024年同 期增长约11.1%至12.7%(2024年：收入约人民币62.56亿元)，主要得益于集团深化执行"订阅优先、AI 优 先"战略，云订阅业务收入持续快速增长，企业管理AI加速场景化落地，公司市场份额进一步提升。 预计报告期内取得归属于公司权益持有人应占利润约 ...

格隆汇1月21日丨金蝶国际(00268.HK)发布公告，截至2025年12月31日止年度("报告期内")：1.预计报告 期内录得的总收入将介乎约人民币69.50亿元至约人民币70.50亿元之间，较2024年同期增长约11.1%至 12.7%，主要得益于集团深化执行"订阅优先、AI优先"战略，云订阅业务收入持续快速增长，企业管理 AI加速场景化落地，公司市场份额进一步提升。 剔除以股份为基础的薪酬、商誉减值、投资公允价值变动净值、收购所得无形资产摊销、享有联营投资 的盈利份额及相关所得税后，预计经调整后的归属于公司权益持有人应占利润(非国际财务报告准则计 量)介乎约人民币1.90亿元至约人民币2.40亿元之间(2024年：亏损约人民币1000万元)。此外，预计来自 经营活动产生的净现金流入约为人民币10.90亿元至约人民币11.10亿元之间，较2024年同期增长约 16.8%至18.9%(2024年：净流入约人民币9.34亿元)。 预计报告期内录得归属于公司权益持有人应占利润介乎约人民币6000万元至约人民币1亿元之间(2024 年：亏损约人民币1.42亿元)，主要得益于云订阅业务规模化效应及AI带来的效率提升 ...

金蝶國際軟件集團有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並表明不會就本公告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。 正面盈利預告 本公告乃金蝶國際軟件集團有限公司（「本公司」連同其附屬公司（「本集團」））根據香 港法例第 571 章證券及期貨條例第 XIVA 部項下之內幕消息條文及香港聯合交易所有限公司 證券上市規則第 13.09 條而發出。 金蝶國際軟件集團有限公司 4. 預計來自經營活動產生的淨現金流入約為人民幣 1,090 百萬元至約人民幣 1,110 百萬元 之間，較二零二四年同期增長約 16.8%至 18.9%（二零二四年：淨流入約人民幣 934 百 萬元）。 本公司仍在編製其截至二零二五年十二月三十一日止十二個月的業績的過程中。本公告所載 的資料僅為董事會根據現時可得數據及資料之初步估計，且尚未經本公司核數師或本公司審 核委員會審核或審閱。有關本公司截至二零二五年十二月三十一日止十二個月的財務業績的 進一步詳情將於適時公佈。 本公司股東及潛在投資者於買賣本公司股份時須謹慎行事。 承董事會 ...

Group 1 - The core point of the article highlights that Yongying Fund's manager Ren Jie achieved a remarkable annual return of 233.29% for the Yongying Technology Smart A fund in 2025, breaking a 17-year record in the public fund industry [1] - The fund significantly reduced its equity investment from 91.59% in Q3 to 78.76% by the end of Q4 2025, reallocating assets to bank deposits and clearing out bond investments [2] - The top ten holdings of the Yongying Technology Smart A fund saw changes, with new additions including Dongshan Precision, Jingwang Electronics, Industrial Fulian, and Cambridge Technology, while previous holdings like Taicheng Light, Lanke Technology, and Shijia Light did not appear in the top ten [2][3] Group 2 - The fund manager emphasized a continued focus on global cloud computing investments, particularly in the optical communication and PCB sectors, while also acknowledging the potential for mean reversion after valuation expansion cycles [1][4] - The Yongying Hong Kong Stock Connect Technology Smart fund also underwent significant changes, with major reductions in holdings of Tencent Holdings and Bilibili-W, both exceeding 20% [5][7] - The performance of the Yongying Hong Kong Stock Connect Technology Smart A and C shares showed a net value growth rate of -22.02% and -22.14% respectively, underperforming their benchmarks by 7.88 and 8.00 percentage points [7]

Group 1 - The core viewpoint of the news is that Kingdee Software (China) Co., Ltd. has applied for a patent related to a method and device for handling risk events, which aims to improve the efficiency and effectiveness of risk event processing [1] Group 2 - Kingdee Software (China) Co., Ltd. was established in 1993 and is located in Shenzhen, primarily engaged in software and information technology services [2] - The company has a registered capital of 1.4 billion RMB [2] - Kingdee has invested in 66 companies and participated in 3,711 bidding projects, with 810 trademark records and 1,912 patent records [2]

Summary of Kingdee (0268.HK) Conference Call Company Overview - **Company**: Kingdee International Software Group Company Limited (0268.HK) - **Industry**: Enterprise Cloud Solutions and AI Technology Key Points 2026 Outlook - Management anticipates continued growth in 2026, driven by increasing contributions from recurring revenues, which will enhance margin improvement and Free Cash Flow (FCF) growth [2] - Positive sentiment regarding increased spending from large-scale clients, with expectations for accelerated growth from mid-scale clients this year [2] - Incremental opportunities identified from service fees, AI features, and higher charges per employee [2] AI Monetization and Product Expansion - Kingdee has launched 30-40 AI agents, including Chat BI, Knowledge agent, GM analysis agent, and Quality testing agent [3] - AI products have penetrated multiple enterprise clients, with deep cooperation on flagship projects with major clients such as Hisense and Seres [3] - Management emphasizes Kingdee's advantages in accumulated data assets and data processing capabilities [3] Financial Projections - **12-Month Price Target**: HK$18.98, representing an upside of 25.4% from the current price of HK$15.13 [9] - **Market Capitalization**: HK$52.8 billion (approximately $6.8 billion) [9] - **Revenue Projections**: Expected revenues of Rmb 6,255.7 million in 2024, increasing to Rmb 10,729.7 million by 2027 [9] - **EBITDA Projections**: Expected EBITDA of Rmb 69.8 million in 2024, growing to Rmb 1,364.4 million by 2027 [9] - **Earnings Per Share (EPS)**: Projected EPS to improve from (0.04) Rmb in 2024 to 0.25 Rmb by 2027 [9] Risks - Key downside risks include: 1. Weaker-than-expected demand for ERP digitization [5] 2. Slower-than-expected product development processes [5] 3. Increased talent and labor costs [5] Valuation Methodology - Valuation based on a blend of 2-stage DCF and Price/Sales methodologies, incorporating a WACC of 11.5% and a terminal growth rate of 2% [4] Additional Insights - Management's focus on improving employee productivity alongside AI monetization strategies [1] - The company is actively working on data cloud and Gen-AI ERP solutions to enhance its service offerings [1] This summary encapsulates the key discussions and insights from the Kingdee conference call, highlighting the company's growth prospects, AI initiatives, financial projections, and associated risks.

Group 1 - The company ST YuanZhi (002689.SZ) has disclosed its performance forecast for the year 2025, expecting a net profit attributable to shareholders of between 90 million and 110 million yuan, representing a year-on-year growth of 396.77% to 507.16% [1] - The net profit after deducting non-recurring gains and losses is projected to be between 66 million and 86 million yuan [1]

Group 1 - The core point of the article is that Kingdee Software (China) Co., Ltd. has obtained a patent for an "Information Processing Method, System, and Related Products," with the authorization announcement number CN119887136B and an application date of December 2024 [1] - Kingdee Software (China) Co., Ltd. was established in 1993 and is located in Shenzhen, primarily engaged in software and information technology services [1] - The company has a registered capital of 1.4 billion RMB and has invested in 66 enterprises, participated in 3,702 bidding projects, and holds 810 trademark records and 1,912 patent records [1]

Group 1 - The top three companies with net inflows of southbound funds are Alibaba-W (09988) with 1.05 billion, Tencent Holdings (00700) with 752 million, and Pop Mart (09992) with 678 million [1] - The top three companies with net outflows of southbound funds are SMIC (00981) with -836 million, China Mobile (00941) with -729 million, and Meituan-W (03690) with -378 million [1] - In terms of net inflow ratios, Jiangsu Ninghu Expressway (00177) leads with 53.75%, followed by Cheung Kong Infrastructure Group (01038) at 52.00%, and Mao Geping (01318) at 48.07% [1] Group 2 - The top ten companies by net inflow include Alibaba-W (09988) with 1.05 billion and a closing price of 159.90 (+3.63%), Tencent Holdings (00700) with 752 million and a closing price of 627.50 (+0.72%), and Pop Mart (09992) with 678 million and a closing price of 191.30 (-2.89%) [2] - The top ten companies by net outflow include SMIC (00981) with -836 million and a closing price of 74.45 (-1.13%), China Mobile (00941) with -729 million and a closing price of 80.95 (-0.25%), and Meituan-W (03690) with -378 million and a closing price of 104.90 (-0.10%) [2] - The top three companies by net inflow ratio also include Baiaosaitu-B (02315) at 46.69% and Wei Long Delicious (09985) at 45.51% [3] Group 3 - The top three companies by net outflow ratio include Southern Hong Kong Stock Connect (03432) at -100.00%, E Fund Hang Seng ESG (03039) at -93.75%, and Country Garden Services (06098) at -58.59% [3] - The data reflects the net inflow and outflow trends in the Hong Kong stock market, indicating investor sentiment towards specific companies [1][2][3]

Market Performance - The Hang Seng Index declined by 0.28% [1] - The Hang Seng Tech Index fell by 1.35% [1] Company Movements - Trip.com Group experienced a drop of over 19% [1] - Tongcheng Travel saw a decline of over 8% [1] - Kingdee International decreased by over 8% [1] - Alibaba Health dropped by over 7% [1] - Hua Hong Semiconductor increased by over 6% [1]