Core Insights - Kingdee International reported a revenue of approximately 3.192 billion yuan for the first half of the year, representing a year-on-year growth of about 11.2% [1] - The company's cloud service revenue reached approximately 2.673 billion yuan, with a year-on-year increase of about 11.9%, while cloud subscription revenue was around 1.684 billion yuan, growing by approximately 22.1% [1] - The net loss attributable to equity holders narrowed significantly to approximately 98 million yuan [1] Group 1: Cloud Subscription Business - The cloud subscription business maintained industry leadership, signing 304 new clients including major enterprises such as Geely Holding, Mengniu Group, and Moutai Technology [1] - Key projects with clients like China Aviation Group and Dongfeng Motor were successfully launched, enhancing client management systems [1] - Kingdee Cloud products, including Kingdee Cloud Cangqiong and Kingdee Cloud Xinghan, generated approximately 845 million yuan in revenue, reflecting a year-on-year growth of about 34.3% [1] Group 2: Small and Micro Enterprises Market - Kingdee Cloud Xingkong led the growth in the small and micro enterprises market, with a customer base of 46,000, a year-on-year increase of approximately 9.5% [2] - The cloud subscription revenue from Kingdee Cloud Xingkong was about 740 million yuan, growing by approximately 19.0%, with a net dollar retention rate (NDR) of 94% [1][2] Group 3: AI Technology Integration - Kingdee International is integrating AI technology into all its SaaS products and services, with a focus on "AI first" [2] - The total contract value for AI-related services exceeded 150 million yuan during the reporting period [2] - New AI platforms and intelligent agents were launched, with significant contracts signed with clients such as Hisense Group and China CNR [2] Group 4: Future Strategy - The Chairman and CEO of Kingdee International emphasized that AI and SaaS are reshaping the industry landscape, providing unprecedented growth opportunities [3] - The company will continue to adhere to its core strategies of "AI first, subscription first, and globalization" to become a leading global enterprise management AI company [3]

Core Viewpoint - Kingdee International Software Group Limited reported a revenue of approximately RMB 3.192 billion for the first half of 2025, representing a year-on-year growth of about 11.2%, with cloud service revenue reaching approximately RMB 2.673 billion, up by 11.9% [1] Group 1: Financial Performance - The company disclosed its AI contract amount for the first time, exceeding RMB 150 million in the first half of 2025, emphasizing the integration of AI technology into all SaaS products and services [1] - Kingdee's cloud products, Kingdee Cloud·Cangqiong and Kingdee Cloud·Xinghan, generated a combined revenue of approximately RMB 845 million, reflecting a year-on-year growth of about 34.3% [2] - The net dollar retention rate (NDR) for these products was reported at 108% [2] Group 2: Market Expansion - Kingdee Cloud·Xingkong, targeting growth enterprises, achieved a cloud subscription revenue of approximately RMB 740 million, with a year-on-year growth of about 19% and an NDR of 94% [2] - The company is actively expanding its global strategy, with services now covering 172 countries and regions, supporting 14 languages, and assisting over 1,000 overseas clients in digital operations [3] Group 3: Future Outlook - The CFO of Kingdee expressed confidence in achieving profitability in 2025, with expected operating cash flow exceeding RMB 1 billion [3] - The company anticipates that AI revenue will account for 30% of total revenue by 2030, with ongoing investments in AI talent and product management [3]

Investment Rating - The report maintains a "Buy" rating for Kingdee International (0268.HK) [4] Core Insights - The company achieved total revenue of 3.19 billion RMB in 25H1, a year-on-year increase of 11.2%, with cloud service revenue growing by 11.9% to 2.67 billion RMB [1] - The gross profit reached 2.095 billion RMB, reflecting a 15.4% year-on-year growth, resulting in a gross margin of 65.6% [1] - The company reported a net loss attributable to shareholders of approximately 97.74 million RMB, which was higher than the Bloomberg consensus estimate of a loss of 72.53 million RMB [1] Revenue Breakdown - The company restructured its revenue segments to focus on cloud subscription revenue, which accounted for 52.8% of total revenue in 25H1, up from 48.1% in 24H1 [2] - Cloud subscription revenue reached 1.684 billion RMB, a 22.1% year-on-year increase, with an annual recurring revenue (ARR) growth of 18.5% to 3.73 billion RMB [2] - The company signed 304 new clients, including major enterprises like Geely Holding and Mengniu Group, contributing to a net dollar retention (NDR) of 108% for its Cangqiong & Xinghan business unit [2] AI Commercialization Progress - The company reported AI contract amounts exceeding 150 million RMB in 1H25, with the launch of several AI-native products [3] - Active users of the AI assistant for small and micro enterprises reached 170,000, significantly improving accounting and invoicing efficiencies [3] Profit Forecast and Valuation - The revenue forecast for 25-27 has been slightly revised down to 6.9 billion, 7.7 billion, and 8.5 billion RMB respectively, reflecting a minor adjustment due to macroeconomic impacts [4] - The net profit forecast for 25-27 has been upgraded to 160 million, 480 million, and 880 million RMB respectively, indicating a positive outlook for profitability [4] - The report emphasizes that Kingdee, as a leading domestic ERP provider, is expected to enhance its product capabilities with AI integration [4]

根据介绍，金蝶国际成立于1993年，彼时主要从事电子财务管理软件业务。2001年，金蝶国际成功登陆 港交所，是国内首家赴港上市的软件企业。凭借在财务软件和ERP系统的先发优势，金蝶与用友形 成"南金蝶、北用友"的格局。 2011年，金蝶国际开始启动云转型。2014年5月4日的一场发布会上，徐少春与客户一起砸碎了"ERP"， 宣布金蝶云ERP升级为金蝶云，标志着公司告别传统ERP，全面拥抱云转型。 然而，转型云业务的背后，金蝶国际已经连续五年亏损，2020至2024年分别亏损3.36亿元、3.02亿元、 3.89亿元、2.1亿元、1.42亿元，累计亏损约13.79亿元。2025年上半年，继续延续了亏损状态。 8月11日，金蝶国际软件集团有限公司（以下简称"金蝶国际"）发布截至2025年6月30日止六个月的中期 业绩公告。期内公司实现收入约31.92亿元，同比增幅约11.2%，公司权益持有人应占当期亏损约9774万 元，同比减少约55.1%。 | | | 未經審核 | | | --- | --- | --- | --- | | | | 六月三十日止六個月 | | | | 附注 | 二零二五年 | 二零二四年 | ...

8月12日，在港股上市的金蝶国际召开2025年中期业绩发布会。金蝶国际董事会主席兼CEO徐少春在会 上表示，未来，AI（人工智能）+管理会成为企业的核心竞争力，AI+SaaS（软件运营服务）黄金十年 已经到来。 对此，金蝶国际方面解释称，上半年公司业绩改善，主要得益于云订阅业务的规模化效应和AI带来的 效率提升。据财报，上半年，金蝶国际毛利较上年同期增长15.4%，毛利率改善2.4个百分点，经营活动 现金流净额同比改善约89%。 具体来看，2025年上半年，金蝶国际云订阅收入约16.84亿元，同比增长约22.1%。其中，金蝶云苍穹& 星瀚实现订阅收入增长41.1%，金蝶云星空订阅收入同比增长19%，小微云产品订阅收入同比增长 23.8%；云订阅年经常性收入（ARR）达到37.3亿元，同比增长18.5%。上半年末，金蝶国际云订阅合同 负债达到33.78亿元，同比增长24.7%。 财报显示，2025年上半年，金蝶国际共实现营收31.92亿元（人民币，下同），同比增长约11.2%。其 中，云服务收入约26.73亿元，同比增长约11.9%，云服务收入占总营收比例达83.7%。 由于持续全面推进云转型及AI转型，金蝶国 ...

Core Viewpoint - Morgan Stanley's report indicates that Kingdee International's (00268) performance in the first half of the year met expectations, with revenue reaching 3.2 billion RMB, reflecting a year-on-year growth of 11.2% [1] Group 1: Financial Performance - Revenue of Kingdee International for the first half of the year was 3.2 billion RMB, which is 1.6% higher than Morgan Stanley's forecast [1] - The growth in revenue is primarily attributed to the strong contribution from traditional Enterprise Resource Planning (ERP) business [1] - Cloud revenue growth of 11.9% appears modest, but it is noted that cloud services account for 84% of total revenue, suggesting that growth should align with overall revenue growth [1] Group 2: Profitability Metrics - Kingdee International's gross margin for the first half of the year was 65.6%, exceeding Morgan Stanley's prediction of 64.1%, likely due to a higher proportion of revenue from traditional ERP business [1] - Subscription business gross margin stands at 96%, while non-subscription business gross margin is at 31% [1] - The high gross margin from subscription services enhances confidence in the long-term profit outlook, as the revenue structure is shifting towards subscription services [1] Group 3: Market Outlook - Morgan Stanley maintains a "market perform" rating for Kingdee International, with a target price of 14.2 HKD [1] - The report highlights challenges in achieving growth amid a weak macroeconomic environment and ongoing employee streamlining at Kingdee [1]

瑞银表示，对金蝶国际2025年净利润指引保持不变，预计实现收支平衡，营运现金流将超过10亿元。管 理层认为，短期内可实现8%的营运利润率，长期目标为15%至20%。瑞银在金蝶国际发布业绩后微调模 型，目标价从21.8港元微调至21.5港元，基于2026年预测企业价值/销售额8倍；并基于双位数百分比收 入增长及利润率改善，维持"买入"评级。 瑞银研究报告指出，金蝶国际上半年业绩发布后，管理层宣布2030年目标包括：AI收入占总收入30%， 同时实现双位数百分比的总收入增长；营运现金流达到30亿元。瑞银表示，云订阅收入应是金蝶国际推 动收入增长的关键，预计最终将占其总收入的80%至90%，全球收入在3至5年内将占总收入的5%至 10%。管理层对AI+SaaS为金蝶提供强大顺风表示信心，致力于在成功转型为云订阅业务模式后，成为 企业管理人工智能(EMAI)的全球领导者。 大行评级｜瑞银：维持金蝶国际"买入"评级 指云订阅收入应是推动收入增长关键 大行评级｜花旗：金 蝶国际上半年业绩大致符合预期 予其"买入"评级 相关事件 ...

智通财经APP获悉，里昂发布研报称，金蝶国际(00268)公布2025年上半年业绩，收入同比增长11.2%至 31.92亿元人民币，基本符合市场共识。金蝶首次披露2025年上半年云订阅收入为16.84亿元人民币，同 比增长22.1%，年度经常性收入达37.30亿元人民币，同比增长18.5%，环比增长8.7%。里昂表示，金蝶 国际2025年上半年毛利同比增15.4%至20.95亿元人民币，毛利率从2024年上半年的63.2%上升240个基点 至2025年上半年的65.6%，符合市场共识预期的65.2%。 ...

经济观察网 8月11日，金蝶国际软件集团有限公司（268.HK）公布了公司及其附属公司（集团）未经审 核简明综合中期（截至2025年6月30日止六个月）业绩报告。报告指出，截至2025年6月30日报告期内， 金蝶国际录得收入约人民币31.92亿元，同比增长约11.2%，其中，云服务收入约人民币26.73亿元，同 比增长约11.9%，云订阅收入约人民币16.84亿元，同比增长约22.1%；毛利率同比改善2.4个百分点至约 65.6%；公司权益持有人当期应占亏损约为人民币0.98亿元，同比缩窄约55.1%。金蝶云订阅服务年经常 性收入（ARR）约为人民币37.3亿元，同比增长约18.5%；云订阅服务相关的合同负债实现同比增长约 24.7%。 集团董事会主席兼CEO徐少春表示，AI+SaaS正在重塑行业格局，为企业管理打开前所未有的想象空 间，并为金蝶注入澎湃的增长动能。徐少春说，面向未来，我们将以更坚定的信心，坚守"AI 优先、订 阅优先、全球化"核心战略，融合AI技术和管理智慧，助力全球每一个企业和个人，让中国管理模式在 全球崛起，金蝶也必将在2030年成长为全球领先的企业管理AI公司。 金蝶云·苍穹和金蝶云· ...

进入8月份，SaaS概念上市企业相继披露了2025年半年报或预告。 AI时代下的SaaS行业，处境颇为微妙，盈利难题等诸多挑战依然存在。从最新业绩报看，港股上市的SaaS企业业绩普遍得到明显改善，离扭亏更近一步。 然而，资本市场似乎对行业这一进展并不感兴趣。 8月12日，港股SaaS概念股集体走低。根据同花顺数据，截至发稿，概念指数下跌1.61%，其中有赞(08083.HK)领跌板块，跌幅达10.91%；迈富时 (02556.HK)、金蝶国际(00268.HK)均跌超7%；微盟集团(02013.HK)、明源云(00909.HK)和北森控股(09669.HK)等股纷纷跟跌。 集体冲击盈利，为何股价却遇冷？ 国产SaaS赛道尚处发展初期，多数企业已历经漫长且艰难的成长期，但普遍仍处于"赔本赚吆喝"的状态。 从最新业绩报告来看，这一惨淡局面已明显改善，实现扭亏的企业有所增加，亏损收窄的企业也展现出更强的发展动力。 8月11日，金蝶国际和有赞同日发布了2025年半年报。其中，金蝶国际报告期内实现营收31.92亿元(单位人民币，下同)，同比增长11.2%；净亏损继续录得收 窄，减少了55.1%至9773.8万元。有赞期 ...