8月11日，金蝶国际（00268）公布公司及其附属公司截至2025年6月30日止六个月之未经审核简明综合 中期业绩。报告期内，集团持续推进"订阅优先"战略，集团录得收入约人民币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%。 作为全球领先的企业管理云SaaS公司，金蝶在多个领域获得行业专业机构的认可。根据IDC最新发布的 企业应用市场相关追踪报告，金蝶在中国市场的SaaS ERP、财务云、财务和会计应用云、司库管理 云、EPM、税务、PLM云等多个细分领域均位列第一，并已连续21年蝉联IDC中国成长型企业应用软件 市场占有率第一。与此同时，金蝶成为首家且唯一入选Gartner《离散制造业PLM软件市场指南》的中 国厂商；在Gartner发布的高生产力a ...

Core Insights - Kingdee International reported a revenue of approximately RMB 3.192 billion for the six months ending June 30, 2025, representing a year-on-year growth of about 11.2% [1] - The company continues to implement its "subscription-first" strategy, with cloud service revenue reaching approximately RMB 2.673 billion, up 11.9% year-on-year, and cloud subscription revenue of approximately RMB 1.684 billion, growing by 22.1% [1] - The gross profit margin improved by 2.4 percentage points to approximately 65.6%, while the loss attributable to equity holders narrowed by about 55.1% to approximately RMB 98 million [1] Financial Performance - Annual Recurring Revenue (ARR) from cloud subscription services reached approximately RMB 3.73 billion, marking an 18.5% increase year-on-year [1] - Contract liabilities related to cloud subscription services grew by approximately 24.7% year-on-year [1] Market Position and Recognition - Kingdee is recognized as a leading global enterprise management cloud SaaS company, ranking first in various segments of the SaaS ERP and financial cloud markets in China according to IDC [2] - The company has been awarded the highest honor in China's AI field, the "Wu Wenjun Artificial Intelligence Science and Technology Award" [2] Business Growth and Client Acquisition - The cloud subscription business achieved significant growth, with Kingdee Cloud·Cangqiong and Kingdee Cloud·Xinghan generating approximately RMB 845 million in revenue, a year-on-year increase of 34.3% [3] - During the reporting period, Kingdee signed 304 new clients, including major companies like Geely Holding and Mengniu Group [3] AI Integration and Innovation - Kingdee is integrating AI technology into all its SaaS products and services, with AI contract signing amounts exceeding RMB 150 million during the reporting period [5] - The company launched several AI-native intelligent agents, enhancing operational efficiency for clients [5] Global Expansion Strategy - Kingdee is actively pursuing a global strategy, expanding into Southeast Asia and the Middle East, signing contracts with 259 companies, including local enterprises [7] - The company is collaborating with international partners like Standard Chartered Bank and Deutsche Bank to enhance its global service offerings [7]

AI浪潮下，金蝶国际（00268.HK）在最新财报中首度披露AI合同金额。在8月12日举行的金蝶国际中期 业绩说明会上，金蝶国际董事会主席兼CEO徐少春表示，未来，AI+管理会成为企业的核心竞争力， AI+SaaS黄金十年已经到来。 由于持续全面推进云转型及AI转型，金蝶国际研发投入仍较大，业绩也仍处亏损状态。上半年金蝶国 际亏损9773.8万元，相较上年同期的亏损约2.18亿元同比减亏55.1%。 对此，金蝶国际方面解释称，上半年公司公司业绩改善，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，财报显示，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%。 8月11日晚，金蝶国际披露中期业 ...

Group 1 - The Hang Seng Index rose by 0.09% during the midday close [1] - The Hang Seng Tech Index experienced a decline of 0.39% [1] - BYD Electronics saw an increase of over 4% [1] Group 2 - Kingdee International faced a significant drop of over 7% [1]

8月11日，2025财年中报归属股东应占溢利-9774万人民币，同比增长55.14%，基本每股收益-0.0278人民 币。 本文源自：金融界 作者：行情君 8月12日，金蝶国际(00268)盘中下跌5.84%，截至10:49，报16.45元/股，成交2.45亿元。 金蝶国际软件集团有限公司是全球知名的企业管理云SaaS公司，主要提供企业资源管理(ERP)的云服 务，以及AI管理平台等产品和服务。根据IDC研究数据，金蝶在中国企业资源管理云服务市场排名第 一，并持续19年稳居中国成长型企业应用软件市场占有率第一，服务对象覆盖全球超过740万家企业和 政府组织。 截至2025年中报，金蝶国际营业总收入31.92亿元、净利润-9773.8万元。 ...

Kingdee International Software Group Company (00268) H1 2025 Earnings Call August 11, 2025 10:00 PM ET ModeratorDistinguished investors, analysts and our friends from the media, good morning, and I'd like to welcome you to join us for 2025 interim result announcement. First of all, please allow me to introduce the management team with us here today, Mr. Xu Xiaochuan, Chairman of the Board and the CEO of the company. Zhang Yong, the President of QNT. Executive director and the CFO of the company, Mr. Lin Bo, ...

Financial Data and Key Metrics Changes - In H1 2025, revenue increased by 11.2% year-over-year, reaching RMB 3,192 million [4] - The gross profit margin grew by 2.4%, reaching 65.6% [7] - Operating cash flow was significantly decreased, but the company expects it to exceed RMB 1 billion for the year [10][38] - The loss from the same period last year was reduced from RMB 280 million to RMB 98 million [10] Business Line Data and Key Metrics Changes - Cloud subscription revenue grew by 22.1% year-over-year, with an annual recurring revenue (ARR) growth of 80.5% [13] - The contract liability of cloud subscriptions increased by 24.7% [13] - The gross profit margin for cloud subscriptions was 96.2%, a 0.9 percentage point increase compared to last year [13] Market Data and Key Metrics Changes - The company reported that cloud subscription revenue now accounts for over 50% of total revenue, with a significant contribution from the Kinky Cloud and Constellation platforms [16][23] - The net total retention rate for Constellation subscriptions was 108% [15] Company Strategy and Development Direction - The company is adjusting its strategy to seek more opportunities while controlling internal risks, particularly in the context of persistent macroeconomic challenges and the rise of artificial intelligence [3] - The focus is on transforming from a traditional one-time license model to a subscription-based model, emphasizing cloud services and AI integration [21][24] - Future plans include strengthening SaaS offerings and expanding AI capabilities, with a goal for AI revenue to account for 30% of total revenue by 2030 [39][68] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the volatility of the external environment but expressed confidence in achieving profitability and strong cash flow growth in the coming years [12][96] - The company aims for a sustainable margin of around 8% and expects to maintain a high gross profit margin due to the growth of the subscription business [97] Other Important Information - The company has introduced various AI-powered products, receiving positive feedback from clients, particularly for the Gold Key financial report analytics app [48][49] - The company is actively expanding its international presence, with plans to consolidate its foothold in Southeast Asia and the Middle East, and aims for international revenue to reach 5% to 10% of total revenue in the next three to five years [104] Q&A Session Summary Question: What is the trend of demand for large, medium, and small enterprises? - Management noted that large enterprises are integrating their business lines for better supply chain management, while medium-sized enterprises seek faster deployment and lower costs [42][44] Question: What is the pricing model for AI products and customer feedback? - The company received positive responses for AI products launched in May, with large companies interested in pilot testing and mid-sized companies needing full systems [43][46] Question: What is the sustainability of the cloud business transformation? - Management expressed confidence in sustainable growth, with a target for subscription business to increase from 50% to 80-90% of total revenue [70] Question: What are the plans for international business? - The company plans to localize products for different regions and aims to expand into Africa, Europe, and Japan starting in 2026 [77][104] Question: How will team optimization impact project implementation? - Management clarified that team optimization aims to improve efficiency without sacrificing customer experience, with implementation services being outsourced to certified partners [58][60]

公司透露上半年AI相关合约额已超过1.5亿元，花旗预期投资者接下来将较关注下半年云业务收入前 景、经营开支、盈利展望，以及明年以至更长期AI发展目标。该行又估计，金蝶云星空及中小企非订 阅收入上半年可能录得持平或下跌，给予"买入"评级，目标价18.3港元。 花旗发表研究报告指，金蝶国际上半年业绩大致符合市场预期，收入按年增长11%至32亿元。当中，云 订阅服务收入增长22%至17亿元，分部毛利率按年提升1个百分点至96.2%，产品收入微升1%至15亿 元，分部毛利率按年下降2.1个百分点至31.5%。上半年订阅服务ARR按年增长18%至37.3亿元，略逊该 行预期，而云订阅合约相关负债按年增长25%至34亿元。 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company is expected to achieve revenue of 71.1 billion, 82.7 billion, and 96.4 billion RMB for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 13.6%, 16.3%, and 16.6% [3] - The net profit attributable to the parent company is projected to be 1.2 billion, 5.4 billion, and 9.9 billion RMB for the years 2025, 2026, and 2027, with significant year-on-year growth rates of turning profitable, 342.1%, and 82.7% respectively [3] - The price-to-sales ratios are expected to be 7.9X, 6.8X, and 5.9X for the years 2025, 2026, and 2027 [3] Financial Summary - The company's revenue for 2023 is reported at 5,679 million RMB, with a growth rate of 16.71% [8] - The net profit for 2023 is reported at -210 million RMB, with a projected recovery to 122 million RMB in 2025 [8] - The diluted earnings per share are expected to improve from -0.06 RMB in 2023 to 0.28 RMB in 2027 [8] - The return on equity (ROE) is projected to rise from -2.44% in 2023 to 10.19% in 2027 [8] Market Performance - The company achieved a revenue of 31.9 billion RMB in the first half of 2025, reflecting a year-on-year increase of 11.2% [9] - The annual recurring revenue (ARR) for cloud subscriptions reached 37.3 billion RMB, with a year-on-year growth of 18.5% [9] - The gross margin for cloud subscriptions is reported at 96.2%, indicating a year-on-year increase of 1 percentage point [9]

Kingdee International Software Group 2025 Interim Results Announcement Stock Code: 268.HK 12 August 2025 Resilient Revenue Growth With Efficiency Enhancement Operating cash flow -18mn 2024 H1 2017 H1 2018 H1 2019 H1 2020 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 H1 1,055mn 3,192mn +11.2% +19.4% Group revenue Revenue per capita Cloud subscriptions revenue 1,684mn +22.1% Product, implementation and others revenue 1,508mn +1.2% Unit: RMB Gross margin 65.6% +2.4pts Net profit attributable to owners of the company ...