摩根士丹利发表研究报告指，就内地软件行业基本面而言，该行仍保持谨慎态度。在需求出现实质转折 前，任何供应端推动的新技术趋势，都只能够促使现有的预算在市场中重新分配。资金方面，该行认为 板块在低利率环境下将跟随整体市场流动性，且有更高弹性(Beta)，因主动型基金的相关配置比重极 低。主题投资如AI应用、科技本土化和稳定币等，可能对股价产生显著影响，但目前该行尚未发现到 可以真正扭转行业基本面的主题。 股份方面，该行强烈建议H股多于A股；行业首选为北森控股，目标价10.3港元，评级"增持"，预期收 入将加速增长；其次为金蝶国际、中国软件国际及金山软件，目标价分别为14.2港元、6.6港元及38港 元，均予"与大市同步"评级。 ...

Group 1 - The company is a leader in integrated HCM SaaS, with stable operating performance and a potential profitability inflection point under the SaaS model. The company is expected to experience new growth opportunities with successful mergers and AI product commercialization by 2025 [1] - The company has a high subscription revenue ratio, with steady revenue growth projected. For the fiscal year 2025, the company is expected to achieve revenue of 945 million yuan, a year-on-year increase of 10.6%, driven primarily by cloud HCM revenue of 722 million yuan, which is expected to grow by 14.2% [2] - The company has initiated AI product development in 2024, achieving successful commercialization verification by August of the same year. By the fiscal year 2025, the company has realized AI commercialization ARR exceeding 6 million yuan, indicating strong growth potential in AI applications [3] Group 2 - The company is expected to achieve revenue of 1.135 billion yuan, 1.335 billion yuan, and 1.563 billion yuan for the fiscal years 2026 to 2028, representing year-on-year growth of 20.1%, 17.6%, and 17.1% respectively. The net profit attributable to the parent company is projected to be -61 million yuan, 55 million yuan, and 200 million yuan for the same periods [1] - The company has established a unified open PaaS platform for cloud HCM solutions, covering the entire lifecycle of human resource management from recruitment to resignation, which is expected to enhance its competitive advantage and accelerate AI transformation [2] - The company is expected to achieve positive operating cash flow of approximately 77 million yuan in the fiscal year 2025, with significant improvement in adjusted net profit, indicating a potential profit inflection point in fiscal year 2026 [2]

Group 1 - The core viewpoint of the report is that Haitong International initiates coverage of Beisen Holdings (09669) with an "Outperform" rating, projecting revenue growth and profitability improvements in the coming years [1] - The company is expected to achieve revenues of 1.135 billion, 1.335 billion, and 1.563 billion yuan for the fiscal years 2026-2028, representing year-on-year growth rates of 20.1%, 17.6%, and 17.1% respectively [1] - The projected net profit for the parent company is expected to be -61 million, 55 million, and 200 million yuan for the same fiscal years, with earnings per share (EPS) of -0.08, 0.08, and 0.27 yuan [1] Group 2 - Beisen adheres to an "integrated HCM SaaS" strategy, having served over 6,000 medium to large enterprises, and is the only Chinese provider with a unified open PaaS platform for cloud HCM solutions [2] - The company’s iTalentX platform covers the entire lifecycle of human resource management, from recruitment to resignation, which is expected to enhance its competitive advantage and accelerate AI transformation [2] - Beisen's AI initiatives have shown significant progress, with the launch of AI product development in early 2024 and successful commercialization by August of the same year, achieving an annual recurring revenue (ARR) of over 6 million yuan by the end of the 2025 fiscal year [2]

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [4]. Core Insights - The company is a leader in integrated HCM SaaS, with a robust business performance and a potential profitability inflection point under the SaaS model. The company is expected to benefit from successful mergers and AI product commercialization in 2025, presenting new growth opportunities [1][4]. Financial Summary - Total revenue is projected to grow from 9.45 billion RMB in 2025 to 15.63 billion RMB by 2028, with year-on-year growth rates of 10.6%, 20.1%, 17.6%, and 17.1% respectively [3][10]. - Gross profit is expected to increase from 614 million RMB in 2025 to 1.168 billion RMB in 2028 [3]. - The company anticipates a return to profitability with a net profit of 200 million RMB by 2028, after losses of 3209 million RMB in 2024 and 147 million RMB in 2025 [3][10]. Revenue Growth Drivers - The cloud HCM solutions are the main growth driver, with revenue from this segment expected to reach 7.22 billion RMB in 2025, a 14.2% increase year-on-year, accounting for 76.4% of total revenue [24]. - The company has maintained a high customer retention rate, with expectations for continued improvement in customer acquisition and retention metrics [8][9]. AI and M&A Expansion - The company has embraced AI applications, with its AI Family product line achieving commercialization and generating over 6 million RMB in annual recurring revenue (ARR) by 2025 [4][8]. - The acquisition of Ku Academy is expected to drive the expansion of its learning business, enhancing its digital training and talent development solutions [8][9]. Valuation - The report employs both relative (PS) and absolute (FCFF) valuation methods, arriving at a target price of 11.86 HKD, reflecting a cautious approach to valuation [12][14].

（原标题：北森控股(09669.HK)9月8日回购40.50万股，耗资323.24万港元） | 日期 | 回购股数 | 回购最高价 | 回购最低价 | 回购金额 | | --- | --- | --- | --- | --- | | | （万股） | （港元） | （港元） | （万港元） | | 2025.09.08 | 40.50 | 8.000 | 7.930 | 323.24 | | 2025.09.04 | 42.46 | 7.950 | 7.810 | 335.90 | | 2025.08.29 | 19.92 | 8.110 | 7.940 | 161.36 | | 2025.08.28 | 20.00 | 8.050 | 7.900 | 159.73 | | 2025.08.27 | 4.20 | 8.010 | 7.950 | 33.56 | | 2025.08.26 | 4.26 | 8.000 | 7.900 | 34.05 | | 2025.08.25 | 20.00 | 8.090 | 7.860 | 159.88 | | 2025.08.22 | 14.56 | 8.180 | 7 ...

北森控股(09669)发布公告，于2025年9月8日斥资323.24万港元回购股份40.5万股，每股回购价格为7.93- 8港元。 ...

Group 1 - The company, Beisen Holdings (09669.HK), announced a share buyback on September 8, 2023, spending HKD 3.2324 million to repurchase 405,000 shares [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 北森控股有限公司 呈交日期： 2025年9月8日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 09669 | 說明 | 股份 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括 ...

| 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.09.04 | 42.46 | 7.950 | 7.810 | 335.90 | | 2025.08.29 | 19.92 | 8.110 | 7.940 | 161.36 | | 2025.08.28 | 20.00 | 8.050 | 7.900 | 159.73 | | 2025.08.27 | 4.20 | 8.010 | 7.950 | 33.56 | | 2025.08.26 | 4.26 | 8.000 | 7.900 | 34.05 | | 2025.08.25 | 20.00 | 8.090 | 7.860 | 159.88 | | 2025.08.22 | 14.56 | 8.180 | 7.970 | 117.69 | | 2025.08.21 | 45.00 | 7.980 | 7.850 | 356.53 | | 2025.08.20 | 20.00 | 8.110 | 7.870 | 160.97 ...

Group 1 - The company, Beisen Holdings (09669), announced a share buyback on September 4, 2025, for a total expenditure of HKD 3.359 million [1] - A total of 424,600 shares will be repurchased at a price range of HKD 7.81 to HKD 7.95 per share [1]