2024 年年度股东大会会议资料 用友网络科技股份有限公司 2024 年年度股东大会 会议资料 用友网络科技股份有限公司 2024 年年度股东大会 会议须知 根据《用友网络科技股份有限公司股东大会议事规则》有关规定，为维护投资者的合 法权益，确保用友网络科技股份有限公司（以下简称"用友网络"或"公司"）本次股东大会 的顺利召开，特制定会议须知如下，望出席股东大会全体人员遵守： 二零二五年四月十八日 2024 年年度股东大会会议资料 目录 | 议案一：用友网络科技股份有限公司 2024 年度董事会工作报告 3 | | --- | | 议案二：用友网络科技股份有限公 2024 年度监事会工作报告 16 | | 议案三：用友网络科技股份有限公司 2024 年度财务决算方案 20 | | 议案四：用友网络科技股份有限公司 2024 年度利润分配方案 21 | | 议案五：用友网络科技股份有限公司 2024 年年度报告及摘要 22 | | 议案六：用友网络科技股份有限公司关于 2024 年度董事薪酬情况及 2025 年度薪酬方案 | | 的议案 23 | | 议案七：用友网络科技股份有限公司关于 2024 年度监事薪酬 ...

用友网络科技股份有限公司（以下简称"公司"）拟于 2025 年 4 月 18 日 14 时 召开 2024 年年度股东大会，本次会议采用现场投票和网络投票相结合的表决方式。 具体内容请详见公司 2025 年 3 月 29 日披露于上海证券交易所网 站 （http://www.sse.com.cn）及指定信息披露媒体的《用友网络关于召开 2024 年年度股 东大会的通知》（公告编号：2025-032）。 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、 便利投票。公司拟使用上证所信息网络有限公司（以下简称"上证信息"）提供的 股东会提醒服务，委托上证信息通过智能短信等形式，根据股权登记日（2025 年 4 月 11 日）的股东名册主动提醒股东参会投票，并向每一位投资者主动推送股东会参 会邀请、议案情况等信息。投资者在收到智能短信后，可根据《上市公司股东会网 络投票一键通服务用户使用手册》（https://vote.sseinfo.com/i/yjt_help.pdf）的提示步 骤直接投票，如遇拥堵等情况，仍可通过原有的交易系统投票平台和互联网投票平 台进行投票。 若广大投资者对本次服务有任何 ...

证券代码：600588 证券简称：用友网络 公告编号：临 2025-036 用友网络科技股份有限公司 关于以集中竞价方式回购公司股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 《用友网络关于以集中竞价交易方式回购股份的报告书》（编号：临 2024-062）。 2024 年 9 月 27 日，公司以集中竞价交易方式实施了首次回购，具体情况详见《用 友网络关于以集中竞价交易方式首次回购公司股份的公告》（编号：临 2024-067）。 二、 回购股份的进展情况 现将公司回购股份的进展情况公告如下： 2025 年 4 月 7 日，公司以集中竞价交易方式回购股份数量为 150,000 股，支 付的总金额为 1,999,500 元。 截至 2025 年 4 月 7 日，公司累计回购股份数量为 2,550,690 股，占公司目前 总股本的比例为 0.075%，购买的最高价为 18.44 元/股，购买的最低价为 9.92 元 /股，已支付的总金额为 27,766,355 元（不含佣金等交易费用）。上述回购进展符 合法律法规的规 ...

Core Insights - The company has experienced a revenue decline of 6.57% year-on-year, with total revenue reaching 9.153 billion yuan in 2024, and a net loss of 2.061 billion yuan [1] - Despite the overall performance pressure, the core product BIP3 has shown resilience with revenue of 3.14 billion yuan, increasing its share of total revenue by 2.4 percentage points year-on-year [1] - Subscription revenue has grown by 26.0% year-on-year, indicating an improvement in revenue quality and potential for recovery in 2025 [1] Revenue and Profitability - The company’s revenue for 2024 was 9.153 billion yuan, down 6.57% from the previous year, while the net profit was -2.061 billion yuan [1] - Subscription revenue from medium-sized enterprises increased by 65.8%, and from small and micro enterprises by 34.1%, with a total of 1.43 million new paid enterprise users [2] - The company’s cloud-related contract liabilities reached 2.78 billion yuan, showing a solid foundation for future revenue growth [2] Strategic Initiatives - The company is focusing on AI to transform B-end service demands, launching the YonGPT2.0 model to bridge complex enterprise needs with general AI models [3] - The introduction of various applications such as intelligent assistants and smart employees aims to enhance efficiency and reduce costs for clients [3] - Successful applications have been implemented with major clients, demonstrating significant efficiency improvements [3] Financial Forecast - Projected total revenues for 2025, 2026, and 2027 are 10.172 billion, 11.323 billion, and 12.450 billion yuan, respectively, with growth rates of 11.14%, 11.31%, and 9.96% [4] - Expected net profits for the same years are -139 million, 463 million, and 1.032 billion yuan, reflecting substantial year-on-year growth [4] - The company’s current price corresponds to a price-to-sales ratio (PS) of 5.04, 4.52, and 4.11 for 2025-2027, indicating a favorable valuation compared to peers [4]

Investment Rating - The report maintains a HOLD rating for Yonyou, with a target price (TP) raised to RMB14.49 from RMB9.08, reflecting a 5.3x 2025E EV/sales valuation, in line with its two-year average [1][3][9]. Core Insights - Yonyou's total revenue for 2024 was RMB9.2 billion, a decrease of 7% year-over-year (YoY), primarily due to postponed customer demand and a strategic shift towards a subscription business model [1][2]. - The net loss attributable to ordinary shareholders increased to RMB2.1 billion in 2024 from RMB967 million in 2023, driven by revenue decline, employee compensation, and goodwill impairment provisions [1][2]. - Management aims for significant loss reduction in 2025 by enhancing labor productivity and improving product delivery quality and efficiency [1]. - Despite a positive long-term outlook due to increasing digitalization demand and international expansion plans, caution is advised in the near term due to already priced-in market sentiment following a 40% stock price increase year-to-date [1][9]. Financial Performance Summary - Revenue projections for 2025 and 2026 have been lowered by 18% to RMB9.982 billion and RMB11.081 billion, respectively, reflecting slower-than-expected growth in large and mid-sized enterprises [9][10]. - The gross profit margin is expected to improve to 55.0% in 2025, up from 47.5% in 2024, while the operating margin is projected to remain negative at -5.3% [10][16]. - The number of employees decreased by 15% YoY to 21,283, which is anticipated to enhance labor productivity and operational efficiency [9][10]. Revenue and Profit Forecast - The revenue for 2025 is estimated at RMB9.982 billion, with a YoY growth of 9.1%, followed by RMB11.081 billion in 2026, representing an 11.0% growth [2][15]. - The net profit is projected to improve to a loss of RMB426 million in 2025, narrowing from a loss of RMB2.061 billion in 2024, and is expected to turn positive with a profit of RMB768 million by 2027 [2][15]. Market and Share Performance - Yonyou's market capitalization stands at RMB51.22 billion, with a current share price of RMB14.99, reflecting a slight downside of 3.4% from the target price [3][4]. - The stock has shown a strong performance with a 47.4% increase over the past three months [6].

Core Viewpoint - The company reported a decline in revenue and increased losses for 2024, but there are expectations for gradual improvement in performance due to strict cost control and AI integration efforts [1][2]. Financial Performance - In 2024, the company's revenue was 9.153 billion, a year-on-year decrease of 6.57% [1] - The net profit attributable to shareholders was -2.061 billion, compared to -0.967 billion in the previous year [1] - The non-recurring net profit was -2.038 billion, down from -1.104 billion year-on-year [1] - In Q4 2024, revenue was 3.415 billion, a year-on-year decrease of 16.48% [1] - The net profit for Q4 was -0.606 billion, compared to 0.063 billion in the same quarter last year [1] Loss Factors - The losses in 2024 were attributed to several factors: 1. Increased amortization of capitalized intangible assets by 300 million [2] 2. Increased severance payments by 142 million [2] 3. Increased impairment losses on long-term equity investments by 60.55 million and decreased investment income by 23.41 million [2] 4. Increased goodwill impairment losses by 156 million [2] 5. Increased losses from investments measured at fair value by 69.34 million [2] Cost Management - The company's expense ratios for sales, management, and R&D were 28.64%, 13.34%, and 23.18%, respectively, with year-on-year increases of 0.64, 2.02, and 1.68 percentage points [2] - The company reduced its workforce to 21,283 employees by the end of 2024, a decrease of 3,666 employees year-on-year [2] Cloud Subscription Transition - The company is focusing on a cloud subscription model, with large and medium enterprise subscription revenues increasing by 26% and 66% respectively [3] - Revenue from large enterprise clients was 5.864 billion, down 10% year-on-year, while the core product YonBIP had a renewal rate of 91.5% [3] - Revenue from medium enterprise clients was 1.251 billion, down 9.7%, while subscription revenue increased by 65.8% [3] AI Integration and Product Development - The company has successfully transitioned to a cloud subscription model, with cloud subscription revenue of 656 million, up 34.1%, accounting for 68% of total revenue [4] - The company launched YonGPT 2.0 and various intelligent assistants, integrating AI into its services [4] - The BIP product has been upgraded to include AI capabilities and has reduced resource consumption by 50% and operational costs by 30% [5] Future Outlook - The company expects continued growth in cloud revenue and accelerated subscription transformation, projecting revenues of 10.007 billion, 11.047 billion, and 12.314 billion for 2025-2027 [5] - The forecasted net profits for the same period are -0.29 billion, 0.387 billion, and 0.721 billion [5]

Summary of Yonyou Network Conference Call Company Overview - **Company**: Yonyou Network - **Industry**: Enterprise Software and Intelligent Services Key Financial Performance - **2024 Financial Results**: Revenue of 9.15 billion yuan, a year-on-year decline of 6.6% [3] - **Net Profit**: Loss of 2.04 billion yuan attributable to shareholders after deducting non-recurring items [3] - **Core Product Revenue**: Yonyou BIP generated 3.14 billion yuan, with subscription revenue increasing by 26% [3] - **Contract Liabilities**: Increased by 25.9% to 2.31 billion yuan [3] - **Subscription Revenue Growth**: - Medium-sized enterprises: 65.8% increase - Small and micro enterprises: 34% increase [3] Strategic Initiatives - **AI Integration**: Launched mGPT2.0 and a series of intelligent assistant digital employees, enhancing operational efficiency and reducing resource consumption [3][4] - **Client Acquisition**: Signed contracts with 7 new central enterprises, totaling 44, including major firms like China National Chemical Corporation and Bank of China [3][4] - **Global Expansion**: Overseas revenue grew by over 50%, with more than 1,300 large and medium-sized clients, 60% of which are local [3][4] 2025 Strategic Goals - **Vision**: Aim to be among the top three global providers of enterprise software and intelligent services [5] - **Focus Areas**: Customer success, ecosystem integration, global market expansion, AI supremacy, product leadership, and delivery innovation [5][8] - **Revenue Growth Target**: Expected to achieve stable revenue growth, with gross margin projected to rise to 55%-60% [3][24] Challenges and Market Conditions - **Recent Performance Decline**: Attributed to macroeconomic fluctuations and intensified market competition [12][15] - **Future Economic Outlook**: Anticipated gradual recovery in the economic environment post-Spring Festival, with increased recognition of Chinese tech innovation [12] Product Development and R&D - **Product Strategy**: Focus on AI-driven innovations and the development of VIA and BIP series products to maintain industry leadership [10][15] - **R&D Changes**: Emphasis on high-skill roles, with a reduction in low-skill positions due to AI integration [19][21] Market Opportunities - **Digital Transformation**: Significant opportunities in digital upgrades, globalization of Chinese enterprises, and increased demand for domestic software systems [14] - **Competitive Advantages**: Strong client base, competitive new products, and robust overseas operations [14] Financial Projections - **2025 Revenue Expectations**: Anticipated growth driven by ERP and AI products, with a focus on subscription model transformation [24][30] - **Cost Control**: Plans to optimize personnel structure and enhance operational efficiency to improve profitability [24][25] Conclusion Yonyou Network is navigating a challenging market landscape while focusing on AI integration, global expansion, and product innovation to drive future growth and profitability. The company aims to leverage its strengths in customer relationships and technological advancements to achieve its strategic goals by 2025.

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company experienced a decline in revenue and net profit in 2024, with revenue at 9.15 billion yuan, down 6.57% year-on-year, and a net loss of 2.06 billion yuan, a decrease of 113.13% year-on-year [1][4] - Despite the revenue decline, the core product BIP3 saw an increase in revenue to 3.14 billion yuan, with its proportion of total revenue rising by 2.4 percentage points [1] - The company is focusing on improving operational efficiency and increasing the subscription revenue model, which grew by 26% year-on-year [1][2] Financial Performance - The company's contract liabilities reached 3.05 billion yuan, an increase of 8.8% from the end of 2023, with cloud-related contract liabilities growing by 13% [2] - The total number of paid cloud service customers reached 872,500, with an addition of 157,500 new customers during the reporting period [2] - The projected revenue for 2025-2027 is estimated at approximately 10.17 billion, 11.20 billion, and 12.31 billion yuan, respectively, with net profits expected to improve from a loss of 101 million yuan in 2025 to a profit of 915 million yuan in 2027 [4][5] Product Development - The company launched the YonGPT2.0 model, which connects complex enterprise needs with general large models, enhancing its product offerings in the AI application space [3] - The BIP3 product has been updated to versions R5 and R6, significantly improving AI integration and data services [3] Market Position - The company is positioned as a leading player in the domestic ERP market, with strong capabilities in AI applications, cloud services, and subscription models [4]

Overview - The article discusses the spin-off of Yonyou Network Technology Co., Ltd.'s subsidiary, Yonyou Automotive Information Technology (Shanghai) Co., Ltd. (referred to as "Yoche Technology"), to be listed on the Sci-Tech Innovation Board of the Shanghai Stock Exchange [1][2]. Spin-off Listing Details - Yoche Technology's spin-off listing was approved by the China Securities Regulatory Commission on March 7, 2023, following the necessary internal approvals from Yonyou Network [2][3]. - The spin-off aims to enhance Yoche Technology's financing capabilities and improve the overall financing efficiency of Yonyou Network [3]. Independence and Operational Capability - Both Yonyou Network and Yoche Technology maintain independent and complete operational assets, with established independent financial departments and management systems [2][3]. - There is no overlap in the organizational structure between Yoche Technology and Yonyou Network, ensuring that both entities operate independently without asset interference [3][4]. Financial Impact Post Spin-off - Following the spin-off, Yonyou Network continues to hold a controlling stake in Yoche Technology, which remains consolidated in Yonyou Network's financial statements [3][4]. - The financial performance of Yonyou Network for the year 2024 shows a decrease in revenue to approximately 9.15 billion yuan, a decline of 6.57% compared to 2023 [4][5]. - The net profit attributable to shareholders decreased significantly by 113.13%, amounting to approximately -2.06 billion yuan [5]. Compliance and Disclosure - Yonyou Network has adhered to all relevant legal and regulatory requirements regarding the spin-off and has provided accurate disclosures without any misleading information [5][6]. - The spin-off has not adversely affected Yonyou Network's operational capabilities or its stock price [4][5].

国泰君安证券股份有限公司 关于用友网络科技股份有限公司分拆所属子公司 用友汽车信息科技（上海）股份有限公司至科创板上市之 持续督导意见 用友网络科技股份有限公司（以下简称"公司"、"上市公司"、"用友网络"） 将其所属子公司用友汽车信息科技（上海）股份有限公司（以下简称"友车科技"） 分拆至上海证券交易所（以下简称"上交所"）科创板上市（以下简称"本次分 拆上市"、"本次分拆"），国泰君安证券股份有限公司（以下简称"国泰君安"、 "独立财务顾问"）作为本次分拆上市的独立财务顾问，根据中国证监会《上市 公司分拆规则（试行）》（以下简称"《分拆规则》"），对本次分拆后上市公司核心 资产与业务的独立经营状况及持续经营能力、友车科技是否发生对上市公司权益 有重要影响的资产和财务状况变化、友车科技是否存在其他对上市公司股票价格 产生较大影响的重要信息以及上市公司是否依法履行相关信息披露义务等持续 督导事项进行了专项核查，发表核查意见如下： 一、本次分拆上市概况 2020 年 11 月 23 日，用友网络召开第八届董事会第十一次会议，审议通过 《公司关于分拆所属子公司用友汽车信息科技（上海）股份有限公司至科创板上 市方案 ...