Group 1 - Software concept stocks showed strong performance, with 360 increasing over 8%, Yonyou Network rising over 4%, and Kingsoft Office and Hang Seng Electronics both up over 3% [1] - Software-related ETFs also experienced gains, with an increase of over 2% [1] Group 2 - Specific ETF performance includes Software 50 ETF at 1.136, up 2.43%, Software ETF at 0.890, up 2.30%, and Software Leader ETF at 0.891, also up 2.30% [2] - Institutions indicate that in the context of increasing global technological competition, the autonomy of basic software is essential for national security and sustainable industrial development [2] - Future prospects for basic software companies include facing higher technical requirements and stronger competitive pressures, but also more market opportunities [2] - The ongoing push for domestic substitution and the deepening of financial services in the industrial chain are expected to help basic software companies transition from "catching up" to "keeping pace" and eventually to "leading," providing solid technical support for China's new industrialization and high-quality development [2]

Core Viewpoint - Yonyou Network's stock price has shown a year-to-date increase of 32.71%, but has experienced a decline in recent trading days, indicating potential volatility in investor sentiment [1][2]. Financial Performance - For the period from January to September 2025, Yonyou Network reported a revenue of 5.584 billion yuan, a year-on-year decrease of 2.68%, while the net profit attributable to shareholders was -1.398 billion yuan, reflecting a year-on-year increase of 3.93% [2]. - Cumulatively, since its A-share listing, Yonyou Network has distributed a total of 5.509 billion yuan in dividends, with 204 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 24, Yonyou Network's stock price was 14.24 yuan per share, with a market capitalization of 48.658 billion yuan. The stock experienced a trading volume of 2.58 billion yuan and a turnover rate of 0.54% [1]. - The stock has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on August 8, where it recorded a net buy of -172 million yuan [1]. Shareholder Structure - As of September 30, 2025, Yonyou Network had 198,300 shareholders, an increase of 7.71% from the previous period. The average number of circulating shares per shareholder was 17,235, a decrease of 7.15% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 93.5425 million shares, a decrease of 46.6474 million shares from the previous period [3].

Core Viewpoint - Yonyou Network's stock has experienced fluctuations, with a year-to-date increase of 31.31% but a recent decline in the last few trading days, indicating potential volatility in investor sentiment [1][2]. Financial Performance - For the period from January to September 2025, Yonyou Network reported a revenue of 5.584 billion yuan, a year-on-year decrease of 2.68%, while the net profit attributable to shareholders was -1.398 billion yuan, reflecting a year-on-year increase of 3.93% [2]. - The company has cumulatively distributed dividends of 5.509 billion yuan since its A-share listing, with 204 million yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, Yonyou Network had 198,300 shareholders, an increase of 7.71% from the previous period, with an average of 17,235 circulating shares per shareholder, a decrease of 7.15% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 93.5425 million shares, a decrease of 46.6474 million shares from the previous period [3]. Market Activity - Yonyou Network's stock price was reported at 14.09 yuan per share, with a trading volume of 2.18 billion yuan and a turnover rate of 0.45% [1]. - The stock has appeared on the "Dragon and Tiger List" four times this year, with the most recent instance on August 8, where it recorded a net buy of -172 million yuan [1].

Core Viewpoint - Yonyou Network's stock price has shown volatility, with a year-to-date increase of 35.23%, but a recent decline of 12.06% over the past 60 days, indicating potential market fluctuations and investor sentiment changes [1]. Financial Performance - For the period from January to September 2025, Yonyou Network reported a revenue of 5.584 billion yuan, a year-on-year decrease of 2.68%, while the net profit attributable to shareholders was -1.398 billion yuan, reflecting a growth of 3.93% compared to the previous year [2]. - The company has cumulatively distributed dividends amounting to 5.509 billion yuan since its A-share listing, with 204 million yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, Yonyou Network had 198,300 shareholders, an increase of 7.71% from the previous period, with an average of 17,235 shares held per shareholder, a decrease of 7.15% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 93.5425 million shares, a decrease of 46.6474 million shares from the previous period [3]. Market Activity - On November 20, Yonyou Network's stock experienced a decline of 2.03%, trading at 14.51 yuan per share, with a total market capitalization of 49.581 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" four times this year, with the most recent instance on August 8, where it recorded a net buy of -172 million yuan [1].

Core Insights - The Human Capital Management (HCM) industry focuses on solutions and services for recruiting, managing, developing, retaining, and optimizing talent, covering various segments such as recruitment, assessment, core HR, performance, succession, and online learning [1][2] - The HCM software market is divided into on-premise and cloud-based solutions, with cloud solutions offering flexibility, scalability, and cost-effectiveness, making them increasingly popular among businesses [4][5] - The Chinese HCM SaaS market is projected to grow from CNY 2.43 billion in 2020 to CNY 5.13 billion by 2024, achieving a compound annual growth rate (CAGR) of 20.5% [7][8] Market Overview - The HCM SaaS market consists of six sub-markets: employee performance management, recruitment/talent acquisition, core HR, workforce management, learning management, and compensation management [8] - By 2024, the core HR segment is expected to hold approximately 26% of the market share, followed by recruitment management at 19% and learning management at around 14% [8][9] - The global HCM application market is anticipated to grow by 14.8% in 2024, reaching USD 41 billion, with the Americas accounting for nearly 65% of total market revenue [7] Competitive Landscape - The Chinese HCM SaaS industry features a diverse range of competitors, with the top five companies holding about 49% of the market share in 2024 [9] - Beisen Holdings leads the market with an estimated 15% share in 2024, followed by companies like Kenna and Inspur [9][10] - Major players in the market include international firms like SAP, Oracle, and Workday, as well as domestic companies such as Yonyou, Kingdee, and emerging firms like Beisen and CDP [9] Future Trends - The HCM SaaS market is expected to exceed CNY 10 billion by 2029 and reach CNY 14 billion by 2031, driven by deepening digital transformation and breakthroughs in AI technology [10][12] - AI integration is anticipated to innovate the HCM SaaS industry, transforming traditional HR tools into intelligent systems capable of autonomous decision-making [11][12] - The dual-driven capability of "platform + intelligent agents" is expected to become a core engine for market growth, facilitating a shift from functional modules to intelligent capital management [12][13]

Market Performance - As of November 18, the ERP concept index rose by 2.53%, ranking fifth among concept sectors, with 27 stocks increasing in value [1] - Notable gainers included Guangyun Technology, which hit a 20% limit up, and Shiji Information and ST Ruihe, both also reaching their daily limit [1] - The top performers in the sector were Meidun Technology, Shenzhou Information, and Yintang Zhikong, with increases of 22.82%, 5.44%, and 4.64% respectively [1] Capital Flow - The ERP concept sector saw a net inflow of 719 million yuan from main funds, with 21 stocks receiving net inflows [2] - Leading the net inflow was Shiji Information, which attracted 347 million yuan, followed by Yongyou Network, Yintang Zhikong, and Guangyun Technology with net inflows of 132 million yuan, 119 million yuan, and 112 million yuan respectively [2] - In terms of capital inflow ratios, Shiji Information, ST Ruihe, and Guangyun Technology had the highest rates at 46.70%, 34.43%, and 18.84% respectively [3] Stock Performance - The top stocks in the ERP concept based on daily performance included: - Shiji Information: +9.97% with a turnover rate of 4.30% and a main fund flow of 347.38 million yuan [3] - Yongyou Network: +2.05% with a turnover rate of 2.42% and a main fund flow of 131.73 million yuan [3] - Yintang Zhikong: +4.64% with a turnover rate of 11.42% and a main fund flow of 118.81 million yuan [3] - Conversely, the stocks with the largest declines included Leizhi Group, Changrong Co., and Dezong Automobile, which fell by 3.80%, 2.57%, and 2.28% respectively [1][5]

证券代码：600588 证券简称：用友网络 公告编号：2025-085 用友网络科技股份有限公司 2025年第二次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 11 月 17 日 (二)股东会召开的地点：用友产业园（北京）中区 8 号楼 E102 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,483 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,615,119,721 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 47.2672 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 二、 议案审议情况 (一)非累积投票议案 1、 议案名称：《公司关于聘任会计师事务所的议案》 审议结果：通过 表决情况： | ...

北京市天元律师事务所 关于用友网络科技股份有限公司 2025 年第二次临时股东会的法律意见 京天股字（2025）第 700 号 致：用友网络科技股份有限公司 用友网络科技股份有限公司（以下简称"公司"）2025 年第二次临时股东会 （以下简称"本次股东会"）采取现场投票与网络投票相结合的方式，现场会议于 2025 年 11 月 17 日下午 14:00 在用友产业园（北京）中区 8 号楼 E102 会议室召 开。北京市天元律师事务所（以下简称"本所"）接受公司聘任，指派本所律师参 加本次股东会现场会议进行见证，并根据《中华人民共和国公司法》《中华人民 共和国证券法》（以下简称"《证券法》"）《上市公司股东会规则》（以下简称"《股 东会规则》"）以及《用友网络科技股份有限公司章程》（以下简称"《公司章程》"） 等有关规定，就本次股东会的召集、召开程序、出席现场会议人员的资格、召集 人资格、会议表决程序及表决结果等事项出具本法律意见。 为出具本法律意见，本所律师审查了《用友网络科技股份有限公司关于召 开 2025 年第二次临时股东会的通知》（以下简称"《召开股东会通知》"）《用友 网络科技股份有限公司第九届董事会 ...

Core Viewpoint - Yonyou Network's stock price has shown a significant increase of 35.60% year-to-date, despite recent fluctuations in trading performance [1][2]. Group 1: Stock Performance - On November 17, Yonyou Network's stock rose by 2.11%, reaching 14.55 CNY per share, with a trading volume of 257 million CNY and a turnover rate of 0.52%, resulting in a total market capitalization of 49.717 billion CNY [1]. - Year-to-date, Yonyou Network's stock has increased by 35.60%, with a recent decline of 2.15% over the last five trading days and a 1.25% increase over the last 20 days [1]. - The company has appeared on the trading leaderboard four times this year, with the most recent instance on August 8, where it recorded a net buy of -172 million CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Yonyou Network reported a revenue of 5.584 billion CNY, reflecting a year-on-year decrease of 2.68%, while the net profit attributable to shareholders was -1.398 billion CNY, showing a year-on-year increase of 3.93% [2]. - The company's main revenue sources include licensing sales and technical services, which account for 95.58% of total revenue, while financial services contribute 1.99%, and sales of purchased goods account for 1.38% [2]. Group 3: Shareholder Information - As of September 30, 2025, Yonyou Network had 198,300 shareholders, an increase of 7.71% from the previous period, with an average of 17,235 shares held per shareholder, a decrease of 7.15% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 93.5425 million shares, a decrease of 46.6474 million shares from the previous period [3].

Summary of Key Points from the Equity Research Report on China Software Sector Industry Overview - The report focuses on the China software industry, particularly highlighting the performance of 18 covered software companies in the third quarter of 2025 (3Q25) [3][11]. - There is a noted recovery in earnings, with total net profit rising by 92% year-on-year (y-o-y) for the covered companies [10][11]. Core Insights - **Earnings Recovery**: The significant recovery in earnings is attributed to limited downside from tighter IT budgets, as the base is low, and ongoing cost control measures are expected to continue driving earnings recovery [3][4]. - **Market Dynamics**: The competitive landscape is improving, with smaller players exiting the market, which may benefit larger firms [3]. - **Revenue Drivers**: AI and localization are identified as key revenue drivers, with specific companies like Yonyou and Kingdee expected to benefit from AI monetization [4][9]. Company-Specific Highlights - **Sangfor**: - Rated "Buy" with a target price of RMB 144.00, implying an 18% upside. The company is expected to benefit from improved demand for HCI and software-defined storage amid AI adoption [24]. - **Yonyou**: - Rated "Buy" with a target price of RMB 21.00, indicating a 43% upside. The company is projected to grow at a CAGR of 12% from 2025 to 2027 [24]. - **Kingdee**: - Rated "Buy" with a target price of HKD 18.20, suggesting a 24% upside. Expected revenue growth at a CAGR of 12.5% over 2024-2027 [24]. - **Kingsoft Office**: - Rated "Buy" with a target price of RMB 353.00, indicating a 7% upside. The company is well-positioned in software localization and AI function optimization [24]. - **ThunderSoft**: - Rated "Buy" with a target price of RMB 82.00, suggesting a 25% upside. The company is expected to see robust demand for on-device AI [24]. Investor Sentiment - Investors are showing strong interest in AI applications and their monetization potential, particularly in ERP systems [4][9]. - There is a focus on high-quality AI A-share software names seeking H-share listings, such as Yonyou and Intsig, due to their valuation discounts [4]. Risks and Challenges - **Sector Risks**: Potential risks include a weak macroeconomic environment leading to tighter IT budgets, intense competition, and policy support falling short of expectations [6][24]. - **Valuation Concerns**: Some investors express concerns regarding high valuations, particularly for companies like Kingsoft Office, although others believe the valuations are reasonable given the earnings visibility [5]. Conclusion - The China software sector is experiencing a notable recovery, driven by AI and localization trends. Key players are positioned to benefit from these trends, although risks related to macroeconomic conditions and competition remain pertinent. Investors are advised to consider these dynamics when evaluating opportunities in the sector.