Core Insights - Yonyou Network, a major software management company in A-shares, has been experiencing poor performance in recent years, with a significant decline in revenue and increasing losses [1] - The company is preparing for an IPO in Hong Kong to overcome its financial difficulties and enhance its global presence [1] Financial Performance - For the first half of 2025, Yonyou reported revenue of 3.581 billion yuan, a year-on-year decrease of 5.89%, and a net loss of 949.5 million yuan, down 18.97% year-on-year [1] - In Q2 2025, revenue was 2.203 billion yuan, showing a year-on-year increase of 7.15%, while the net loss was 209 million yuan, an increase of 38.77% year-on-year [1] - The company noted that its business has seasonal fluctuations, with a decline in contract signings last year leading to reduced revenue and increased losses in Q1 2025 [1] R&D and Operational Challenges - Yonyou's R&D investment capitalized intangible asset amortization increased by approximately 120 million yuan, and severance compensation rose by about 30 million yuan in the first half of 2025 [1] - If the company fails to turn a profit in the second half of 2025, it will face three consecutive years of losses [1] Market Position and Competitiveness - Yonyou's market performance has lagged behind its competitor Kingdee International, with a decline of over 70% since 2020, resulting in a market value loss of over 130 billion yuan [1] - The company previously captured the small and medium-sized enterprise market with low-cost, convenient products but is now facing challenges in its transformation [1] Strategic Initiatives - Yonyou's management has undergone significant changes, with three presidential changes in 15 months, and the company is continuously streamlining its workforce [1] - The company aims to raise funds through the Hong Kong IPO to alleviate its financial struggles and enhance its global outlook [1]

Core Viewpoint - The software industry, particularly for Yonyou Network, is facing significant challenges with declining performance and a difficult transition to cloud services, necessitating further market validation [1][7]. Financial Performance - Yonyou Network reported a revenue of 3.581 billion yuan for the first half of 2025, a year-on-year decrease of 5.89%, and a net loss of 944.52 million yuan, down 18.97% [2]. - In Q2 2025, Yonyou's revenue was 2.203 billion yuan, showing a year-on-year increase of 7.15%, but the net loss increased by 38.77% to 209 million yuan [3]. - The company indicated that its business operations exhibit seasonal characteristics, with lower revenue in the first half compared to costs, leading to significant losses [3]. Market Position and Competitors - Yonyou Network's market performance has lagged behind competitors like Kingdee International, which has seen an annual increase of over 80%, while Yonyou's growth is under 40% [3]. - Since its peak in 2020, Yonyou's stock has dropped over 70%, resulting in a market value loss exceeding 130 billion yuan [3]. Business Strategy and Transition - Yonyou Network has been attempting to transition from traditional software to cloud services since 2016, but this shift has not yet yielded positive results, with cloud service revenue declining by 3.4% in 2024 [7]. - The company has accumulated 872,500 paid cloud service customers, but the revenue from large enterprise clients has significantly decreased [9]. Management Changes - Following declining performance, founder Wang Wenjing has returned as president to lead the company through its challenges [10]. - Yonyou Network has experienced significant management turnover, with multiple changes in the president role within a short period, indicating internal instability [15]. IPO Plans - Yonyou Network is pursuing an IPO in Hong Kong to enhance its global competitiveness and address its financial challenges [11][12]. - The company attributes its losses to several factors, including customer acquisition failures and increased operational costs [12]. Future Outlook - The successful completion of the IPO could provide necessary funding for Yonyou Network to invest in AI and improve its market position, potentially alleviating its current difficulties [16].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has received IPO application materials from several companies intending to list on the Hong Kong Stock Exchange, indicating a continued trend of Chinese companies seeking overseas capital markets [1][2]. Group 1: Companies and Their IPO Plans - Yonyou Network Technology Co., Ltd. plans to directly list on the Hong Kong Stock Exchange with sponsorship from China Merchants International Capital Limited and CITIC Securities (Hong Kong) Co., Ltd. [2] - Shenghong Technology (Huizhou) Co., Ltd. is also set to directly list on the Hong Kong Stock Exchange, with J.P. Morgan Securities (Far East) Limited and Guotai Junan International Holdings Limited as its underwriters [2] - Zhaoyou Zhimei Education Consulting Group (Jiangxi) Co., Ltd. intends to list directly on the Hong Kong Stock Exchange, backed by Zhongtai International Capital Limited and Deutsche Bank Securities Asia Limited [2] - Zebra Network Technology Co., Ltd. is preparing for a direct listing on the Hong Kong Stock Exchange, with sponsorship from China International Capital Corporation Hong Kong Securities Limited and Guotai Junan Securities (Hong Kong) Limited [2] - Shenzhen Bomengwei Technology Co., Ltd. aims for a direct listing on the Hong Kong Stock Exchange, with CITIC Securities (Hong Kong) Co., Ltd. as its main underwriter [2] - An De Zhi Lian Supply Chain Technology Co., Ltd. is also planning a direct listing on the Hong Kong Stock Exchange, with China International Capital Corporation Hong Kong Securities Limited and Morgan Stanley Asia Limited as its sponsors [2]. Group 2: Regulatory Context - The CSRC's recent update on the status of domestic companies' overseas securities issuance and listing reflects ongoing regulatory support for companies seeking to access international capital markets [1].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has received new applications for overseas listings from several companies, indicating a continued interest in Hong Kong IPOs by domestic firms [1][2]. Group 1: New IPO Applications - Companies such as Yonyou Network (600588), Shenghong Technology (300476), Zhuoyou Zhimei, Zebra Network, and Shenzhen Bomengwei Technology have submitted materials for Hong Kong IPOs [1]. - Maiwei Biotechnology (688062) is currently in a "supplementary materials" status for its Hong Kong IPO application with the CSRC [1]. Group 2: Listing Details - Maiwei Biotechnology plans to list directly on the Hong Kong Stock Exchange, with sponsors including CITIC Securities (Hong Kong) and Haitong International Capital [2]. - Yonyou Network is also seeking a direct overseas listing on the Hong Kong Stock Exchange, with underwriters such as CMB International and CITIC Securities (Hong Kong) [2]. - Shenghong Technology is applying for a direct overseas listing on the Hong Kong Stock Exchange, with J.P. Morgan and Guotai Junan as its underwriters [2]. - Zhuoyou Zhimei Education Consulting Group and Zebra Network are both pursuing direct listings on the Hong Kong Stock Exchange, with various financial institutions acting as sponsors [2]. - Shenzhen Bomengwei Technology is similarly applying for a direct overseas listing, with CITIC Securities (Hong Kong) as one of its sponsors [2].

Core Insights - The rise of enterprise-level AI applications is accelerating, becoming a new engine for industry transformation and driving digital transformation for businesses [1] - Yonyou, a software service provider with over 30 years of experience, is focusing on integrating AI with business scenarios to create practical solutions for enterprises [1][2] - The AI products developed by Yonyou are not merely auxiliary tools but are deeply integrated into core business processes, addressing real issues faced by enterprises [1][3] AI-Driven Digital Transformation - Yonyou has conducted extensive AI training for large enterprises, identifying three core demands: cost reduction and efficiency improvement, precise operations, and enhanced risk management [2][3] - Enterprises are looking to AI to optimize operational costs and improve resource utilization through smart models and algorithms [2] - AI is expected to facilitate precise operations by enhancing supply chain responsiveness and reducing inventory issues in a rapidly changing market [2][3] Risk Management Enhancement - There is a strong demand for AI to strengthen risk management, especially for large enterprises facing complex and globalized operational risks [3] - AI can improve contract review processes by accurately identifying potential risks and ensuring compliance with various regulations [3] Human-Machine Interaction and Business Model Transformation - AI is reshaping human-machine interaction, making it more efficient and user-friendly, as exemplified by Yonyou's ChatBI [4] - The shift from product-oriented to service-oriented business models is facilitated by AI, enhancing customer engagement and market competitiveness [4] Challenges in AI Implementation - Many enterprises face challenges such as lack of high-quality data governance, difficulties in integrating AI into existing processes, and concerns over data security and compliance [5] - The absence of structured data and clear metrics for measuring AI effectiveness hinders its implementation in business processes [5] Central State-Owned Enterprises and AI Strategy - Central state-owned enterprises are leading the way in implementing AI strategies, focusing on operational management and risk control [6] - Yonyou has extensive experience in supporting these enterprises with tailored AI solutions that integrate seamlessly with existing systems [6][7] Industry-Specific AI Solutions - Yonyou's AI products are designed to meet the specific needs of various industries, allowing for rapid implementation of AI solutions [7][8] - Collaborative efforts between enterprises and service providers are essential for developing customized AI solutions that address unique business challenges [8] Conclusion - AI is becoming a core force driving digital transformation in enterprises, reshaping traditional data processing, business processes, and management decision-making [9] - Yonyou's AI products and services are closely aligned with enterprise needs, continuously injecting new growth momentum into businesses [9]

Industry Overview - Goldman Sachs projects a 9% year-on-year revenue growth for Chinese software companies in the first half of 2025, with an average net profit margin of -3% due to seasonal industry weakness [1] - Key drivers for optimism in the second half of 2025 include increased demand for AI functionalities, the proliferation of cloud platforms with data services, and the launch of new AI-enabled products [2] Strategic Focus Areas - Companies are focusing on three main strategic directions: monetization of AI tools, diversification into overseas markets or new business areas, and integration of AI with core software products to enhance customer willingness to pay and market share [3] Valuation Levels - As of the report's release, the average price-to-earnings (P/E) ratio for covered Chinese software companies has risen to 55-60 times, with an average enterprise value/sales (EV/Sales) ratio of 8-9 times, indicating a recovery but still below the 12-18 times range seen in 2020-2021 [4][5] Key Company Performance and Valuation Analysis Yonyou Network (Yonyou, 600588.SH) - Yonyou's revenue for 2025 is projected at 22.03 billion RMB, a 7% increase, with a significant reduction in net loss to 2.09 billion RMB from 3.41 billion RMB in 2024, driven by growth in SMB business and recovery in large client demand [7] - Goldman Sachs adjusts Yonyou's 2025 net loss forecast to 5.94 billion RMB, reflecting challenges in the medium enterprise cloud business [9] - The target price for Yonyou is set at 17.19 RMB, maintaining a "Neutral" rating [10] Glodon (002410.SZ) - Glodon's revenue is expected to decline by 5% in 2025, primarily due to challenges in the construction cost software business, although the construction management software segment shows signs of recovery [12] - Goldman Sachs revises Glodon's 2025 net profit forecast upward to 510 million RMB, a growth of 18% [13] - The target price for Glodon is set at 12.2 RMB, maintaining a "Sell" rating [14] Thundersoft (300496.SZ) - Thundersoft's revenue is projected to reach 1.831 billion RMB in 2025, a 50% increase, driven by AIoT business growth [17] - Goldman Sachs raises Thundersoft's revenue forecast for 2025-2027 by 4%-8% but adjusts net profit forecasts slightly downward due to lower-than-expected margins [18] - The target price for Thundersoft is set at 52.4 RMB, maintaining a "Sell" rating [19] Other Key Companies - ZWSOFT (688083.SS) is expected to generate 208 million RMB in revenue, with a focus on low-margin solutions [25] - Sangfor (300454.SZ) anticipates a revenue of 1.747 billion RMB, with a return to profitability [25] - Kingdee (0268.HK) projects a revenue of 3.192 billion RMB, benefiting from cloud business and AI functionalities [25] - Empyrean (301269.SZ) expects a revenue of 267 million RMB, driven by AI demand in chip design [25]

Core Viewpoint - The announcement details the share repurchase results of Yongyou Network Technology Co., Ltd., indicating a total repurchase of 4,144,090 shares, which represents 0.121% of the total share capital, with a total expenditure of approximately 50.06 million yuan [1]. Summary by Sections Share Repurchase Plan - The share repurchase plan was first disclosed on September 5, 2024, with a planned expenditure between 50 million yuan and 100 million yuan, and a maximum repurchase price of 23 yuan per share [1]. - The repurchase is intended for employee stock ownership plans or equity incentives [1]. Implementation of the Repurchase - The company began the repurchase on September 27, 2024, and completed it by September 4, 2025, with the actual repurchase price ranging from 9.87 yuan to 18.44 yuan per share [1]. - The total amount spent on the repurchase was 50,062,199 yuan, excluding transaction fees [1]. - The repurchase was conducted in compliance with relevant laws and regulations, and the execution matched the originally disclosed plan [1]. Shareholder Transactions - During the repurchase period, there were no stock transactions by the company's controlling shareholders, actual controllers, directors, or senior management [1]. Share Changes - Before the repurchase, the total shares were 3,418,521,359, with 1,523,950 restricted shares and 3,416,997,409 unrestricted shares. After the repurchase, the total shares remained the same, but the number of restricted shares was adjusted due to the cancellation of 1,523,950 restricted shares [1]. Handling of Repurchased Shares - The repurchased shares will be stored in a dedicated account and are intended for employee stock ownership plans or equity incentives. If not utilized within 36 months, the unutilized shares will be canceled [1].

Group 1: Overall Performance of China's Software Industry in 2025 - In the first half of 2025, the average revenue of covered Chinese software companies grew by 9% year-on-year, while the average net profit margin was -3% due to seasonal industry weakness [1] - Notable outperformers included Kingsoft Office, Thundersoft, and Sensetime, driven by increased AI investments, while Glodon and Sangfor saw improved net profit performance in Q2 2025 due to enhanced employee productivity [1] Group 2: Industry Outlook - ERP suppliers like Yonyou and Kingdee, along with AI providers such as Sensetime and iFlytek, are optimistic about revenue growth in the second half of 2025, driven by rising demand for AI functionalities and the proliferation of cloud platforms [2] Group 3: Strategic Focus Areas - Companies are focusing on three strategic directions: monetizing AI tools, diversifying into overseas markets or new business areas, and integrating AI with core software products to enhance customer willingness to pay and market share [3] Group 4: Valuation Levels - As of the report's release, the average P/E ratio for Chinese software companies rose to 55-60 times, with an average EV/Sales ratio of 8-9 times, although these remain below the 12-18 times levels seen in 2020-2021 [4] - Goldman Sachs believes there is further upside potential for valuations as AI-related revenues grow and companies transition to subscription-based models [5] Group 5: Key Software Companies Performance and Valuation Analysis - Yonyou's revenue for 2025 is projected at 22.03 billion RMB, a 7% increase, with a narrowed net loss of 2.09 billion RMB, driven by growth in SMB business and recovery in large client demand [6][7] - Glodon's revenue is expected to decline by 5% in 2025, primarily due to challenges in the construction cost software business, although net profit margin improved to 13% in Q2 2025 [10] - Thundersoft's revenue is projected to reach 1.831 billion RMB in 2025, a 50% increase, with a significant contribution from AIoT business, despite a decline in overall gross margin [18][19] Group 6: Other Key Company Summaries - ZWSOFT is expected to generate 208 million RMB in revenue in 2025, with a focus on low-margin solutions [26] - Sangfor's revenue is projected at 1.747 billion RMB, with a 4% year-on-year increase, benefiting from cloud computing growth [26] - Kingdee's revenue for the first half of 2025 is expected to be 3.192 billion RMB, driven by cloud business and AI functionalities [26] - Empyrean's revenue is projected at 267 million RMB, with a 13% year-on-year increase, supported by AI-driven demand in chip design [26]

证券日报网讯 9月4日晚间，用友网络发布公告称，截至2025年9月4日，回购期限已届满，公司完成回 购，公司股份回购专用证券账户通过集中竞价交易方式已实际回购公司股份数量为4，144，090股，占 公司总股本的比例为0.121%。 （文章来源：证券日报） ...

证券代码：600588 证券简称：用友网络 公告编号：2025-073 用友网络科技股份有限公司 关于股份回购实施结果暨股份变动的公告 （二）截至 2025 年 9 月 4 日，回购期限已届满，公司完成回购，公司股份回 购专用证券账户通过集中竞价交易方式已实际回购公司股份数量为 4,144,090 股， 占公司总股本的比例为 0.121%，购买的最高价为 18.44 元/股，最低价为 9.87 元/ 股，使用资金总额为 50,062,199 元（不含佣金等交易费用）。 （三）本次股份回购过程中，公司严格按照相关法律、法规的规定回购股份， 符合《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的规定及公 司回购方案的内容，回购方案实际执行情况与原披露的回购方案不存在差异，公 司已按披露的方案完成回购。 （四）公司本次回购股份所使用的资金为公司自有资金和银行专项回购贷款， 本次回购事项不会对公司的经营、盈利能力、财务、研发、债务履行能力和未来 发展产生重大影响，不会导致公司控制权发生变化，也不会改变公司的上市公司 地位，股权分布情况仍然符合上市条件。 三、 回购期间相关主体买卖股票情况 本公司董事会及全 ...