证券代码：600588 证券简称：用友网络 公告编号：临 2025-064 三、对公司的影响 根据《公司法》、《上海证券交易所股票上市规则》及《公司章程》等相关 规定，本次清算并注销基金事项不构成关联交易，亦不构成重大资产重组，无需 提交公司董事会审议。本次注销基金事项不会对公司经营业务产生实质性影响， 不存在损害公司及中小股东利益的情形。敬请广大投资者理性投资，注意投资风 险。 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个别及连带责任。 特此公告。 一、投资基金概述 用友网络科技股份有限公司（以下简称"用友网络"或"公司"）和控股子 公司上海用友产业投资管理有限公司（以下简称"上海产投"）的全资子公司北 京中关银创管理咨询有限公司（以下简称"中关银创"）及其他相关方发起设立 了北京中关村银创投资基金中心（有限合伙）（原暂定名称，现市场监督管理局 登记名称为"北京中关银创投资基金中心（有限合伙）"，以下简称"标的基 金"），标的基金拟募资规模不高于人民币 20,000 万元，设立时各合伙人向标 的基金认缴的出资总额为人民币 7,00 ...

Core Viewpoint - Yonyou Network, a leading enterprise management software company in China, has submitted its IPO application to the Hong Kong Stock Exchange amid declining performance and management instability, raising questions about its future prospects [1][16]. Group 1: Financial Performance - In 2024, Yonyou reported revenue of 9.153 billion yuan, a year-on-year decline of 6.57%, and a net loss of 2.061 billion yuan, a staggering year-on-year drop of 113.13% [1][8]. - This marks the second consecutive year of losses for Yonyou, with net profits decreasing from 11.83 billion yuan in 2019 to 2.19 billion yuan in 2022, and further into losses in 2023 and 2024 [6][8]. - The company attributed the revenue decline to two main factors: delayed customer demand and a shift towards a subscription business model, which impacted short-term revenue [8]. Group 2: Management Changes - Yonyou has experienced significant management upheaval, with three major changes in the core management team within 15 months, including the return of founder Wang Wenjing as president in March 2024 [1][15]. - The frequent turnover in leadership has raised concerns about the company's internal governance and stability, potentially affecting investor confidence [15][16]. Group 3: Market Position and Strategy - Yonyou's market capitalization has plummeted nearly 75% from its peak of 180 billion yuan to approximately 49.7 billion yuan, reflecting a loss of investor confidence [10]. - The company's cloud service revenue, which was expected to drive growth, has instead seen a decline, with revenue growth rates dropping from 55.5% in 2021 to -3.4% in 2024 [11]. - Yonyou's focus on customized cloud services has hindered its ability to scale effectively, contrasting sharply with competitors like Kingdee International, which reported a 13.4% growth in cloud service revenue in 2024 [11][12]. Group 4: Cost Management and Workforce - To manage costs amid declining revenues, Yonyou has implemented significant layoffs, reducing its workforce by 3,666 employees in 2024, while also incurring increased severance costs [14]. - Despite the layoffs, executive compensation has continued to rise, with average salaries for senior management reaching 1.744 million yuan in 2024, raising questions about cost management priorities [14][15].

Core Viewpoint - Yonyou Network is facing significant financial challenges, including increasing net losses, declining revenue, and cash flow pressures, raising questions about its upcoming IPO in Hong Kong as a potential lifeline or a desperate gamble [1][8]. Financial Performance - The company forecasts revenue between 3.56 billion and 3.64 billion yuan for the first half of 2025, representing a year-on-year decline of 4.3% to 6.4% [3]. - Expected net losses for the same period are projected to be between 925 million and 1.025 billion yuan, continuing a trend of poor financial performance [3]. - In 2023, Yonyou reported a loss of 933 million yuan, marking its first loss since going public, with losses expected to widen to 2.07 billion yuan in 2024 [3]. - The first quarter of 2025 saw a net loss of 736 million yuan, a year-on-year decline of 62.41% [3]. Cloud Service Transition - Despite cloud service revenue increasing from less than 60% in 2021 to around 75% in 2024, the growth rate plummeted from 55.5% in 2021 to -3.4% in 2024 [4]. - Yonyou's cloud service performance contrasts sharply with competitors like Kingdee International, which saw a 13.4% growth in cloud service revenue in 2024 [4]. - The company is struggling with a "customization trap," leading to difficulties in scaling R&D investments and negatively impacting gross margins, which fell below 40% in Q1 2025 [4]. Cash Flow and Debt - As of the end of Q1 2025, current liabilities increased by 11.80% to 11.44 billion yuan, with nearly 6.5 billion yuan in short-term borrowings and payables [5]. - Cash reserves dropped by 29.66% to 2.889 billion yuan, insufficient to cover upcoming liabilities, indicating a critical need for external funding [5]. - The company submitted its IPO application to the Hong Kong Stock Exchange on June 27, 2025, aiming to alleviate short-term debt pressures [5]. Management and Organizational Challenges - Frequent changes in management since 2019 have led to instability, with multiple leadership transitions affecting strategic execution [6]. - The company has undergone significant layoffs, reducing its workforce by over 5,000 in less than two years, yet management costs have risen due to increased severance payments [6]. - Despite investments in AI and cloud services, the company has not effectively enhanced its core business sales capabilities, with high sales expenses still driving revenue growth [6]. Competitive Landscape - Yonyou faces intensified competition from SAP, Huawei's MetaERP, and Kingdee International, which are encroaching on its market share [7]. - Economic downturns have led to reduced IT budgets for small and medium enterprises, further shrinking the market and intensifying price competition [7]. Strategic Outlook - The upcoming IPO may provide necessary funding and help stabilize the company, but addressing management stability and optimizing organizational structure are crucial for long-term recovery [8].

Group 1: Non-ferrous Metals - Tin Industry - The company, Xiyie Co., is a global leader in the tin and indium industry, expected to benefit significantly from the rising price center, leading to profit enhancement. The company has excellent resource endowments with substantial growth potential in tin, tungsten, and indium production [2][4]. - The domestic market share of the company in tin metal is projected to reach 47.98% in 2024, with a global market share of 25.03%, positioning it as the top tin producer worldwide. The company plans to invest 101 million yuan in exploration, adding 52,400 tons of non-ferrous metal resources in 2024 [4]. - The company is actively pursuing both internal resource development and external partnerships to enhance its industry chain advantages, with a production scale of 1.5 million tons/year for tin and 560,000 tons/year for tungsten planned [4][5]. Group 2: Agriculture - Animal Health Industry - Ruip Bio is a leading player in the domestic animal health industry, with robust growth in both livestock and pet health segments. The company is expected to see steady progress in livestock health and rapid growth in pet health products, with a projected market size of 20.95 billion yuan for pet medicine by 2024 [6][7]. - The company has achieved a compound annual growth rate of over 16% in revenue from 2015 to 2024, with total revenue expected to reach 3.07 billion yuan in 2024. The company has established a strong presence in over 70 cities through strategic acquisitions and partnerships [7]. - The company is focusing on enhancing its product matrix in pet health, with a significant emphasis on vaccine development, including a breakthrough in the cat trivalent vaccine, which is expected to double revenue in 2025 [6][7]. Group 3: Communication - New Yi Sheng - New Yi Sheng has raised its earnings forecast and target price, maintaining a buy rating. The company is expected to achieve a net profit of 3.7 to 4.2 billion yuan in the first half of 2025, representing a year-on-year growth of 327.68% to 385.47% [9][10]. - The company is expanding its production capacity, with the first phase of its factory in Thailand completed in the first half of 2023 and the second phase expected to be operational in early 2025. The demand for 1.6T products is anticipated to begin ramping up in the second half of 2025 [10].

Group 1 - The top 50 Chinese technology and internet companies by market capitalization as of July 21, 2025, are listed, with TSMC leading at $124.684 billion [3][4]. - Tencent Holdings ranks second with a market cap of $60.3704 billion, followed by Alibaba at $28.679 billion [3][4]. - Xiaomi Group and Pinduoduo hold the fourth and fifth positions, with market caps of $18.9457 billion and $15.4741 billion, respectively [3][4]. Group 2 - Meituan and NetEase are ranked sixth and seventh, with market caps of $10.3371 billion and $8.6191 billion [4]. - JD.com, SMIC, and Kuaishou follow, with market caps of $4.8896 billion, $4.8429 billion, and $3.948 billion, respectively [4][5]. - Li Auto and Tencent Music are also in the top 15, with market caps of $3.404 billion and $3.3193 billion [5]. Group 3 - Baidu, Beike, and Tonghuashun are ranked 13th, 14th, and 15th, with market caps of $3.0187 billion, $2.2374 billion, and $2.0827 billion, respectively [5][6]. - The list includes various companies from different sectors, indicating a diverse representation within the technology and internet industry [6]. - The market capitalization figures are calculated based on the current exchange rate of USD to HKD [6].

Core Viewpoint - The Hong Kong IPO market has seen a significant surge in activity, with A-share companies increasingly choosing to list in Hong Kong, driven by globalization and the potential for better valuation and talent acquisition [1][7]. Group 1: Hong Kong IPO Market - In the first half of 2025, the Hong Kong IPO market raised HKD 107.1 billion, a sevenfold increase compared to the same period last year, making it the highest globally and the second highest in the last decade [1]. - A total of 50 A-share companies have submitted IPO applications in Hong Kong in the first half of 2025, with many more in the pipeline [1]. Group 2: Company Overview - Yonyou Network Technology Co., Ltd. is a leading global provider of enterprise software and intelligent services, focusing on AI, big data, and cloud computing [1][2]. - The company has transitioned from financial software to ERP and now to its Business Innovation Platform (BIP), serving over 40,000 medium and large enterprises and more than 660,000 small businesses [2]. Group 3: Business Strategy and Performance - Since launching its Yonyou 3.0 strategy in 2016, the company has shifted from software services to cloud services, with the BIP platform being central to its offerings [2][3]. - Despite its leading position, Yonyou Network has faced financial challenges, with revenues fluctuating from approximately CNY 88.90 billion in 2022 to an estimated CNY 35.6 billion to CNY 36.4 billion in the first half of 2025, reflecting a decline [5][6]. Group 4: Globalization Strategy - The company's IPO in Hong Kong is part of its "Globalization 2.0" strategy, aiming to cover over 100 countries within three years and expand its international market presence [7][8]. - Yonyou's overseas revenue reached CNY 2.18 billion in 2024, marking a year-on-year growth of 6.74%, indicating a positive trend in its international operations [7]. Group 5: Future Outlook - The success of Yonyou's IPO could enhance its international financing capabilities and optimize its capital structure, positioning the company to capitalize on global opportunities in cloud services and AI applications [8].

Group 1 - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of July 17, 2025 [1] - Alibaba leads the list with a market capitalization of $2760.32 billion, followed by Xiaomi Group at $1871.42 billion and Pinduoduo at $1492.47 billion [3][4] - Meituan ranks sixth with a market capitalization of $978.45 billion, indicating strong performance among major players in the sector [4] Group 2 - Other notable companies include Oriental Fortune at $515.59 billion, SMIC at $466.49 billion, and JD.com at $456.09 billion, showcasing a diverse range of businesses within the top rankings [4][5] - Kuaishou ranks 11th with a market capitalization of $376.96 billion, while Tencent Music and Li Auto follow closely with $332.09 billion and $314.71 billion respectively [4][5] - The list also features companies like Xpeng Motors at $170.92 billion and iFlytek at $151.19 billion, reflecting the growing influence of electric vehicles and AI technology in the market [4][5]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **AI application** sector within the **computer industry**, focusing on the rise of **AI Agents** and their implications for various markets and companies [1][2]. Core Insights and Arguments - **AI Application Growth**: AI applications are experiencing rapid expansion, particularly in strong reasoning and multimodal capabilities. Large models are evolving towards strong reasoning, multimodal, low-cost, and open-source directions, which are favorable for AI application development [2][3]. - **Strong Reasoning Capability**: Strong reasoning is crucial for AI applications, especially in automating processes through AI agents. Current large language models show excellent natural language processing but require enhanced reasoning capabilities for task decomposition [3][4]. - **Multimodal Technology**: This technology is advancing AI's approach to human-like perception, aiding in the development of AGI. While it has commercialized well in image design, video applications still need upgrades. Tools for designers are expected to create a positive payment trend within the designer ecosystem [5][11]. - **Cost Efficiency and Open Source**: Low-cost AI applications improve ROI for deployment, making them accessible to various enterprises. Open-source models are particularly beneficial for the domestic market, allowing independent deployment by large enterprises and government [6][17]. - **Performance of US Tech Companies**: Major US tech companies are showing improved profitability and capital expenditure growth, indicating that AI applications have entered a monetization phase, which serves as a reference for the domestic market [7][14]. Key Sectors for AI Agent Deployment - **Enterprise Services**: Identified as one of the fastest tracks for AI agent deployment due to high data quality and clear task processing rules. Companies like **Dingjie Zhizhi**, **Yonyou Network**, and **Maifushi** have launched relevant products [8][10]. - **Financial Sector**: The financial industry has a strong payment capability and high-quality data, making AI agent applications practical. Companies like **Jinbeifang** are expected to leverage their experience from large banks to smaller institutions [21]. - **Autonomous Driving**: The sector is approaching a commercialization tipping point for Robotaxi in 2025, although enterprise services and finance are seen as more favorable for stock selection [22]. Notable Companies and Their Performance - **Dingjie Zhizhi**: Early adopter of OpenAI, showing good performance with a low institutional holding ratio that is narrowing [10]. - **Yonyou Network**: Achieved positive revenue growth in Q2 2025, with a significant reduction in losses and a doubling of cash flow year-on-year. Their BIP product has been well received [20]. - **Guangyun Technology**: Provides SaaS tools for e-commerce clients and has explored multimodal and intelligent employee solutions. Recent acquisition of Shandong Yitao enhances their service capabilities [20]. - **Multimodal Technology Companies**: Companies like **Wanjing Technology** are highlighted for their potential in the multimodal space, which is expected to see rapid commercialization [23]. Investment Recommendations - Recommended companies include **Yonyou Network** and **Guangyun Technology** in enterprise services, **Jinbeifang** in finance, and **Meitu** and **Wanjing Technology** in multimodal technology. These companies are recognized for their significant advantages and potential in their respective fields [24].

Investment Rating - The report does not explicitly state an investment rating for the intelligent software development industry Core Insights - The intelligent software development industry focuses on developing and applying AI technologies to provide intelligent solutions that enhance business efficiency, optimize decision-making, and improve user experience. The industry is characterized by strong technological dependence, short product iteration cycles, and diverse cross-domain applications. China's robust capabilities in this field are driving continuous industry growth, with an expanding market size expected to continue [4][5][12] Industry Overview - The intelligent software development industry can be categorized into various application areas, including office software, embedded software, emerging technology software, information security software, and innovative software [5][10] - The market size of the intelligent software development industry is projected to grow from 1.4669 trillion RMB in 2019 to 2.8223 trillion RMB in 2024, with a compound annual growth rate (CAGR) of 13.98%. From 2025 to 2029, the market size is expected to increase from 3.1977 trillion RMB to 5.2693 trillion RMB, with a CAGR of 13.30% [31][32] Industry Characteristics - The industry exhibits strong technological dependence, with a reliance on diverse development tools and environments, including integrated development environments (IDEs), version control systems, and automated testing tools. As of April 2024, nearly 40 intelligent software development tools have been launched in China, showcasing the sector's technological vitality and innovation [13] - The product iteration cycle in the intelligent software development industry is short, allowing teams to quickly respond to market changes and user feedback, thereby enhancing user experience and satisfaction [14] - The industry demonstrates high diversity and cross-domain applications, with intelligent software being utilized in natural language processing, computer vision, voice recognition, autonomous driving, and financial analysis [15] Development Stages - The intelligent software development industry has evolved through four stages: 1. Emergence (1960-1969): Establishing the foundation for independent development and technological innovation 2. Initiation (1970-2000): The rise of independent database companies laid the groundwork for data processing and management 3. Rapid Growth (2001-2021): The industry began to focus on flexible, efficient, and responsive development methods 4. Maturity (2022-present): The industry has seen widespread penetration across various sectors, driving intelligent transformation and industrial upgrades [16][20] Industry Chain Analysis - The intelligent software development industry chain consists of three main segments: 1. Upstream: Hardware and basic software supply, including computer hardware, embedded chips, and operating systems 2. Midstream: Intelligent software development and research, covering demand research, design, coding, testing, and delivery 3. Downstream: Application and service sectors, including industry-specific software and intelligent solutions [21][22] Competitive Landscape - The market concentration in the intelligent software development industry is high, with leading companies such as iFLYTEK, Yonyou Network Technology, and Shanghai Baoxin Software in the first tier. The second tier includes China Software and Technology Service Corporation and Kingsoft Office Software, while the third tier consists of Beijing SuperMap Software and Inspur Software [38][39]

Core Viewpoint - Yonyou Network (600588.SH) is experiencing significant financial challenges, with declining revenue and increasing losses, primarily due to a downturn in cloud service income and ongoing layoffs [1][2][4]. Financial Performance - For the first half of 2025, Yonyou Network expects revenue between 3.56 billion to 3.64 billion yuan, a year-on-year decline of 4.3% to 6.4% [2]. - The company anticipates a net loss attributable to shareholders of 875 million to 975 million yuan, an increase in loss of 10.2% to 22.8% year-on-year [2]. - In Q1 2025, revenue was 1.378 billion yuan, down 21% year-on-year, with a net loss of 736 million yuan, a decline of 62.41% [2]. - Q2 revenue is projected to be between 2.182 billion to 2.262 billion yuan, showing a year-on-year growth of 6.1% to 10% [2]. Operational Challenges - The company has undergone significant layoffs, reducing its workforce from 21,300 at the end of 2024 to 19,611 by Q1 2025, with increased severance costs contributing to rising management expenses [3][4]. - The transition to a new organizational model in 2023 has led to increased costs, including travel and marketing expenses, which have further exacerbated financial losses [3]. Cloud Service Transition - Yonyou Network has been transitioning from software services to cloud services since 2016, with cloud services contributing over 70% of revenue in 2024 [5][6]. - However, the growth rate of cloud service revenue has slowed significantly, dropping from 55.5% in 2021 to 11.6% in 2023, and experiencing a 3.4% decline in 2024 [6]. - The company’s total revenue for 2024 was 9.153 billion yuan, a decrease of 6.6%, marking the first revenue decline since its listing in 2001 [6]. Leadership Changes - Yonyou Network has seen three changes in the president position within a year and a half, with founder Wang Wanjing returning to the role in April 2025 [7][10]. International Expansion and Financial Pressure - The company is pursuing an IPO in Hong Kong to strengthen its international presence, but its overseas revenue remains small, contributing only 2.38% to total revenue in 2024 [11][14]. - Yonyou Network's overseas revenue was 218 million yuan in 2024, a growth of 6.74%, but significantly slower than the previous year's 33.19% [11]. - The company faces financial strain, with short-term borrowings increasing from 2.375 billion yuan in 2020 to 4.358 billion yuan in 2024, and cash reserves declining by 28% year-on-year [14].