Core Viewpoint - The frequent capital operations of Yonyou in recent years indicate that the company's operations are under continuous pressure, with a declining ability to generate profits from its main business. Notably, the company's gross margin and cash flow are moving in the opposite direction compared to overseas industry leaders, reflecting the drawbacks of its reliance on large customers, which leads to weaker bargaining power and deteriorating cash flow. As core indicators worsen, the company's disclosure practices appear to be selective, raising concerns about the risk of goodwill impairment as performance declines further [1][5][8]. Group 1: Company Performance and Financials - Yonyou's revenue for 2024 saw a negative growth for the first time, dropping to 9.153 billion, a year-on-year decline of 6.57% [8]. - The company's cash flow has been deteriorating over the past five years, with operating net cash flow decreasing from 1.613 billion in 2020 to -274 million in 2024 [8][10]. - The company reported a cumulative loss exceeding 3 billion over two consecutive years [8]. - The cash ratio has been declining, with values of 0.69, 0.59, and 0.53 in the last three annual reports [10]. - By the end of 2024, the company's monetary funds and trading financial assets totaled 6.56 billion, while interest-bearing debts exceeded 7 billion, with short-term debts over 5.5 billion [10]. Group 2: Business Strategy and Globalization - Yonyou is planning to issue H-shares and list on the Hong Kong Stock Exchange to advance its globalization strategy and enhance competitiveness [5][6]. - The company reported a more than 50% year-on-year increase in overseas business revenue, although discrepancies exist in the reported figures [5][6]. - The company has established subsidiaries in Vietnam, Japan, Mexico, Germany, and the UAE, aiming to deepen its business layout in Southeast Asia and expand into the Americas, Europe, and the Middle East [5]. Group 3: Customer Dependency and Market Position - Yonyou's business heavily relies on large enterprise customers, which accounted for over 60% of its revenue in 2024, but this segment saw a 10% year-on-year decline [15][23]. - The company's gross margin has decreased from around 61% to approximately 47%, contrasting with industry leaders like Salesforce, which maintain margins above 70% [24]. - The company's sales expense ratio has been increasing, with values of 24.14%, 28%, and 28.64% in the last three annual reports [27]. Group 4: Goodwill and Impairment Risks - Yonyou has over 1.5 billion in goodwill on its balance sheet, with a significant risk of impairment as performance declines [15][17]. - The company reported a goodwill impairment loss of 156 million, primarily due to the underperformance of acquired entities [17].

Core Insights - The tax big data market in China is experiencing significant growth, with the market size projected to increase from 30.869 billion yuan in 2019 to 103.213 billion yuan by 2024, indicating a strong demand driven by ongoing tax administration reforms [1][9]. Tax Big Data Industry Definition and Classification - Tax big data refers to the vast and diverse data sets generated, collected, stored, and managed during tax management, collection, and inspection processes, encompassing structured, unstructured, and semi-structured data [1]. Tax Big Data Industry Value Chain Analysis - The industry value chain includes data collection from various sources, data storage and processing, and application services, with a focus on optimizing tax management and enhancing taxpayer services [3]. Development History of China's Tax Big Data Industry - The industry has evolved from initial informatization in the 1980s to intelligent applications post-2013, with significant advancements in data integration and risk management [5]. Current State of China's Tax Big Data Industry - The market is growing steadily, with a notable increase in demand for tax big data software and services due to the implementation of data-driven tax management strategies [9]. Downstream Application Areas of Tax Big Data - The industry exhibits a diversified application landscape, with tax collection accounting for 45% of the market, risk prevention at 25%, taxpayer services at 18%, and economic analysis at 10% [11]. Key Enterprises in China's Tax Big Data Industry - Major players include Digital China, which focuses on tax digitalization solutions; Aerospace Information, a leader in electronic invoicing; Inspur, which provides infrastructure and data governance; and Yonyou Network, specializing in enterprise tax management [13][14][16]. Future Development Trends of China's Tax Big Data Industry - The industry is expected to enhance data governance and compliance, expand data sharing and integration across departments, and leverage technologies like AI and blockchain to innovate business scenarios and improve efficiency [18][19][20].

点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/ 杨本鸿/ 陈鑫/张旭光/杨海盟/桂杨 数据来源:Wind,兴业证券经济与金融研究院整理 图 2、计算机行业的标准配置比例 4. 98 4. 58% 5% 3. 86% . 57% 4 4. 11% 3. 57% 4. 18% 4. 04% 3. 36% 56% 3. 54% 23% 4% 3. 3.52% 3, 2. 919 2. 86! 3.09 2. 68% 2- 71 67% 3% 2. 19% 2. 29% 2. 60% 2. 50% 2. 08% 1_38% 1. 65% 2% 1.4 1. 44% 1. 36% 1. 29% 1% 14% 13. 36% 11. 52% 12% 11. 30% 10% 8. 97% 8. 84% 7. 88% 7.72% 8% 7. 50% 6. 3 6. 75% 6. 119 6. 51% 696 4. 67% 5. 00% 4. 80% 4. 35% 4. 8RW 01% 4 496 4. 29% 4. 44% 3.64% A 149 3.78% 3.19% 3. 24% 2. 72% 2. 6 ...

而这张支付牌照对于用友集团来说，发挥的作用不小。"一方面是节省自身支付通道成本，另一方面则 是战略价值，畅捷支付承担着为用友网络的客户提供支付解决方案的责任，与用友网络的软件服务、云 服务等业务板块紧密协同，才能形成一个完整的企业服务生态链条。"博通咨询首席分析师王蓬博说 道。 集团也对畅捷支付表达了一定的重视。2024年11月，两名股东签订增资协议，约定按原有持股比例向畅 捷支付注资1亿元，此举过后，畅捷支付注册资本从2亿元扩张至3亿元。这也使得支付公司进一步向行 业新规要求的注册资本最低限额靠拢。 北京商报讯（记者 岳品瑜 董晗萱）用友网络官宣赴港上市"补血"，旗下支付机构能否借到东风？4月22 日晚间，A股上市公司用友网络披露公告称，为深入推进公司全球化2.0战略，加强与境外资本市场对 接，进一步提升公司综合竞争力，公司正在筹划发行境外股份（H股）并在香港联交所上市事项。 作为用友集团旗下支付机构，北京畅捷通支付技术有限公司（以下简称"畅捷支付"）的发展动向亦引发 关注。畅捷支付有两名股东，其中北京用友融联科技有限公司持股80.72%，畅捷通信息技术股份有限 公司（以下简称"畅捷通"）持股19.28%。 ...

Core Viewpoint - Yonyou Network (600588.SH), a leading enterprise software company, announced plans to issue overseas shares (H-shares) and list on the Hong Kong Stock Exchange, with discussions ongoing with relevant intermediaries regarding the specifics of the listing [6][8]. Company Overview - Founded in 1988, Yonyou focuses on the application and service of information technology in enterprises and public organizations [6]. - Yonyou is recognized as the only Asia-Pacific vendor in the global ERP SaaS market's top 10 and the only Chinese vendor in the global high productivity aPaaS market's top 10, according to Gartner [6]. - IDC data shows Yonyou leads the Chinese enterprise cloud service market, holding the top market share in both the aPaaS and enterprise application SaaS markets [6]. Financial Performance - For the fiscal year 2024, Yonyou reported a revenue of 9.15 billion, a decrease of 6.57% compared to 2023 [10]. - The company incurred a net loss of 2.06 billion, which is a significant increase in losses compared to the previous year [10][11]. - The total liabilities as of December 31, 2024, amounted to 14.36 billion, with current liabilities at 12.37 billion [8]. Key Management - CFO Wu Zhengping has been with Yonyou since 1992 and currently holds 1,867,450 shares, valued at approximately 25.92 million based on the stock price of 13.88 per share as of April 23 [6][9]. - Wu's total compensation for the year was 2.05 million [9]. Employee Structure - As of the end of 2024, Yonyou had a total of 21,283 employees, a reduction of 3,666 from the previous year [11][12]. - The workforce includes 7,337 technical staff and 3,576 sales personnel, reflecting a diverse skill set within the company [12].

Group 1 - Company is planning to issue overseas H-shares and list on the Hong Kong Stock Exchange to advance its globalization 2.0 strategy and enhance international capital connectivity [1] - The H-share listing will not change the company's controlling shareholder or actual controller [1] Group 2 - In 2024, the company reported revenue of 9.153 billion yuan, with cloud service revenue at 6.85 billion yuan [3] - Company is the only Asia-Pacific vendor in the global top 10 ERP SaaS market, leading the Chinese enterprise cloud service market with the highest market share in aPaaS and the ultra-large enterprise SaaS market [3] - Despite a 3.4% decline in cloud service revenue, overseas business grew over 50%, with new subsidiaries established in Vietnam, Japan, Mexico, Germany, and the UAE [3] - The company has delivered services to over 1,300 overseas large and medium-sized enterprise clients, with 60% being local overseas clients and 40% being Chinese enterprises going abroad [3] - The founder has resumed operational control to accelerate the globalization strategy, with the company currently operating in over 40 countries and regions [3] - Analysts suggest that the H-share listing may provide additional funding for the company's expansion efforts [3]

Focus Events - The International Monetary Fund (IMF) has revised the global economic growth forecast for 2025 down to 2.8% from an earlier estimate of 3.3%, primarily due to the abrupt changes in U.S. tariff policies and the resulting high policy uncertainty [1] - The Shanghai Stock Exchange held a special training session on market value management for nearly 50 state-owned enterprises, focusing on guidelines from the China Securities Regulatory Commission [1] Macro News - The State Administration of Foreign Exchange emphasized the need to correct market pro-cyclical behaviors to prevent excessive exchange rate fluctuations, highlighting the recent volatility in the international financial market due to U.S. unilateralism and protectionism [2] Industry Dynamics - In the first quarter, China's equipment manufacturing industry saw a year-on-year increase in added value of 10.9%, contributing 3.5 percentage points to overall industrial production growth, with nearly 70% of key products experiencing production growth [3] - High-tech manufacturing added value grew by 9.7% year-on-year, with significant growth in sectors such as fiber optics, aerospace equipment, and integrated circuit manufacturing, all exceeding 20% [4] - A medium-sized gold mine was discovered in Hami, Xinjiang, with proven reserves of 5.8 tons, meeting the criteria for a medium-sized mine [5] Company Focus - BYD announced a profit distribution plan for 2024, proposing a cash dividend of RMB 39.74 per 10 shares and a stock bonus of 8 shares plus a capital reserve conversion of 12 shares for every 10 shares held, totaling approximately RMB 120.77 billion in cash dividends [10] - Huawei launched the industry's first all-liquid-cooled megawatt-level supercharger, which can output 2400A continuously and charge approximately 20 kWh in one minute [7] - China Mobile reported a 3.5% year-on-year increase in net profit for the first quarter, with total revenue of RMB 263.8 billion, remaining stable compared to the previous year [19] - ZTE Corporation's net profit for the first quarter decreased by 11% year-on-year, with revenue of RMB 32.968 billion, reflecting a 7.82% increase [20] - Pop Mart announced a revenue growth of 165% to 170% year-on-year for the first quarter, with domestic revenue increasing by 95% to 100% and overseas revenue soaring by 475% to 480% [21] - Xinlei Co. reported a staggering 3015% year-on-year increase in net profit for the first quarter, attributed to the recognition of relocation gains [23] - Zhonghong Medical's first-quarter net profit surged by 1370% year-on-year, with revenue of RMB 629 million, marking a 15.45% increase [24]

Market Overview - On April 22, 2025, A-shares showed mixed performance with the Shanghai Composite Index up by 0.25% closing at 3299.76 points, while the ChiNext Index fell by 0.82% to 1928.43 points. The total trading volume in the Shanghai and Shenzhen markets reached 1.09 trillion yuan, an increase of 48.6 billion yuan from the previous trading day [1] - Hong Kong stocks opened lower but turned positive, with the Hang Seng Index rising by 0.78% to 21562.32 points and a total trading volume of 251.38 billion HKD [1] - U.S. stock markets saw collective gains, with the S&P 500 Index increasing by 2.51% to 5287.76 points, the Nasdaq Composite Index up by 2.71% to 16300.42 points, and the Dow Jones Industrial Average rising by 2.66% to 39186.98 points [1] Economic Forecast - The International Monetary Fund (IMF) predicts that the U.S. economic growth will slow to 1.8% in 2025, a downward revision of 0.9 percentage points from earlier forecasts. This slowdown is attributed to rising policy uncertainties, escalating trade tensions, and weakening demand momentum [3] - The overall growth rate for developed economies is expected to be 1.4%, while the Eurozone growth is projected at 0.8%, down by 0.2 percentage points from previous estimates. Emerging markets and developing economies are forecasted to slow to 3.7% in 2025, with a rebound to 3.9% in 2026 [3] Industry Innovation - Huawei has launched the industry's first full liquid-cooled megawatt-level ultra-fast charging solution, capable of peak power reaching 1.5 megawatts. This solution can provide 20 kWh of energy per minute, with a continuous charging current of 2400A, allowing heavy trucks to charge to 90% in just 15 minutes, significantly improving charging efficiency by nearly four times compared to traditional fast charging stations [4]

一、并购 5、用友网络：筹划发行H股并在香港联交所上市。 1、中储股份：拟收购广州货代和寿阳公司100%股权。 二、回购、增持、股权转让 1、双塔食品：拟2亿元-3亿元回购公司股份用于股权激励。 2、雪天盐业：控股股东拟增持1.5亿元-3亿元。 3、九牧王：股东计划内部转让股份不超0.21%。 三、对外投资 1、比亚迪：2024年度拟10送8转12派39.74元，现金红利总额约为120.77亿元，创历史新高。 2、汇绿生态：控股子公司拟投资2亿元建设光通信项目。 3、城地香江：联合体为中国移动（宁夏中卫）数据中心项目中标候选人之一，投标报价16.32亿元。 4、软控股份：拟3.08亿元投资碳五新材延链精细化工项目。 6、阿拉丁：拟认购雅酶生物25%股权。 四、业绩变动 1、湖南黄金：2025年一季度净利润3.32亿元，同比增长104.63%；主要是金、锑产品销价同比上涨盈利 增加所致。 2、宝丰能源：一季度净利润24.4亿元，同比增长71.49%；公司内蒙古烯烃项目投产，主要产品聚烯烃 产销量增加。 3、全志科技：一季度净利润9155.2万元，同比增长86.51；公司在智能汽车电子、扫地机机器人、智能 投影等 ...

证券代码：600588 证券简称：用友网络 公告编号：临 2025-040 用友网络科技股份有限公司 关于筹划公司在香港联合交易所有限公司上市的 提示性公告 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。 为深入推进公司全球化 2.0 战略，加强与境外资本市场对接，进一步提升公 司综合竞争力，用友网络科技股份有限公司(以下简称"公司")正在筹划发行境 外股份（H 股）并在香港联合交易所有限公司（以下简称"香港联交所"）上市 事项（以下简称"本次 H 股上市"）。公司正与相关中介机构就本次 H 股上市的 具体推进工作进行商讨，相关细节尚未确定，本次 H 股上市不会导致公司控股股 东和实际控制人发生变化。 根据《上海证券交易所股票上市规则》《境内企业境外发行证券和上市管理 试行办法》等法律法规的要求，待确定具体方案后，本次 H 股上市工作尚需提交 公司董事会和股东大会审议，并经中国证券监督管理委员会备案和香港联交所等 监管机构审核。本次 H 股上市能否通过审议、备案和审核程序并最终实施具有较 大不确定性。公司将依据相关法律法规的规 ...