证券代码：600588 证券简称：用友网络 公告编号：临 2025-045 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 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定：公司应当在每个月的前 3 个交易日内公告截止上 月末的回购进展情况。现将截止上月末的回购进展情况公告如下： 2025 年 4 月，公司以集中竞价交易方式回购股份数量为 491,100 股，支付的 总金额为 6,496,236 元。 截至 2025 年 4 月 30 日，公司累计回购股份数量为 2,891,790 股，占公司目 前总股本的比例为 0.085%，购买的最高价为 18.44 元/股，购买的最低价为 9.87 元/股，已支付的总金额为 32,263,091 元（不含佣金等交易费用）。上述回购进 展符合法律法规的规定及公司披露的回购股份方案的要求。 三、其他事项 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： | 回购方案首次披露日 | 20 ...

Investment Rating - The report rates Yonyou Network as Neutral with a price target of Rmb12.00 for December 2025, down from a previous target of Rmb13.00, indicating a potential downside of 12% from the current share price [2][12][13]. Core Insights - Yonyou experienced another earnings shock in Q1 2025, reporting a 21% year-over-year revenue decline, the worst in over 30 years, and a net loss of Rmb736 million, resulting in a net profit margin of -53% [8][11]. - Despite the poor financial results, Yonyou's share price has increased by 35% year-to-date and 17% over the past 12 months, contrasting with the SHCOMP index performance [8]. - The company has been adjusting its workforce, reducing staff by 25% over two years, with current employment at 19,600 [8]. - The report suggests that Yonyou's aggressive R&D capitalization policy, which exceeds 50% of total spending, raises concerns about the quality of its earnings [11]. Summary by Sections Financial Estimates - Adjusted EPS for FY25 is revised down to -Rmb0.34 from -Rmb0.22, and for FY26 to -Rmb0.12 from Rmb0.01 [3]. - Revenue forecasts for FY25-26 have been reduced by approximately 4% [8]. Quarterly Forecasts - The adjusted EPS for FY24 is projected at -Rmb0.62, with expectations of gradual improvement leading to a positive EPS of Rmb0.07 by FY27 [4][10]. Performance Metrics - Yonyou's revenue for FY24 is estimated at Rmb9,153 million, with a projected growth of 2.9% in FY25 and 7.5% in FY26 [10]. - The company reported a significant decline in gross profit margin to 39.1% in Q1 2025, down from 41.5% in the previous year [18]. Market Position - Yonyou holds a mid-30% market share in the ERP sector in China, primarily serving state-owned enterprises and government organizations [11]. - The report recommends considering rival Kingdee for ERP investments due to better execution and growth metrics [12].

Group 1 - The Shanghai Composite Index opened lower and the CSI 300 Computer Index reported 1272.40 points, with a decline of 8.74% in the last month, 6.45% in the last three months, and 4.13% year-to-date [1] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing analytical tools for investors [1] - The CSI 300 Computer Index has a market share distribution of 57.46% from the Shanghai Stock Exchange and 42.54% from the Shenzhen Stock Exchange [1] Group 2 - The CSI 300 Computer Index has a sample composition that is 100.00% computer-related [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Temporary adjustments to the index samples occur when there are changes in the CSI 300 Index, such as company delistings or significant corporate events like mergers or acquisitions [2]

Core Viewpoint - In Q1 2025, the company reported a significant decline in revenue and net profit, but there are signs of recovery in contract signing amounts starting from February 2025, driven by AI strategies, leading to a maintained "buy" rating [1]. Group 1: Financial Performance - Q1 2025 revenue was 1.378 billion yuan, down 21.22% year-over-year, with a net profit attributable to shareholders of -736 million yuan, a decrease of 62.41% year-over-year [1]. - The company experienced a notable drop in revenue due to a decline in contract signing amounts in Q4 2024 and January 2025, but there is an improvement trend observed from February 2025 [1]. Group 2: Cloud Business Development - In Q1 2025, the number of paid cloud service customers reached 918,800, with an addition of 46,300 new customers [2]. - Subscription-related contract liabilities increased to 2.27 billion yuan, up 25.0% year-over-year [2]. - Subscription revenue from medium-sized enterprises grew by 45.6% year-over-year, while revenue from small and micro enterprises increased by 15.6% year-over-year [2]. Group 3: Operational Efficiency and Cost Management - The overall gross margin for Q1 2025 was 39.06%, a decrease of 11.79 percentage points year-over-year, primarily due to increased costs associated with AI products [3]. - The company reduced its workforce to 19,594 employees, a decrease of 1,689 from the end of 2024, indicating a focus on optimizing personnel structure [3]. Group 4: AI Product Development - In March 2025, the company launched the "AI First" strategy, introducing "Yonyou BIP Enterprise AI" to enhance its digital capabilities [4]. - The company added 15 new intelligent agents in Q1 2025, covering various sectors such as finance, human resources, supply chain, and manufacturing [4]. - The establishment of the "Zhu Lang Chuhai" ecological alliance with 18 partners aims to accelerate overseas business expansion [4]. Group 5: Profit Forecast and Valuation - Revenue forecasts for 2025-2027 have been adjusted to 9.958 billion, 11.018 billion, and 12.315 billion yuan, respectively, due to short-term revenue growth pressures from subscription transformation [5]. - EPS estimates for 2025-2027 are revised to 0.05, 0.17, and 0.31 yuan, respectively [5]. - The target price is set at 20.40 yuan, based on a 7x PS valuation for 2025, maintaining a "buy" rating [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 20.40 RMB [8][9]. Core Views - The company's Q1 2025 revenue was 1.378 billion RMB, down 21.22% year-over-year, with a net loss of 736 million RMB, a decrease of 62.41% year-over-year. However, contract signing amounts have shown signs of recovery since February 2025, driven by AI strategies, which are expected to accelerate performance recovery in 2025 [1]. - The cloud service segment has seen an increase in paid customers, reaching 918,800, with a year-over-year growth of 25% in subscription-related contract liabilities. The company is optimistic about long-term revenue growth despite short-term pressures [2]. - The overall gross margin for Q1 2025 was 39.06%, down 11.79 percentage points year-over-year, primarily due to increased costs associated with AI products. The company expects a recovery in gross margin over the year [3]. - The company launched its "AI First" strategy in March 2025, introducing "Yonyou BIP Enterprise AI" and expanding its ecosystem through partnerships with 18 domestic and international partners [4]. - Revenue forecasts have been adjusted downward due to short-term growth pressures, with expected revenues for 2025-2027 at 9.958 billion, 11.018 billion, and 12.315 billion RMB, respectively. The EPS estimates for the same period are 0.05, 0.17, and 0.31 RMB [5]. Summary by Sections Financial Performance - Q1 2025 revenue was 1.378 billion RMB, down 21.22% year-over-year, with a net loss of 736 million RMB [1]. - Subscription-related contract liabilities reached 2.27 billion RMB, up 25% year-over-year [2]. - The overall gross margin was 39.06%, down 11.79 percentage points year-over-year [3]. Strategic Initiatives - The company launched its "AI First" strategy, introducing new AI products and expanding its ecosystem [4]. - The cloud service segment has shown growth in paid customers, indicating potential for future revenue increases [2]. Earnings Forecast - Revenue forecasts for 2025-2027 are adjusted to 9.958 billion, 11.018 billion, and 12.315 billion RMB, respectively [5]. - EPS estimates for 2025-2027 are 0.05, 0.17, and 0.31 RMB [5].

Core Insights - The global surge in AI application has accelerated the digital transformation of enterprises, prompting Yonyou to establish a development strategy focused on customer success, ecosystem prosperity, global market expansion, AI supremacy, product prioritization, and delivery innovation at the beginning of 2025 [2][3] Group 1: AI Integration and Business Model Transformation - Yonyou has integrated the DeepSeek model into its enterprise software, launching "Yonyou BIP Enterprise AI" to enhance the native integration of enterprise processes, data, and AI, thereby driving the widespread application of AI in businesses [3] - The business model of Chinese enterprise software is evolving towards "software application subscription and business operation services," becoming mainstream in the mid and small enterprise markets, with Yonyou's cloud service revenue expected to reach 74.8% by 2024 [3] Group 2: Financial Performance and Growth - In Q1 2025, Yonyou added 46,300 new cloud service paying customers, bringing the total to 918,800, with subscription revenue growing by 15.8% year-on-year and core product revenue share improving [2] - Yonyou's subsidiary, Changjietong, achieved profitability two years ago, with net profit doubling in 2024 and cloud subscription revenue increasing by 34% [4] Group 3: Market Expansion and Global Strategy - Yonyou's BIP has become a leading enterprise software in China and is increasingly adopted by large and super-large enterprises, with over 65,000 medium and large enterprises choosing Yonyou BIP by Q1 2025 [5] - The company is accelerating its global strategy, having established 12 overseas branches and serving nearly 1,300 overseas medium and large enterprise clients, positioning itself as a leading Chinese enterprise software provider in the global market [5] Group 4: Industry Outlook and Strategic Direction - The evolution of Chinese enterprise software involves comprehensive innovation and transformation, with a focus on strategic determination and continuous improvement to achieve global competitiveness [6] - Yonyou aims to lead the innovation and development of the Chinese enterprise software industry, contributing to the digital economy and striving to become one of the top three enterprise software and intelligent service providers globally [6]

Financial Performance - The company reported a revenue of 137.806 million yuan for the first quarter, a year-on-year decrease of 21.2% due to a decline in contract signing amounts in late 2024 and January 2025, and a transition to a subscription model impacting short-term revenue growth [5][6] - The net loss attributable to shareholders was 73.579 million yuan, with a non-recurring net loss of 79.432 million yuan, influenced by increased amortization of capitalized intangible assets and higher employee compensation costs [6] - The net cash flow from operating activities improved by 270 million yuan compared to the same period last year, indicating better cost control [6] Business Development - The company launched the "AI First" strategy, introducing "Yonyou BIP Enterprise AI," which integrates AI capabilities into core business applications, enhancing digital transformation for enterprises [7][8] - The subscription revenue grew by 15.8%, with the core product's revenue share continuing to increase, and the total number of cloud service paying customers reached 918,800, with 46,300 new customers added [5][10] - The company signed contracts with major clients, including state-owned enterprises and leading companies across various sectors, indicating strong market demand [8][11] Fund Utilization - The wholly-owned subsidiary plans to use up to 220 million yuan of idle raised funds to temporarily supplement working capital for a period not exceeding two months [18][22] - The company has completed a non-public offering, raising approximately 5.257 billion yuan, with all funds in place and managed according to regulatory requirements [20][21] Credit Facility - The company intends to apply for a 200 million yuan credit facility from Beijing Zhongguancun Bank for operational needs, with a one-year term [28][29] - The transaction is classified as a related party transaction due to the company's 29.8% ownership in the bank, and it has been approved by the board without requiring shareholder approval [29][34]

文：互联网江湖 作者：刘致呈 最近，"国产软件一哥"用友网络(SH:600588)发布公告称，为推进全球化2.0战略，加强与境外资本市场对接，公司正在筹划发行境外股份(H股)并在香港联交 所上市。 本以为这是个天大的利好消息，但没想到，很快就有股民投资者在公告下方评论道："别浪费资源行不行，就你还去港股上市""这是没钱了，退市前再去香 港圈一把"…… 言语之中，无不透露着对用友网络二度上市的不看好、不信任。 虽说这肯定是部分散户投资者的不理性之言，可同时，用友网络准备港股上市的消息发酵了两天，却好像也没有在整个资本市场上掀起太多的波澜，股价走 势依旧表现不振。 难道这部分看空的投资者并没有错？ 其实不然。有业内人士向我们解释道：港股上市肯定是个好事，但现在用友的主要问题是基本面业绩迟迟得不到改善，每股股价甚至也从2020年巅峰期的每 股53.56元跌落至了现在的13.7元左右，套牢了不少人，可如今却又准备去融资搞钱，那么肯定就有投资者"爱之深，恨之切"了…… 用友网络，"缺钱"、缺接班人？ 事实上，虽然有投资者不够理性，但却也说对了一半： 现在用友网络的手头确实不算宽裕。 天眼查APP显示，在2019年之后， ...

证券代码：600588 证券简称：用友网络 公告编号：临 2025-043 用友网络科技股份有限公司 关于全资子公司使用部分闲置募集资金暂时补充 流动资金的公告 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个别及连带责任。 重要内容提示： 用友网络科技股份有限公司（以下简称"公司"）全资子公司用友（南昌）产 业基地发展有限公司拟使用闲置募集资金不超过人民币 22,000 万元临时补 充流动资金，使用期限自董事会审议通过之日起不超过 2 个月。 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准用友网络 科技股份有限公司非公开发行股票的批复》（证监许可〔2021〕2973 号）核准， 公司获准非公开发行不超过 490,579,717 股新股。公司于 2022 年 1 月 11 日完成 向 17 名特定投资者以非公开发行股票的方式发行人民币普通股（A 股） 165,835,214 股，发行价格为 31.95 元/股，募集资金总额人民币 5,298,435,087.30 元，扣除发行费用 40,907,453 ...

股票简称：用友网络 股票代码：600588 编号：临 2025-044 用友网络科技股份有限公司 关于向北京中关村银行股份有限公司申请授信额度 暨关联交易的公告 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个别及连带责任。 重要内容提示： 一、关联交易概述 因经营需要，公司拟向中关村银行申请 2 亿元集团综合授信额度，期限为 1 年， 授信品种为流动资金贷款。公司持有中关村银行 29.8%股权；公司董事长王文京先 生、董事吴政平先生担任中关村银行董事，根据《上海证券交易所股票上市规则》 等相关规定，中关村银行为公司的关联方，本次交易构成关联交易。 1 公司持有中关村银行 29.8%股权；公司董事长王文京先生、董事吴政平先生担 任中关村银行董事，根据《上海证券交易所股票上市规则》等相关规定，中关村银 行为公司的关联方，本次交易构成关联交易。 （二）关联方基本情况 公司名称：北京中关村银行股份有限公司 公司类型：其他股份有限公司（非上市） 法定代表人：郭洪 注册资本：400,000 万元人民币 因经营需要，用友网络科技股份有限公司（以下简 ...