专题：聚焦美股2025年第四季度财报 专题：聚焦美股2025年第四季度财报 周四盘前交易时段，软件公司股价普遍走低，此前微软和SAP均公布了财报。 微软下跌7%，SAP下跌14%。 其他个股动态：Datadog下跌5.7%，Atlassian下跌4.3%，Snowflake下跌3.4%，Workday下跌4.3%， MongoDB下跌2.9%，Salesforce下跌3.1%，Adobe下跌1.9%。 相关新闻：微软股价盘后大跌 支出创纪录新高且云业务增长放缓 责任编辑：刘明亮 周四盘前交易时段，软件公司股价普遍走低，此前微软和SAP均公布了财报。 微软下跌7%，SAP下跌14%。 其他个股动态：Datadog下跌5.7%，Atlassian下跌4.3%，Snowflake下跌3.4%，Workday下跌4.3%， MongoDB下跌2.9%，Salesforce下跌3.1%，Adobe下跌1.9%。 相关新闻：微软股价盘后大跌 支出创纪录新高且云业务增长放缓 责任编辑：刘明亮 ...

Core Insights - The company reported a successful year, achieving its outlook for cloud and software segments [3]. Financial Performance - The company is optimistic about its financial performance for 2025 and has provided a positive outlook for 2026 and beyond [2]. - The CEO highlighted the importance of AI in the company's future strategy [2]. Event Overview - The press conference included remarks from the CEO and CFO, followed by a Q&A session for both in-person and virtual attendees [1].

欧洲软件巨头SAP第四季度云积压订单增速未达公司此前设定的目标，引发市场对这家欧洲最大软件公司云转型前景的担忧，其股价创下五年多 来最大单日跌幅。 这家总部位于德国沃尔多夫的企业软件巨头周四公布， 第四季度当期云积压订单同比增长25%（按固定汇率计算）至211亿欧元（253亿美元）， 低于首席执行官Christian Klein此前设定的26%增长目标。Klein曾在去年10月表示，25%的增长将是"令人失望的"。 公司预计2025年云收入按固定汇率计算将增长至少23%，达到258亿至262亿欧元之间。据彭博汇编的数据，这一指引符合分析师平均预期的260亿 欧元。 CEO归因谈判延长 Klein在周四与分析师的电话会议中解释称，当期云积压订单低于预期部分是由于谈判时间延长。"这反映了世界上正在发生的事情，"他表示，客 户正在询问潜在的制裁、出口限制和新法规。"这并不反映需求问题。" 尽管核心指标未达标，SAP第四季度其他财务数据表现强劲。2025年云收入达到217亿欧元（按固定汇率计算），超过分析师预期。第四季度调整 后营业利润增长27%至28.3亿欧元。 这一业绩低于预期加剧了市场对人工智能编程工具可能冲击 ...

Financial Data and Key Metrics Changes - The total revenue for the full year approached EUR 37 billion, up 11% year-on-year [33] - Cloud revenue grew 26% year-on-year, primarily driven by the strong performance of the Cloud ERP Suite, which increased by 32% [32][33] - The current cloud backlog reached EUR 21 billion, up 25%, while the total cloud backlog grew 30% to a record EUR 77 billion [31][32] Business Line Data and Key Metrics Changes - The Cloud ERP Suite accounted for 86% of total cloud revenue for the year, highlighting its significance as a growth engine [33] - Software licenses revenue decreased by 27%, indicating a shift in focus towards cloud offerings [33] Market Data and Key Metrics Changes - The U.S. public sector was one of the best-performing businesses in Q4, showing resilience despite geopolitical tensions [41] - The company noted that customers are increasingly exploring sovereign software-as-a-service solutions due to geopolitical factors [31] Company Strategy and Development Direction - The company emphasized its transformation strategy, "RISE and GROW with SAP," as core pillars for large-scale enterprises and mid-sized companies [30] - AI and the Business Data Cloud are becoming significant contributors to customer decisions and deal activity, with large cloud transactions contributing a record 71% to cloud order entry in Q4 [30] - The company plans to further develop its SAP Sovereign Cloud Infrastructure to meet growing demand for sovereignty and resilience in software solutions [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's outlook for 2026, despite challenges faced in 2025 due to geopolitical tensions [28][30] - The company anticipates total revenue growth to accelerate, supported by the foundation built in previous years [37] - Management highlighted the importance of reskilling employees to adapt to the changing landscape influenced by AI [24] Other Important Information - The company announced a new two-year share repurchase program of up to EUR 10 billion, reflecting confidence in sustainable business strengths [36] - Free cash flow for the full year was EUR 8.2 billion, at the high end of the revised outlook range, indicating strong cash management [35] Q&A Session Summary Question: Are there hurdles in the U.S. due to geopolitical tensions? - Management noted that the U.S. public sector performed well in Q4, and customers are less concerned about the origin of the software as long as it meets regulatory standards [41] Question: Are solutions intended to replace non-European providers? - Management clarified that the focus is on competitiveness and delivering stronger AI solutions rather than replacing specific providers [43] Question: How do U.S. tariffs affect the business? - Management stated there are no direct tariffs on software or services, and the company hopes this remains the case [58] Question: Why is the company starting a share buyback program instead of investing in future revenue? - Management explained that share buybacks are part of a strategy to return capital to shareholders while maintaining flexibility for future investments in technology [59][60]

Financial Data and Key Metrics Changes - The total revenue for the full year approached EUR 37 billion, up 11% year-on-year [34] - Cloud revenue grew 26% year-on-year, primarily driven by the strong performance of the Cloud ERP Suite, which increased by 32% [32][34] - The current cloud backlog reached EUR 21 billion, up 25%, while the total cloud backlog grew 30% to a record EUR 77 billion [31][32] Business Line Data and Key Metrics Changes - The Cloud ERP Suite accounted for 86% of total cloud revenue for the year, highlighting its position as a key engine of growth [34] - Software licenses revenue decreased by 27%, indicating a shift in focus towards cloud offerings [34] Market Data and Key Metrics Changes - The company reported a significant increase in deal volumes greater than EUR 5 million, contributing a record 71% to cloud order entry in Q4 [30] - The public cloud business was growing five times faster than the private cloud business, showcasing the success of the cloud transformation [5] Company Strategy and Development Direction - The company emphasized its transformation strategy, "RISE and GROW with SAP," as core pillars for large-scale enterprises and high-growth mid-sized companies [30] - AI and the Business Data Cloud are emerging as meaningful contributors to customer decisions and deal activity, with a focus on enhancing customer value [30][40] - The company aims to leverage its strong position in the market to address the growing demand for sovereign software-as-a-service solutions [31][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's outlook for 2026, despite geopolitical tensions impacting business [28][39] - The company anticipates total revenue growth to accelerate, supported by the foundation built in previous years [38] - Management acknowledged the challenges faced in 2025 but highlighted the resilience demonstrated in cloud revenue performance [52] Other Important Information - The company plans to initiate a two-year share repurchase program of up to EUR 10 billion, reflecting confidence in sustainable business strengths [37] - Free cash flow for the full year was approximately EUR 8.2 billion, at the high end of the revised outlook range [36] Q&A Session Summary Question: Are there hurdles in the U.S. due to geopolitical tensions? - Management noted that the U.S. public sector performed well in Q4, with customers less concerned about the origin of the software as long as regulatory standards are met [43][44] Question: Are solutions intended to replace offerings from non-European providers? - Management clarified that the focus is on competitiveness and delivering stronger AI solutions rather than replacing non-European offerings [45] Question: How do U.S. tariffs affect the business? - Management stated there are no direct tariffs on software or services, and the indirect impact has been manageable, with Q4 showing strong performance in the U.S. public sector [61] Question: Why initiate a share buyback program instead of investing in future revenue? - Management explained that share buybacks are part of a balanced approach to capital returns, and future M&A opportunities will be considered for technological advancements [63][64]

Core Insights - Microsoft reported disappointing revenue numbers for its cloud division, which caused concern among investors [1] Company Summary - The results from Microsoft were released a day after the company reported its cloud division's revenue, which was perceived as mediocre by the market [1]

Financial Data and Key Metrics Changes - Total revenue for the full year approached EUR 37 billion, up 11% year-on-year [33] - Cloud revenue grew 26% year-on-year, primarily driven by the strong performance of Cloud ERP Suite, which increased by 32% [32][33] - Non-IFRS basic earnings per share increased by 36% to €6.15 [37] - Free cash flow for the full year was EUR 8.2 billion, at the high end of the revised outlook range [36] Business Line Data and Key Metrics Changes - Cloud ERP Suite accounted for 86% of total cloud revenue for the year, highlighting its importance as a growth engine [33] - Software licenses revenue decreased by 27%, indicating a shift in focus towards cloud solutions [33] - The current cloud backlog reached EUR 21 billion, up 25%, while total cloud backlog grew 30% to a record EUR 77 billion [31][32] Market Data and Key Metrics Changes - The public cloud business grew five times faster than the private cloud business, showcasing a significant shift in customer preferences [5] - The company reported its best bookings result in Q4, contributing to a strong finish for the year [3][10] Company Strategy and Development Direction - The company emphasizes AI and the Business Data Cloud as core components of its transformation strategy, aiming to enhance customer decision-making and deal activity [30] - The strategy includes a focus on large-scale enterprises and high-growth mid-sized companies undergoing complex transformations [30] - The company plans to further develop its SAP Sovereign Cloud Infrastructure to meet growing demand for sovereign software solutions [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate geopolitical tensions and emphasized the importance of operational discipline [29][39] - The outlook for 2026 includes expectations for total revenue growth to accelerate, supported by the foundation built in 2025 [38] - Management acknowledged the challenges faced in 2025 but highlighted the resilience demonstrated in cloud revenue performance [51] Other Important Information - The company announced a new two-year share repurchase program of up to EUR 10 billion, reflecting confidence in sustainable business strengths [36][37] - The company is committed to reskilling its workforce to adapt to the changing landscape influenced by AI [25] Q&A Session Questions and Answers Question: Are there hurdles in the U.S. due to growing tensions between countries? - Management noted that the U.S. public sector performed well in Q4, with customers less concerned about the origin of the software as long as regulatory standards are met [42][43] Question: Are solutions intended to diversify or replace offerings from non-European providers? - Management clarified that the focus is on competitiveness rather than replacing non-European offerings, emphasizing the need for stronger AI capabilities [44] Question: How do geopolitical tensions impact the business outlook? - Management indicated that the 2025 environment is considered the new normal, with resilience shown despite geopolitical challenges [51][52] Question: What is the rationale behind the share buyback program? - Management explained that share buybacks are part of a balanced approach to capital returns, alongside potential future M&A for technological advancements [60][62]

Core Insights - Shares in SAP, Europe's largest software maker, experienced a significant decline of over 10%, marking the steepest daily fall since October 2020 [1] - This decline has resulted in a market value loss of approximately $150 billion [1] Company Performance - The recent results released by SAP did not meet market expectations, contributing to the stock's sharp drop [1] - The failure to stabilize the stock price indicates ongoing challenges within the company [1]

Core Viewpoint - SAP's shares experienced a significant decline due to slower-than-expected backlog growth in Q4 and a forecast indicating slight deceleration for the current year [1] Group 1 - SAP reported slower backlog growth than anticipated in the fourth quarter [1] - The company provided guidance for a slight deceleration in growth for the upcoming year [1]

Core Viewpoint - SAP experienced a significant decline in stock price, dropping as much as 11% after reporting weaker-than-expected growth in its cloud contract backlog for the fourth quarter, marking its largest daily fall since October 2020 [1]. Group 1: Stock Performance - The stock is on track to close at its lowest price since mid-2024, with shares last trading down 9.7% [1]. - This decline follows a previous drop of 22% in October 2020 due to disappointing third-quarter results [1]. Group 2: Cloud Backlog Performance - SAP's current cloud backlog increased by 16% in the fourth quarter, reaching 21.1 billion euros (approximately $25.3 billion) [2]. - The company's CEO, Christian Klein, had previously set a target for 26% growth in this area [2].