用友网络持续“瘦身”，H1亏损逾8亿，赴港IPO暴露“资金饥渴症”

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].