Core Viewpoint - Kingdee International Software Group Limited reported a revenue of approximately 3.192 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of about 11.2%. The loss attributable to equity holders was approximately 97.74 million RMB, a reduction of about 55.1% year-on-year [1][2]. Financial Performance - The company's revenue from customer contracts was 3.192 billion RMB, up from 2.870 billion RMB in the previous year [2]. - Gross profit for the period was approximately 2.095 billion RMB, compared to 1.815 billion RMB in the prior year [2]. - The administrative expenses surged by approximately 39% to about 346 million RMB, primarily due to personnel restructuring and increased severance payments [7]. - The company has incurred cumulative losses of approximately 1.379 billion RMB over the past five years, continuing to report losses in the first half of 2025 [5][7]. Strategic Initiatives - Kingdee has increased its marketing efforts and raised sales and promotion expenses significantly over the years, with expenses reaching approximately 2.503 billion RMB in 2024 [7]. - The company has been investing in research and development, with R&D costs amounting to approximately 776 million RMB in the first half of 2025, a decrease of 3.9% year-on-year [7]. - Kingdee's cloud transformation has been ongoing for over a decade, with cloud service revenue now accounting for 81.6% of total revenue [8]. Market Position and Challenges - Despite the growth in cloud subscription revenue, which was approximately 1.684 billion RMB in the first half of 2025, the growth rate has shown a decline over the years [8]. - The company has established an international business department and expanded into the Middle East, but overseas revenue remains low, accounting for only 1.3% of total revenue in the first half of 2025 [8]. - Kingdee's stock price fell by 8.41% to 16 HKD per share following the mid-term performance announcement [3]. Shareholder Activity - On August 4, 2023, BlackRock reduced its stake in Kingdee by selling 2.791 million shares at an average price of 18.4159 HKD per share, amounting to approximately 51.4 million HKD [9].
金蝶国际中报披露前一周国际巨头刚撤离！亏损近亿元，因裁员补偿行政费用激增39%