Core Viewpoint - The SaaS software payment model is undergoing a fundamental transformation from "paying for features" to "paying for results," with the rise of AI agents being a key variable in this shift [1][6]. Group 1: SaaS Payment Model Transformation - Companies are moving towards a payment model based on measurable business outcomes rather than potential usage value, as traditional ERP systems often fail to deliver quantifiable results [2]. - AI technology enables SaaS products to autonomously complete tasks, facilitating the transition to a "results-based payment" model [2]. - Kingdee's cloud subscription revenue increased by 22.1% year-on-year to 1.684 billion yuan, with high net dollar retention rates across different customer sizes [1][2]. Group 2: AI Integration and Customer Engagement - Kingdee has launched five AI-native agents covering core management scenarios, enhancing customer engagement and operational efficiency [3]. - The integration of AI has led to significant improvements in decision-making efficiency, as demonstrated by a case where processing time for identifying production anomalies was reduced from 2-3 days to real-time [2][3]. - Kingdee's cloud subscription contract liabilities grew by 24.7% year-on-year to 3.378 billion yuan, providing a wealth of operational data for AI model training [3]. Group 3: Competitive Landscape and Market Dynamics - The current period is seen as a critical window for AI+SaaS to transition from technical trials to commercial implementation, with companies that possess both platform capabilities and profitability potential likely to be revalued by the capital market [4]. - Traditional SaaS vendors lacking AI capabilities may face increased competitive pressure as customers prioritize solutions that directly address business problems [4]. - Kingdee is accelerating AI application deployment through ecosystem partnerships, enhancing delivery quality and efficiency [4]. Group 4: Future Outlook and Strategic Goals - Kingdee aims to achieve a 30% revenue contribution from AI by 2030, which would validate the sustainability of the "results-based payment" model [6]. - The company reported a narrowing loss in the first half of the year, attributed to the scaling effects of cloud subscription services and efficiency gains from AI [6]. - The shift towards AI-driven SaaS products signifies a new phase in the enterprise management software industry, emphasizing value-based payment models [6].
SaaS付费逻辑正在颠覆？从金蝶国际2025年中期业绩看AI+SaaS带来的变革