金蝶集团执行董事林波：相信今年公司将盈利

Core Insights - The AI era is accelerating the evolution of the domestic software industry, with Kingdee International reporting a revenue of approximately RMB 3.192 billion, a year-on-year increase of about 11.2% [1] - The company expects to achieve profitability this year, with an estimated operating cash flow exceeding RMB 1 billion by year-end [1] - Kingdee's management believes that the "AI + SaaS golden decade" has arrived, predicting that AI revenue will reach or exceed 30% of total revenue by 2030 [1] Financial Performance - Kingdee's cloud subscription revenue reached approximately RMB 1.684 billion, growing by about 22.1% year-on-year, while product and implementation revenue increased by 1.2% to RMB 1.508 billion [2] - The company reduced its loss by 55.1% year-on-year, primarily due to the scaling effect of cloud subscription services and efficiency improvements from AI [2] - Gross margin improved by 2.4 percentage points to approximately 65.6%, attributed to the increased proportion of cloud subscription revenue [2] Business Model and Strategy - Kingdee has transitioned to a subscription-based cloud service model, with cloud subscription ARR growing by 18.5% to RMB 3.73 billion [2] - The company aims to increase the proportion of cloud subscription business, delegating implementation tasks to third-party partners to enhance efficiency and flexibility [2] - The main costs of cloud subscription services stem from IaaS, but improvements in IT technology and computing power are expected to enhance gross margins further [2] Market Segmentation and Product Development - Kingdee's cloud service for large enterprises saw the highest revenue growth at 41.1%, while small and medium enterprises experienced growth rates of 23.8% and 19%, respectively [3] - The company launched several AI-native products, including the Cangqiong AI Agent platform 2.0, to meet diverse customer needs [3][4] - Kingdee plans to further refine its AI products based on customer feedback, focusing on multi-agent collaboration for large enterprises [4] Challenges and Competitive Landscape - The company faces challenges in data quality, talent acquisition, and ecosystem development, which are critical for the successful implementation of AI products [5][6] - Kingdee emphasizes the importance of data security and reliable business data management as key competitive advantages [5] - The rise of open-source models like DeepSeek may lead to increased competition and potential product homogeneity in the Agent market [5] International Expansion - Kingdee is actively expanding into overseas markets, particularly Southeast Asia and the Middle East, with plans to localize products for these regions [7] - The company has already released product packages for 14 countries and regions and is considering further expansion into Africa, Europe, and Japan next year [7]