Core Viewpoint - Kingdee International focuses on subscription-first and AI-first strategies, enhancing its product capabilities with AI support, and maintains revenue forecasts for 2025 at 6.9 billion, 7.7 billion, and 8.5 billion CNY, respectively, with a "Buy" rating maintained [1] Group 1: Product Updates - The recent product upgrade includes a comprehensive enhancement of "platform + data cloud + AI-enhanced SaaS + AI native intelligent agents" [2] - The new AI product "Xiao K" serves as a unified entry point for enterprise-level AI intelligent agents, integrating nearly 20 agents covering various fields such as supply chain, manufacturing, marketing, HR, finance, and ESG [1][2] - The AI suite will adopt a payment model based on organization size, usage, and prepayment [2] Group 2: Financial Performance - In Q3 2025, Kingdee's subscription ARR grew approximately 18% year-on-year to 3.86 billion CNY, with a net addition of 130 million CNY in ARR from the previous quarter [3] - The renewal rates for various products are reported as follows: Cang Qiong & Xing Han at 105%, Xing Kong at 95%, Xing Chen at 93%, and Jing Dou Yun at 88% [3] Group 3: International Expansion - Kingdee is accelerating its overseas expansion in three phases: first, serving Chinese enterprises going abroad; second, actively developing local markets and building benchmark cases; and third, establishing local R&D and delivery centers based on regional business conditions [4] - The management anticipates that overseas revenue will increase to 5%-10% of total revenue in the next 3-5 years [4]