中国软件2025年第一季度业绩回顾；优质新产品推动增长；盈利能力仍是关键关注点

20 May 2025 | 1:59AM HKT China Software: 1Q25 result review; quality new products to drive growth; profitability remains key focus We review our China Software coverage based on 1Q25 performance and update our estimates to reflect our latest views. In 1Q25, the avg. revenue growth of our coverage was 6% YoY, and avg. net margin was -3% due to weak seasonality of 1Q. Looking into 2H25, software companies are focused on (1) high-quality products/ projects carrying better margins, (2) new products/ product upg ...