Core Viewpoint - Kingdee International (00268) is deepening its core strategy of "AI-first, Subscription-first, Globalization" with a projected annual recurring revenue (ARR) of approximately RMB 3.86 billion by September 30, 2025, representing a year-on-year growth of about 18% [1] Group 1: Financial Performance - The ARR for Kingdee's cloud subscription services is expected to reach approximately RMB 3.86 billion by September 30, 2025, with a year-on-year growth of around 18% [1] - The net dollar retention rates (NDR) for various Kingdee cloud products are as follows: Kingdee Cloud · Cang Qiong & Xing Han at 105%, Kingdee Cloud · Xing Kong at 95%, Kingdee Cloud · Xing Chen at 93%, and Kingdee Jing Dou Cloud at 88% [1] Group 2: Strategic Partnerships - During the reporting period, Kingdee has signed contracts with notable companies such as Chin Hin Group Berhad, BAIC Group, Yuchai Group, New Steel Union, Huaxi Biological, and Qiang Nao Technology [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並表明不會就本公告全部或任何部 分內容所產生或因倚賴該等內容而引致的任何損失承擔任何責任。 金蝶國際軟件集團有限公司 主 席 徐 少 春 深圳，中華人民共和國 本公告乃金蝶國際軟件集團有限公司（「本公司」連同其附屬公司（「本集團」）） 自願作出，旨在向本公司的股東及潛在投資者提供有關本集團的最新季度業務發 展情況。 金蝶持續深化「AI優先、訂閱優先、全球化」的核心戰略，截至2025年9月30日， 金蝶雲訂閱服務年經常性收入（ARR）約為人民幣38.6億元，同比增長約18%； 金蝶雲·苍穹&星瀚、金蝶雲·星空、金蝶雲·星辰、金蝶精斗雲的淨金額續費率（Net Dollar Retention，NDR）分別為105%、95%、93%、88%。期內，集團中標簽約 Chin Hin Group Berhad、北汽集團、玉柴集團、新鋼聯、華熙生物、強腦科技等 知名企業。 本公告所載以上營運數據未經審核乃僅供參考。本公司股東及潛在投資者應審慎 以避免不恰當地依賴上述數據，及於買賣本公司證券時務請審慎行事。 承董事會 ...

Core Insights - The "Zero Carbon Mission International Climate Summit 2025" focuses on sustainable investment paradigms, green industrial transformation, and ESG talent cultivation [1] - The forum gathers leaders from the real economy and financial investment sectors to explore innovative and socially valuable sustainable development solutions [1] Group 1: ESG and Globalization - The concept of globalization is evolving, with emerging economies like China leading the way, despite a decline in global investment amounts since 2015 due to developed economies [3] - Chinese enterprises are increasingly successful in their overseas ventures, with a growing number of companies following suit [3] Group 2: Modes of Overseas Expansion and ESG Implications - Three primary modes of overseas expansion are identified: exports, overseas listings (IPOs), and Outward Direct Investment (ODI) [4] - Exporting requires compliance with safety, carbon emission, and social responsibility standards set by importing countries, necessitating attention to local supply chain and ESG requirements [4] - For IPOs, companies must be aware of local requirements for sustainability or ESG reporting [4] - ODI involves project financing and must consider environmental and social risks, including local customs, community impact, and labor rights [4] Group 3: Regional ESG Requirements - ESG requirements vary significantly across regions such as East Asia, Southeast Asia, North America, Europe, and Latin America, necessitating tailored strategies for companies [5] Group 4: Industry-Specific ESG Challenges - High-carbon industries like steel and cement must adopt low-carbon processes and establish transparent carbon emission tracking systems [6] - The photovoltaic and renewable energy sectors must comply with EU regulations, ensuring supply chain transparency and local compliance centers [6] - The electronics manufacturing industry should focus on green design, mineral sourcing, and recycling initiatives [6] - Emerging industries, particularly financial services, need to adhere to sustainable finance disclosure and ESG transparency standards [6]

Core Insights - The only way for Chinese SaaS companies to break through is to shift from a "TO VC" model to a "TO Customer" focus, emphasizing value delivery, recognition, and customer success [1][14] Industry Overview - In 2025, the Chinese SaaS industry is experiencing a dual narrative, with one side focused on "AI+SaaS" and globalization, while the other side sees companies prioritizing mergers and profits [2] - Over 80% of SaaS companies have undergone significant personnel optimization in recent years, indicating a shift in the industry landscape [2] Historical Context - The "burning money for growth" model, prevalent since around 2015, has led to a "TO VC" approach where companies focused solely on acquiring new customers [3][4] - This model has resulted in detrimental practices such as price slashing and neglecting customer success metrics, leading to a lack of trust in the market [5][7] Market Correction - The capital market downturn from 2020 to 2024 has forced a reevaluation of business models, with many companies facing layoffs and some disappearing entirely [7][8] - A core message from this correction is that business models not centered on customer success and healthy profits are ultimately unsustainable [8] New Business Models - Companies are beginning to adopt a new framework focusing on product, ecosystem, and profit, moving away from the traditional "burning money" approach [9] - Examples include Weimob achieving its first profit post-IPO and SalesEase forming a strategic partnership with Tencent to enhance product quality and ecosystem collaboration [10][11] Challenges and Opportunities - Despite the push towards AI and globalization, many Chinese SaaS companies are hindered by the legacy of long-term losses, which affects their ability to invest in new technologies [12][14] - The industry must undergo an internal revolution to eliminate low-price competition and establish a healthy supply-demand chain based on value [12][14] Future Outlook - The Chinese SaaS industry has the potential to leverage strong foundational technologies and global infrastructure to empower companies that are on a path to sustainable development [14] - There is an expectation for a revitalized Chinese SaaS industry by 2025, with more companies like Weimob, SalesEase, and FanRuan exploring new paths [15]

Core Insights - The 2025 "Double Eleven" event has evolved from a simple promotional activity into a comprehensive commercial ecosystem, reflecting China's consumer resilience, industrial transformation, and technological innovation [1] - The focus of competition among platforms has shifted from "traffic wars" to "efficiency wars," leveraging AI for better supply-demand matching and instant retail to break down offline barriers [1][2] Consumer Behavior and Brand Dynamics - Consumer behavior is shifting towards more rational, quality-focused, and personalized choices, prompting platforms to simplify marketing strategies [2] - There is a notable brand differentiation during "Double Eleven," with domestic brands like Proya achieving significant sales shortly after launch, while international brands like iPhone 17 also see strong performance through global launch strategies [2] - The emergence of new consumer groups, such as "Generation Z" and "small-town youth," is driving diverse and personalized demands [2] Technological Empowerment and Retail Optimization - AI technology has reached new heights in application during "Double Eleven," significantly enhancing efficiency across the supply chain [3] - AI-driven services, such as Tmall's AI shopping assistant, have seen massive usage, improving conversion rates and user experience [3] - The number of live e-commerce related enterprises in China has surpassed 373,000, with a notable increase in registrations over the past five years [3][4] Instant Retail and Logistics Innovations - Instant retail has experienced explosive growth, with 400,000 stores offering flash purchase services across 270 cities, meeting consumer demands for speed [4] - The logistics sector has seen advancements in predictive accuracy for peak volumes, reaching 99.7%, supported by technologies like big data and cloud computing [4][5] Green Transformation and Globalization - The "Double Eleven" event is increasingly aligned with green consumption trends, with initiatives like trade-in policies and significant subsidies promoting energy-efficient products [6] - Cross-border e-commerce is becoming a strong growth point, with platforms expanding to new markets, enhancing global access for Chinese consumers [6] - The number of cross-border e-commerce enterprises has exceeded 35,000, with a steady increase in registrations over the past five years [6] Broader Economic Impact - The spillover effects of "Double Eleven" are driving agricultural revitalization, digital transformation, and growth in service consumption [7] - The integration of logistics with instant delivery and express services is enhancing overall economic efficiency [7] - The continued application of AI and big data, along with a commitment to sustainability, positions "Double Eleven" as a catalyst for high-quality economic development in the future [7]

Group 1 - The 2025 Sustainable Global Leaders Conference was held from October 16 to 18 in Shanghai, featuring a dialogue with Kevin Kelly, author of "The Inevitable" and founding editor of Wired magazine [2] - Kevin Kelly expressed that China has the potential to become a global leader in sustainable development and green technology, showcasing how to achieve sustainability [4] - Kelly also highlighted China's role in leading globalization efforts, emphasizing its historical capability to drive global development [4] Group 2 - Chen Chengchuan, President of the World Federation of Engineering Organizations (WFEO), noted that China's carbon emission calculation standards need to align with international standards [5] - Chen emphasized China's significant role in global infrastructure development and the importance of technology training and talent cultivation [8] - He pointed out that the engineering sector must accelerate technological advancements to meet the global temperature control goal of keeping the increase within 1.5 degrees Celsius [8] Group 3 - The WFEO is focused on talent development, establishing online training centers for engineers, and facilitating international conferences for deeper collaboration [9] - Chen discussed the impact of artificial intelligence (AI) on the engineering field, viewing it as a crucial tool for enhancing productivity and efficiency [9] - He cautioned about the ethical implications of AI, stressing the need for standards to ensure its proper use [9] Group 4 - Mao Sai, Chairman of China Chengxin Group, stated that the current technological advancements present structural opportunities in trillion-dollar industries [11] - Mao encouraged the younger generation to actively embrace the AI wave, highlighting it as a productivity revolution that enhances efficiency [11] - He noted that AI's impact on the ESG (Environmental, Social, and Governance) rating field is significant, as it transforms ESG from a reference to a critical factor in rating outcomes [11][12] Group 5 - Mao pointed out that traditional ESG assessments rely heavily on qualitative analysis, making it challenging to identify "greenwashing" risks [12] - The introduction of AI technology reduces the training costs for analysts, enabling quicker and more accurate completion of due diligence checklists [12] - This advancement enhances the ability to identify qualitative risks effectively [12]

Automotive Industry - The core point of the report highlights the impressive performance of the Chinese automotive industry in the first three quarters of 2025, with strong growth in new energy vehicles (NEVs) [3][4] - In the first three quarters of 2025, production and sales of NEVs exceeded 11.24 million units, representing a year-on-year growth of 35.2% and 34.9% respectively, with a penetration rate of 46.1% [4] - In September 2025, NEV production and sales reached 1.617 million and 1.604 million units, showing a month-on-month increase of 16.3% and 15%, and a year-on-year increase of 23.7% and 24.6% [4] - The export volume of automobiles in the first three quarters of 2025 increased by 14.8% year-on-year, with a total export of 4.95 million vehicles [4] - The report suggests focusing on leading companies in the NEV supply chain and those with overseas market presence, as the increasing penetration rate of NEVs will drive the collaborative development of the entire industry chain [4][5] Investment Recommendations - The report indicates that the automotive sector is experiencing a resonance phase between new product cycles and technological advancements, particularly in smart driving and smart cockpit technologies, which are expected to drive continuous sales growth [5] - Continuous policy support for automotive consumption and the rising penetration rate of NEVs provide a broad market space for vehicle manufacturers [5] - In the components sector, the rapid increase in the penetration of smart components such as smart cockpits and electric drive systems is expected to benefit related companies [5] - The report maintains an "overweight" rating for the automotive industry, recommending attention to quality companies in the sector, such as Shuanghuan Transmission and Beite Technology [5] New Materials - The report notes a slight increase of 0.05% in the rare earth magnetic materials industry, outperforming the benchmark by 2.27 percentage points [7] - The prices of rare earth concentrates have accelerated their decline, with specific price drops reported for various rare earth minerals [9] - The report highlights the need to monitor the demand side closely, as the market's just-in-time transactions are primarily driven by basic needs, with expectations for demand to improve in the coming months [10] Medical Services - The report indicates a decline of 2.48% in the pharmaceutical and biological sector, with the medical services sub-sector experiencing a significant drop of 5.21% [11][12] - The current PE ratio for the medical services sector is 34.96, with a recent decrease of 1.96 from the previous week [13][14] - The report emphasizes the potential of ADC (Antibody-Drug Conjugates) and CDMO (Contract Development and Manufacturing Organization) in the innovative drug sector, projecting significant growth in the ADC outsourcing market [15][16] - The report maintains a "buy" rating for the medical services industry, recommending attention to high-growth companies and those with improving expectations, such as WuXi AppTec and Aier Eye Hospital [17] ETF Market Overview - As of October 17, 2025, there are 1,328 ETFs in the Shanghai and Shenzhen markets, with a total asset management scale of 55,264.48 billion [19] - The report notes that the average weekly change in shares for stock ETFs was an increase of 27.63 million shares, with significant increases in bank and brokerage ETFs [20] - The report recommends focusing on the automotive, coal, and agriculture sectors within the PB-ROE framework for ETF rotation strategies, highlighting the potential for these sectors to outperform [24]

Core Insights - China has demonstrated significant development achievements during the "14th Five-Year Plan" period, particularly in research and development, positioning itself as a technology leader among developing countries [1][6] - Investment levels in China currently surpass those in the United States, allowing for faster conversion of research and innovation into products across various sectors such as telecommunications, electric vehicles, and renewable energy [1][4] - Despite these advancements, China still lags behind G7 countries in R&D spending as a percentage of GDP and needs to cultivate more engineering talent to maintain its competitive edge [1][6] Investment and Economic Impact - The trade and tariff wars initiated by the U.S. are not expected to have a significant impact on China, as the U.S. share in China's foreign trade has decreased and now accounts for less than 20% of global trade [4][5] - The global economy is becoming divided into two segments: the "Global South," which includes rapidly growing economies like China and India that oppose de-globalization, and the U.S., which is leaning towards protectionism and slow economic growth [5][6] Global Governance and China's Role - China's modernization and global governance initiatives highlight the need for a collaborative international system, with China positioned as a key supporter of globalization and a proponent of a "community with a shared future for mankind" [6][7] - Many developing countries are eager to learn from China's development model, which has transitioned from being one of the poorest nations to a technology leader in various industries, a feat unprecedented among developing nations [6][7]

Economic Overview - The global economic growth rate for this year is approximately 3.1%, which is one percentage point lower than the pre-pandemic average [3] - The total U.S. federal debt has surpassed $34 trillion, with the Federal Reserve maintaining interest rates above 5% [3] - Germany's GDP declined by 0.4% year-on-year in the third quarter, while inflation in France remains high [3] Debt and Financial Stability - Global debt has reached 330% of GDP, significantly higher than the 150% ratio during the 1929 crisis, indicating a precarious financial situation [3] - The 2008 financial crisis was mitigated by aggressive monetary policy, but this has led to a larger global debt bubble that now affects all countries [5] Income Inequality - There is a growing disparity between developed and developing countries, with the wealthiest 10% holding over 76% of global wealth, while the bottom half of the population receives less than 2% [5] - In the U.S., the top 1% has seen their income nearly quadruple over the past 30 years, while the bottom 50% has experienced stagnant real wages [5] Trust and Systemic Risks - The erosion of trust in economic systems is evident in political conflicts in the U.S. and social unrest in Europe, signaling a struggle for resource distribution [7] - The current U.S.-China relationship is characterized by a race against time, with both nations trying to maintain stability to avoid global repercussions [7] Long-term Economic Outlook - The current stability in the global economy is described as "false stability," with past reliance on globalization, low interest rates, and technology bubbles no longer sustainable [9] - The IMF's statement about entering a "new era of long-term low growth" highlights structural issues rather than cyclical ones [10]

Core Viewpoint - The motorcycle industry is experiencing growth, particularly in the sales of larger displacement motorcycles, with a notable increase in sales figures for September 2025 compared to the previous year and month [2][3]. Sales Data Summary - For motorcycles with displacement over 250cc, September 2025 sales reached 87,000 units, marking a year-on-year increase of 13.1% and a month-on-month increase of 2.5%. Cumulative sales from January to September totaled 761,000 units, reflecting a year-on-year growth of 32.9% [2]. - In the 250ml to 400ml displacement category, September sales were 53,000 units, up 3.8% year-on-year and 11.9% month-on-month, with cumulative sales of 409,000 units for the first nine months, a 31.2% increase year-on-year [3]. - For the 400ml to 500ml category, September sales were 16,000 units, down 24.1% year-on-year and 8.8% month-on-month, with cumulative sales of 186,000 units, a slight decline of 1.9% year-on-year [3]. - In the 500ml to 800ml category, September sales were 17,000 units, a significant increase of 351.5% year-on-year, though down 12.4% month-on-month, with cumulative sales of 148,000 units, up 143.7% year-on-year [3]. - For motorcycles over 800cc, September sales were 2,000 units, up 7.4% year-on-year and 32.6% month-on-month, with cumulative sales of 18,000 units, reflecting a year-on-year increase of 68.3% [3]. Market Share Insights - Chuanfeng Power sold 13,000 units in September, down 3.2% year-on-year, with a market share of 15.3%, a decrease of 2.1 percentage points month-on-month. Cumulative market share for the first nine months stands at 20.3%, an increase of 0.5 percentage points compared to the full year of 2024 [4]. - Longxin General sold 13,000 units in September, a year-on-year increase of 84.8%, with a market share of 15.0%, up 4.8 percentage points month-on-month. Cumulative market share for the first nine months is 13.3%, down 3.5 percentage points compared to the full year of 2024 [4]. - Qianjiang Motorcycle sold 12,000 units in September, up 30.3% year-on-year, with a market share of 13.9%, down 3.0 percentage points month-on-month. Cumulative market share for the first nine months is 14.2%, unchanged from the full year of 2024 [4]. Industry Outlook - The industry is advised to focus on key companies such as Chuanfeng Power, Longxin General, and Qianjiang Motorcycle, which are showing significant sales growth and market share dynamics [5][10].