Core Viewpoint - Yonyou Network, a leading domestic software company, continues to report losses, with projected net losses for 2025 ranging from 1.3 billion to 1.39 billion yuan, marking the third consecutive year of losses since its listing in 2001, totaling over 4 billion yuan in cumulative losses [1] Group 1: Financial Performance - The company expects a net loss attributable to shareholders of 1.3 billion to 1.39 billion yuan for 2025, with a non-GAAP net loss projected between 1.45 billion and 1.54 billion yuan [1] - Yonyou's revenue has shown resilience, growing from 5.113 billion yuan in 2016 to 9.153 billion yuan in 2024, despite a decline in profitability, with a net profit peak of 1.183 billion yuan in 2019 followed by losses starting in 2023 [3] - The latest performance forecast indicates a stabilization in revenue for 2025, expected to be between 9.17 billion and 9.27 billion yuan, with a significant narrowing of losses [3] Group 2: Business Transformation and Strategy - Founded in 1988, Yonyou initially focused on financial software but shifted to ERP solutions in 1998, becoming a market leader by 2002 [2] - The company has been transitioning to cloud services since 2011, rebranding from Yonyou Software to Yonyou Network in 2015, and adopting a SaaS model with the launch of its 3.0 strategy in 2016 [2] - Yonyou is currently advancing its IPO process in Hong Kong to support its global strategy, having submitted its listing application in June 2025 and updated its application materials in December [3]