来源：管理智慧 导读 数智化并非遥远的概念，而是一场发生在当下的、深刻的商业实践。对于每一位企业家与管理者而言，本书的价值在于它提供了一套经过验证的、可执行 的行动指南。读者真正需要思考的问题是：我们的企业正处在"1-2-3"的哪个阶段？又该如何迈出通向"智能运营"的下一步？ 作者 | 王文京 来源 |《大型企业数智化》 以云计算、大数据与人工智能（AI）为代表的新一代信息技术正加速渗透到经济社会的各个领域。从工业时代的规模化生产，到数智时代的敏捷化创 新，企业的竞争逻辑已发生根本性转变。用友公司自创立至今（本书完稿时）已有37年，见证并参与了中国企业从电算化到信息化再到数智化的三次重大 变革。每一次变革都重塑了商业世界的底层逻辑。尤其是近年的AI热潮，进一步推高了企业应用数智技术创新业务、改进经营、提升管理的热情和力 度。数智化带来的不是简单的技术升级，而是一场彻底的商业革命。 通过参与大量数智化峰会研讨、进行企业客户走访和与企业家交流，我深刻感受到，数智化作为当代企业进步的核心议题之一得到了几乎所有企业的重视 和推进。无论是央国企的高质量发展、民企的全球化竞争，还是海外企业的信息系统升级换代，数智化都成为 ...

Core Viewpoint - The recent significant investment by Hillhouse Capital and Gaocheng Capital in Changjietong has led to a nearly 20% increase in the company's stock price, indicating strong market confidence in the company's value and future prospects [1]. Group 1: Transaction Details - The transaction price of 7.60 HKD per share is in line with the market price, reflecting a mutual recognition of the company's current value by both buyers and sellers. The company's market capitalization was approximately 2.5 billion HKD prior to the transaction, with cash and bank deposits expected to reach 1.33 billion RMB by mid-2025 [2]. - The implied valuation includes 1.3 billion RMB in cash and a free cash flow multiple of 7.5 times, which is considered reasonable for a SaaS company that has completed its transformation, providing a high margin of safety for new investors [2]. Group 2: Liquidity and Value Discovery - The transaction is expected to improve liquidity for Changjietong, which has faced issues due to a high ownership concentration by major shareholders. Increased public shareholding will enhance trading activity, potentially attracting institutional investors and facilitating better value discovery [3]. - The market's recognition of the company's value through this transaction is a significant step towards improving liquidity and optimizing the valuation framework [3]. Group 3: Shareholder Structure and Strategic Opportunities - The introduction of influential institutional investors like Hillhouse Capital and Gaocheng Capital is seen as a positive development for minority shareholders, as these investors can drive improvements in governance, increase dividend payouts, or implement share buybacks [4]. - The strategic investors may also provide business synergies, which could accelerate Changjietong's growth in the small and micro enterprise cloud service sector [4]. Group 4: Industry Insights - The SaaS industry in China is perceived to be entering a phase of compounded growth potential after experiencing significant valuation fluctuations. Investors are focusing on long-term growth opportunities within the enterprise services sector [5]. - Hillhouse Capital's continued investment in Changjietong, following its previous involvement with other SaaS companies, underscores a sustained confidence in the enterprise service sector and the broader ecosystem [5][6].

Core Insights - The company reported a total customer base of 21,700 as of June, with large customers increasing to 814, contributing to 50.3% of revenue [1] - The AI+SaaS business generated revenue of 500 million, reflecting a year-on-year growth of 26.0%, with a gross margin maintained above 80% [1] - Recurring revenue accounted for over 84%, highlighting the certainty of growth from the subscription model [1] - Management indicated a rapid release of enterprise digitalization demand, with order growth reaching 81% from January to July [1] - Both SMB and KA customers are experiencing high growth rates, suggesting a "double curve growth" logic driven by the stability of the subscription model and the expansion of large customers [1]

Core Viewpoint - Yongyou Network has submitted an application for listing on the Hong Kong Stock Exchange, with joint sponsors being CMB International and CITIC Securities [1] Group 1: Company Overview - Yongyou Network is a leading global provider of enterprise software and intelligent services, focusing on the development, sales, and services of enterprise digital intelligence software and intelligent services based on AI, big data, and cloud computing [1] - According to a report by Frost & Sullivan, Yongyou Network is the largest market participant in China's enterprise software and services market based on projected revenue for 2024 [1] Group 2: Historical Development - In the 1.0 accounting automation phase, the company became the number one financial software provider in China [2] - In the 2.0 information technology phase, the company rose to become the number one ERP software provider in the Asia-Pacific region and among the top ten globally [2] - In the 3.0 digital intelligence phase, the company pioneered the concept of digital intelligence and built a new generation of business innovation platform—Yongyou BIP, which helps enterprises achieve online business, data-driven operations, and intelligent management [2] Group 3: Product and Service Offerings - The company offers a rich matrix of enterprise software and intelligent service products, including cloud services and software products, to meet the digital transformation needs of small to large enterprises and public organizations [2] - The cloud services mainly include the Yongyou BIP series products, U9cloud, products provided by Changjie Tong, and industry-specific solutions [2] - Yongyou BIP serves as the core cloud service platform, integrating tools, capabilities, and resources for enterprises' digital transformation and intelligent operations, including YonBIP for large enterprises and YonSuite for medium-sized enterprises [2]

Core Viewpoint - Yonyou Network Technology Co., Ltd. has submitted a prospectus for a dual listing on the Hong Kong Stock Exchange, marking its transition to an "A+H" listing model [1][3]. Company Overview - Yonyou Network, originally known as Beijing Yonyou Software Co., Ltd., was listed on the Shanghai Stock Exchange in May 2001 with an IPO price of 36.68 CNY per share. The company changed its name to Yonyou Network in January 2016 [3]. - As of June 27, 2025, Yonyou Network's stock price was 13.10 CNY per share, with a market capitalization of approximately 44.763 billion CNY [3]. - The company was founded in January 1995 and is headquartered in Haidian District, Beijing, with a registered capital of about 3.417 billion CNY [3]. Financial Performance - Yonyou Network's revenue for 2022, 2023, and 2024 was approximately 8.890 billion CNY, 9.443 billion CNY, and 8.817 billion CNY, respectively. The gross profit for the same years was about 4.892 billion CNY, 4.651 billion CNY, and 4.057 billion CNY [5][6]. - The net profit figures were 225 million CNY in 2022, a loss of 933 million CNY in 2023, and a loss of 2.069 billion CNY in 2024 [5][6]. - The company's revenue is projected to decline by 6.6% from 2023 to 2024, with cloud service revenue decreasing by approximately 3.5% and software product revenue dropping by 21.0% [7]. Cost Structure and Profitability - Yonyou Network's gross margin has decreased from 49.3% in 2023 to 46.0% in 2024. The company has also seen an increase in R&D costs and administrative expenses [7]. - Adjusted net profits (non-IFRS) for 2022, 2023, and 2024 were approximately 291 million CNY, a loss of 891 million CNY, and a loss of 1.990 billion CNY, respectively [7][8]. Management Changes - In March 2025, Yonyou Network's president Huang Chenhong resigned due to work adjustments, and the chairman Wang Wenjing was appointed as the new president [9][10][12]. Employee Dynamics - As of December 2024, Yonyou Network had 21,283 full-time employees, a decrease of 3,666 from the previous year. The company had previously increased its workforce significantly to capitalize on market opportunities [16][17].

Core Insights - The event highlighted the importance of digital transformation in administrative management, showcasing the "Diao Xiao Post" initiative as a model for enhancing efficiency and employee satisfaction in logistics management [1][10] - The launch of "Bai Di Yun" under Express 100 represents a significant step in providing comprehensive SaaS solutions for enterprise logistics management, addressing common pain points in administrative processes [2][8] Group 1: Event Overview - The 8th China Enterprise Administrative Summit featured a special event by Express 100, attracting administrative elites from well-known companies to discuss digital transformation in administrative management [1][2] - The event included a tour of Kingdee's facilities, emphasizing the company's growth and innovation over the past 30 years, and the evolution of Express 100 from a logistics tracking solution to a comprehensive information service platform [2][3] Group 2: Digital Transformation Initiatives - The "Diao Xiao Post" project aims to enhance administrative productivity and improve employee experience by implementing a structured and intelligent logistics management system within corporate environments [4][10] - The project includes a well-designed space that optimizes the logistics process, ensuring seamless operations from receiving to dispatching packages, supported by the "Bai Di Yun" SaaS platform [4][5] Group 3: Industry Insights - The discussion led by industry experts, including former Tencent administrative leader Hong Yan, highlighted the challenges faced by large enterprises in managing logistics and the need for effective digital solutions [5][7] - The administrative sector is increasingly recognizing the significance of logistics management as a critical component of overall digital transformation, with a focus on enhancing employee satisfaction and operational efficiency [9][10] Group 4: Future Directions - Express 100 aims to continue refining its "Bai Di Yun" products and expand its influence in the administrative management sector, promoting a collaborative environment for enterprises to share experiences and solutions [10] - The event underscored the industry's commitment to modernizing administrative practices, with a focus on addressing common challenges in logistics management through innovative digital solutions [9][10]