管理层在业绩会上透露，当下，企业数智化需求快速释放，1-7月公司订单增速高达81%，SMB与KA客 户均保持高速增长。分析师认为，订阅模式的稳定性叠加大客户放量，正在推动公司形成"双曲线增 长"逻辑。 迈富时(2556.HK)今日召开2025年中期业绩发布会。公司披露，截至6月底客户总数达2.17万家，其中大 型客户增至814家，收入占比提升至50.3%。上半年AI+SaaS业务收入5.0亿元，同比增长26.0%，毛利率 维持80%以上，其中，经常性收入占比超过84%，凸显出订阅模式带来的确定性增长。 ...

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]