Core Viewpoint - UBS research report highlights Kingdee International's management goals for 2030, including AI revenue accounting for 30% of total revenue and achieving double-digit percentage growth in total revenue [1] Group 1: Financial Performance and Projections - Kingdee International aims for operating cash flow to reach 3 billion yuan [1] - Cloud subscription revenue is expected to be the key driver of revenue growth, projected to account for 80% to 90% of total revenue [1] - Global revenue is anticipated to represent 5% to 10% of total revenue within 3 to 5 years [1] Group 2: Management Confidence and Strategic Direction - Management expresses confidence in the AI+SaaS model providing strong tailwinds for Kingdee [1] - The company aims to become a global leader in Enterprise Management Artificial Intelligence (EMAI) after successfully transitioning to a cloud subscription business model [1] Group 3: Profitability and Valuation - UBS maintains its net profit guidance for Kingdee International for 2025, expecting to achieve breakeven with operating cash flow exceeding 1 billion yuan [1] - Management targets an 8% operating profit margin in the short term, with long-term goals of 15% to 20% [1] - UBS slightly adjusts the target price from 21.8 HKD to 21.5 HKD, based on an 8x enterprise value/sales ratio for 2026 [1] - The "buy" rating is maintained based on double-digit percentage revenue growth and margin improvement [1] Group 4: Market Sentiment - UBS and Citigroup both maintain a "buy" rating for Kingdee International, with Citigroup noting that the company's half-year performance is broadly in line with expectations [2]