业绩下滑并非短期现象。2023 年，用友网络亏损 9.33 亿元，首次交出上市以来的亏损财报；2024 年，亏损缺口进一步扩大至 20.7 亿元；2025 年亏损态 势不减，第一季度归母净亏损 7.36 亿元，同比下滑 62.41%。 作为转型核心的云服务业务表现令人失望。虽然云服务收入占比从 2021 年的不足 60% 增至 2024 年的 75% 左右，但营收增速却从 2021 年的 55.5% 骤降 至 2024 年的 - 3.4%，出现负增长。 这与国内云服务市场持续扩张的趋势及同行形成鲜明对比。金蝶国际 2024 年云服务营收增长 13.4%，收入占比高达 81.6%，续费率维持在 92%-97% 的高 位。由此，用友网络与金蝶国际的差距迅速缩小，2020 年至 2024 年，双方营收差距从 51.7 亿元缩小至 25.97 亿元。 随着用友网络 2025 年上半年业绩预告的发布，以及此前发起的赴港 IPO 计划，这家曾在中国企业软件市场叱咤风云的巨头，再度被推到舆论的风口浪 尖。净亏损持续扩大、营收逐年下滑、现金流承压，再加上高管频繁更迭、大规模裁员……"久病" 之下的用友网络，赴港 IPO 究竟 ...

Group 1 - Hong Kong has become a hotspot for companies seeking secondary IPOs, driven by a combination of factors including innovative technologies and a favorable capital market environment [3][6][7] - Over 30 companies are reportedly planning or have confirmed their intention to pursue secondary listings in Hong Kong, indicating strong interest from the market [8][12] - Notable companies such as Midea Group and SF Holding have successfully raised significant capital through their IPOs in Hong Kong, with Midea raising over 30 billion HKD and SF Holding raising 5.831 billion HKD [10][12] Group 2 - The trend of secondary IPOs is expected to continue into 2024-2025, with a total of 71 new listings anticipated on the Hong Kong Stock Exchange [9] - Companies from various sectors, including renewable energy, biotechnology, and automotive parts, are actively pursuing listings to enhance their international presence and funding capabilities [14][15] - The performance of companies that have gone public in Hong Kong has been mixed, with some experiencing significant stock price increases, such as Jingwei Tian Di with a 542% rise, while others like Tianjin Jianda faced substantial declines [16][18] Group 3 - Secondary IPOs offer companies increased financing opportunities and potential for higher valuations, which can support their growth and competitiveness [21] - However, companies must also navigate risks associated with market conditions and their own financial health, as evidenced by the high rate of stock price declines among new listings [18][20] - The capital market remains a space for risk-takers, with the belief that companies will succeed driving their decisions to pursue secondary IPOs [22]