财通证券（601108）指出，云之家发展方向与公司订阅优先、AI优先战略一致。该平台基于云原生架 构构建，自创立起采取订阅收费，随付费客户群扩大、订阅收入占比提升，其财务状况得到明显改善， 2025年1-4月的税后利润已达到466万元。基于良好的云基础，云之家推进其协同云产品模块全面AI化， 并在自然语言处理、智能审批、办公助手方面已形成成熟的AI产品。此外，云之家有望加强公司移动 办公能力，定位"AI+协同"统一入口。 消息面上，9月15日，金蝶国际公告称，通过泓金投资以0.68亿元收购云之家62.8%股权，交易完成后， 金蝶对云之家的持股比例将从7.5%提升至70.3%，重新实现并表。据悉，云之家是从公司生态系统中孵 化出的企业社交与协同平台。 金蝶国际(00268)早盘涨近6%，截至发稿，涨5.83%，报17.05港元，成交额3亿港元。 ...

智通财经APP获悉，金蝶国际(00268)早盘涨近6%，截至发稿，涨5.83%，报17.05港元，成交额3亿港 元。 消息面上，9月15日，金蝶国际公告称，通过泓金投资以0.68亿元收购云之家62.8%股权，交易完成后， 金蝶对云之家的持股比例将从7.5%提升至70.3%，重新实现并表。据悉，云之家是从公司生态系统中孵 化出的企业社交与协同平台。 财通证券指出，云之家发展方向与公司订阅优先、AI优先战略一致。该平台基于云原生架构构建，自 创立起采取订阅收费，随付费客户群扩大、订阅收入占比提升，其财务状况得到明显改善，2025年1-4 月的税后利润已达到466万元。基于良好的云基础，云之家推进其协同云产品模块全面AI化，并在自然 语言处理、智能审批、办公助手方面已形成成熟的AI产品。此外，云之家有望加强公司移动办公能 力，定位"AI+协同"统一入口。 ...

Core Viewpoint - Kingdee International is expected to report a revenue of 6.667 to 7.215 billion yuan for the fiscal year, representing a year-on-year growth of 6.6% to 15.3%, and a net profit of 28 to 173 million yuan, with a significant increase of 119.7% to 221.8% [1] Financial Performance Forecast - Projected revenue range: 6.667 to 7.215 billion yuan, with a year-on-year growth of 6.6% to 15.3% [1][2] - Projected net profit range: 28 to 173 million yuan, with a year-on-year growth of 119.7% to 221.8% [1][2] - Adjusted net profit forecast: 28 to 157 million yuan [1] - Average revenue forecast from various institutions: approximately 7.029 billion yuan, with a growth of 12.4% [2] - Median net profit forecast: 115 million yuan, with a growth of 180.6% [2] Business Developments - Kingdee International acquired a 62.8% stake in Yunzhijia for 68 million yuan, increasing its ownership to 70.3%, which will be consolidated into its financial statements [4][5] - Yunzhijia is advancing its AI product modules, including natural language processing and intelligent approval systems, enhancing Kingdee's mobile office capabilities [4][5] - Kingdee aims to position Yunzhijia as a unified entry point for AI and collaboration, facilitating the lightweight and scenario-based deployment of AI applications [5] Market Position - Kingdee holds a 15.7% market share in China's low-code and no-code software market, maintaining the top position for five consecutive years, with the market size reaching 2.29 billion yuan, a year-on-year growth of 20.2% [4][6] - The company leads in several segments, including SaaS ERP and financial cloud, and has been ranked first in the IDC's growth enterprise application software market for 21 years [4][6] - In the first half of 2025, Kingdee achieved a revenue of 3.192 billion yuan, reflecting an 11.24% year-on-year increase, while its gross profit margin improved by 2.38 percentage points [6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The report highlights that Kingdee International is acquiring a 62.8% stake in Yunzhijia for 68 million yuan, which will increase its ownership from 7.5% to 70.3% and allow for consolidation in financial statements [7] - Yunzhijia has transitioned to profitability, with a net profit of 4.66 million yuan in the first four months of 2025, aligning with Kingdee's subscription and AI-focused strategy [7] - The acquisition is expected to enhance Kingdee's mobile office capabilities and create a unified entry point for AI and collaboration tools, improving user experience in cloud ERP [7] - The financial impact of the acquisition is anticipated to be limited in the short term, with projected revenues for 2025-2027 at 7.01 billion, 7.90 billion, and 8.95 billion yuan respectively [7] Financial Performance Summary - Revenue for 2023 is projected at 5.68 billion yuan, with a growth rate of 16.71%, and expected to reach 7.01 billion yuan in 2025, reflecting a growth rate of 12.03% [6][8] - The company is expected to achieve a net profit of 151 million yuan in 2025, with a significant increase in net profit growth rate of 270.97% in 2026 [6][8] - Earnings per share (EPS) is projected to turn positive in 2025 at 0.04 yuan, increasing to 0.31 yuan by 2027 [6][8] - The price-to-earnings (P/E) ratio is expected to decrease from 346.26 in 2025 to 48.25 by 2027, indicating improving valuation metrics [6][8]

Core Insights - Kingdee International's subsidiary, Hongjin Investment, has increased its stake in Yunzhijia by 68.25 million, acquiring 62.764% equity [1] - Following the acquisition, Yunzhijia will become a subsidiary of Kingdee, which originally owned Yunzhijia before selling it in 2016 [1] - Kingdee believes that the acquisition will enhance its AI-first strategy through a unified AI entry website, strengthen its SaaS ecosystem, and support a subscription-first strategy, providing a complete product suite for its customers [1]

Group 1 - Kingdee International announced the acquisition of approximately 63% of Yunzhijia Network (Chongqing) Co., Ltd. for RMB 0.68 billion, marking a key step in its "AI-first, subscription-first, globalization" strategy [1] - The acquisition aims to enhance AI capabilities across the entire enterprise management process and accelerate the transformation into an "enterprise management AI platform" [1] - Yunzhijia, a long-term partner of Kingdee, has developed a mature technology system in the "AI + management" field, including natural language processing and intelligent approval, which will enhance Kingdee's product offerings [1] Group 2 - The integration of Yunzhijia's mobile collaboration capabilities will facilitate a seamless transition of enterprise management applications to mobile platforms, improving operational efficiency [1] - Kingdee's mid-2025 performance report indicated a 22.1% year-on-year growth in cloud subscription revenue and an 11.9% increase in cloud service revenue, highlighting the potential benefits of the acquisition [1] - The acquisition will strengthen Kingdee's subscription model by incorporating Yunzhijia's successful subscription-based business model into Kingdee's unified SaaS platform, enhancing customer lifecycle value and loyalty [1][2]

Group 1 - The core point of the article is that Kingdee International (00268) announced the acquisition of approximately 63% of Yunzhijia Network (Chongqing) Co., Ltd. for RMB 68 million, which is a key step in Kingdee's strategy of "AI-first, subscription-first, and globalization" aimed at enhancing AI capabilities in enterprise management [1] - The acquisition will strengthen Kingdee's subscription model, with mid-2025 results showing a 22.1% year-on-year increase in cloud subscription revenue and an 11.9% increase in cloud service revenue [1] - Yunzhijia, which has a mature subscription-based business model and customer success system, will be integrated into Kingdee's unified SaaS platform, enhancing customer lifecycle value and increasing customer stickiness [1] Group 2 - Through this strategic integration, Kingdee aims to provide customers with a more comprehensive and high-quality digital service experience, accelerating the transformation of enterprise management AI and promoting the digital transformation of more global enterprises [2] - Kingdee's mission is to empower enterprises and create greater value for shareholders [2]