Core Viewpoint - Goldman Sachs reaffirms a buy rating for Kingdee International (00268) following the launch of the Cangqiong Intelligent Agent 2.0 platform, which integrates functions such as finance, business travel, and recruitment, driven by multiple AI foundational models [1] Group 1: AI Intelligent Agents - Kingdee has launched five AI intelligent agents powered by foundational models (Deep Search, Wenxin Yiyan, Doubao, Kimi, etc.), continuously developing new agents [2] - Users can simultaneously invoke multiple AI intelligent agents, which will customize tasks based on individual preferences and historical behaviors [2] - The financial intelligent agent can aggregate key financial data and generate analytical reports for company management and individual investors, indicating an expansion towards ToC applications [2] Group 2: Business Travel and Client Diversification - The enterprise business travel intelligent agent assists employees in planning itineraries and booking flights and hotels based on user preferences, saving reimbursement time [2] - Kingdee provides different AI products for various types of clients, establishing partnerships with several lighthouse clients such as CRRC, Jianfa, Jinmailang, Beidahuang, and Wens Foodstuffs [2] - By the end of 2024, Kingdee aims to have 44,000 clients in the mid-sized enterprise segment, offering specialized products like Boss Assistant for AI decision-making [2] - For small and micro-enterprise clients, Kingdee is expected to offer more cost-effective standardized solutions [2] Group 3: Revenue and Growth Projections - The company aims for AI to contribute approximately 20% of total revenue by 2030, leveraging its customer base accumulated through Cangqiong and Xinghan Cloud [1] - The increase in employee efficiency and profitability is expected to drive incremental generative AI revenue for Kingdee as a leader in domestic enterprise services [1]