点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 近期公司调整客户成功服务产品的套餐内容及价格 25年7月1日后订阅软件续费或买断软件购买金蝶总部《标准成功服务》，按照金蝶新的服务产品，不再包 含工单服务；如客户需要工单服务，需要购买金蝶《高级成功服务》，成本会增加。例如，金蝶云星空-订 阅版本软件：软件订阅期，包含金蝶标准成功服务，如需高级成功服务，需要另外购买；高级成功服务费 用为软件订阅金额的15%。我们认为，此举措将标准套餐和更高级的定制服务区分，将对公司毛利产生积 极影响：当前公司所服务的部分大企业客户仍需要定制开发维护、关键时刻支持等高级服务，金蝶可在与 大企业客户续费阶段抬高合同收入；而对于仅采用标准套餐的客户，金蝶也可以降低定制化实施成本。 本订阅号是光大证券 ...

金蝶国际 20250625 摘要 金蝶国际推出多款 AI 引擎产品，客户反馈积极，AI 应用逐步深化，未来 发展前景值得关注。当前市销率（PS）约为 7 倍，与 AI SaaS 公司正常 12~15 倍 PS 相比，仍有提升空间。 ERP 行业国产替代加速，金蝶国际处于盈利拐点期，叠加 AI 应用前景， 7 月起针对中大型企业客户实施新的收费模式，对额外二次开发服务单 独收费，提振收入，行业竞争格局改善。 金蝶国际财务稳健，中型企业客户占比最高，通过星空产品实现，SaaS 化程度高，按年订阅付费，延长客户价值生命周期，业绩贡献更长久， 中型企业业务增速虽放缓，仍维持 10%左右。 ERP 国产替代政策推动市场格局调整，海外厂商份额下降，国产厂商如 金蝶等专注于产品升级，补齐生产制造、供应链等短板，利用 AI 技术提 升竞争力，大型央国企市场增速较快。 金蝶采用订阅模式，按年付费确保客户持续使用服务，延长客户价值生 命周期，支撑业绩稳定性，即使宏观经济环境不确定，仍能保持较高水 平的预见性和确定性。 Q&A 近年来 AI 应用公司在市场上的表现如何？金蝶国际在 AI 领域的进展如何？ AI 应用公司近年来表现出 ...

21世纪经济报道记者骆轶琪深圳报道 2025年正成为Agent加速落地之年。除了头部大模型巨头厂商如微软、谷歌近日在推进Agent落地应用之 外，国内厂商也在基于垂域模型推进Agent能力落地。 其中，企业级SaaS软件市场由于前期已具备良好的数字化和产业化能力积累，向智能化跃迁具备更丰富 的土壤，也成为备受关注的Agent应用场景。 近日举行的"金蝶云苍穹AI峰会"上，金蝶发布了五大智能体产品及苍穹Agent平台2.0。 在接受21世纪经济报道等记者采访时，金蝶中国副总裁、苍穹平台总经理李帆指出，企业管理软件行业 近些年来最大的变化是，认识到AI要从过去仅作为软件工具，到今天要实现软件交付结果。"只有在一 个垂域实现完整的端到端能力、能解决问题才有意义。" 这标志着，企业级SaaS厂商正加速将AI大模型技术融入企业核心业务场景，也需探索商业模式的转 变。李帆坦言，这使金蝶内部从组织架构、产品思路等方式都带来巨大变化。 民生证券认为，AI Agent将为企业服务SaaS打开万亿美元蓝海市场，其具备更强消费属性，未来可以采 取多元化付费模式，打开软件的估值天花板。 企业管理AI加速迭代 李帆在演讲中指出，企业管 ...

Group 1 - The core viewpoint of the article highlights the rapid development and commercialization of AI agents by Kingdee International, including the launch of five AI agents and the establishment of the "Enterprise Management AI Ecosystem Alliance" [1][2] - The five AI agents include JinYao Financial Report (financial report analysis agent), ChatBI (enterprise inquiry agent), recruitment agent, travel agent, and enterprise knowledge agent, with a focus on making financial report analysis accessible to a wider audience [1][2] - The JinYao Financial Report agent aims to simplify financial report analysis for professional investors and business operators, claiming to enable users to generate high-quality financial analysis reports in just 10 minutes [1] Group 2 - The deployment of the five AI agents signifies their application across five vertical industries, with each agent operating through collaboration with multiple underlying AI agents [2] - Kingdee International's cloud platform allows users to access AI assistants for various tasks, enhancing efficiency and creativity by automating repetitive tasks and providing personalized information based on user preferences [2] - The CEO of Cloud Home predicts that the adoption rate of multiple AI agents in work scenarios will exceed 50% within the next three years, emphasizing the transformation of companies into intelligent organizations [3] Group 3 - Industry experts suggest that the development of AI and intelligent agents will drive changes in business models, shifting from functionality-based pricing to outcome-based pricing [4] - Kingdee International is transitioning from a Software as a Service (SaaS) model to a Results as a Service (RaaS) model, where services are charged based on the results achieved, as demonstrated by the travel agent charging per business trip itinerary [4]

每经记者｜陈鹏丽 每经编辑｜陈俊杰 5月20日，金蝶云苍穹AI峰会在深圳召开，这是金蝶每年一度最大规模的技术峰会。《每日经济新闻》 记者现场注意到，金蝶集团董事会主席兼CEO（首席执行官）徐少春发表讲话时提到，未来，金蝶所处 的行业会发生剧烈的改变，SaaS（软件即服务）在可预见的未来不会终结，但AI智能体会呈现爆发式 增长。他认为，企业会因善用AI（人工智能）而蝶变。对于每一家企业来说，最重要的就是要制定合 适的AI战略，既不要落下，也不要盲动，静水深流，顺势而为。 峰会上，多位演讲嘉宾也均提到，AI智能体时代正快速到来。具体到企业管理领域，云之家CEO宋凯 认为，企业管理的信息化已经从最初的MRP（物料需求计划）进化到EMAI（企业管理AI）。他预计， 工作场景下多种AI智能体采用率在未来3年占比将超过50%。 事实上，今年3月，英伟达在GTC 2025大会上也已传递出明显信号——英伟达首次宣布生成式AI时代即 将终结，AI智能体将成为下一代AI的核心发展方向。国信证券认为，2025年有望成为智能体应用爆发 元年。 本次峰会，金蝶对外发布了五大智能体和苍穹Agent平台2.0，包括金钥财报（财报分析智能体 ...

Core Viewpoint - The company maintains its profit forecast for Kingdee International (00268) and continues to rate it as outperforming the industry with a target price of HKD 17, based on a 40x 2025 P/OCF, corresponding to an 8x 2025 P/S ratio, indicating a 30% upside potential from its current trading level of 31x 2025 P/OCF or 6x 2025 P/S [1] Group 1 - The company is transitioning to a comprehensive enterprise management AI company, introducing the concept of "Enterprise Management AI" (EMAI) which integrates AI technology with management theories and practices to create a new generation of management platforms [2] - The management believes that this transformation will shift the company from delivering tools to delivering results, enhancing the value proposition of enterprise service providers and leading to a more outcome-oriented pricing model [2] - The company has developed the AI transformation methodology "AIGO," which includes Assessment & Architecture, Implementation, Governance, and Operation, aimed at accelerating the AI transformation process for enterprises [2] Group 2 - The company announced an upgrade of its enterprise-level PaaS platform, Kingdee Cloud Cangqiong, to a new generation AI platform, providing richer templates and tools, deeper SaaS connectivity, enhanced security, and more open technical standards [3] - This upgrade aims to lower the technical barriers for enterprises to apply AI and accelerate the development of intelligent agents [3] Group 3 - The company launched five intelligent agents, including JinYao Financial Report (financial report analysis agent), ChatBI (enterprise inquiry agent), recruitment agent, travel agent, and enterprise knowledge agent, all designed for immediate use [4] - The JinYao Financial Report agent targets professional investors, business operators, financial researchers, and individual investors, providing intelligent financial report interpretation and analysis report writing capabilities, marking an extension of the company's AI capabilities from B-end to C-end [4]