（来源：用友） 近日，新大陆集团数智化项目启动会在福州圆满召开。本次会议不仅是双方战略合作的里程碑，更标志着新大陆集团非上市板块数智化转型迈入一体化、 平台化、智能化的全新阶段。 在当前数字经济蓬勃发展的时代背景下，新大陆集团积极拥抱变革，致力于通过新一代信息技术重构企业运营与管理模式。经过严格选型与深入交流，新 大陆集团再次选择与用友携手，引入用友BIP，实现了技术架构与业务功能的全面焕新。 新系统将支撑新大陆集团在多组织协同、业财融合、智能制造、项目全生命周期管理等领域的深度应用，为集团高质量发展注入强劲数字化动力。项目一 期覆盖35家主体单位，核心目标是构建一个统一、智能、安全的数智化平台。项目将重点聚焦五大核心建设内容： 主数据统一管理：建立集团统一的组织、人员、客商、物料等主数据标准与治理体系，为数智化运营奠定坚实根基。 统一财务核算体系：针对教育、公服等不同板块业务特性，部署采购、销售、库存、生产等模块，支持差异化业务流程，提升业务运营规范性。 业财智能融合：依托用友BIP智能中台，实现业务事项自动转换为会计事项，打通业财数据链路，为经营分析提供实时、多维的数据支持。 自动化合并报表：建立高效的内 ...

来源：电子商务研究中心 网经社 导读：云服务收入占比已达77.2%，但毛利率却连续三年下滑，这家中国企业软件龙头在港交所提交的 招股书，揭示了中国传统软件商向云服务转型的集体阵痛。 一、营收毛利双降 亏损泥潭拖累资金链 12月29日，港交所披露，用友网络科技股份有限公司（简称：用友网络，600588.SH）向港交所主板递 交上市申请，招银国际、中信证券为其联席保荐人。这是该公司年内第二次递表港交所，曾于6月27日 递交过上市申请。此次递交上市申请揭开了这家老牌软件企业连续两年半累计亏损近40亿元的严峻现 实。 2022年尚能实现净利润2.25亿元的用友网络，在2023年转盈为亏，录得9.33亿元净亏损，而2024年亏损 进一步扩大至20.70亿元。 更令人担忧的是，公司毛利率呈现持续下滑态势，从2022年的55.0%降至2024年的46.0%，累计下降9个 百分点。经营性现金流自2023年起转为净流出，2024年净流出2.74亿元，2025年上半年流出额已达9.28 亿元。 2025年上半年，这一下滑趋势仍未扭转，收入进一步降至34.34亿元。更详细的数据显示，2025年一季 度公司营收13.78亿元，同比下 ...

据港交所12月29日披露，用友网络（600588）科技股份有限公司(简称：用友网络，600588.SH)向港交所主板递交上市申请，招银国际、中信证券为其联席 保荐人。这是该公司年内第二次递表港交所，曾于6月27日递交过上市申请。根据弗若斯特沙利文的资料，以2024年收入计，公司是中国企业软件及服务市 场最大的市场参与者，市场占有率达4.1%，且按2024年海外收入计，公司亦为中国最大的境内企业软件公司。 | [編纂]的[編纂]數目 | : [編纂]股H股(視乎[編纂] | | --- | --- | | | 行使與否而定) | | [編纂]數目 .. | [编纂]股H股(可予[編纂]) | | [編纂]數目 | :「編纂]股H股(可予[編纂]及 | | | 視乎[編纂]行使與否而定) | | 最高[編纂] .. | 每股H股[編纂]港元,另加1.0%經 | | | 紀佣金、0.0027%證監會交易徵 | | | 費·0.00015% 會財局交易徵費及 | | | 0.00565%聯交所交易費(須於申請時 | | | 以港元繳足,多繳款項可予退還) | | 面值 .. | 每股H股人民幣1.00元 | | 「编 ...

智通财经APP获悉，据港交所12月29日披露，用友网络科技股份有限公司(简称：用友网络，600588.SH)向港交所主板递交上市申请，招银国际、中信证券 为其联席保荐人。这是该公司年内第二次递表港交所，曾于6月27日递交过上市申请。根据弗若斯特沙利文的资料，以2024年收入计，公司是中国企业软件 及服务市场最大的市场参与者，市场占有率达4.1%，且按2024年海外收入计，公司亦为中国最大的境内企业软件公司。 自2003年以来，用友网络在中国及更广泛的亚太市场的强大品牌影响力支撑着海外拓展，使公司成为全球企业的数智化转型合作伙伴。截至2025年6月30 日，公司在海外组建了一支经验丰富的团队，设有12家分支机构，累积服务1,400余家海外的客户，其中60%是海外本地客户，40%是中企出海客户，公司的 客户遍及40+国家及地区，是全球业务最广泛的中国企业软件厂商，也是海外业务收入规模最大的中国企业软件厂商。 公司简介 招股书显示，用友网络是领先的企业软件与智能服务提供商，致力于应用以AI、大数据、云计算为核心技术的企业数智化软件与智能服务的研发创新、销 售与服务。 自成立以来，用友网络从以会计为核心的系统发展到综 ...

智通财经APP获悉，据港交所12月29日披露，用友网络科技股份有限公司(简称：用友网络，600588.SH)向港交所主板递交上市申请，招银国际、中信证券 为其联席保荐人。这是该公司年内第二次递表港交所，曾于6月27日递交过上市申请。根据弗若斯特沙利文的资料，以2024年收入计，公司是中国企业软件 及服务市场最大的市场参与者，市场占有率达4.1%，且按2024年海外收入计，公司亦为中国最大的境内企业软件公司。 公司简介 | [編纂]的[編纂]數目 | : [編纂]股H股(視乎[編纂] | | --- | --- | | | 行使與否而定) | | [編纂]數目 | : [编纂]股H股(可予[編纂]) | | [編纂]數目 | : [編纂]股H股(可予[編纂]及 | | | 視乎[編纂]行使與否而定) | | 最高[編纂] | .. 每股H股[編纂]港元,另加1.0%經 | | | 紀佣金、0.0027%證監會交易徵 | | | 費、0.00015% 會財局交易徽費及 | | | 0.00565%聯交所交易費(須於申請時 | | | 以港元繳足,多繳款項可予退還) | | 面值 | .. 每股H股人民幣1.00元 ...

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 YONYOU NETWORK TECHNOLOGY CO., LTD. 用友網絡科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向本公司、本公司的聯席保薦人、整體協調人、聯席全球協調人、 顧問或包銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請僅依據與香港公司註冊處處長註 冊的本公司招股章程作出投資決定；招股章程的文本將於發售期內供公眾查閱。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根 據本文件中的資料作出任何投資決定； (b) 在聯交所網 ...

Core Insights - The 2023 Global Business Innovation Conference held by Yonyou focused on "Data-Driven Intelligent Operations," discussing various topics related to digital transformation and AI applications in enterprises [1][2][4] - Yonyou's Chairman and CEO, Wang Wenjing, emphasized that digital transformation is a core path for high-quality development in the new era [1][4] Group 1: Yonyou's Innovations and Offerings - Yonyou launched the upgraded BIP3 version, which includes three technological breakthroughs, two new application architectures, 99 new services, and 1,056 new ISV partners [2] - The company introduced the YonGPT model, a comprehensive enterprise service model that covers various business functions such as finance, human resources, procurement, marketing, and manufacturing [2][3] - Yonyou plans to promote YonGPT globally, focusing on specific application scenarios to enhance digital transformation for both domestic and international clients [3] Group 2: Steps and Pathways for Digital Transformation - Wang Wenjing outlined the "Digital Transformation 123" concept, which includes three steps: "Cloud Connection," "Data-Driven," and "Intelligent Operations" [4] - "Cloud Connection" aims for cloud deployment and real-time awareness, "Data-Driven" focuses on data governance and applications, while "Intelligent Operations" seeks to enhance business operations and human-computer interaction [4] Group 3: Organizational Changes and Industry Empowerment - Yonyou underwent a significant organizational restructuring, shifting from a region-based model to an industry-based model for large enterprise clients, while maintaining a regional approach for medium-sized enterprises [5] - The company reported a revenue of 3.37 billion yuan in the first half of the year, a decrease of 4.7% year-on-year, with cloud service revenue at 2.35 billion yuan, an increase of 2.0% [5] - Wang Wenjing noted that the restructuring was necessary to better meet the digital transformation needs of large clients, as the previous model was limiting [5][6]

Group 1: Macro and Strategy - The core conclusion indicates that the bull market initiated in 2024 is not over, transitioning into its second phase, with the driving force shifting from sentiment to fundamentals [6] - Technology is identified as the main theme, with a focus on AI glasses, robotics, intelligent driving, AI programming, and AI in life sciences [6][7] - The bull market is characterized by structural features, with "small assets" outperforming "old assets," and the market is currently in the explosive phase of the bull market [6][7] Group 2: Industry and Company Analysis - The restaurant industry is transitioning from extensive expansion to stable growth, with online channels becoming increasingly important [8][9] - Different restaurant formats have varying adaptability to delivery services, with beverages and fast food showing the highest adaptability [8][9] - A balanced approach between dine-in and delivery is crucial for restaurant brands to maintain brand recognition and profitability [10] Group 3: Investment Recommendations - The report maintains an "outperform the market" rating for the restaurant industry, emphasizing the need for brands to adapt to consumer trends and optimize their cost-benefit ratios [11] - Specific recommendations include companies like Xiaocaiyuan, Guoquan, and Haidilao, while also suggesting attention to Meituan-W as a platform leader [11] Group 4: Company Financial Performance - Beike-W reported a 2% year-on-year revenue growth in Q3 2025, with a total GTV of 736.7 billion RMB [15] - The adjusted net profit for Beike-W decreased by 28% year-on-year, indicating challenges in profitability despite revenue growth [15][16] - Yonyou Network's revenue for the first three quarters of 2025 was 5.584 billion RMB, a 2.7% decline year-on-year, but showed a positive growth trend in Q3 [19][20]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [6][4][17] Core Insights - The company experienced a revenue decline of 2.7% year-on-year for the first three quarters of 2025, with total revenue reaching 5.584 billion yuan. However, it achieved a net profit attributable to shareholders of -1.398 billion yuan, marking a 3.9% year-on-year improvement in losses [1][10] - In Q3 alone, the company reported revenue of 2.003 billion yuan, a 3.7% increase year-on-year, continuing the growth trend observed since Q2 [1][10] - The cloud service revenue for the first three quarters was 4.298 billion yuan, accounting for 77% of total revenue, with a year-on-year increase of 2.3 percentage points [2] - The company’s core product, Youyou BIP, generated 2.15 billion yuan in revenue for the first three quarters, reflecting a 15.8% year-on-year growth, with Q3 growth reaching 31.9% [2] Revenue and Profitability - Revenue from large enterprise clients grew by 13.5% year-on-year in Q3, totaling 3.617 billion yuan for the first three quarters, a 2.4% increase year-on-year [3] - The company’s small and medium-sized enterprise segment turned profitable, with Q3 revenue growth of 6.8% [3] - The government and public organization segment faced a 29% decline in revenue year-on-year, primarily due to tightened budgets and extended project cycles [3] Future Projections - The company is expected to benefit from increasing AI demand and a growing share of cloud services, with projected revenues of 9.963 billion yuan, 10.903 billion yuan, and 12.169 billion yuan for 2025, 2026, and 2027 respectively [4][13] - The forecasted net profit attributable to shareholders is expected to improve from -554 million yuan in 2025 to 2.56 billion yuan in 2026 and 10.51 billion yuan in 2027 [4][13] Financial Metrics - The report provides detailed financial forecasts, including revenue growth rates and profit margins, indicating a gradual recovery in profitability over the next few years [5][15]

Group 1 - The China Securities Regulatory Commission (CSRC) issued supplementary material requirements for 11 companies, including Yonyou Network, regarding their overseas issuance and listing [1] - Yonyou Network is required to clarify the pledge situation of shares held by its controlling shareholder and actual controller, assessing whether it could lead to a change in control before and after the issuance [1] - The company must provide details on its value-added telecommunications services, foreign ownership limits, and compliance with foreign investment policies before and after the issuance [1] Group 2 - Yonyou Network is recognized as a leading global provider of enterprise software and intelligent services, focusing on AI, big data, and cloud computing technologies [2] - The company's core cloud service platform, Yonyou BIP, aims to support enterprises in digital transformation and intelligent operations with comprehensive tools and resources [2] - Yonyou BIP is noted for its strong technical foundation and modular delivery capabilities, enhancing the company's service offerings [2]