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 ...

Core Insights - The China International Supply Chain Promotion Expo showcases China's comprehensive supply chain capabilities and its strong appeal to global participants [1][2][4] Group 1: Event Overview - The expo is the world's first national-level exhibition focused on supply chains, highlighting the deep integration of global industrial chains [1] - Many international exhibitors and attendees expressed admiration for the variety of products available from Chinese suppliers [2][4] Group 2: International Participation - Foreign exhibitors, such as those from South Africa and Mexico, noted the organizational efficiency and high quality of Chinese suppliers [4][5] - Companies like Rio Tinto and China Baowu Steel Group collaborated to demonstrate the connection between upstream and downstream supply chain entities [5] Group 3: Key Features of Chinese Supply Chains - Honeywell's China president identified three standout characteristics of Chinese supply chains: comprehensiveness, rapid response to demand, and a strong talent pool of engineers [6] - The engineering capabilities and speed of Chinese suppliers were highlighted as significant advantages for international companies [5][6] Group 4: Collaborative Opportunities - Many foreign companies are eager to collaborate with Chinese suppliers, citing positive past experiences and a mature understanding of business practices [7] - The expo serves as a platform for foreign firms to explore partnerships and expand their operations in China [7]