证券研究报告 | 2025年12月04日 2025年12月06日 2025年12月08日 金蝶国际（00268.HK） 优于大市 企业 SaaS 服务领军者，AI 赋能重构管理软件 企业管理解决方案完善，积极推进 AI 落地。公司是全球领先的企业管理云 SaaS 服务商，构建了覆盖企业全生命周期的数字化解决方案，主要产品包括 企业级 AI 平台金蝶云苍穹，SaaS 管理云星瀚、星空、星辰。公司自 2011 年 开启云转型，2025H1 公司云服务收入占公司收入比重达 83.74%。随着订阅 模式的成熟，公司收入持续提升，2020-2024 年间 CAGR 达 16.84%，近年来 销售毛利率、净利率均有所回升。 云原生 EBC 重构管理软件，为 AI 落地的必要方案。公司与 Gartner 共同提 出企业数字化管理进入后 ERP 时代，开始向云原生 EBC 转型。EBC 把原本封 闭的功能模块重新拆分成可被 AI 调用的能力服务，成为企业 AI 落地必要的 接口层。公司为云原生 EBC 转型的先驱，客户粘性持续提升。 信创、更新需求推动软件换代，国产替代仍有较大空间。在 ERP 换代需求推 动下，央国企引领 ...

证券研究报告 | 2025年12月04日 2025年12月06日 2025年12月08日 金蝶国际（00268.HK） 优于大市 企业 SaaS 服务领军者，AI 赋能重构管理软件 企业管理解决方案完善，积极推进 AI 落地。公司是全球领先的企业管理云 SaaS 服务商，构建了覆盖企业全生命周期的数字化解决方案，主要产品包括 企业级 AI 平台金蝶云苍穹，SaaS 管理云星瀚、星空、星辰。公司自 2011 年 开启云转型，2025H1 公司云服务收入占公司收入比重达 83.74%。随着订阅 模式的成熟，公司收入持续提升，2020-2024 年间 CAGR 达 16.84%，近年来 销售毛利率、净利率均有所回升。 云原生 EBC 重构管理软件，为 AI 落地的必要方案。公司与 Gartner 共同提 出企业数字化管理进入后 ERP 时代，开始向云原生 EBC 转型。EBC 把原本封 闭的功能模块重新拆分成可被 AI 调用的能力服务，成为企业 AI 落地必要的 接口层。公司为云原生 EBC 转型的先驱，客户粘性持续提升。 信创、更新需求推动软件换代，国产替代仍有较大空间。在 ERP 换代需求推 动下，央国企引领 ...

Core Insights - The article discusses the challenges small companies face in financial management and how Kingdee Cloud Star addresses these needs with a tailored solution [1][11] - Kingdee Cloud Star is positioned as a lightweight financial solution that integrates various functions to automate financial processes at a low cost [1][11] Group 1: Challenges Faced by Small Companies - Small companies often struggle with limited financial personnel, tight budgets, and diverse business needs, making it difficult to adopt traditional financial software [1] - The need for low-cost, easy-to-use, integrated, and compliant financial solutions is critical for small businesses [1] Group 2: Kingdee Cloud Star Features - Kingdee Cloud Star offers a cloud-native architecture that eliminates the need for server deployment, significantly lowering the digitalization barrier for small companies [1] - The solution automates financial processes, integrating smart finance, inventory management, tax compliance, and data analysis [1][11] Group 3: Efficiency Improvements - The software reduces repetitive tasks by 80% through features like intelligent bookkeeping, OCR invoice management, and automated bank reconciliation [2] - Integration of inventory and financial data eliminates "data silos," improving efficiency and accuracy in financial reporting [2] Group 4: Tax Management and Compliance - Kingdee Cloud Star includes a policy radar feature that updates tax incentives and automates tax reporting for various tax types, reducing the burden of tax compliance [4][5] Group 5: Mobile and Collaborative Features - The platform supports multi-device collaboration, allowing business owners to access financial data in real-time and approve transactions on the go [5] - The mobile app enhances decision-making efficiency by providing instant access to key financial metrics [5] Group 6: Industry Recognition - Kingdee Cloud Star has been recognized as the leading SaaS cloud service for small and medium enterprises in China for three consecutive years [6] - The product has received endorsements from government initiatives, ensuring compliance with tax regulations [6] Group 7: Customer Success Stories - A trading company reduced its month-end closing time from three days to two hours after implementing Kingdee Cloud Star, significantly decreasing error rates [7] - A restaurant chain managed to automate tax reporting, saving costs and achieving zero tax anomalies over a year [8] - A tech company improved financial processing efficiency by 60% during remote work by utilizing mobile approval features [9] Group 8: Free Trial Offer - Kingdee Cloud Star offers a 15-day free trial, allowing small companies to experience the software without upfront costs, with flexible payment options available afterward [10] Group 9: Conclusion - Kingdee Cloud Star is positioned as an ideal financial software choice for small companies, addressing their unique challenges with a focus on low cost, high efficiency, and comprehensive integration [11]

Core Insights - The article highlights the digital transformation challenges faced by small and medium-sized enterprises (SMEs) in selecting ERP systems, emphasizing the need for low-cost, high-efficiency, and user-friendly solutions [1][2][3] Group 1: ERP Selection Challenges - SMEs often encounter a dilemma in ERP selection due to high deployment costs, lengthy implementation periods, and complex operational logic associated with traditional ERP systems [1] - The overwhelming variety of ERP products in the market leads to "choice anxiety," making it difficult for SMEs to identify the most suitable solution [1][2] Group 2: ERP Brand Rankings - The domestic ERP market has developed a multi-tier brand structure, with top brands like Yonyou and Kingdee leading the first tier, focusing on comprehensive product lines [2] - Kingdee's "Cloud Star" product stands out in the SME segment due to its integrated design and high cost-effectiveness, addressing the specific needs of SMEs [2] Group 3: Kingdee Cloud Star Features - Kingdee Cloud Star offers a balanced approach with full-chain integration and lightweight experience, covering essential business scenarios for SMEs [3][4] - The intelligent finance module significantly reduces repetitive tasks for finance personnel, streamlining processes such as tax reporting [3] - The inventory management module addresses common issues like inaccurate stock levels and order confusion, enhancing operational efficiency [3][4] Group 4: E-commerce Collaboration - The system's e-commerce collaboration capabilities allow SMEs to manage orders across multiple platforms seamlessly, reducing manual entry errors [4] - Multi-end collaboration features enable real-time data access and management, improving overall operational efficiency for retail businesses [4] Group 5: Industry Recognition and Technical Strength - Kingdee Cloud Star has received multiple industry accolades, including recognition as a recommended product for SME digital transformation [5][6] - The product's technical architecture has achieved ISO27001 information security certification, ensuring data safety and compliance [5] Group 6: Case Studies Demonstrating Value - A case study of a clothing trade company shows that implementing Kingdee Cloud Star improved inventory accuracy and reduced operational costs by 25% [7] - Another case study of a food processing factory highlights the effectiveness of batch management features in reducing material loss rates [8] Group 7: Risk-Free Trial Offer - Kingdee Cloud Star offers a 15-day free trial, allowing SMEs to experience the system without upfront costs, thereby reducing the risk of poor investment decisions [9] - User feedback indicates that the trial experience effectively demonstrates the system's convenience and efficiency, leading to quicker decision-making [9] Conclusion - The article concludes that selecting the right ERP system is a crucial first step for SMEs in their digital transformation journey, with Kingdee Cloud Star positioned as an ideal choice due to its comprehensive features and cost-effectiveness [9]

Core Insights - The article emphasizes the importance of order processing and shipping efficiency in the rapidly growing e-commerce industry, highlighting the role of order printing as a critical link between warehousing, logistics, and customers [1][2]. Group 1: Definition and Importance of Order Printing - Order printing, referred to as "printing express orders," is a digital process that significantly enhances shipping speed and accuracy compared to traditional handwritten methods [2][5]. - Order printing software connects e-commerce platforms and logistics companies, enabling automatic data synchronization and flexible template customization for efficient order processing [5]. Group 2: Lightweight SAAS vs. Integrated ERP - Lightweight SAAS (Software as a Service) is a cloud-based service model that offers specific functionalities like electronic order printing and order management, ideal for small to medium-sized businesses due to its low cost and ease of use [6][8]. - Integrated ERP (Enterprise Resource Planning) systems encompass a broader range of business functions, including finance, supply chain, and customer relationship management, making them suitable for larger enterprises with complex operations [8][10]. Group 3: Comparison of Lightweight SAAS and Integrated ERP - Pricing: Lightweight SAAS typically charges a subscription fee ranging from tens to hundreds of yuan per month, while integrated ERP systems can cost thousands to tens of thousands of yuan annually [13][12]. - Functionality: Lightweight SAAS focuses on order printing and basic logistics functions, whereas integrated ERP provides comprehensive management across various business modules [12][13]. - Advantages and Disadvantages: Lightweight SAAS is easy to deploy and cost-effective but may lack the capabilities for complex business needs. Integrated ERP offers extensive functionality but comes with higher implementation costs and complexity [10][12]. Group 4: Recommendations for Businesses - New businesses or startups are advised to use free or basic versions of lightweight SAAS tools to address immediate order processing needs [18]. - Small to medium-sized businesses with growing operations may benefit from paid versions of lightweight SAAS for enhanced features [18]. - Larger enterprises should consider integrated ERP systems to support multi-store and multi-platform operations, ensuring comprehensive management of orders, inventory, and finances [18].

Core Viewpoint - Kingdee International (0268.HK) reported a continued loss in the first half of 2025, with a loss of 97.738 million yuan, accumulating over 1.4 billion yuan in losses over the past five and a half years [1][2]. Financial Performance - In the first half of 2025, Kingdee International achieved revenue of 3.192 billion yuan, a year-on-year increase of 11.2%, while the loss attributable to equity holders narrowed by 55.1% compared to the previous year [2][3]. - Cumulative losses over five and a half years reached 1.477 billion yuan [2]. Cost Structure - Research and development expenses were controlled at 777 million yuan, down 3.8% year-on-year, while sales expenses rose to 1.264 billion yuan, an increase of 3.18%, marking a historical high for the period [3]. - Administrative expenses increased by 39% to 346 million yuan due to personnel restructuring and severance payments [3]. Strategic Focus - The company has accelerated its AI transformation, launching several AI-native products in the first half of 2025, including the Cloud AI Agent platform 2.0 and various intelligent assistants [3]. - AI contract amounts exceeded 150 million yuan, with expectations that AI revenue could account for 30% of total revenue by 2030 [3]. Business Segments - The cloud service business remains the largest revenue source, contributing over 80% of total revenue, with a revenue of 2.673 billion yuan in the first half of 2025, growing approximately 11.9% year-on-year [5]. - However, the growth rate of cloud service revenue has been declining, with previous growth rates of 35.5%, 21.5%, and 17.2% from 2022 to 2024 [5]. Market Performance - In the large enterprise market, Kingdee's cloud services performed well, generating approximately 845 million yuan, a year-on-year increase of 34.3% [6]. - The mid-sized market showed weaker performance, with customer growth stagnating and a decline in new contracts signed [6]. - The small enterprise segment also faced challenges, with renewal rates below industry standards despite customer growth [6]. International Expansion - Kingdee is actively expanding its overseas business, particularly in Southeast Asia and the Middle East, but revenue from international operations remains low at 41.61 million yuan, accounting for only 1.32% of total revenue [7]. - The company has faced challenges in penetrating the high-end enterprise market dominated by international giants like SAP and Oracle [7]. Shareholder Sentiment - Recent shareholder reductions indicate a lack of confidence in the company's ability to turn around its financial performance, with stock prices significantly down from historical highs [8].