Company Overview - Kingdee International, founded in 1993 in Shenzhen, is a leading global provider of enterprise management cloud SaaS services, leveraging technologies such as cloud computing, big data, and AI to create digital solutions covering the entire lifecycle of enterprises, serving over 7.4 million businesses and government organizations globally across more than 20 industries [1][23] - The company ranks first in the Chinese market for SaaS EA, SaaS ERM, financial cloud, EPM, and PLM, and is the only enterprise management vendor in the top 10 of the generative AI model market in China, maintaining a leading market share in the growth enterprise application software sector for 20 consecutive years [1][23] Company Development Stages - The company's development has gone through four stages: 1. Financial software period (1993-2001): Established with the launch of Kingdee financial software in 1995 and the first internet-based ERP system in 1999 [2][24] 2. ERP period (2001-2011): Introduced BPM-based strategic management solutions and launched the EAS software for large enterprises [2][24] 3. Cloud service transformation period (2011-2023): Released Kingdee K/3 Cloud in 2012, marking a shift from traditional ERP models [2][24] 4. AI era (2023-present): Launched Cangqiong GPT in 2023 and plans to fully transform into an enterprise management AI company by 2025 [2][24] Shareholding Structure - The founder, Xu Shaochun, holds a total of 19.81% of the shares, making him the largest shareholder. The management team has extensive industry experience, with most members having over five years of tenure in the company [4][26] Main Business - Kingdee's main business includes enterprise-level cloud services and digital management solutions, forming a diverse product matrix that includes a cloud-native PaaS platform and layered SaaS management clouds [5][27] - The company’s flagship products include the Kingdee Cloud Cangqiong AI platform and SaaS management clouds such as Xinghan, Xingkong, and Xingchen, catering to different enterprise needs [5][27] Financial Performance - The company has seen significant growth in cloud service revenue, which accounted for 83.74% of total revenue in the first half of 2025, with cloud service revenue reaching 2.673 billion yuan, a year-on-year increase of 11.9% [6][28] - Total revenue for the first half of 2025 was 3.192 billion yuan, a year-on-year increase of 11.24%, with a net profit of -98 million yuan, reflecting a 55.14% year-on-year improvement [7][29] Profitability and Cost Management - The company’s gross margin and net margin have shown recovery, with a gross margin of 65.63% and a net margin of -3.42% in the first half of 2025, indicating improvements in profitability [10][31] - The company has also seen a decrease in expense ratios, with sales, management, and R&D expense ratios at 39.59%, 10.84%, and 24.4% respectively [11][31] Cloud Transformation Impact - The shift to a SaaS subscription model has enhanced customer retention and revenue stability, with renewal rates for large, growing, and small enterprises reaching 108%, 95%, and 93% respectively [17][18] - The company’s annual recurring revenue (ARR) reached 3.73 billion yuan in the first half of 2025, a year-on-year increase of 18.5%, contributing to 54.83% of total revenue [17][18] Market Trends and Future Outlook - The transition from traditional ERP to cloud-native EBC (Enterprise Business Capability) is essential for AI deployment, with predictions indicating that AI will add approximately $13 trillion to the global economy by 2030 [15][36] - The adoption of cloud-native technologies is rapidly increasing, with a projected 89% global adoption rate by 2024, indicating a significant shift in enterprise software architecture [14][35]

机构：国信证券 研究员：熊莉/张伦可/刘子谭 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ERP 招 投标数量上行，并逐渐开始ERP 系统的国产化替代。 当前星瀚和苍穹已经实现了与中国电子系、电科系、华为系以及中科院系等国内主流信创生态的全栈适 配，成为国内央企和50 ...

Macro and Strategy - The Federal Open Market Committee (FOMC) is facing a personnel change that will influence future policy direction and independence boundaries, with a key focus on the upcoming 2026 board member replacements [7][8] - The current structure of the FOMC, with a mix of "core dependent" and "institutional defense" members, will determine the continuation of its independence, with potential shifts in policy power dynamics anticipated [8] - The report predicts that the Federal Reserve is likely to enter a phase of "political rate cuts," with increased uncertainty in decision-making frameworks [9] Industry and Company Agriculture, Forestry, Animal Husbandry, and Fishery - The investment strategy for December 2025 highlights an expected reversal in the livestock cycle, recommending key stocks in the dairy farming sector such as Yuran Agriculture and Modern Farming [13] - The report emphasizes the potential for a rebound in meat and milk prices, driven by a synchronized recovery in the livestock sector, with leading companies expected to experience significant earnings recovery [13][14] - Recommendations include leading companies in various segments: livestock (Yuran Agriculture, Modern Farming), pork (Hua Tong, De Kang), and pet food (Guaibao Pet) [15][17] Food and Beverage - The food and beverage sector has seen a decline of 1.80% recently, with A-share food and beverage indices underperforming the broader market [18][19] - The report identifies a divergence in performance across categories, with alcoholic beverages facing supply-demand imbalances, while dairy products are expected to see gradual recovery [19][20] - Investment recommendations focus on high-potential companies in the beverage sector, such as Nongfu Spring and East Peak Beverage, as well as premium liquor brands like Luzhou Laojiao and Moutai [19][20] Real Estate - The real estate market is experiencing significant pressure, with a 9.6% year-on-year decline in sales volume and a 6.8% drop in sales area from January to October 2025 [25][26] - The report notes that while non-popular cities are seeing population outflows, local residents still have improvement-driven housing demands, which could stabilize the market [26][28] - Recommendations include focusing on companies that are well-positioned in non-popular cities, such as China Overseas Land & Investment, which can leverage local demand for housing improvements [28] Internet and AI - The report highlights advancements in AI technology, with significant product launches from companies like OpenAI and Tencent, indicating a growing trend in AI applications across various sectors [29][30] - Investment strategies suggest focusing on internet giants that are leveraging AI for growth, with recommendations for Alibaba and Tencent as key players benefiting from AI integration [30] - The report also notes the potential for AI to enhance advertising and cloud service revenues for these companies, suggesting a positive outlook for their financial performance [30]

国信证券发布研报称，考虑到金蝶国际(00268)为全球领先的SaaS服务商，AI新品推进顺利，预计 2025/2026/2027年公司实现营业收入分别为69.57/79.28/90.59亿元，分别同比增长11.2%/14%/14.3%，实 现归母净利润分别为0.72/3.69/6.34亿元，对应当前PS为6.1/5.35/4.69倍，给予2026年7-8倍PS，对应估值 区间为610.68-697.92亿港元市值，给予"优于大市"评级。 国信证券主要观点如下： 在ERP换代需求推动下，央国企引领ERP招投标数量上行，并逐渐开始ERP系统的国产化替代。当前星 瀚和苍穹已经实现了与中国电子系、电科系、华为系以及中科院系等国内主流信创生态的全栈适配，成 为国内央企和500强企业的首选之一。 智能体打开AI应用场景，企业端渗透加速推进 近年来全球AI持续发展，大模型在知识问答、数学、编程等能力上达到新高度，Agent协议涌现，为企 业级应用提供基础。AI竞争焦点已从通用能力转向场景深耕与生态整合，SaaS企业依据自身技术或行 业know-how迅速切入市场，拥有明显的生态占位优势。公司平台全面集成AI能力，签约海信集 ...

智通财经APP获悉，国信证券发布研报称，考虑到金蝶国际(00268)为全球领先的SaaS服务商，AI新品 推进顺利，预计2025/2026/2027年公司实现营业收入分别为69.57/79.28/90.59亿元，分别同比增长 11.2%/14%/14.3%，实现归母净利润分别为0.72/3.69/6.34亿元，对应当前PS为6.1/5.35/4.69倍，给予2026 年7-8倍PS，对应估值区间为610.68-697.92亿港元市值，给予"优于大市"评级。 国信证券主要观点如下： 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。 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ERP招投标数量上行，并逐渐开始ERP系统的国产 ...

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 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].

Market Space and Transformation Demand - The demand for digital transformation in enterprises has significantly increased post-pandemic, with the core ERP market space exceeding 50 billion yuan and the broader ERP market space exceeding 100 billion yuan [1][10] - Large enterprises continue to release information technology needs in areas such as group finance, marketing, and supply chain, while medium-sized enterprises are upgrading from basic information technology to intelligent management [1][10] - There are nearly 400,000 industrial enterprises above a designated size in China, providing a substantial customer base for ERP software, with significant differences in customer unit prices across different enterprise sizes [1][10] Breakthroughs and Competitive Landscape of Domestic Vendors - The dual-channel drive of digital transformation and the "Xinchuang" policy has created significant opportunities for domestic vendors, particularly in state-owned enterprises [2][10] - Leading vendors such as Kingdee, Yonyou, and Inspur have established dominant market positions through cloud transformation and product line enhancements, with Kingdee's cloud business revenue accounting for 76% of total revenue, and Yonyou's cloud business revenue nearing 70% [2][10] - Market share is dominated by Yonyou and Kingdee, which together account for approximately 26%, while foreign vendors like SAP hold an 18% share [2][10] Technological Evolution and Application Scenario Innovation - AI technology is reshaping the application model of enterprise management software, with international vendors like Microsoft and Salesforce implementing low-code platforms combined with AI capabilities [3][10] - Domestic vendors are also leveraging AI, with Kingdee's cloud services implementing chatbots and visual recognition, while Yonyou's intelligent platform automates processes in finance, human resources, and procurement [3][10] - The combination of cloud computing and AI is lowering the barriers to software usage, with Kingdee's public cloud renewal rate reaching 90% [3][10] Xinchuang and Domestic Process - The Xinchuang policy is driving the localization of software from office applications to core business systems, with significant progress in the financial and telecommunications sectors [4][10] - State-owned enterprises have set clear digital transformation goals during the 14th Five-Year Plan, with notable increases in Xinchuang investment proportions [4][10] - Domestic vendors like Kingdee and Yonyou are gradually replacing foreign systems like SAP and Oracle in core systems of large enterprises [4][10] Future Trends - The enterprise management software market is expected to exhibit a threefold trend of "cloudification, localization, and intelligence," with cloud business revenue continuing to rise [5][10] - Driven by Xinchuang, domestic vendors are likely to increase their market share in large enterprises from the current 50% [5][10] - AI technology is anticipated to evolve from being an auxiliary tool to becoming a core productivity driver, ultimately achieving full-scenario coverage as "personal AI assistants" [5][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 6.256 billion yuan for 2024, representing a year-on-year growth of 10.2%. The cloud business contributed 5.107 billion yuan, growing by 13.4% and accounting for 81.6% of total revenue. The annual recurring revenue (ARR) from cloud subscriptions reached 3.43 billion yuan, up 20% year-on-year, with contract liabilities increasing by 28.5%. The net loss attributable to shareholders for 2024 was 142 million yuan, an improvement from a loss of 270 million yuan in 2023 [4][5] Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 6.256 billion yuan, with a year-on-year increase of 10.2%. The projected revenues for 2025, 2026, and 2027 are 7.040 billion yuan, 7.965 billion yuan, and 8.912 billion yuan, respectively, indicating growth rates of 12.5%, 13.1%, and 11.9% [10] - The net profit for 2024 was a loss of 142 million yuan, with forecasts of 96 million yuan, 237 million yuan, and 416 million yuan for 2025, 2026, and 2027, respectively, showing significant year-on-year growth of 167.9%, 145.8%, and 75.4% [10] Product Development - The company has fully empowered its products with AI, leading to a revenue of 1.304 billion yuan from its large client offerings, which grew by 32.9% year-on-year. The total contract value reached approximately 2.1 billion yuan, up 51.9% year-on-year [5] - The small and micro product segment also saw the implementation of AI features, generating 1.229 billion yuan in revenue, a year-on-year increase of 13.8%, with a net renewal rate of 93% [5] Future Outlook - The company expects revenues for the fiscal years 2025 to 2027 to be 7.040 billion yuan, 7.965 billion yuan, and 8.912 billion yuan, respectively, with net profits projected at 96 million yuan, 237 million yuan, and 416 million yuan [7][10] - The company maintains a "Buy" rating based on these projections, indicating confidence in its growth trajectory and profitability improvements [7]