Core Viewpoint - Kingdee International (00268.HK) is deepening its core strategy of "AI-first, Subscription-first, Globalization," with a projected annual recurring revenue (ARR) of approximately RMB 3.86 billion by September 30, 2025, representing a year-on-year growth of about 18% [1] Group 1 - The net dollar retention rates (NDR) for Kingdee Cloud's various services are as follows: 105% for Cloud Cang Qiong & Xing Han, 95% for Cloud Xing Kong, 93% for Cloud Xing Chen, and 88% for Kingdee Jing Dou Cloud [1] - The company has secured contracts with notable enterprises such as Chin Hin Group Berhad, BAIC Group, Yuchai Group, Xin Steel Union, Huaxi Biological, and Qiang Nao Technology during the period [1]

Core Insights - Kingdee International reported a recurring revenue of approximately RMB 3.56 billion for its cloud subscription services for the first quarter, representing a year-on-year growth of about 20% [1] - The net renewal rates for various Kingdee cloud products are as follows: Kingdee Cloud · Cangqiong & Xinghan at 108%, Kingdee Cloud · Xingkong at 94%, Kingdee Cloud · Xingchen at 92%, and Kingdee Jingdou Cloud at 88% [1] Financial Performance - The annual recurring revenue for Kingdee Cloud subscription services reached approximately RMB 3.56 billion [1] - The year-on-year growth rate for this revenue is approximately 20% [1] Product Performance - The net renewal rates for Kingdee's cloud products indicate strong customer retention, with rates of 108%, 94%, 92%, and 88% for different services [1]