证券研究报告 核心结论 2）模型侧，我们认为多模态能力从根本上降低了大模型的理解、交互和解决实际问题的门槛，从而将其应用范围从 文字世界，极大地拓展至我们身处的这个物理世界，重点关注大模型多模态能力提升。 从"+AI"到"AI+"，AI巨轮破浪前行 ——2026年计算机行业年度策略 西部证券研发中心 2025年12月12日 分析师：郑宏达 S0800524020001 邮箱地址：zhenghongda@research.xbmail.com.cn 分析师：谢忱 S0800524040005 邮箱地址：xiechen@research.xbmail.com.cn 分析师：李想 S0800525040006 邮箱地址：lixiang@research.xbmail.com.cn 分析师：卢可欣 S0800525080006 邮箱地址：lukexin@research.xbmail.com.cn 2025年回顾：1）回顾2025年，年初以DeepSeek为代表的国内AI大模型取得较大突破，计算机行业于2月份走出一 轮显著跑赢大盘的独立上涨行情。4月，外部冲击与内部估值压力形成共振，导致板块出现一轮快速回调。经过调整 ...

Group 1 - The core viewpoint of the articles highlights the transformation of enterprise management systems driven by AI technology, with Kingdee announcing the upgrade of "Kingdee Cloud" to "Kingdee AI" and the launch of China's first enterprise-level AI-native super interface "Kingdee Xiao K" [1][2] - Kingdee's Chairman and CEO Xu Shaochun proposed seven transformations for enterprise management in the AI era, emphasizing that AI transformation encompasses a comprehensive restructuring of operations, products, business models, ecosystems, organizations, talent, and leadership [1] - Kingdee's upgrade includes a comprehensive approach of "platform + data cloud + AI-enhanced SaaS + AI-native intelligent agents," facilitating the evolution from single intelligent agents to collaborative multi-agent systems, covering various deep scenarios such as financial analysis and quality management [1] Group 2 - To promote the deep integration of AI technology in practical business scenarios, Kingdee signed strategic cooperation agreements with ten leading companies, aiming to create an AI intelligent agent application ecosystem and accelerate the industrialization and contextualization of AI results [2] - Kingdee collaborated with Qiangnao Technology to upgrade the recruitment intelligent agent, utilizing AI technology for diverse employment matching and inclusive talent development, particularly aiding disabled individuals in the workplace [2] - Kingdee actively practices the mission of "AI + management," leveraging its full-stack AI products and open ecosystem strategy to explore new paths for intelligent management in the context of Chinese modernization, contributing Chinese wisdom and solutions to global enterprise management reform [2]

Group 1 - The core viewpoint of the article is that Kingdee has upgraded its "Kingdee Cloud" to "Kingdee AI," introducing an enterprise-level AI native super entry called "Kingdee Xiao K," emphasizing a comprehensive restructuring of enterprise management in the AI era [1] - Kingdee's upgrade involves a combination of "platform + data cloud + AI-enhanced SaaS + AI native intelligent agents," transitioning from single intelligent agents to collaborative multi-intelligent agents [1] - The newly launched AI native intelligent agents cover various deep scenarios such as financial analysis, quoting, inventory management, and quality management, supporting AI transformation across finance, human resources, manufacturing, supply chain, and marketing [1] Group 2 - To promote the deep integration of AI technology in practical business scenarios, Kingdee signed strategic cooperation agreements with ten leading companies, including Tongwei Co., Ltd. and Hisense Group, to create an AI intelligent body application ecosystem [2] - Kingdee collaborated with Qiangnao Technology to upgrade the recruitment intelligent agent, utilizing AI technology for diverse employment matching and inclusive talent development, particularly aiding the integration of disabled individuals into the workforce [2] - A special public welfare plan called "Technology Empowerment + Public Welfare for the Disabled" was jointly initiated by Kingdee and Qiangnao Technology to extend technological innovation into social welfare [2]

Core Insights - Kingdee is transitioning from cloud services to AI, with a goal to complete "seven transformations" across various dimensions of the business [1][2] - The company has successfully achieved a cloud transformation, with cloud service revenue projected to reach 82% by 2024 and a compound annual growth rate of 31% [1] Group 1: Seven Transformations - The operational shift focuses on moving from daily operations to strategic execution, where intelligent agents will replace repetitive tasks [2] - Product transformation aims to evolve from traditional products to intelligent systems with self-perception and decision-making capabilities [2] - The business model will transition from selling products to subscription or outcome-based pricing, fostering ongoing service relationships [2] - The ecosystem will shift from transaction-oriented to a sustainable intelligent symbiosis [2] - Organizational structure will transform into a neural network model, breaking down departmental boundaries to enhance decision-making efficiency [2] - Talent acquisition will focus on high-density competition for young professionals who understand AI and can innovate [2] - Leadership will evolve from tangible management to intangible influence, where leaders motivate and provide emotional value rather than control [2] Group 2: AI Product Offerings and Market Position - Kingdee has launched an enterprise-level AI platform called Kingdee XiaoK, which serves as an entry point for intelligent agents and includes nearly 20 ready-to-use intelligent agents [3] - The company is exploring pricing models based on organizational size and usage, similar to cloud services, while also considering prepaid options [3] - Kingdee's AI strategy aims to create new business models that focus on delivering continuous intelligent value to customers rather than just selling products [4] Group 3: Financial Performance and Future Outlook - In the first half of 2025, Kingdee reported total revenue of 3.192 billion yuan, an 11% year-on-year increase, with cloud subscription revenue contributing 1.684 billion yuan, up 22% [4] - The company aims to achieve profitability in 2025, with a target for AI revenue to reach or exceed 30% by 2030 [4]

Core Viewpoint - Kingdee has successfully completed its cloud transformation, with cloud services projected to account for 82% of its business by 2024, achieving a compound annual growth rate of 31% over the past decade. The company is now transitioning into the AI era of enterprise management software, officially rebranding "Kingdee Cloud" to "Kingdee AI" [1]. Group 1: Transformation Strategy - Kingdee's CEO Xu Shaochun outlined a strategy involving seven transformations: 1. Operations shifting from daily tasks to strategic execution, focusing on urgent strategic priorities 2. Products evolving from traditional functionalities to intelligent systems with self-perception and decision-making capabilities 3. Business models transitioning from product sales to subscription or outcome-based pricing 4. Ecosystems moving from transaction-oriented to continuous intelligent symbiosis 5. Organizational structures transforming into neural network types to enhance decision-making efficiency 6. Talent competition shifting from quantity to high-density, focusing on young talents skilled in AI and innovation 7. Leadership evolving from tangible to intangible, emphasizing emotional value and motivation over control [2]. Group 2: AI Product Development - Kingdee has launched several AI products, including the enterprise-level AI native entry "Kingdee Xiao K," which serves as a platform for interconnected intelligent agents. Currently, nearly 20 intelligent agents are available, such as gross profit analysis and ESG agents, which are ready for immediate use [3]. - The company is exploring pricing models for AI applications, currently favoring organization size and usage-based pricing, similar to its cloud services, while also considering prepaid options. The overall cost for businesses is expected to decrease as AI applications become more integrated [3]. Group 3: Financial Performance and Future Outlook - Kingdee reported total revenue of 3.192 billion yuan, an 11% year-on-year increase, with cloud subscription revenue contributing 1.684 billion yuan, up 22%. The net loss narrowed by 55% to approximately 98 million yuan [4]. - The company aims to achieve profitability in 2025, with a target for AI revenue to reach or exceed 30% by 2030, indicating a significant focus on AI and SaaS integration in the coming decade [4].

Core Insights - Kingdee announced the comprehensive upgrade of "Kingdee Cloud" to "Kingdee AI" and introduced a new AI product called "Xiao K" at the 2025 Global Innovators Conference, marking the entry of enterprise management into the AI-native era [1] - The CEO of Kingdee emphasized that AI transformation involves a holistic reconstruction across operations, products, business models, ecosystems, organizations, talent, and leadership [1] Group 1: AI Product Launch - "Xiao K" is positioned as China's first enterprise-level AI-native super entrance, enabling interconnected AI applications to address specific pain points while facilitating cross-scenario collaboration [1] - The product currently aggregates nearly 20 AI agents that are ready to use, with a mini-program experience channel opened at the conference [1] Group 2: Transformation Framework - The transformation process includes seven key shifts: 1. Operations shifting from daily management to strategic execution 2. Products evolving from traditional offerings to intelligent systems 3. Business models transitioning from product sales to subscription or outcome-based pricing 4. Ecosystems moving from transaction-oriented to continuous intelligent symbiosis 5. Organizations transforming from hierarchical structures to neural network models 6. Talent competition shifting from quantity to high-density innovation 7. Leadership evolving from tangible control to intangible inspiration [1] Group 3: AI Development and Investment - The Vice President of Kingdee China acknowledged the inevitability of "hallucinations" in large models, emphasizing the need for continuous technological and engineering efforts to mitigate these issues [2] - AI investment is currently seen as incremental, with expectations that deeper AI integration will reduce overall business costs in the long term [2]

Core Insights - The core viewpoint emphasizes the necessity for businesses to adapt and transform in the AI era to avoid disruption and achieve renewal [1] Group 1: AI Transformation Directions - The CEO of Kingdee, Xu Shaochun, outlined seven transformation directions for enterprise management in the AI era, highlighting that AI transformation involves comprehensive restructuring across operations, products, business models, ecosystems, organizations, talent, and leadership [1] - The seven transformation directions include: 1. Transitioning from daily operations to strategic execution operations, leveraging AI for decision-making, analysis, and early warning systems 2. Shifting from traditional products to intelligent systems that possess cognitive capabilities 3. Evolving business models from product sales to subscription or outcome-based pricing for continuous value creation 4. Changing the enterprise ecosystem from transaction-oriented to continuous intelligence-oriented, emphasizing speed in intelligence and learning 5. Transforming organizational structures from hierarchical to neural network models for autonomous action and human-machine collaboration 6. Moving from quantity-based talent competition to high-density competition, focusing on high-quality talent with AI skills and innovative capabilities 7. Shifting leadership from tangible to intangible, where future leaders foster vision, trust, and data intelligence [1] Group 2: Kingdee's AI Initiatives - Kingdee announced the comprehensive upgrade of "Kingdee Cloud" to "Kingdee AI," introducing China's first enterprise-level AI-native super entrance, "Kingdee Xiao K," to establish a new paradigm for enterprise management AI applications [1] - The company has achieved a comprehensive upgrade through "platform + data cloud + AI-enhanced SaaS + AI-native intelligent agents," facilitating the collaborative evolution from single intelligent agents to multiple intelligent agents [2] - The newly launched AI-native intelligent agents cover various deep scenarios, including financial analysis, inventory management, and quality management, supporting AI transformation across finance, human resources, manufacturing, supply chain, and marketing [2] - Kingdee has signed strategic cooperation agreements with ten companies, including Tongwei Co., Ltd. and Lingban Technology, to promote the deep integration of AI technology in practical business scenarios, aiming to accelerate the industrialization and contextualization of AI results [2]

Core Insights - The conference emphasized the importance of transitioning management paradigms in the AI era, highlighting that those who adapt will define the future [1][2] - The CEO of Kingdee, Xu Shaochun, introduced a theoretical framework of "Seven Transformations of Enterprise Management in the AI Era," which serves as a guide for intelligent transformation in global enterprises [1] Group 1: Seven Transformations - Operations should shift from daily operations to strategic execution, with intelligent agents replacing repetitive tasks and a focus on strategic monitoring [1] - Products need to transition from traditional offerings to intelligent systems that possess autonomous perception and decision-making capabilities [1] - Business models should evolve from selling products to subscription or outcome-based pricing, transforming one-time transactions into ongoing service relationships [1] - Ecosystems must change from transaction-oriented to continuous intelligent symbiosis, leveraging AI to unlock ecosystem multiplier effects [1] - Organizational structures should move from pyramid models to neural network models, breaking down departmental boundaries and eliminating middle layers [1] - Talent competition should shift from quantity to high-density competition, requiring young talents who understand AI and can innovate [1] - Leadership should transition from tangible control to intangible influence, focusing on providing spiritual motivation and emotional value [1] Group 2: Kingdee's Commitment and Innovations - Kingdee aims to empower enterprises and elevate Chinese management models globally, emphasizing the importance of leaders remembering their original mission in the AI era [2] - The company announced the upgrade of "Kingdee Cloud" to "Kingdee AI" and introduced a new AI product called "Xiao K," marking a significant step into the AI-native era of enterprise management [2] - Xu Shaochun stated that the AI era is not a short-term technological race but a long-term marathon that tests organizational resilience and strategic endurance, advocating for a long-term approach to embrace change and reshape management [2]