本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 2025年11月4日，金蝶2025全球创见者大会宣布"金蝶云"全面升级为"金蝶AI"，并推出全新的AI产品"小K"， 标志着企业管理正式迈入AI原生时代。 产品更新方面： 点击注册小程序 查看完整报告 特别申明： 公司海外战略分为三个阶段：第一步是服务中国企业出海；第二步是主动深耕本地市场，联接当地标杆客户打 造海外标杆案例，目前正在推进中，例如与马来西亚振兴集团签署战略合作协议，同时在泰国、新加坡、印尼 与当地标杆企业合作；第三步是根据各地区业务情况设立当地研发和交付中心，目前初有成效，例如已在马来 西亚建立东南亚交付中心，未来将实现产品、业务、生态的本地化。公司管理层预计未来3-5年，海外收入占 比有望提升至5%-10%。 风险提示： 宏观经济不景气；新客 ...

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 Viewpoint - Kingdee International focuses on subscription-first and AI-first strategies, enhancing its product capabilities with AI support, and maintains revenue forecasts for 2025 at 6.9 billion, 7.7 billion, and 8.5 billion CNY, respectively, with a "Buy" rating maintained [1] Group 1: Product Updates - The recent product upgrade includes a comprehensive enhancement of "platform + data cloud + AI-enhanced SaaS + AI native intelligent agents" [2] - The new AI product "Xiao K" serves as a unified entry point for enterprise-level AI intelligent agents, integrating nearly 20 agents covering various fields such as supply chain, manufacturing, marketing, HR, finance, and ESG [1][2] - The AI suite will adopt a payment model based on organization size, usage, and prepayment [2] Group 2: Financial Performance - In Q3 2025, Kingdee's subscription ARR grew approximately 18% year-on-year to 3.86 billion CNY, with a net addition of 130 million CNY in ARR from the previous quarter [3] - The renewal rates for various products are reported as follows: Cang Qiong & Xing Han at 105%, Xing Kong at 95%, Xing Chen at 93%, and Jing Dou Yun at 88% [3] Group 3: International Expansion - Kingdee is accelerating its overseas expansion in three phases: first, serving Chinese enterprises going abroad; second, actively developing local markets and building benchmark cases; and third, establishing local R&D and delivery centers based on regional business conditions [4] - The management anticipates that overseas revenue will increase to 5%-10% of total revenue in the next 3-5 years [4]

公司强调"金蝶数据云Data cloud"作为企业AI时代的数据底座，构建了坚强可信的数据基础 金蝶数据云主要服务于上层AI原生智能体及AI增强SaaS，支撑金蝶AI套件，为客户提供完整解决方 案，其目的是帮助企业具备数据服务能力(采集、整理、清理数据并为AI所用)和部分PTA能力(支撑智能 体交付结果)。 光大证券发布研报称，金蝶国际(00268)聚焦订阅优先、AI优先，作为国内ERP龙头，AI加持下金蝶产 品力有望进一步增强。维持25-27年收入预测至69/77/85亿元。维持"买入"评级。2025年11月4日，金蝶 2025全球创见者大会宣布"金蝶云"全面升级为"金蝶AI"，并推出全新的AI产品"小K"，标志着企业管理 正式迈入AI原生时代。 3Q25经营数据 光大证券主要观点如下： ARR方面，3Q金蝶订阅ARR同比增长约18%至38.6亿元;环比6月底净新增ARR1.3亿元，整体增量稳定， 25全年若达成20%的ARR增长目标需Q4净新增约2.56亿元;基于当前经营数据和宏观环境，该行预计25 全年ARR增速有望维持在18%。续费率方面，苍穹&星瀚达105%，星空95%、星辰93%、精斗云88%。 ...

Core Viewpoint - Kingdee International focuses on subscription-first and AI-first strategies, enhancing its product capabilities with AI support, and maintains revenue forecasts for 2025 at 6.9 billion, 7.7 billion, and 8.5 billion CNY, with a "Buy" rating maintained [1] Group 1: Product Updates - The recent product upgrade includes a comprehensive enhancement of "platform + data cloud + AI-enhanced SaaS + AI native intelligent agents" [2] - "Xiao K" is introduced as a unified entry point for enterprise-level AI intelligent agents, integrating nearly 20 agents covering various fields such as supply chain, manufacturing, marketing, HR, finance, and ESG [2] - "Kingdee Cloud" is fully upgraded to "Kingdee AI," with a product strategy aligned to launch AI packages for enterprises of all sizes, and the flagship version will upgrade to "Kingdee AI Starry Sky Suite" on December 12 [2] Group 2: Data Infrastructure - Kingdee Data Cloud serves as a robust and reliable data foundation for the AI era, supporting AI native intelligent agents and AI-enhanced SaaS, providing complete solutions for clients [3] Group 3: Financial Performance - In Q3 2025, Kingdee's subscription ARR grew approximately 18% year-on-year to 3.86 billion CNY, with a stable overall increase [4] - The renewal rates for various products are reported as follows: Cang Qiong & Xing Han at 105%, Xing Kong at 95%, Xing Chen at 93%, and Jing Dou Yun at 88% [4] Group 4: International Expansion - Kingdee accelerates its overseas strategy in three phases: first, serving Chinese enterprises going abroad; second, deepening local market engagement and building benchmark cases; third, establishing local R&D and delivery centers [5] - The management anticipates that overseas revenue could increase to 5%-10% of total revenue in the next 3-5 years [5]

值得注意的是，徐少春所说的"七个转型"举措中高频次地提到了"智能体"，这也是一年多以来AI领域的 热点词，成为众多AI技术公司以及各行业领域需求方的重点布局方向。对此，金蝶推出了企业级AI原 生入口——金蝶小K，以及AI原生智能体、AI套件、数据云等一系列AI产品。简单理解来说，金蝶小K 是一个智能体互联互通的入口和平台。截至目前，金蝶小K已上线近20个智能体，如毛利分析智能体、 呆滞料智能体、ESG智能体、报价智能体等，均可"开箱即用"。 关于智能体的落地成本及其商业模式，金蝶总裁章勇在接受记者采访时坦言，目前，对于多数企业来 说，AI投入尚处在增量投入的阶段，对企业整个业务的改造会有一个持续的价值释放时间。但是，随 着AI应用的不断深入，从一个长周期的视角来看，企业总体成本是在不断降低的。至于付费模式，行 业内都在探索，而金蝶目前更倾向于按照组织规模和用量来定价，与云服务的方式类似，当然也会存在 预付费的模式。总体来说，智能体还处在一个正在努力跑通收费模式的探索阶段。 【金蝶全面转向AI 徐少春称要完成"七个转型"】"过去的十年，金蝶云服务业务高速增长，2024年云服 务比例高达82%，每年的复合增长率达 ...

Core Insights - Kingdee announced the comprehensive upgrade of "Kingdee Cloud" to "Kingdee AI" and introduced a new AI product "Xiao K" at the Kingdee 2025 Global Innovators Conference, showcasing its full-chain AI capabilities from technology foundation to business implementation [1][2] Group 1 - The upgrade focuses on three main highlights: the evolution from single intelligent agents to collaborative multi-agent systems, deep scene optimization from general to specific applications, and the introduction of "Xiao K" as China's first enterprise-level AI native super entrance [1][2] - The new AI product "Xiao K" integrates nearly 20 intelligent agents covering various fields such as marketing, supply chain, human resources, and finance, providing ready-to-use solutions for enterprises [2] Group 2 - Kingdee's AI transformation is not just a technological upgrade but involves a comprehensive restructuring of operations, products, business models, ecosystems, organizations, talent, and leadership [2] - Strategic cooperation agreements were signed with 10 companies, including Tongwei Co., Ltd. and Hisense Group, to promote the deep integration of AI technology in real business scenarios and to create a more open ecosystem [2]

中新网上海新闻11月4日电(樊中华)4日，以"AI+管理 成就不凡"为主题的金蝶2025全球创见者大会在上 海举行。作为行业最具影响力的年度盛会，大会吸引了来自海内外的全球知名企业代表。 上海市普陀区委副书记、区长赵亮，上海市普陀区副区长周如意，马来西亚振兴集团总裁、拿督威拉周 豪俊，强脑科技有限公司创始人兼CEO韩璧丞，深圳云天励飞技术股份有限公司董事长兼CEO陈宁，中 国航空集团有限公司(国航股份)财务部总经理白冬明，通威股份CIO周勇，山西鹏飞集团有限公司集团 副总裁郑梓豪，白象食品集团总裁姚进等嘉宾出席大会，与全球超 3000 位参会者深度对话，共探AI技 术赋能企业管理的实践路径与未来方向。 大会主要聚焦三大亮点：一是从单一智能体到多智能体的协同进化：本次产品实现了"平台+数据云+AI 增强SaaS+AI原生智能体"的全面升级；二是从通用到深度场景优化：新品覆盖财务分析、报价、呆滞 料管理、质量管理等多个深度场景的智能体，全面支撑企业在财务、人力、制造、供应链、营销等领域 的AI转型；三是金蝶宣布"金蝶云"全面升级为"金蝶AI"，并推出全新的AI产品"小K"。同时，"金蝶小 K"作为中国首个企业级A ...

11月4日，金蝶2025全球创见者大会上，金蝶宣布"金蝶云"全面升级为"金蝶AI"，并推出全新的AI产 品"小K"。 据了解，"金蝶小K"作为中国首个企业级AI原生超级入口，构建起企业管理AI原生应用的全新范式，标 志着企业管理正式迈入AI原生时代。通过"小K"，各智能体通过统一入口实现互联互通，既能独立解决 对应场景痛点，又能跨场景联动释放协同价值，真正实现从"零散AI工具"到"体系化智能协同"的关键跨 越，为企业提供覆盖全业务流程的智能解决方案。目前小K已聚合近20个智能体，均可开箱即用，大会 现场同步开放小程序体验通道。 金蝶集团董事会主席兼CEO徐少春在大会上表示，AI转型不仅是技术升级，更是涵盖运营、产品、商 业模式、生态、组织、人才与领导力的全方位重构。而在这个过程中，企业也将经历七个转型。 具体而言，徐少春指出，一是运营从日常运营向战略执行转型：智能体将替代重复性工作，企业需聚焦 战略重点进行监控； 二是产品从传统产品向智能化系统转型：让产品具备自主感知、决策能力，而非单纯的功能载体； 三是商业模式从卖产品向按订阅或结果收费转型：将一次性的交易转变为持续的、可预测的服务关系； 四是生态从交易导向 ...