Group 1 - The report indicates that the market size of China's banking IT solutions in 2024 is 61.487 billion yuan, showing a year-on-year growth of 1.68% [2] - Kaimeiride has maintained its leading position in the "fund transaction system solution" sector for two consecutive years, demonstrating significant market competitiveness [1][2] - The company has served over 100 domestic and international large and medium-sized financial institutions, successfully implementing over 300 projects, which has earned it high market recognition [3] Group 2 - Kaimeiride emphasizes the importance of core technology being independently controllable, continuously breaking through key technological bottlenecks and developing a complete VIVA product matrix for the fund transaction field [3] - The company actively explores the integration of AI technology with fund transaction systems, developing an intelligent platform that supports mainstream large models and secure private deployment [4] - Kaimeiride has launched a financial market intelligent data assistant, ChatBI, which utilizes natural language processing to provide quick responses and various forms of data analysis results for clients [4]

点击注册小程序 查看完整报告 特别申明： 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 近期公司调整客户成功服务产品的套餐内容及价格 25年7月1日后订阅软件续费或买断软件购买金蝶总部《标准成功服务》，按照金蝶新的服务产品，不再包 含工单服务；如客户需要工单服务，需要购买金蝶《高级成功服务》，成本会增加。例如，金蝶云星空-订 阅版本软件：软件订阅期，包含金蝶标准成功服务，如需高级成功服务，需要另外购买；高级成功服务费 用为软件订阅金额的15%。我们认为，此举措将标准套餐和更高级的定制服务区分，将对公司毛利产生积 极影响：当前公司所服务的部分大企业客户仍需要定制开发维护、关键时刻支持等高级服务，金蝶可在与 大企业客户续费阶段抬高合同收入；而对于仅采用标准套餐的客户，金蝶也可以降低定制化实施成本。 本订阅号是光大证券 ...

2025 年 6 月 27 日 公司研究 Agent 产品持续更新，收费模式变更验证产品力 24 年各业务收入：24 年公司针对大企业客户的苍穹&星瀚实现收入 13.04 亿 元人民币，同比增长 32.9%，合同签约金额达约 21 亿元，同比增长 52%；针 对中型客户的星空实现收入 21.53 亿元，同比增长 10.3%；小微业务实现收 入 12.29 亿元（yoy+13.8%）。我们预计 25 年公司大企业业务将保持稳健增 长，中型和小微业务受到宏观经济影响有所承压。 盈利预测、估值与评级：公司聚焦订阅优先、AI 优先。受益于国产替代浪潮， 苍穹&星瀚订单快速增长，星空旗舰版有望成为新增长点。鉴于中型&小微业 务受到宏观经济影响增速有所放缓，公司 Agent 产品仍处于商业化初期，收 费模式变化对收入的实际影响仍需观察，基于保守性原则，我们小幅下修 25-26 年收入预测至 70.0/78.7 亿元（较上次预测-6%/-9%），新增 27 年收 入预测 88.2 亿元；下修 25-26 年归母净利润预测至 1.3/3.8 亿元（较上次预 测-24%/-1%），新增 27 年归母净利润预测 6.6 亿元。作 ...

Group 1 - The core viewpoint of the article emphasizes the acceleration of digital transformation in enterprises driven by a new wave of artificial intelligence (AI) technology, moving from "imaginable" to "implementable" in enterprise management [1][2] - Kingdee China aims to integrate AI technology deeply with enterprise management practices, focusing on creating a new generation of enterprise management platforms that cover strategic, operational, organizational, human resources, and innovation areas [1][3] - The introduction of five new AI agents by Kingdee, including "Jin Yao Financial Report" and "ChatBI," aims to empower all employees and management personnel in various core business scenarios [2][3] Group 2 - Kingdee's upgraded Agent 2.0 platform is designed to lower the technical barriers for enterprises to apply AI, providing richer templates, deeper SaaS connections, and enhanced security [2][3] - The AIGO methodology introduced by Kingdee encompasses assessment, implementation, governance, and operation, forming a complete loop for enterprises to accelerate their AI transformation [3] - The establishment of an AI experience zone and a CIO club during the event highlights the practical value of AI technology in enterprise management [4]

答：公司和 DeepSeek 之间没有股权关系，不过 DeepSeek 关联公司的一位重要 股东曾为公司创始核心骨干成员。公司也推出了基于 DeepSeek 的私有化部署、混 合云服务、大模型"子母机"以及"个知"App 等产品或服务，并在大模型基础上开发 了公文写作助理和 ChatBI 等产品或服务。例如，公文写作助理是公司打造的面向政 务场景的 AI 应用产品，它的优势在于：1）基于权威且可靠的政务语料作为模型语 料，公司已取得"学习强国"平台全库语料授权，在公文写作的严肃场景下，最大限 度减少模型幻觉；2）该产品能结合个人和各级政府部门的知识库，在发挥大模型 强大基础能力的同时，尽可能兼顾到用户的行业和个人特色，让模型更懂"你"；3） 该产品可以通过语音便捷交互方式，进行主旨要点交代、大纲编辑确认等操作，用 户体验会更好。因此，相较于其他 AI 写作工具，公司的公文写作助理是瞄准垂类 细分场景，不是偷懒式简单代写，而是基于可靠、权威语料的交互式 AI 写作助手。 谢谢！ 问 4："发数站"作为公司未来发展的亮点，能否重点介绍下。 证券代码：300766 证券简称：每日互动 每日互动股份有限公司 投资者关 ...

21世纪经济报道记者骆轶琪深圳报道 2025年正成为Agent加速落地之年。除了头部大模型巨头厂商如微软、谷歌近日在推进Agent落地应用之 外，国内厂商也在基于垂域模型推进Agent能力落地。 其中，企业级SaaS软件市场由于前期已具备良好的数字化和产业化能力积累，向智能化跃迁具备更丰富 的土壤，也成为备受关注的Agent应用场景。 近日举行的"金蝶云苍穹AI峰会"上，金蝶发布了五大智能体产品及苍穹Agent平台2.0。 在接受21世纪经济报道等记者采访时，金蝶中国副总裁、苍穹平台总经理李帆指出，企业管理软件行业 近些年来最大的变化是，认识到AI要从过去仅作为软件工具，到今天要实现软件交付结果。"只有在一 个垂域实现完整的端到端能力、能解决问题才有意义。" 这标志着，企业级SaaS厂商正加速将AI大模型技术融入企业核心业务场景，也需探索商业模式的转 变。李帆坦言，这使金蝶内部从组织架构、产品思路等方式都带来巨大变化。 民生证券认为，AI Agent将为企业服务SaaS打开万亿美元蓝海市场，其具备更强消费属性，未来可以采 取多元化付费模式，打开软件的估值天花板。 企业管理AI加速迭代 李帆在演讲中指出，企业管 ...

Group 1 - The core viewpoint of the article highlights the rapid development and commercialization of AI agents by Kingdee International, including the launch of five AI agents and the establishment of the "Enterprise Management AI Ecosystem Alliance" [1][2] - The five AI agents include JinYao Financial Report (financial report analysis agent), ChatBI (enterprise inquiry agent), recruitment agent, travel agent, and enterprise knowledge agent, with a focus on making financial report analysis accessible to a wider audience [1][2] - The JinYao Financial Report agent aims to simplify financial report analysis for professional investors and business operators, claiming to enable users to generate high-quality financial analysis reports in just 10 minutes [1] Group 2 - The deployment of the five AI agents signifies their application across five vertical industries, with each agent operating through collaboration with multiple underlying AI agents [2] - Kingdee International's cloud platform allows users to access AI assistants for various tasks, enhancing efficiency and creativity by automating repetitive tasks and providing personalized information based on user preferences [2] - The CEO of Cloud Home predicts that the adoption rate of multiple AI agents in work scenarios will exceed 50% within the next three years, emphasizing the transformation of companies into intelligent organizations [3] Group 3 - Industry experts suggest that the development of AI and intelligent agents will drive changes in business models, shifting from functionality-based pricing to outcome-based pricing [4] - Kingdee International is transitioning from a Software as a Service (SaaS) model to a Results as a Service (RaaS) model, where services are charged based on the results achieved, as demonstrated by the travel agent charging per business trip itinerary [4]

每经记者｜陈鹏丽 每经编辑｜陈俊杰 5月20日，金蝶云苍穹AI峰会在深圳召开，这是金蝶每年一度最大规模的技术峰会。《每日经济新闻》 记者现场注意到，金蝶集团董事会主席兼CEO（首席执行官）徐少春发表讲话时提到，未来，金蝶所处 的行业会发生剧烈的改变，SaaS（软件即服务）在可预见的未来不会终结，但AI智能体会呈现爆发式 增长。他认为，企业会因善用AI（人工智能）而蝶变。对于每一家企业来说，最重要的就是要制定合 适的AI战略，既不要落下，也不要盲动，静水深流，顺势而为。 峰会上，多位演讲嘉宾也均提到，AI智能体时代正快速到来。具体到企业管理领域，云之家CEO宋凯 认为，企业管理的信息化已经从最初的MRP（物料需求计划）进化到EMAI（企业管理AI）。他预计， 工作场景下多种AI智能体采用率在未来3年占比将超过50%。 事实上，今年3月，英伟达在GTC 2025大会上也已传递出明显信号——英伟达首次宣布生成式AI时代即 将终结，AI智能体将成为下一代AI的核心发展方向。国信证券认为，2025年有望成为智能体应用爆发 元年。 本次峰会，金蝶对外发布了五大智能体和苍穹Agent平台2.0，包括金钥财报（财报分析智能体 ...

Core Viewpoint - The company maintains its profit forecast for Kingdee International (00268) and continues to rate it as outperforming the industry with a target price of HKD 17, based on a 40x 2025 P/OCF, corresponding to an 8x 2025 P/S ratio, indicating a 30% upside potential from its current trading level of 31x 2025 P/OCF or 6x 2025 P/S [1] Group 1 - The company is transitioning to a comprehensive enterprise management AI company, introducing the concept of "Enterprise Management AI" (EMAI) which integrates AI technology with management theories and practices to create a new generation of management platforms [2] - The management believes that this transformation will shift the company from delivering tools to delivering results, enhancing the value proposition of enterprise service providers and leading to a more outcome-oriented pricing model [2] - The company has developed the AI transformation methodology "AIGO," which includes Assessment & Architecture, Implementation, Governance, and Operation, aimed at accelerating the AI transformation process for enterprises [2] Group 2 - The company announced an upgrade of its enterprise-level PaaS platform, Kingdee Cloud Cangqiong, to a new generation AI platform, providing richer templates and tools, deeper SaaS connectivity, enhanced security, and more open technical standards [3] - This upgrade aims to lower the technical barriers for enterprises to apply AI and accelerate the development of intelligent agents [3] Group 3 - The company launched five intelligent agents, including JinYao Financial Report (financial report analysis agent), ChatBI (enterprise inquiry agent), recruitment agent, travel agent, and enterprise knowledge agent, all designed for immediate use [4] - The JinYao Financial Report agent targets professional investors, business operators, financial researchers, and individual investors, providing intelligent financial report interpretation and analysis report writing capabilities, marking an extension of the company's AI capabilities from B-end to C-end [4]

Financial Data and Key Metrics Changes - Non-GAAP net income increased by 59.9% year over year to RMB 1.93 billion, while non-GAAP EPADS on a fully diluted basis rose by 78.5% to RMB 13.5 [6] - Total revenue for Q1 was RMB 4.69 billion, compared to RMB 4.48 billion in Q4 and RMB 4.15 billion a year ago [20] - Non-GAAP net profit was RMB 1.93 billion in Q1 compared to RMB 1.97 billion in Q4 [26] Business Line Data and Key Metrics Changes - Revenue from credit-driven services was RMB 3.11 billion in Q1, up from RMB 2.89 billion in Q4 [20] - Revenue from platform services was RMB 1.58 billion in Q1, slightly down from RMB 1.59 billion in Q4 [21] - Loan volume from embedded finance channels grew by 36% year over year, while loan volume surged by roughly 106% [13] Market Data and Key Metrics Changes - The company added 1,540,000 new credit line users in Q1, up 6% year over year [11] - Ninety-day delinquency rate was 2.02% in Q1, down from 2.09% in Q4 [23] - The overall ROA of embedded finance channels improved by 20% on a sequential basis [13] Company Strategy and Development Direction - The company is rolling out an AI plus credit strategy aimed at building the industry's first AI agent platform [7] - Plans to recruit an additional 100 algorithm engineers by the end of the year to accelerate transformation into an AI-native organization [7] - The company expects to maintain a low funding cost in the long run while adopting a prudent lending strategy [66] Management Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic about the economy, supported by technological innovation and government measures to boost domestic demand [16] - The macroeconomic and policy landscape is showing signs of stabilization, which will provide a favorable environment for the consumer credit industry [16] - The company expects non-GAAP net income for Q2 to be between RMB 1.75 billion and RMB 1.85 billion, representing a year-on-year growth of 24-31% [30] Other Important Information - The company issued RMB 6.6 billion in ABS, a year-over-year increase of approximately 25% [11] - The effective tax rate for Q1 was 18%, higher than the typical rate of approximately 15% due to withholding tax provisions [26] - The company has executed a share repurchase program with a total repurchase expected to be no less than USD 680 million this year [18] Q&A Session Summary Question: Impact of new loan facilitation rules and credit quality trends - Management views the new rules as a positive signal for the industry, promoting orderly development and recognizing the value of leading loan facilitation platforms [34] - Asset quality remains stable, with the C2M2 ratio at 0.6%, significantly better than previous periods [35][36] Question: Asset quality indicators and credit demand trends - The increase in day one delinquency was driven by a change in loan mix, with a higher percentage from embedded finance channels [42] - Credit demand has shown early signs of recovery, but macro uncertainties persist [37][45] Question: Assessment of tariff tensions and ADR delisting risk - The direct impact of tariffs on the business is limited, with only a small percentage of loan volume affected [48] - The company has a clear plan to respond to potential ADR delisting risks, including a secondary listing in Hong Kong [52][54] Question: Customer acquisition costs and strategy adjustments - The increase in customer acquisition cost was driven by a change in business mix, with a higher contribution from API channels [58] - The company will continue to monitor macro changes and adjust acquisition strategies accordingly [62] Question: Loan demand trends and funding liquidity - Recent government policies aimed at boosting consumption have positively impacted credit demand [65] - The company expects funding costs to decrease slightly from Q1 levels and plans to optimize its funding structure [66]