Kingdee International Software Group FY2025 Annual Results Stock code: 268.HK 18 March 2026 2 2025 Financial Highlights Sustained Resilient Revenue Growth: Subscription ARR Surpasses RMB4 Billion, Leading China SaaS Industry (RMB million) Continued Operating Leverage Release from Subscription Business, Driving Steady Improvement in Operating Quality 毛利率 营销费用率 管理费用率 研发费用率 67.1% 38.9% 9.2% 21.3% 65.8% 42.5% 29.3% 12.3% 96.0% 96.5% 22.6% 22.5% Gross margin S&M ratio G&A ratio R&D ratio Implementation, Consulti ...