到如今，两家企业再次同时走到了全新的历史节点之上：实现AI化，走向全世界。 对立统一 2025年6月12日，中国企业软件行业迎来一个历史性时刻：金蝶国际市值突破504亿港元（约461亿元人民币），首次超越老对手用友网络（454.8亿元人民 币）。 该事件成为了业界关注的焦点，不少人将其解读为两家公司竞争格局的转折点。 但若将视角从某个特定单一时点的"输赢比拼"中抽离出来，换个角度去看待这件事，就会感受到一个无法回避的问题：为什么总是金蝶和用友，两家企业 的生命力为何如此之强？ 回溯过去三十余年不难发现，用友与金蝶之间持续而激烈的竞争关系，就如接连不断的强心剂一般，驱动着双方不断演进，并深层次地塑造了整个中国企 业管理软件产业的业态。 两家企业之间的"相爱相杀"，将中国的企业管理软件市场上外资品牌的生存空间大量挤压，从而确保了大量中国企业的管理能力进步，以及商业数据的安 全。可以说，一个重要的领域长期、稳定的自主生长，自主可控，在中国科技领域并不多见。 在用友和金蝶两家企业身上，我们能看到太多对立与统一的结合。 从对立性上看，双方是绝对的竞争对手。这从一个近期发生的小故事上可见一斑。 2025年8月15日至17 ...

Core Viewpoint - Yonyou Network, a leading enterprise management software company in China, has submitted its IPO application to the Hong Kong Stock Exchange amid declining performance and management instability, raising questions about its future prospects [1][16]. Group 1: Financial Performance - In 2024, Yonyou reported revenue of 9.153 billion yuan, a year-on-year decline of 6.57%, and a net loss of 2.061 billion yuan, a staggering year-on-year drop of 113.13% [1][8]. - This marks the second consecutive year of losses for Yonyou, with net profits decreasing from 11.83 billion yuan in 2019 to 2.19 billion yuan in 2022, and further into losses in 2023 and 2024 [6][8]. - The company attributed the revenue decline to two main factors: delayed customer demand and a shift towards a subscription business model, which impacted short-term revenue [8]. Group 2: Management Changes - Yonyou has experienced significant management upheaval, with three major changes in the core management team within 15 months, including the return of founder Wang Wenjing as president in March 2024 [1][15]. - The frequent turnover in leadership has raised concerns about the company's internal governance and stability, potentially affecting investor confidence [15][16]. Group 3: Market Position and Strategy - Yonyou's market capitalization has plummeted nearly 75% from its peak of 180 billion yuan to approximately 49.7 billion yuan, reflecting a loss of investor confidence [10]. - The company's cloud service revenue, which was expected to drive growth, has instead seen a decline, with revenue growth rates dropping from 55.5% in 2021 to -3.4% in 2024 [11]. - Yonyou's focus on customized cloud services has hindered its ability to scale effectively, contrasting sharply with competitors like Kingdee International, which reported a 13.4% growth in cloud service revenue in 2024 [11][12]. Group 4: Cost Management and Workforce - To manage costs amid declining revenues, Yonyou has implemented significant layoffs, reducing its workforce by 3,666 employees in 2024, while also incurring increased severance costs [14]. - Despite the layoffs, executive compensation has continued to rise, with average salaries for senior management reaching 1.744 million yuan in 2024, raising questions about cost management priorities [14][15].