8 July 2025 | 11:12PM HKT Yonyou (600588.SS): Mgmt. call: AI to drive client spending and internal efficiency; Large-scale clients to see sequential recovery We hosted Yonyou management on July 8 in our China Software Corp Call Series (July 7-10). Key discussions focused on (1) Enterprise clients' IT spending, (2) Gen-AI and AI agent monetization, and (3) Efficiency improvement. Overall, post challenging 1Q25 (rev -21% YoY), management expects to see sequential growth in 2Q, supported by improving demand fr ...

用友网络背景 该公司于1988年在北京成立，1998年发布首款ERP产品。2001年起在上交所上市。2003年开始拓展海外市场。 到2024年12月31日，用友网络在海外设有12家分支机构，累计服务1300多家海外客户，其中有六成是海外本地客户，四成是中企出海客户， 其客户遍布40多个国家和地区，主要包括亚太、欧洲及中东地区，是全球业务最广泛的中国企业软件厂商，也是海外业务收入规模最大的中 国企业软件厂商。 该公司提供包括云服务及软件产品在内的多种企业软件和智能服务产品矩阵，以全面满足各种规模的企业数智化转型需求（从小微企业到大 型综合企业再到公共组织）。其云服务主要包括用友BIP系列产品、U9 cloud、畅捷通提供的产品及其行业特定解决方案。 用友BIP是其云服务的核心平台，为企业数字化转型与数智化运营提供全方位工具、能力和资源支持。此外，其推出了拥有BIP产品系列， 包括面向大型企业的YonBIP和面向中型企业的YonSuite。 以2024年收入计为中国最大企业软件及服务供应商的A股上市公司用友网络（600588.SH），也向港交所提交了上市申请。 按其A股现价12.83元人民币计算，用友网络的A股市 ...

Core Viewpoint - Yonyou Network is facing significant financial challenges, with a 21% revenue decline in Q1 2025 and a net loss that has expanded over 60%, raising concerns about its ability to successfully transform in the AI era and regain investor confidence [1][5][11]. Financial Performance - In 2024, Yonyou Network reported revenues of 9.153 billion yuan, a 6.6% decrease year-on-year, and an adjusted net loss of 1.991 billion yuan, which is a 123% increase compared to the previous year [1][3]. - The company's Q1 2025 revenue was 1.378 billion yuan, down 21.22% year-on-year, with a net loss of 736 million yuan, marking a 62.5% increase in losses [4][5]. Revenue Trends - Yonyou Network's revenue fluctuated over three years, with figures of 8.89 billion yuan in 2022, 9.443 billion yuan in 2023, and 8.817 billion yuan in 2024, indicating a downward trend [3][4]. - The company has seen a decline in revenue from large and medium-sized clients, with large clients contributing 633 million yuan less in 2024 compared to 2023 [9]. Cost Structure - Sales costs increased from 3.998 billion yuan in 2022 to 4.76 billion yuan in 2024, with the ratio of sales costs to revenue rising from 45% to 54% [6]. - R&D and sales & marketing expenses are significant, with sales & marketing expenses being the largest component among these costs [7]. Cloud Services - Cloud services accounted for over 70% of Yonyou Network's revenue, increasing from 71% in 2022 to 77.2% in 2024, although the gross margin for cloud services decreased from 54.8% in 2022 to 45% in 2024 [8]. - The company is focusing on top-tier clients for its cloud services, which has led to increased complexity and delivery challenges [8][9]. Management Changes - The company has experienced significant management turnover, with the CEO position changing multiple times within a year, which may raise concerns about strategic continuity and governance stability [10][11]. - The return of founder Wang Wenjing as CEO may indicate internal disagreements or resistance to transformation efforts [11]. Cash Position - As of December 31, 2024, Yonyou Network held cash and cash equivalents of 5.657 billion yuan, a decrease of 1.094 billion yuan from 2023 [12].

进入2.0信息化阶段，公司跃居亚太第一（全球前十）的ERP软件提供商。 在3.0数智化阶段，公司率先提出数智化理念，构建了新一代商业创新平台——用友BIP，助力企业实现 业务在线、数据驱动、智能运营。 目前，公司正借助人工智能技术，持续引领企业数字化与智能化软件及服务市场的发展。公司提供丰富 的企业软件及智能服务产品矩阵，包括云服务及软件产品，全面满足从小型微型企业到大型综合企业及 公共组织的数智化转型需求。其云服务主要包括用友BIP系列产品、U9cloud、畅捷通提供的产品以及行 业特定解决方案。其中，用友BIP作为核心云服务平台，集成了为企业数字化转型与智能化运营提供全 方位工具、能力及资源的优势，包括面向大型企业的YonBIP和面向中型企业的YonSuite。 用友网络向香港联交所主板递交了上市申请。此次上市的联席保荐人为招银国际和中信证券。 用友网络是一家全球领先的企业软件与智能服务提供商，专注于以AI、大数据、云计算为核心技术的 企业数智化软件与智能服务研发、销售与服务。根据弗若斯特沙利文的报告，按2024年收入计算，用友 网络是中国企业软件及服务市场的最大市场参与者。 用友网络自成立以来，持续引领 ...

Core Viewpoint - Yonyou Network Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CMB International and CITIC Securities as joint sponsors [1] Company Overview - Yonyou Network is a leading global provider of enterprise software and intelligent services, focusing on the development and innovation of enterprise digitalization software and intelligent services based on AI, big data, and cloud computing [4] - According to Frost & Sullivan, Yonyou Network is the largest market participant in China's enterprise software and services market based on projected revenue for 2024 [4] - The company has evolved from accounting automation to information technology and now to digital intelligence, with core products transitioning from financial management software to ERP and now to the Yonyou Business Innovation Platform (Yonyou BIP) [4] Product and Service Matrix - The company offers a comprehensive matrix of enterprise software and intelligent service products, including cloud services and software products, catering to various scales of enterprises from small businesses to large organizations [5] - Yonyou BIP serves as the core platform for the company's cloud services, providing tools, capabilities, and resources for digital transformation and intelligent operations [7] Financial Performance - For the fiscal years 2022, 2023, and 2024, Yonyou Network reported revenues of approximately RMB 8.89 billion, RMB 9.44 billion, and RMB 8.82 billion, respectively [8] - The company experienced net profits of approximately RMB 2.25 billion, a loss of RMB 9.33 billion, and a further loss of RMB 20.70 billion during the same periods [7][8] - The gross profit margin decreased from 55.0% in 2022 to 46.0% in 2024, indicating a trend of increasing costs relative to revenue [8]

Core Viewpoint - Yonyou Network (SH:600588) announced plans to issue overseas shares (H-shares) and list on the Hong Kong Stock Exchange as part of its globalization 2.0 strategy, but investor sentiment remains skeptical due to the company's poor financial performance and recent history of leadership changes [1][3][14]. Financial Performance - Yonyou's revenue growth has significantly declined since 2019, with a reported revenue of 9.153 billion yuan in 2024, marking a year-on-year decrease of 6.57% [3][5]. - The company's net profit has also suffered, with a cumulative loss of approximately 3.028 billion yuan over the past two years, erasing the net profit accumulated from 2019 to 2022 [4][5]. - As of the end of 2024, Yonyou's cash reserves stood at 6.424 billion yuan, with short-term borrowings of 4.358 billion yuan, indicating short-term financial pressure despite manageable long-term debt [5]. Market Sentiment - Investor reactions to the announcement of the Hong Kong listing have been largely negative, reflecting a lack of confidence in Yonyou's ability to improve its financial situation [1][3]. - The company's stock price has dropped from a peak of 53.56 yuan in 2020 to around 13.7 yuan, indicating significant investor discontent [3]. Strategic Challenges - Yonyou's transition to cloud services has faced difficulties, with increased sales expenses totaling 8.545 billion yuan from 2020 to 2023, which have outpaced R&D expenses [8][9]. - The company's cost of sales has risen sharply, with the cost ratio increasing from 34.57% in 2019 to 49.27% in 2023, driven by higher outsourcing costs and increased personnel expenses [9]. Leadership and Governance - Yonyou has experienced multiple leadership changes in recent years, raising concerns about strategic stability and the future direction of the company [14][15]. - The recent appointment of a new president and the return of the founder to leadership roles highlight ongoing governance challenges [17]. Globalization Efforts - Yonyou's overseas business has seen over 50% growth, with operations established in more than 40 countries and regions, serving over 1,300 clients [18][19]. - However, the company faces challenges in replicating its domestic service experience abroad, which may require additional investment and resources [19]. Technological Opportunities - The introduction of AI models like YonGPT represents a potential growth opportunity for Yonyou, as the enterprise service market evolves towards AI integration [20]. - The company aims to leverage AI to enhance operational efficiency and reduce costs, although this will require sustained investment in R&D [20].

来源|证券之星 作者|李若菡 国产软件巨头用友网络业绩在2024年遭遇重创，其营收不仅出现下滑，更是创下上市以来最大亏损纪录。 证券之星注意到，云服务业务作为公司的营收支柱，目前已增长乏力，且公司三大客户群体收入全线萎缩。同时，受裁员经济补偿金增加、收购子公 司商誉减值、投资损失等多重因素影响，公司在2024年亏损加剧。 业绩不佳之下，裁员、换帅接连上演。目前，公司创始人王文京重回一线，重新担任其总裁一职。在王文京的带领下，公司能否走出困境、实现盈利 仍有待观察。 以下文章来源于证券之星 ，作者李若菡 证券之星 . 证券之星始创于1996年，是国内领先的金融信息及综合服务平台。关注证券之星，即时获取有价值的财经资讯。 具体到业务上，公司在2016年提出用友3.0战略，开始由软件服务全面向云服务转型，并推出了一系列云服务产品。2020年，公司发布了用友商业 创新平台YonBIP，标志着用友3.0战略进入第二阶段，即云服务从产品服务模式升级为平台服务模式。 公司自2021年起主动收缩软件业务，加快推进云服务转型战略，云服务业务占营收比重呈现提升趋势。目前，云服务业务已成为用友网络的支柱业 务，并在2024年为公司 ...

Core Viewpoint - Yonyou Network (600588.SH) faces significant challenges in 2024, reporting its largest loss since its IPO, with revenue decline and increased losses attributed to multiple factors including layoffs, goodwill impairment, and investment losses [1][2][5]. Revenue and Profitability - In 2024, Yonyou Network's revenue was 9.153 billion yuan, a year-on-year decline of 6.6%, while the net profit attributable to shareholders was -2.061 billion yuan, representing a 113% increase in losses compared to the previous year [2][3]. - The company's cloud service business, which has become a key revenue driver, contributed over 70% of total revenue in 2024, but its growth has significantly slowed, with revenue figures of 5.32 billion yuan in 2021, 6.353 billion yuan in 2022, 7.091 billion yuan in 2023, and 6.85 billion yuan in 2024, showing a decline of 3.4% year-on-year [2][3]. Customer Segments - All three major customer segments—large enterprises, medium-sized enterprises, and government/public organizations—experienced revenue declines in 2024, with large enterprise revenue at 5.864 billion yuan (down 10%), medium-sized enterprises at 1.251 billion yuan (down 9.7%), and government/public organizations at 907 million yuan (down 7.7%) [3][5]. Cost Structure and Expenses - The company has faced rising costs due to a major organizational restructuring, leading to a 22.7% increase in sales expenses to 2.743 billion yuan and a 20.09% increase in R&D expenses to 2.106 billion yuan in 2023 [5][6]. - In 2024, the company incurred 142 million yuan in severance payments due to layoffs, contributing to a 10.14% increase in management expenses to 1.22 billion yuan [5][6]. Asset Impairment and Investment Losses - Yonyou Network reported a total asset and credit impairment loss of 525 million yuan in 2024, a 123% increase year-on-year, driven by increased impairment losses on long-term equity investments and goodwill [6][7]. - The company also faced increased amortization of intangible assets from R&D investments, amounting to an additional 300 million yuan year-on-year, and investment losses increased by 69.34 million yuan due to declines in the valuation of invested companies [6][7]. Leadership Changes - Amidst poor performance, Yonyou Network's founder Wang Wenjing returned to the front line, taking over as president from Huang Chenhong, who had a brief tenure [8][10]. - The company has experienced four presidential changes in the past five years, reflecting ongoing leadership instability and concerns about finding a suitable successor [10][12].