中国软件 - 运营效率分析与观察；提升员工 productivity 推动利润率改善-China Software_ _Operational efficiency_ analysis & observation; Enhancing employee productivity to drive margin improvement

10 November 2025 | 7:21PM HKT Equity Research China Software: "Operational efficiency" analysis & observation; Enhancing employee productivity to drive margin improvement In this report, we review China software vendors' operational efficiency, productivity, and profitability. Key findings: (1) Employee productivity: Overall, the avg. headcount of software companies was down in 2021-24, while employee productivity improved on shifting focus to core and innovative businesses along with disciplined cost, (2) ...