金蝶国际_升级 AI 模型推动商业化；2025 年下半年营收指引符合预期；买入评级

20 February 2026 | 10:10AM HKT Equity Research | | 2025E | | | 2026E | | | 2027E | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Rmb m | Old | New | Chg | Old | New | Chg | Old | New | Chg | | Revenues | 7,044 | 7,044 | 0% | 8,743 | 8,743 | 0% | 10,730 | 10,730 | 0% | | GP | 4,697 | 4,697 | 0% | 5,995 | 5,995 | 0% | 7,515 | 7,515 | 0% | | OP | -54 | -112 | na | 400 | 355 | -11% | 774 | 719 | -7% | | Net income | 178 | 94 | -47% | 545 | 501 | -8% | 881 | 827 | -6% | | EPS | 0.05 | 0.03 ...