Kingdee International (00268) rose more than 7%, reaching HK$9.08 at the time of writing with a turnover of HK$143 million. According to a research note from GF Securities, the company's voluntary announcement on April 13 showed that its subscription services annual recurring revenue for the first quarter reached approximately RMB 4.22 billion, representing a year-on-year increase of about 19%. The net dollar retention rate for its key products remained stable during the quarter. The net retention rates for Xinghan, Xingkong, and Xingchen were 103%, 96%, and 94% respectively, demonstrating steady performance compared to the same period in 2025, when the rates were 108%, 94%, and 92%. A high retention rate is a key indicator of healthy cloud service development, reflecting the comprehensive competitiveness of the company's cloud products. It also establishes a foundation for the continued decline in the company's expense ratio, particularly the sales expense ratio. GF Securities further noted that, on the profit side, combined with sustained revenue growth and an increasing proportion of ARR, along with the ongoing effects of cost-saving and efficiency improvements from 2025, the brokerage expects a significant year-on-year improvement in profits for the first quarter. During the quarter, the contract value for the company's native AI products (Kingdee AI Suite) reached RMB 230 million. Compared to the full-year 2025 AI contract value of RMB 356 million, the brokerage is optimistic about the accelerating trend of AI orders in 2026.