1. What are KINGDEE INT'L's full-year performance expectations? As of September 22, 2025, according to quarterly performance outlook data: projected operating revenue of RMB 6.67-7.22 billion, representing a year-on-year growth of 6.6%-15.3%; projected net profit of RMB 0.028-0.177 billion, showing year-on-year growth of 119.7%-224.9%; projected adjusted net profit of RMB 0.028-0.157 billion. Attention should be paid to whether subsequent financial report disclosures can exceed expectations, as Hong Kong stock quarterly performance outlook data will provide performance assessment for investors.

2. Latest sell-side perspectives on KINGDEE INT'L: Caitong Securities believes that KINGDEE INT'L acquired a 62.8% stake in Yunzhijia through Hongjin Investment for RMB 0.068 billion, raising its shareholding to 70.3% and achieving consolidation. Yunzhijia, as an enterprise social and collaboration platform, aligns with Kingdee's subscription-first and AI-first strategies. Built on cloud-native architecture, it has achieved positive after-tax profits. Kingdee plans to develop Yunzhijia as a unified portal for AI+collaboration, strengthening mobile office capabilities and optimizing cloud ERP user experience.

By business segment: 1) Yunzhijia equity acquisition: KINGDEE INT'L acquired a 62.8% stake in Yunzhijia through Hongjin Investment for RMB 0.068 billion, raising its shareholding to 70.3% and achieving consolidation. 2) Yunzhijia strategic focus: Yunzhijia aligns with Kingdee's subscription-first and AI-first strategies, built on cloud-native architecture, and has achieved positive after-tax profits. 3) AI+collaboration unified portal: Kingdee plans to develop Yunzhijia as a unified portal for AI+collaboration, strengthening mobile office capabilities and optimizing cloud ERP user experience.

Cinda Securities believes that KINGDEE INT'L maintained first place for the fifth consecutive year in China's low-code and no-code software market in the second half of 2024 with a 15.7% market share. The market reached RMB 2.29 billion, growing 20.2% year-on-year, and is expected to exceed RMB 12.98 billion by 2029. Kingdee ranks first in multiple segments including SaaS ERP and financial cloud, and has maintained the top position in IDC's China growth enterprise application software market share for 21 consecutive years.

In the first half of 2025, Kingdee achieved revenue of RMB 3.192 billion, up 11.24% year-on-year, with net profit losses narrowing by approximately 55.1%, gross margin increasing by 2.38 percentage points year-on-year, and expense ratios declining. Cloud subscription revenue grew 22.1% year-on-year, ARR increased 18.5% year-on-year, and contract liability balance rose 24.7% year-on-year. Kingdee fully embraces AI with AI-related contract amounts exceeding RMB 150 million, launching multiple AI-native intelligent agents and collaborating with key clients to promote deep integration of AI with business operations.

(Note: All profit forecast data in this article comes from performance prediction databases)

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