花旗发表研究报告指，金蝶国际上半年业绩大致符合市场预期，收入按年增长11%至32亿元。当中，云订阅服务收入增长22%至17亿元，分部毛利率按年提升1个百分点至96.2%，产品收入微升1%至15亿元，分部毛利率按年下降2.1个百分点至31.5%。上半年订阅服务ARR按年增长18%至37.3亿元，略逊该行预期，而云订阅合约相关负债按年增长25%至34亿元。 公司透露上半年AI相关合约额已超过1.5亿元，花旗预期投资者接下来将较关注下半年云业务收入前景、经营开支、盈利展望，以及明年以至更长期AI发展目标。该行又估计，金蝶云星空及中小企非订阅收入上半年可能录得持平或下跌，给予“买入”评级，目标价18.3港元。
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