中银国际发表研究报告指，金蝶国际中期业绩报告后股价下跌，主要受投资者获利了结影响。公司2025年上半年收入按年增长11%，经常性收入(ARR)达37亿元，按年增长18.5%，但略低于市场预期。尽管如此，该行认为，金蝶在盈利能力和经营现金流方面依然展现出良好的改善迹象。管理层指引2025年实现盈亏平衡，并实现不少于10亿元的净经营现金流。长期来看，随着云业务及AI智能体订单的持续增长，金蝶有望凭借其专有数据优势进一步提升业绩。根据最新分部估值(SOTP)假设，该行将其目标价由18.9港元降至18.08港元，维持“买入”评级。
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