1. What are the full-year performance expectations for KINGDEE INT'L? As of November 6, 2025, data from institutional forecasts projects: - Revenue of RMB6.67–7.22 billion, a year-on-year increase of 6.6%–15.3%. - Net profit of RMB28–201 million, up 119.7%–241.8% YoY. - Adjusted net profit of RMB28–157 million. Investors should monitor whether actual results exceed expectations upon earnings release.
2. Latest Analyst Views on KINGDEE INT'L **Caitong Securities** highlights: - Q3 2025 operational data shows subscription ARR reached RMB3.86 billion, with stable Net Dollar Retention (NDR): -苍穹&星瀚/星空/星辰/精斗云 at 105%/95%/93%/88%, respectively. - Subscription ARR growth slowed YoY but maintained steady accumulation, supporting future revenue. - Overseas expansion accelerated via a partnership with Malaysia’s振兴集团, marking direct local enterprise engagement. International revenue is expected to rise to 5%–10% of total sales.
Key business insights: 1) **Subscription ARR Growth**: RMB3.86 billion total, with a net addition of RMB130 million. 2) **NDR Performance**:苍穹&星瀚/星空/星辰/精斗云 NDR remained stable QoQ, with significant YoY improvement in large enterprises. 3) **Global Expansion**: The Malaysia partnership signals deeper local market penetration.
**Cinda Securities** notes: - KINGDEE leads China’s low-code/no-code software market with a 15.7% share for five consecutive years. - Market size grew 20.2% YoY in H2 2024, projected to exceed RMB12.98 billion by 2029. - The company ranks first in SaaS ERP, financial cloud, and other segments, topping IDC’s mid-market software rankings for 21 years.
H1 2025 financials: - Revenue: RMB3.19 billion (+11.24% YoY). - Net loss narrowed by ~55.1%, with gross margin up 2.38 percentage points. - Cloud subscription revenue rose 22.1%, ARR grew 18.5%, and contract liabilities increased 24.7% YoY. - AI initiatives: Contracts exceeded RMB150 million, with multiple AI-native solutions launched and deep integration with key clients.
*Risk Disclosure: Forecasts and cases herein are for reference only and not investment advice. Market volatility, corporate performance, and policy risks may impact stock prices. Conduct thorough due diligence before investing.*