Kingdee International Software Group | Asia Pacific 1H26 Result: All the Boxes Checked

研报英文原文证据摘录

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M

Update

August 11, 2026 11:33 AM GMT

Kingdee International Software Group | Asia Pacific

Morgan Stanley Asia Limited+

Yang Liu

Equity Analyst

1H26 Result: All the Boxes

Checked

Lydia Lin

Equity Analyst

AlphaSignals Earnings Reaction

Unchanged

In-line

Largely unchanged

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Kingdee International Software Group (0268.HK, 268 HK)

Greater China IT Services and Software | China

Rmb4.4bn.

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Aug 11, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

EV, curr (mn)

Avg daily trading value (mn)

AI native product revenue was up 189% YoY to Rmb296mn with contracts up

Fiscal Year Ending

159% YoY to Rmb605mn. Lingee onboarded 26 customers since launched on May

EPS (Rmb)**

0.07

0.15

0.25

0.36

EPS (Rmb)§

0.04

0.13

0.21

0.33

Revenue, net (Rmb mn) 7,006.0 7,937.5 8,963.8 10,072.3

EBITDA (Rmb mn)

518.8 846.7 1,138.8 1,489.6

ModelWare net inc

232.0 545.8 905.4 1,276.7

(Rmb mn)

P/E

181.1

50.1

30.3

21.6

P/BV

5.1

3.1

2.9

2.5

RNOA (%)

(2.7)

3.4

8.3

14.9

ROE (%)

2.9

6.6

10.3

13.2

EV/EBITDA

76.8

28.6

20.1

14.3

Div yld (%)

0.0

FCF yld ratio (%)**

1.2

3.3

4.8

6.0

Leverage (EOP) (%)

(28.8) (37.3) (47.6) (57.5)

Key Takeaways

1H26 revenue grew 13.6% YoY to Rmb3.6bn. The acceleration in growth was

driven primarily by enterprise customers' AI adoption.

Subscription revenue was up 20.4% YoY. ARR grew 18.3% YoY/4.5% QoQ to

20.

GPM expanded 2.1ppt to 67.7% and opex ratio dropped by 5.5ppt on operating

leverage, despite rolling out new AI products.

OCF turned positive to Rmb142mn in 1H26 vs. -Rmb18mn in 1H25.

Related notes:

Kingdee International Software Group: 1H26 Preliminary Earnings: Well on Track (7

Jul 2026)

China IT Services and Software: Searching for Oversold Opportunity (3 Aug 2026)

Overweight

In-Line

HK$11.30

26

HK$8.99

HK$18.82-5.63

3,536

Rmb27,333.7

Rmb25,141.6

HK$480

12/25 12/26e 12/27e 12/28e

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

…