Kingdee International (00268) rose over 4%, up 4.4% as of press time to HK$8.18, with a turnover of HK$372 million.

On the news front, the commercialization scale of Kingdee International's AI-native products is accelerating, and the company has entered a profitable trajectory. In the first half of this year, the company's total revenue reached 3.625 billion yuan, up 13.6% year-on-year, of which cloud service revenue was 3.116 billion yuan, up 16.6% year-on-year; subscription revenue was 2.028 billion yuan, up 20.4% year-on-year, accounting for more than half at 55.9%; subscription ARR reached 4.413 billion yuan, up 18.3% year-on-year.

The company has initially built an AI-native product ecosystem, with products including Lingji, Kingdee AI Suite, and Kingdee AISuite. In the first half, AI-native product revenue reached 296 million yuan, up 189% year-on-year, of which AI-native subscription revenue reached 146 million yuan, up 282.9% year-on-year.

Guosen Securities believes that the AI-native business has become a new growth curve, the subscription-first and AI-first strategies have been validated in implementation, and the long-term growth logic for enterprise SaaS and AI transformation remains solid.