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Kingdee Kingdee International Software Group 2026 INTERIM RESULTS Stock code : 268.HK 12 August , 2026 Copyrights © 1993-2026 Kingdee International Software Group
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主色 辅助色 字体 微软雅黑 01 2 Business Review
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主色 辅助色 字体 微软雅黑 3 2025 H1 2026 H12025 H1 2026 H1 1,684 2,028 3,730 4,413 +20.4% +18.3% 2025 H1 2026 H1 3,192 3,625+13.6% 2026 Interim Results Highlights Overall Revenue Growth Continues to Accelerate (RMB million) Group Revenue Subscription Revenue Subscription ARR
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主色 辅助色 字体 微软雅黑 4 2025 H1 2026 H12025 H1 2026 H1 103 296 +189.0% AI+SaaS 2025 H1 2026 H1 2,345 2,770 +10.3% 580 559-3.6% (RMB million) 2026 Interim Results Highlights Product Segment Growth AI Native Others 套件 101% 96% 94% NDR
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主色 辅助色 字体 微软雅黑 5 67%33% New Subscription Amount Breakdown in 2026 H1 Kingdee AI Suite has become the core driver of new subscription growth in the large and mid-sized enterprise markets. 2025 H1 2025 H2 2026 H1 AI-Native Product Contract Value YoY +159.2%; HoH +47.3% 605 411 233 (RMB million) 2026 Interim Results Highlights AI-Native Product Begins to Drive Our Growth
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主色 辅助色 字体 微软雅黑 6 - 250 500 750 1,000 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 (RMB million) AI套件 苍穹&星瀚 星空 EAS K/3 Wise AI-Native Products Reshape the Growth Curve 1. Time to Reach RMB1bn: Software Licenses 15 years → Cloud SaaS Subscriptions 6–7 years → AI 1–2 years 2. Scale Ceiling: License Era RMB0.8~1bn → SaaS Era RMB2bn → AI Era: ? AI Suite Cosmic & Constellation Galaxy EAS K/3 Wise
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主色 辅助色 字体 微软雅黑 7 Expanding Market Share Across the AI Value Chain AI Model Embodied Robot Optical Comm. 58% of China’s Top 50 AI Technology Companies Choose Kingdee¹ 49% of National-Level “Little Giant” Enterprises Choose Kingdee Frontier Hardware PCB Value Chain (1) Based on the “2026 Forbes China Top 50 AI Technology Companies” list.
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主色 辅助色 字体 微软雅黑 8 Semiconductor Industry Customer Base MaterialsEDA Metrology & Inspection Packaging Equipment Wafer Final Test Foundry Equipment CoWoS IDM Chip Design MNEs
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主色 辅助色 字体 微软雅黑 9 营销费用率 管理费用率 研发费用率整体 实施、咨询运维服务及其他 订阅及软件 67.7% 36.7% 10.2% 22.3% 65.6% 47.4% 33.4% 11.1% Operating Expense Ratio (Trends in 2021H1-2026H1) 96.5%96.5% 17.9% 13.9% Gross Margin (Total & Segments) 2026 Interim Results Highlights Subscription Model Compound Effect Accelerates, Operating Leverage Expands Group Implementation, Maintenance, Consulting & Others Subscription & Software S&M as % of Revenue G&A as % of Revenue R&D as % of Revenue
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主色 辅助色 字体 微软雅黑 10 2025 H1 2026 H1 +20.8% 2026 Interim Results Highlights Per capita revenue exceeds RMB700k, operating quality continues to improve. Per Capita Revenue Net Cash Inflow from Operating Activities 2025 H1 2026 H12025 H1 2026 H1 54 -98 116 -51 2025 H1 2026 H1 142 -18 (RMB million) Profit Attributable to Owners of the Company Adjusted Profit Attributable to Owners of the Company
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主色 辅助色 字体 微软雅黑 11 2019 H2 2020 H1 2020 H2 2021 H1 2021 H2 2022 H1 2022 H2 2023 H1 2023 H2 2024 H1 2024 H2 2025 H1 2025 H2 2026 H1 4,645 190 997 118 Recent 6.5-Year CAGR of Contract Liabilities: +26.7% 2026 Interim Results Highlights Contract Liabilities (RMB million) Contract Liabilities Account Receivable
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主色 辅助色 字体 微软雅黑 12 2026 Interim Results Highlights Shareholder Returns & Strategic Investments Share Buyback (Cancellation & ESOP Platform) HK$350mn Shares cancelled during the period represented 1% of the opening share capital Strategic Investments RMB775mn Net Cash Reserves RMB3.5bn
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主色 辅助色 字体 微软雅黑 02 13 AI Native Product Progress
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主色 辅助色 字体 微软雅黑 14 AI Native AI+ SaaS & Others Work Manage Build …… 套件 Kingdee Product Family
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主色 辅助色 字体 微软雅黑 15 Ecosystem Expansion Agents / Skills Market Customer Co-creation Management Research Ecosystem Model Ecosystem AI Operations Ecosystem …… Production Mgmt Group Finance Tax Mgmt HRM Product R&D Work Collaboration Quality Mgmt Marketing Mgmt SaaS Application Globalization Layered Structure Live AI No Version Upgrades · Best-Practice Library Business Project Mgmt Lingee Harness (Unified agent orchestration and SaaS execution layer) Skills Lingee Agent Financial Agents Supply Chain Agents Marketing Agents Production Agents HR Agents R&D Agents Data Analytics Agents Procurement Collaboration Building Agents Group Finance Finance Mgmt SCM Interaction PC MobileWork BuildManage Multi-platform Access Data Security Model Access Identity and Access Management (IAM) | Privacy and Security | Data Minimization | Agent Security | Audit Evidence Chain | Trusted Computing Base (TCB) | Security Access and Protection Multi-Model Access Gateway | Model Security | Token Cost and Quality Observability Data Cloud | AI-Ready Data Service | Corporate Memory | Data Semantics | Ontology Modeling | Data Lifecycle Management (DLM) | Multimodal Data Storage | Data Integration Web AI-Native Product Architecture
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主色 辅助色 字体 微软雅黑 16 Work Empower every employee to become a super individual. An AI super-agent assistant for every employee across the enterprise. Daily Office Operations Business Analysis Business Execution Build Enterprise AI Development Platform Personal Development Daily Development · Website · Agent/Skill · CI/CD Enterprise Development Platform AI-Native Rebuild of Internal Systems Lingee Enterprise AI Operating System Manage AI native ERP Build an AI-native organization that is human- machine symbiotic and self-evolving. CEO CFO AI Finance Department AI Sales Department AI Procurement Department …… ……
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主色 辅助色 字体 微软雅黑 17 Trusted Context · Evidence · Constraints ↑ ↓ Results · Feedback · Experience Write-Back → →Context Assembly · Agent Loop Working Memory: Task Context · Intermediate Results · Tool Status Skills & Tools Business Methods · System Connections · Permission Enforcement Controlled Business Actions Executable · Traceable · Auditable 1 Data Connecting heterogeneous data to deliver authentic, real- time business facts. 30+ Data Source Types Supply Chain · Finance & Taxation · Manufacturing, E- Archives and Other Core Domains Real-Time Facts · Unified Permissions · Traceable Lineage 2 Knowledge Five types of knowledge collectively provide facts, rules, and business methods. 30k+ Business Objects 800k+ Semantic Fields 170k+ Explicit Rules Source： ERP Metadata + BOTP Process Ontology Personal Private Enterprise Private Domain Knowledge General Knowledge Time-Sensitive Knowledge 01 Input Structured/Semi-Structured + Unstructured + Third-Party Data 02 Construction Metadata-Driven Encapsulating Objects, Relationships, and Rules 03 Output｜ Business Ontology Network 3 Ontology Cross-domain unified business semantics. Covering over 20 industries, serving 70 Fortune Global 500 companies. 4 Long-term Memory Persistent experience, securely reusable across tasks. User Memory Profile · Preferences · Personal Key Memories Agent Memory Task Experience · Strategies · Reusable Methods Organization Memory Entities · Decisions · Roles and Permission Scopes Lingee Data Cloud Truth · Rules · SOP · Templates · Evidence Smart Closing · Excess & Obsolete (E&O) Inventory Alert · Quality Root Cause Analysis Capture → Govern → Accumulate → Inject / Retrieve Provides Trustworthy Context for Agents and Accumulates Reusable Enterprise AI Assets Lingee Data Cloud
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主色 辅助色 字体 微软雅黑 18 Lingee Enterprise Agent Operating System L6 Closed-Loop｜Goal-Driven Strategic goal setting and execution, process monitoring, and results review L5 Execution｜Business Agents Intelligent execution across expense reimbursement, invoicing, accounting, and scheduling L4 Decision｜Intelligent Decision-Making Recommendations for budget adjustments, expense control, procurement replenishment, and production scheduling L3 Prediction Forward-Looking Insights L2 Analysis Operational Insights L1 Query Intelligent Data Inquiry 03 Goal-Driven Closed Loop 02 Agent Execution 01 Data Value Realization Intelligence That Continuously Evolves
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主色 辅助色 字体 微软雅黑 19 01 Intent-Driven Traditional ERP is process-driven, whereas AI is cognition-driven. Users set the intent and objectives, and AI executes work end to end. Intent-driven operations are the foundation of AI-native management. 02 03 04 05 Unity of Knowing & Doing for Agile & Intelligent Growth Continuous Evolution Management should evolve, not remain static. Systems continuously iterate and optimize AI agents through usage, becoming smarter over time. One Enterprise, One Model Traditional ERP offers standardized solutions for all enterprises. In the AI era, each enterprise can build a management model tailored to its own needs. Real-time Management Accounting Traditional ERP operates in functional silos, resulting in delayed financial information. In the AI era, every business activity generates a real-time financial mirror, enabling faster and better decisions. Human–AI Co-Evolution People provide meaning; AI drives efficiency. Humans and AI collaborate and grow together. Lingee Management Philosophy
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主色 辅助色 字体 微软雅黑 20 套件 97% Improvement in Employee Expense Reimbursement Efficiency 90% Improvement in Financial Review Efficiency 50% Shortening of Development Cycles 80% Reduction in Man-Hours for Inventory Reconciliation 65% Improvement in R&D Efficiency 86% Reduction in Application Delivery Cycle Time Delivery Lead Time for Dealer Sales Orders Reduced by Approximately 30% 10% Reduction in Logistics Freight Costs Signed with Malaysia’s largest integrated construction and property group Lingee Delivers Measurable Value to Customers
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主色 辅助色 字体 微软雅黑 21 Partnering with More Industry Leaders to Build an AI-Powered Future… Lingee Customer Co-innovation – Lighthouse to Best Practice
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主色 辅助色 字体 微软雅黑 03 22 Outlook
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主色 辅助色 字体 微软雅黑 23 2026 Business Outlook 2025 2026展望 收入 净利润率 AI and Globalisation to Drive Growth • Group Revenue Achieves Double-Digit Growth, AI-Native Product Revenue Exceeds RMB1 Billion - The combination of Lingee and Kingdee AI Suite • Subscription Revenue at Approximately 20% Growth • Overseas Revenue Maintains Strong Growth Subscription-Driven Quality and Efficiency Improvement • Adjusted Net Profit Margin Attributable to Owners of the Company Improves from 3.3% to 7% - Benefiting from Operating Leverage Release in the Subscription Business • Net Cash from Operating Activities Grows by Over 20% • Revenue per Employee Continues to Rise Adjusted Net Profit Margin Attributable to Owners of the Company 2026 Outlook Revenue
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主色 辅助色 字体 微软雅黑 24 Maintain AI Transformation Goal in 2030 SaaS AI Native 50% AI + SaaS 50% Build another Kingdee with AI native products
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主色 辅助色 字体 微软雅黑 Appendix 25
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主色 辅助色 字体 微软雅黑 26 Income Statement (RMB’000) 2026 H1 2025 H1 YoY Chg Revenue 3,625,422 3,192,499 13.6% Cost of Sales -1,169,510 -1,097,158 6.6% Gross Profit 2,455,912 2,095,341 17.2% Selling & Marketing Expenses -1,330,408 -1,263,898 5.3% Administrative Expenses -368,132 -346,049 6.4% Net Impairment Losses on Financial Assets -24,866 -20,792 19.6% R&D Costs -809,206 -775,514 4.3% Other Income and Gains - Net 80,902 136,223 -40.6% Finance Income 29,854 36,627 -18.5% Finance Costs -2,481 -2,627 -5.6% Finance Costs - Net 27,373 34,000 -19.5% Share of Profits of Associates 6,385 7,126 -10.4% Profit / (Loss) Before Income Tax 37,960 -133,563 NA Income Tax Credit 10,185 24,458 -58.4% Current Profit / (Loss) 48,145 -109,105 NA Profit / (Loss) Attributable to: Owners of the Company 54,497 -97,738 NA Non-Controlling Interests -6,352 -11,367 44.1%
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主色 辅助色 字体 微软雅黑 27 (RMB’000) 2026 H1 % of Revenue 2025 H1 % of Revenue YoY Chg Subscription & Software 2,300,590 63.5% 1,999,487 62.6% 15.1% Subscription 2,028,003 55.9% 1,684,262 52.8% 20.4% Software 272,587 7.6% 315,225 9.8% -13.5% Implementation, Consulting, Maintenance Services & Others 1,324,832 36.5% 1,193,012 37.4% 11.0% Implementation 859,195 23.7% 787,801 24.7% 9.1% Consulting, Maintenance & Others 465,637 12.8% 405,211 12.7% 14.9% Total 3,625,422 100.0% 3,192,499 100.0% 13.6% Revenue by Business Segments
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主色 辅助色 字体 微软雅黑 28 Research and Development Expenses (RMB’000) 2026 H1 2025 H1 YoY Chg Staff Costs 758,123 753,498 0.6% Fixed Fees 19,240 15,119 27.3% Professional Services Fees 4,674 4,835 -3.3% Travel Expenses 4,669 3,724 25.4% Others 11,060 1,646 571.9% Total R&D Expenditure 797,766 778,822 2.4% Less: Capitalized R&D Costs Expenditure 267,386 260,865 2.5% Capitalization Rate 33.5% 33.5% - Add: Amortization of Intangible Assets from Capitalized Development Costs 278,826 257,557 8.3% Total R&D Expenses 809,206 775,514 4.3% R&D Expenses as % of Revenue 22.3% 24.3% -2.0pts
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主色 辅助色 字体 微软雅黑 29 Selling and Marketing Expenses (RMB’000) 2026 H1 2025 H1 YoY Chg Staff Costs 721,990 725,577 -0.5% Sales Promotion & Marketing Activity Expenses 512,649 439,630 16.6% Fixed Fees 44,528 45,196 -1.5% Travelling Expenses 31,370 33,802 -7.2% Project Collaboration Fees 6,537 6,888 -5.1% Others 13,334 12,805 4.1% Total 1,330,408 1,263,898 5.3% Selling & Marketing Expenses as % of Revenue 36.7% 39.6% -2.9pts
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主色 辅助色 字体 微软雅黑 30 General and Administrative Expenses (RMB’000) 2026 H1 2025 H1 YoY Chg Staff Costs 285,587 280,060 2.0% Fixed Costs 54,271 41,631 30.4% Professional Services Fees 17,593 16,233 8.4% Recruitment & Training Costs 3,898 1,212 221.6% Travel Expenses 2,580 2,453 5.2% Others 4,203 4,460 -5.8% Total 368,132 346,049 6.4% G&A Expenses as % of Revenue 10.2% 10.8% -0.6pts
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主色 辅助色 字体 微软雅黑 31 (RMB’000) 2026 H1 2025 H1 YoY Chg VAT Refund and Research Project Income 41,672 82,859 -49.7% Rental - Net 50,834 39,604 28.4% Fair Value Changes of Investments -22,006 2,231 N/A Gain Recognized on Investment Income 8,060 7,466 8.0% Foreign Exchange Loss -4,278 -1,842 -132.3% Others 6,620 5,905 12.1% Total 80,902 136,223 -40.6% Other Income and Gains - Net
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主色 辅助色 字体 微软雅黑 32 Adjusted Net Profit (a Non-IFRS measure) (RMB’000) 2026 H1 2025 H1 YoY Chg Profit / Loss Attributable to Owners of the Company 54,497 （97,738） NA Share-based Compensation 34,551 51,169 -32.5% Share of Profit / Loss of Associates （6,385） (7,126) 10.4% Amortization of Intangible Assets from Acquisitions 14,140 4,885 189.5% Fair Value Changes of Investments and Impairment of Goodwill 21,107 (1,918) NA Tax Impact of Adjustments (1,820) (432) -321.3% Adjusted Profit / Loss Attributable to Owners of the Company (Non-IFRS) 116,090 (51,160) NA
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主色 辅助色 字体 微软雅黑