Lyon: Kingdee International (00268.HK) first half year revenue meets expectations

According to the Wisdom Financial APP, Lyon released a research report stating that Kingdee International (00268.HK) announced its performance in the first half of 2025, with revenue growing by 11.2% to 3.192 billion yuan compared to the same period last year, which is basically in line with market expectations. Kingdee disclosed for the first time that its cloud subscription revenue in the first half of 2025 was 1.684 billion yuan, an increase of 22.1% year-on-year. Annual recurring revenue reached 3.73 billion yuan, up 18.5% year-on-year, and up 8.7% quarter-on-quarter. Lyon stated that Kingdee International's gross profit in the first half of 2025 increased by 15.4% year-on-year to 2.095 billion yuan, with a gross profit margin rising from 63.2% in the first half of 2024 to 65.6% in the first half of 2025, an increase of 240 basis points, in line with market expectations of 65.2%.