Mgmt. is confident at its latest AI agent who received positive client feedback and secured over 800 advanced AI service orders. We believe Kingdee will be at a favoured position as it could work with clients on vast proprietary data and explore the value underneath. Key Risks for Rating 1) Enterprise IT spending slowdown due to macro uncertainty; 2) risk of bottom- line miss due to heavy R&D expenses; 3) risk of rising competition; and 4) unsatisfactory subscription retention. Valuation We cut 2025/26/27 s ...