机构：招银国际 研究员：Saiyi HE/Ye TAO/Wentao LU/Joanna Ma Kingdee reported 1H25 results: revenue was RMB3.19bn, up 11.2% YoY (1H24: 11.9%; 2H24: 8.8%), inline with our forecast and Bloomberg consensus; net loss attributable to ordinary shareholders was RMB97.7mn (1H24: loss of RMB217.9mn), shy of Bloomberg consensus loss of RMB73mn due to slightly higher-than- expected operating expenses. Management shared key progresses and development targets regarding its three key strategic focuses: 1) subscription: cloud subscri ...