Kingdee International Announces FY2023 Results - Continuous high-quality growth for cloud services business

March 19, 2024 06:39 PM AEDT | By Cision

Kingdee International Announces FY2023 Results - Continuous high-quality growth for cloud services business — Image source: Kalkine Media

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HONG KONG, March 19, 2024 /PRNewswire/ -- Kingdee International Software Group Co., Ltd. ("Kingdee International", "Kingdee" or the "Company", together with its subsidiaries collectively referred to as the "Group"; Stock Code: 268.HK) is pleased to announce the audited consolidated results of the Company for the year ended 31 December 2023 (the "Reporting Period"). During the Reporting Period, the Group recorded total revenue of RMB5,679 million, representing an increase of approximately 16.7% (year-on-year). The Group continued to advance on the transformation of cloud subscription services, with the Cloud Servies revenue increasing by 21.3% yoy. Cloud Services accounted for 79.3% of the Group revenue. The Annual Recurring Revenue (ARR) of Kingdee Cloud subscription services increased 33.1% yoy to approximately RMB2.86 billion. Loss attributable to owners of the Group was approximately RMB210 million, representing a decrease of approximately 46.1% yoy. Net cash flow from operating activities of the Group was approximately RMB653 million, representing an increase of approximately 74.5% yoy.

During the reporting period, Kingdee unveiled its enterprise-level large model capability platform, Kingdee Cloud Cosmic GPT, which integrates with Large Language Models (LLMs) such as Baidu and Microsoft, enabling enterprises to help enterprises build rich intelligent applications in complex enterprise management scenarios. Based on Kingdee Cloud Cosmic GPT, Kingdee launched China's first financial LLM, encapsulating Kingdee's 30 years of financial knowledge and customer practices of serving over 7.4 million customers, which can provide enterprises with comprehensive analysis and forecasting, expert support, report generation and interpretation services. And these products have already demonstrated their effectiveness and utility in model enterprises such as C&D Property and Hisense Group.

Mr. Xu Shao Chun, Chairman of the Board and CEO of the Group, noted that 2024 marks the beginning of Kingdee's strategy towards world-class excellence. Kingdee will uphold our mission of "wholeheartedly serving enterprises and growing together with all users", continue to deepen the cloud transformation, advance our core strategy of "Subscription priority, AI priority", enhance the added value of digital management for Chinese enterprises, and help enterprises accelerate the construction of new-quality productivity and realize high-quality development.

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