CITIGROUP says Kingdee International (00268.HK) issued a positive H1 profit
alert showing a swing to profit, marking a material inflection. Citi attributes
the surprise to strong subscription revenue growth and expansion of AI-native
products, and views the company's AI-first, subscription-first, globalization
strategy as effective. The bank will watch enterprise AI operating system
Lingji's H2 revenue contribution—likely a key catalyst for re-rating— noting
Lingji's pricing guidance was only published at end-May. CITIGROUP maintains Buy
and target price HKD13.7.
