2 Report of Directors
董事會報告
16 Business Review and Outlook
業務回顧及展望
25 Management Discussion and Analysis
管理層討論及分析
37 Condensed Consolidated Interim Statement of Financial Position
簡明綜合中期財務狀況表
39 Condensed Consolidated Interim Income Statement
簡明綜合中期損益表
Contents
目 錄
40 Condensed Consolidated Interim Statement of Comprehensive Income
簡明綜合中期綜合收益表
41 Condensed Consolidated Interim Statement of Changes in Equity
簡明綜合中期權益變動表
43 Condensed Consolidated Interim Cash Flow Statement
簡明綜合中期現金流量表
45 Notes to the Condensed Consolidated Interim Financial Information
簡明合併中期財務資料的選取附註
Kingdee International Software Group Company Limited Interim Report 20212
REPORT OF DIRECTORS
董事會報告
Share Option Schemes
Share option schemes were adopted by the Company to encourage and reward the
contribution of eligible persons to the Company. Eligible persons include employees,
directors, partners, consultants, suppliers and customers of the Group.
Pursuant to the share option scheme adopted by the Company at the extraordinary
general meeting on 11 July 2005 (the “2005 Scheme”) and the adjustment made due
to the bonus issue and the refreshment on the scheme limit in 2011, an aggregate of
529,501,600 share options were granted, of which 315,801,193 share options were
exercised, 197,797,407 share options had lapsed since its adoption. Hence, 15,903,000
share options remained outstanding as at 30 June 2021. During the six months ended
30 June 2021, 2,279,000 share options were exercised and 5,665,000 share options had
lapsed.
At the annual general meeting of the Company convened on 8 May 2015, the Company
terminated the 2005 Scheme and adopted a new share option scheme (the “2015
Scheme”) with a validity period of ten years. The remaining life of the 2015 Scheme
was around 3 years and 8 months as at the date of this report. As at 30 June 2021, the
Company had granted 40,000,000 share options under the 2015 Scheme, of which
17,677,000 share options were exercised and 8,795,000 share options had lapsed since
its adoption. During the six months ended 30 June 2021, 1,037,500 share options were
exercised and 2,535,000 share options had lapsed. Hence, 13,528,000 share options
remained outstanding as at 30 June 2021. According to the scheme mandate limit of
the 2015 Scheme approved by the annual general meeting of the Company on 8 May
2015 (being 259,264,096 share options), less the 40,000,000 share options granted by
the Company since its approval and plus the 8,795,000 lapsed share options since the
refreshment, the Company may further grant 228,059,096 share options representing
approximately % of the total number of shares of the Company in issue as at 30 June
2021.
購股權計劃
本公司採納的購股權計劃的目的為激勵及獎勵合資格
參與者為本公司作出貢獻合資格參與者包括本集團的
員工、董事、合作夥伴、顧問、供應商及客戶。
根據本公司於二零零五年七月十一日召開的特別股
東大會上採納的購股權計劃（「二零零五年計劃」）及在
二零一一年由於紅股發行和更新計劃限額而作出的
調整，自購股權計劃被採納以來，授出的購股權總數
為529,501,600股，其中315,801,193股購股權已獲行使，
197,797,407股購股權已失效，所以，截至二零二一年
六月三十日止，15,903,000股購股權尚未行使。於二零
二一年六月三十日止六個月報告期內，2,279,000股購
股權已獲行使，5,665,000股購股權已失效。
在二零一五年五月八日召開的週年股東大會上，本公
司已終止二零零五年計劃並採納了一項新的購股權計
劃（「二零一五年計劃」），有效期為10年。截至本報告
公佈日期，二零一五年計劃的剩餘有效期限約為三年
零八個月。截至二零二一年六月三十日止，自購股權
計劃被採納以來，本公司已根據二零一五年計劃，授
出40,000,000股購股權，其中17,677,000股購股權已獲行
使，8,795,000股購股權已失效，所以，截至二零二一
年六月三十日止，13,528,000股購股權尚未行使。於
二零二一年六月三十日止六個月報告期內，1,037,500
股購股權已獲行使，以及2,535,000股購股權已失效。
根據二零一五年五月八日股東周年大會批准的二零
一五年計劃限額（即259,264,096股購股權），減去本公
司自獲批後授出的40,000,000股購股權，再加上自更
新以來已失效的8,795,000份購股權，本公司尚可授出
228,059,096股購股權，佔二零二一年六月三十日本公
司已發行股份約%。
二零二一年中期報告 金蝶國際軟件集團有限公司 3
REPORT OF DIRECTORS
董事會報告
Details of the share options granted, exercised and/or lapsed under the 2005 Scheme and
2015 Scheme during the six months ended 30 June 2021 are set out in the table below:
Date of grant Exercise period (Note 2)
Exercise price
per share
(HKD)
Options held at
31 December
2020
Options
granted
during
the reporting
period
Options
exercised
during
the reporting
period
Options lapsed
during
the reporting
period
Options
held at
30 June 2021
Name or category
of participants 姓名或參與者類別 授出日期 行使期（附註2）
行權價格
（港元）
於二零二零年
十二月
三十一日
之購股權數目
報告期內授出
的購股權數目
報告期內行使
的購股權數目
報告期內失效
的購股權數目
於二零二一年
六月三十日
之購股權數目
Oriental Gold Limited (Note 1) Oriental Gold Limited （附註1） 23/04/2014 23/04/2014 to 22/04/2024 2,500,000 – – – 2,500,000
12/05/2015 12/05/2015 to 11/05/2025 2,500,000 – – – 2,500,000
Sub-total 小計 5,000,000 5,000,000
Lin Bo 林波 16/03/2011 16/03/2011 to 15/03/2021 400,000 – 400,000 – –
12/05/2015 12/05/2015 to 11/05/2025 300,000 – – – 300,000
Sub-total 小計 700,000 400,000 300,000
Dong Ming Zhu 董明珠 22/03/2013 22/03/2013 to 21/03/2023 200,000 – – – 200,000
12/05/2015 12/05/2015 to 11/05/2025 200,000 – – – 200,000
Sub-total 小計 400,000 400,000
Other employees 其他雇員
16/03/2011 16/03/2011 to 15/03/2021 1,010,000 – 10,000 1,000,000 –
19/08/2011 19/08/2011 to 18/08/2021 5,490,000 – 304,000 1,795,000 3,391,000
22/03/2013 22/03/2013 to 21/03/2023 7,017,500 – 817,500 1,000,000 5,200,000
23/04/2014 23/04/2014 to 22/04/2024 7,229,500 – 747,500 1,870,000 4,612,000
12/05/2015 12/05/2015 to 11/05/2025 14,100,500 – 1,037,500 2,535,000 10,528,000
Other employees in aggregate 其他雇員總數 34,847,500 2,916,500 8,200,000 23,731,000
TOTAL 合計 40,947,500 3,316,500 8,200,000 29,431,000
根據二零零五年計劃和二零一五年計劃，於二零二一
年六月三十日止的六個月報告期內所授購股權，已獲
行使和╱或已失效的詳情載於表格如下：
Kingdee International Software Group Company Limited Interim Report 20214
REPORT OF DIRECTORS
董事會報告
Notes:
1. Mr. Xu Shao Chun, an executive Director, the chairman of the Board of Directors (the
“Board”) and the chief executive officer of the Company, holds 100% of the interest in Easy
Key Holdings Limited, which in turn holds 100% of the interest in Oriental Gold Limited.
2. The vesting period of the share options granted was four years and the vesting schedule
was 25% after 12 months, 24 months, 36 months and 48 months from the date of grant,
respectively.
3. The weighted average closing price of the shares of the Company immediately before the
dates on which the options were exercised is .
4. During the reporting period, no share options were cancelled.
Share Award Scheme
The share award scheme was adopted by the Company (the “Share Award Scheme”) to
provide incentives and reward the contributions of certain employees and directors of the
Group.
The Company approved the adoption of the Share Award Scheme on 4 December
2015. The Share Award Scheme shall be valid and effective for a period of 10 years
commencing on the adoption date. The Board may, from time to time, in its absolute
discretion select the Selected Participants after taking into account various factors as they
deem appropriate and determine the number of Award Shares to be awarded to each of the
Selected Participants. The Awarded Shares will be comprised of Shares subscribed for
or purchased by the Trustee out of cash arranged by the Company out of the Company’s
funds to the Trustee and be held on trust for the Selected Participants until such Shares
are vested with the Selected Participants in accordance with the provisions of the Share
Award Scheme.
The Board shall not make any further award of Awarded Shares which will result in the
nominal value of the Shares awarded by the Board under the Scheme exceeding 3% of
the issued share capital of the Company from time to time. For the avoidance of doubt,
the 3% provided above shall exclude any Shares which have been vested in the Selected
Participants. The maximum number of shares which may be awarded to a Selected
Participant under the Scheme in any twelve (12)-month period shall not exceed 1% of
the issued share capital of the Company from time to time. For details of the Share Award
Scheme, please refer to the announcement of the Company dated 18 December 2015.
附註：
1. 公司執行董事、董事會主席兼首席執行官徐少春先
生全資擁有Easy Key Holdings Limited，該公司全資控股
Oriental Gold Limited。
2. 授予的購股權的行權期為四年，自授予之日起第十二
個月、第二十四個月、第三十六個月和第四十八個月
分別行使25%。
3. 在購股權行權日之前，公司股票的加權平均收盤價為
港元。
4. 報告期內，沒有購股權被註銷。
股份獎勵計劃
本公司採納股份獎勵計劃（「股份獎勵計劃」）以提供激
勵以及獎勵本集團若干僱員及董事所作的貢獻。
於二零一五年十二月四日，本公司已批准採納股份獎
勵計劃，有效期為10年。董事會經考慮彼等認為合適
的多項因素後可不時全權酌情挑選獲選參與者，並釐
訂授予各獲選參與者的獎勵股份數目。獎勵股份將包
括受託人使用以本公司自有資金為受託人準備的現金
認購或購買的股份，受託人將以信託形式代獲選參與
者持有獎勵股份，直至該等股份根據股份獎勵計劃的
條文歸屬予獲選參與者為止。
倘進一步授出獎勵股份會導致董事會根據計劃授出的
股份面值超過本公司不時已發行股本的3%，則董事
會不得進一步授出獎勵股份。為免生疑問，以上規
定的3%不應包括任何已歸屬予獲選參與者的股份。
根據計劃於任何十二(12)個月期間可授予每名獲選
參與者的股份上限不得超過本公司不時已發行股本
的1%。詳情請參考本公司日期為二零一五年十二月
十八日之公佈。
二零二一年中期報告 金蝶國際軟件集團有限公司 5
REPORT OF DIRECTORS
董事會報告
During the six months ended 30 June 2021, the Company had granted 6,376,000 award
shares pursuant to the Share Award Scheme; and as at 30 June 2021, a total of 2,562,500
awarded shares granted to the Directors were still outstanding, details of which are as
follows:
As at 31 December
2020
Granted during
the reporting
period
Vested during
the reporting
period
As at 30 June
2021
Name of Director 董事姓名
於二零二零年
十二月三十一日 報告期內授出 報告期內歸屬
於二零二一年
六月三十日
Xu Shao Chun 徐少春 2,700,000 200,000 1,375,000 1,525,000
Lin Bo 林波 1,650,000 150,000 762,500 1,037,500
Use of Proceeds from placing
On 21 August 2020, the Company and . Morgan Securities plc (the “Placing Agent”)
entered into the placing agreement (the “Placing Agreement”), relating the Placing of
133,280,000 new Shares (the “Placing Shares”, each a “Placing Share”) at the price
of HK$ per Placing Share (the “Placing”) under general mandate. The aggregate
nominal value of the Placing Shares under the Placing is HK$3,332,000. The closing
price per share as quoted on the Stock Exchange on the date of signing of the Placing
Agreement was HK$.
於二零二一年六月三十日止六個月內，本公司根據股
份獎勵計劃共計授出6,376,000股獎勵股份，截至二零
二一年六月三十日止，本公司董事仍有尚未歸屬的獎
勵股份共2,562,500股，有關詳情如下：
配售所得款項用途
二零二零年八月二十一日，本公司與摩根大通證券
有限公司（下稱「配售代理」）簽訂了配售協議（下稱「配
售協議」），根據一般授權按每股配售股份港元認
購（倘未能成功則以主事人身份認購）133,280,000股配
售股份。配售股份的名義對價為3,332,000港元。配售
協議簽署當日，公司在聯交所的每股收盤價為港
元。
Kingdee International Software Group Company Limited Interim Report 20216
REPORT OF DIRECTORS
董事會報告
Completion took place on 28 August 2020. Upon Completion, the gross proceeds raised
from the placing was approximately HK$2, million and the net proceeds (after
deducting the placing commission and other related costs and expenses and professional
fees) arising from the Placing were approximately HK$2, million. On this basis, the
net price per Placing Share was approximately HK$. The intended and actual use of
proceeds from placing up to 30 June 2021 were set out as follows:
Proceeds
from
the Placing
Proceeds
utilised
up to
30 June 2021
Unutilised
funds
as at
30 June 2021
Expected
timeline
for utilising
unutilised
funds
(Note 1)
配售收益
截至2021年
6月30日
已使用
的金額
截至2021年
6月30日尚
未使用
的金額
未使用的金額
預期使用
時間表
（附註1）
HK$’000 HK$’000 HK$’000
港幣千元 港幣千元 港幣千元
Research and development (%) 研發資金 % 1,176,850 738,045 438,805 June 2022
2022年6月
Future potential investments (%) 未來潛在投資 % 706,110 530,483 175,627 December 2022
2022年12月
Working capital and general corporate
purposes (%)
營運資金及一般公司
用途 % 470,740 470,740 – –
Note:
1. The expected timeline for utilising the unutilised funds is based on the best estimation of
the future market conditions made by the Group. It may be subject to change based on the
current and future development of market conditions.
配售完成日期為二零二零年八月二十八日。配售的總
收益約為2,百萬港元，配售產生的淨收益（扣除
配售佣金及其他相關成本及開支及專業費用後）約為
2,百萬港元。據此計算，每股配售股份的淨價約
為港元。於二零二一年六月三十日的配售的收益
實際用途如下：
附註：
1. 使用未使用資金的預期時間表基於本集團對未來市場
狀況的最佳估計，可能會根據當前和未來市場條件的
發展而變化。
二零二一年中期報告 金蝶國際軟件集團有限公司 7
REPORT OF DIRECTORS
董事會報告
Directors’ and Chief Executive’s Interests or Short
Positions in the Shares, Underlying Shares or Debentures
As at 30 June 2021, the interests and short positions of the Directors and chief executive
of the Company in the shares, underlying shares and debentures of the Company and
its associated corporations (within the meaning of Part XV of the Securities and Futures
Ordinance (Chapter 571 of the Laws of Hong Kong) (the “SFO”)), which would be
required to be notified to the Company and The Stock Exchange of Hong Kong Limited (the
“Stock Exchange”) pursuant to Divisions 7 and 8 of Part XV of the SFO or which would
be required, pursuant to section 352 of the SFO to be entered in the register referred
to therein, or which would be required to be notified to the Company and the Stock
Exchange pursuant to the “Model Code for Securities Transactions by Directors of Listed
Issuers” (the “Model Code”) as set out in Appendix 10 of The Rules Governing the Listing
of Securities on the Stock Exchange (the “Listing Rules”), were as follows:
Interests in the shares/underlying shares of the Company
Number of shares/
underlying shares
(where appropriate) Capacity
Percentage of
total number of
issued shares
(approximate)
Name of Directors 董事姓名
股份╱相關股份
數目（如適用） 權益性質
佔已發行股本
約百分比
（如適用）
Xu Shao Chun 徐少春 682,198,624 (L) Interests of controlled corporation (Note 1)
於控股公司之權益（附註1）
1,525,000 (L) Beneficiary of a trust (Note 2)
信託受益人（附註2）
19,786,263 (L) Beneficial owner
實益擁有人
Aggregate: 合計： 703,509,887 %
Lin Bo 林波 1,713,775 (L) Beneficial owner
實益擁有人
1,037,500 (L) Beneficiary of a trust (Note 3)
信託受益人（附註3）
Aggregate: 合計： 2,751,275 %
董事及最高行政人員於股份、相關股份
或債券證中擁有的權益與淡倉
於二零二一年六月三十日，本公司各位董事及最高行
政人員在本公司或其相關法團（定義見《證券及期貨條
例》（香港法例第 571 章）（「證券及期貨條例」）第 XV 部
分）的股份、相關股份或債權證中所擁有根據證券及
期貨條例第 XV 部分第7及8章的規定需要通知本公司
和香港聯合交易所有限公司（「香港聯交所」），或根據
證券及期貨條例第352條規定須在存置之登記冊中記
錄，或根據香港聯交所證券上市規則（「上市規則」）附
錄十之《上市公司董事進行證券交易的標準守則》（「標
準守則」）的規定需要通知本公司和香港聯交所之權益
或淡倉如下：
本公司股份╱相關股份中之好倉
Kingdee International Software Group Company Limited Interim Report 20218
REPORT OF DIRECTORS
董事會報告
Number of shares/
underlying shares
(where appropriate) Capacity
Percentage of
total number of
issued shares
(approximate)
Name of Directors 董事姓名
股份╱相關股份
數目（如適用） 權益性質
佔已發行股本
約百分比
（如適用）
Gary Clark Biddle Gary Clark Biddle 1,183,000 (L) Beneficial owner
實益擁有人
Aggregate: 合計： 1,183,000 %
Dong Ming Zhu 董明珠 400,000 (L) Share option (Note 4)
購股權（附註4）
Aggregate: 合計： 400,000 %
Liu Chia Yung 劉家雍 200,000 (L) Beneficial owner
實益擁有人
Aggregate: 合計： 200,000 %
Notes:
The percentage represents the total number of the shares interested divided by the total number of
issued shares of 3,469,915,071 as at 30 June 2021.
1. Of the 682,198,624 shares, 386,312,000 shares (of which 5,000,000 are share options
granted under the 2005 Scheme and 2015 Scheme) were held through Oriental Gold Limited
and 295,886,624 shares were held through Billion Ocean Limited. Oriental Gold Limited
and Billion Ocean Limited are wholly owned by Easy Key Holdings Limited, which is in
turn wholly owned by Mr. Xu Shao Chun. Therefore, Mr. Xu Shao Chun is deemed to be
interested in those 682,198,624 shares.
附註：
上述佔本公司已發行總股本的百分比乃持有的股票權益總數
除以截至二零二一年六月三十日的已發行總股本（股份數目為
3,469,915,071）得出。
1. 此6 8 2 , 1 9 8 , 6 2 4股股份中， 3 8 6 , 3 1 2 , 0 0 0股股份（其中
5,000,000股為二零零五年計劃及二零一五年計劃授予的
購股權）由Oriental Gold Limited持有，295,886,624股股份
由Billion Ocean Limited持有。Oriental Gold Limited 及 Billion
Ocean Limited由Easy Key Holdings Limited全資擁有，而Easy
Key Holdings Limited由徐少春先生全資擁有，故徐少春先
生被當作於該682,198,624股股份擁有權益。
二零二一年中期報告 金蝶國際軟件集團有限公司 9
REPORT OF DIRECTORS
董事會報告
2. The 1,525,000 shares are the awarded shares granted to Mr. Xu Shao Chun under the
Share Award Scheme and held by the trustee to the Share Award Scheme - Bank of
Communications Trustee Limited. Details of the awarded shares are set out in the paragraph
headed “Share Award Scheme” of this report.
3. The 1,037,500 shares are the awarded shares granted to Mr. Lin Bo under the Share Award
Scheme and held by the trustee to the Share Award Scheme - Bank of Communications
Trustee Limited. Details of the awarded shares are set out in the paragraph headed “Share
Award Scheme” of this report.
4. Details of the share options are set out in the paragraph headed “Share Option Schemes” of
this report.
5. (L) denotes long position.
Save as disclosed in this paragraph, as at 30 June 2021, none of the Directors and chief
executive of the Company had any interests and short positions in the shares, underlying
shares and debentures of the Company and its associated corporations (within the
meaning of Part XV of the SFO), which would be required to be notified to the Company
and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO or which
would be required, pursuant to section 352 of the SFO to be entered in the register
referred to therein, or which would be required to be notified to the Company and the
Stock Exchange pursuant to the Model Code.
Directors’ Rights to Acquire Shares or Debentures
Save as disclosed in the section headed “Share Option Schemes” above, none of the
Directors or their respective associates (as defined under the Listing Rules) was granted
by the Company, or any of its subsidiaries, any rights or options to acquire shares or
debentures in the Company during the six months ended 30 June 2021.
2. 根據「股份獎勵計劃」，授予徐少春先生之1,525,000股獎
勵股份由信託機構交通銀行信託有限公司持有。該獎
勵股份的詳情載於本報告「股份獎勵計劃」。
3. 根據「股份獎勵計劃」，授予林波先生之1,037,500股獎勵
股份由信託機構交通銀行信託有限公司持有，該獎勵
股份的詳情載於本報告「股份獎勵計劃」。
4. 該購股權的詳情載於本報告「購股權計劃」。
5. (L)表示好倉。
除本段所披露的內容之外，截至二零二一年六月三十
日止，本公司概無董事及最高行政人員擁有根據證券
及期貨條例第XV部的定義須知會本公司及聯交所於本
公司及聯營公司（根據證券及期貨條例第XV部的定義）
之股份、相關股份或債券的權益，該等權益根據證券
及期貨條例第XV部第7、第8章，須知會本公司及聯交
所，或根據證券及期貨條例第352條規定須予備存的
登記冊所記錄者，或根據標準守則須知會本公司及聯
交所的權益。
董事收購股份或債券證的權利
除上文「根據購股權計劃」所披露外，截至二零二一年
六月三十日的六個月內，本公司及其附屬公司概無向
本公司董事及或其聯繫人（定義見上市規則）任何授予
其購入本公司股份或債券證的權利或期權。
Kingdee International Software Group Company Limited Interim Report 202110
REPORT OF DIRECTORS
董事會報告
Substantial Shareholders’ and Other Persons’ Interests
and Short Positions in the Shares, Underlying Shares and
Debentures
As at 30 June 2021, as far as the Directors were aware, the following persons (other than
the Directors and chief executive of the Company) had interests and short positions in
the shares and underlying shares of the Company which would fall to be disclosed to the
Company under the provisions of Part XV of the SFO and required to be recorded in the
register required to be kept under section 336 of the SFO:
Long positions in shares/underlying shares of the Company
Number of shares/
underlying shares
(where appropriate) Capacity
Percentage of
total number of
issued share
(approximate)
Name 股東姓名
股份╱相關股份
數目（如適用） 權益性質
佔已發行股本
百分比
Easy Key Holdings Limited
(Note 1)
Easy Key Holdings Limited
（附註1）
682,198,624(L) Interests of controlled corporation
於控股公司之權益
%
Oriental Gold Limited
(Note 1)
Oriental Gold Limited
（附註1）
386,312,000 (L) Beneficial owner
實益擁有人
%
Billion Ocean Limited
(Note 1)
Billion Ocean Limited
（附註1）
295,886,624(L) Beneficial owner
實益擁有人
%
JPMorgan Chase & Co.
(Note 4)
JPMorgan Chase & Co.
（附註4）
17,650,592 (L)
6,742,371 (S)
Interests of controlled corporation
於控股公司之權益
192,844,000 (L) Investment manager
投資經理
89,042,175 (P) Approved lending agent
核准借出代理人
6,382,000 (L) Person having a security interest in shares
對股份享有擔保權益人
Subtotal 合計 305,918,767 (L) %
6,742,371 (S) %
89,042,175 (P) %
主要股東及其它人士於股份、相關股份
及債券的權益與淡倉
據董事所知，於二零二一年六月三十日，以下人士
（本公司董事及最高行政人員除外）於本公司股份及相
關股份中擁有根據證券及期貨條例第XV部的規定需要
向本公司披露及根據證券及期貨條例第336條規定須
在存置之登記冊所中記錄之權益或淡倉：
本公司股份╱相關股份中之好倉
二零二一年中期報告 金蝶國際軟件集團有限公司 11
REPORT OF DIRECTORS
董事會報告
Number of shares/
underlying shares
(where appropriate) Capacity
Percentage of
total number of
issued share
(approximate)
Name 股東姓名
股份╱相關股份
數目（如適用） 權益性質
佔已發行股本
百分比
JD Oriental Investment Limited
(Note 5)
JD Oriental Investment
Limited （附註5）
200,180,000(L) Beneficial owner
實益擁有人
%
FMR LLC FMR LLC 209,200,485(L) Investment manager %
投資經理
Schroders Plc Schroders Plc 173,693,020 (L) Investment manager %
投資經理
Notes:
The percentage represents the total number of the shares interested or short positions divided by the
total number of issued shares of 3,469,915,071 as at 30 June 2021.
1. Oriental Gold Limited and Billion Ocean Limited are wholly owned by Easy Key Holdings
Limited, which is in turn wholly owned by Mr. Xu Shao Chun.
附註：
上述佔本公司已發行總股本的百分比乃持有的股票權益與淡倉
總數除以截至二零二一年六月三十日的已發行總股本（股份數
目為3,469,915,071）得出。
1. Oriental Gold Limited和Bil l ion Ocean Limited由Easy Key
Holdings Limited全資控股，Easy Key Holdings Limited 由徐
少春先生全資擁有。
Kingdee International Software Group Company Limited Interim Report 202112
REPORT OF DIRECTORS
董事會報告
2. According to the disclosure of interests forms filed by JPMorgan Chase & Co. on 8 June
2021 regarding the relevant event which took place on 3 June 2021.
(a) JPMorgan Chase & Co. was deemed to be interested in the shares of the Company
as follows:
Name of controlled corporation Name of controlling person % control
Direct
interest
(Y/N) Number of shares
受控法團的名稱 控權人士的名稱 控制百分率
直接權益
（是╱否） 股數
China International Fund Management Co., Ltd. JPMORGAN ASSET MANAGEMENT (UK)
LIMITED
49 Y 是 1,446,000 (L)
JPMorgan Asset Management (Taiwan) Limited JPMorgan Asset Management (Asia) Inc. 100 Y 是 3,514,000 (L)
J. P. Morgan AG . Morgan International Finance Limited 100 Y 是 34,000 (L)
J. P. Morgan Securities LLC . Morgan Broker-Dealer Holdings Inc. 100 Y 是 1,435,000 (L)
40,000 (S)
JPMORGAN CHASE BANK, .-LONDON BRANCH JPMorgan Chase Bank, National
Association
100 Y 是 89,042,175 (L)
J. P. Morgan Investment Management Inc. JPMorgan Asset Management Holdings
Inc.
100 Y 是 91,515,000 (L)
JPMORGAN ASSET MANAGEMENT (UK) LIMITED JPMORGAN ASSET MANAGEMENT
INTERNATIONAL LIMITED
100 Y 是 6,540,000 (L)
JPMorgan Chase Bank, National Association JPMorgan Chase & Co. 100 Y 是 8,118,000 (L)
JPMorgan Asset Management (Asia Pacific) Limited JPMorgan Asset Management (Asia) Inc. Y 是 81,711,000 (L)
J. P. MORGAN SECURITIES PLC . MORGAN CAPITAL HOLDINGS
LIMITED
100 Y 是 22,563,592 (L)
JPMORGAN ASSET MANAGEMENT (UK) LIMITED JPMORGAN ASSET MANAGEMENT
INTERNATIONAL LIMITED
100 N 否 1,446,000 (L)
JP MORGAN ASSET MANAGEMENT INTERNATIONAL
LIMITED
JPMorgan Asset Management Holdings
Inc.
100 N 否 7,986,000 (L)
JPMorgan Asset Management Holdings Inc. JPMorgan Chase Holdings LLC 100 N 否 184,726,000 (L)
JPMorgan Chase Holdings LLC JPMorgan Chase & Co. 100 N 否 186,161,000 (L)
40,000 (S)
JPMorgan Asset Management (Asia) Inc. JPMorgan Asset Management Holdings
Inc.
100 N 否 85,225,000 (L)
J. P. Morgan International Finance Limited JPMorgan Chase Bank, National
Association
100 N 否 22,597,592 (L)
6,702,371 (S)
JPMorgan Chase Bank, National Association JPMorgan Chase & Co. 100 N 否 111,639,767 (L)
6,702,371 (S)
J. P. Morgan Broker-Dealer Holdings Inc. JPMorgan Chase Holdings LLC 100 N 否 1,435,000 (L)
40,000 (S)
J. P. MORGAN CAPITAL HOLDINGS LIMITED . Morgan International Finance Limited 100 N 否 22,563,592 (L)
6,702,371 (S)
2. 根據二零二一年六月八日由JPMorgan Chase & Co.提交的
（於二零二一年六月三日發生的相關事項）權益披露表。
(a) JPMorgan Chase & Co.被當做於如下股份擁有實
益：
二零二一年中期報告 金蝶國際軟件集團有限公司 13
REPORT OF DIRECTORS
董事會報告
(b) details of JPMorgan Chase & Co.’s derivatives interests were as follows:
• Listed derivatives – Physically settled: 146,000 (L)
• Listed derivatives – Cash settled: 272,700 (S)
• Unlisted derivatives – Physically settled: 2,604,307 (S)
• Unlisted derivatives – Cash settled: 8,047,420 (L) and 225,000 (S)
3. According to the disclosure of interest forms filed by JD Oriental Investment Limited, Max
Smart Limited, , Inc., Investment Limited and Liu Qiangdong Richard on
13 October 2020, Max Smart Limited, , Inc., Investment Limited and Liu
Qiangdong Richard were deemed to be interested in the shares of the Company as follows:
Name of controlled corporation
Name of controlling
shareholder % control
Direct interest
(Y/N) Number of shares
受控法團的名稱 控股人士的名稱 控制百分比 直接權益（是╱否） 股數
Max Smart Limited Liu Qiangdong Richard N 200,180,000
劉強東 否
, Inc. Max Smart Limited and Fortune
Rising Holdings Limited
N 200,180,000
Max Smart Limited and Fortune
Rising Holdings Limited
否
Investment Limited , Inc. N 200,180,000
, Inc. 否
JD Oriental Investment Limited Investment Limited Y 200,180,000
Investment Limited 是
Save as disclosed above, as at 30 June 2021, the Directors were not aware of any other
person (other than the Directors and chief executive of the Company) who had an interest
and short position in the shares and underlying shares of the Company as recorded in the
register required to be kept under section 336 of the SFO.
Purchase, Sale or Redemption of Shares
During the six months ended 30 June 2021, neither the Company nor any of its
subsidiaries, had repurchased, sold or redeemed any of its listed securities.
(b) 以及JPMorgan Chase & Co.之衍生品權益的詳情如
下：
• 上市衍生品－實物結算為146,000 (L)
• 上市衍生品－折算現金為272,700 (S)
• 非上市衍生品－實物結算為2,604,307 (S)
• 非上市衍生品－折算現金為8,047,420 (L)
及225,000 (S)
3. 根據二零二零年十月十三日JD Oriental Investment Limited,
Max Smart Limited, , Inc., Investment Limited與
劉強東披露權益表格提出，Max Smart Limited, ,
Inc., Investment Limited與劉強東被當作於該股份擁
有權益，如下
除以上披露外，於二零二一年六月三十日，本公司董
事並不知悉任何人士（本公司董事及最高行政人員除
外）擁有根據證券及期貨條例第336條規定須在存置之
登記冊所中記錄之本公司股份及相關股份的權益或淡
倉。
購買、出售或回購股份
截至二零二一年六月三十日止六個月內，本公司或其
任何子公司概無購買、出售或贖回本公司任何上市證
券。
Kingdee International Software Group Company Limited Interim Report 202114
REPORT OF DIRECTORS
董事會報告
Change of Information of Directors
During the six months ended 30 June 2020, there was no other information required to be
disclosed pursuant to Rule (1) of the Listing Rules.
Corporate Governance
The Company had complied with all the code provisions of the Corporate Governance
Code (the “Code”) as set out in Appendix 14 to the Listing Rules throughout the six
months ended 30 June 2021, except for the deviation in respect of the roles of chairman
and chief executive officer under Code provision . During the reporting period, Mr.
Xu Shao Chun assumed the roles of both the Chairman and the chief executive officer of
the Company. The Board considers that Mr. Xu Shao Chun, as one of the main founders
of the Company, has abundant knowledge of the IT industry and possesses a unique
strategic perspective. The Board believes that he can lead the Company to formulate
effective strategies and react promptly to market changes. His continuous service in both
roles is beneficial to the stable and healthy development of the Company. However, the
Board will review and make appropriate changes when necessary in order to enhance the
level of corporate governance of the Company.
The Board is always committed to improving its level of corporate governance, besides
publishing a series of management systems, the Company also, from time to time,
arranges trainings for Directors, senior managers, and related employees in relation
to duties of the Directors, continuing professional development, and other aspects of
compliance with the Listing Rules as well as other relevant laws and regulations, so
that the employees will always be equipped with the necessary knowledge and skills to
perform their duties in a better way.
The Company will continue to comply with the Listing Rules and other relevant laws
and regulations as amended from time to time; further enhance its level of corporate
governance; improve and enhance its internal control in respect of disclosure of required
information; and enhance its communication with its investors and other stakeholders.
Code of Conduct Regarding Directors’ Securities
Transactions
The Company has adopted a code of conduct regarding Directors’ securities transaction
on terms no less exacting than the required standard set out in the Model Code. Having
made specific enquiry to each of the Directors, all the Directors confirmed that they had
complied with such code of conduct throughout the reporting period.
董事資料變更
截至二零二一年六月三十日止六個月內，根據上市規
則第(1)條，並無其他資料需要作披露。
企業管治
截至二零二一年六月三十日止的六個月內，本公司一
直遵守上市規則附錄14《企業管治守則》（「守則」）的守
則條文。除A 有關主席與行政總裁角色區分規定外
的所有守則條文。於報告期內，本公司的董事會主席
及行政總裁均由徐少春先生出任。董事會認為，徐少
春先生是本公司主要創辦人之一，擁有豐富的信息科
技行業知識及獨特的戰略視野，能夠帶領本公司制定
有效的戰略方向並對市場變化作出迅速反應，其持續
在位有利於本公司穩定健康發展。董事會將不時檢討
及將在有需要時作出適當變動，以提升管治水平。
董事會一直致力於持續提高公司的企業管治水平，除
了在公司內部頒佈了一系列管理制度以外，公司亦不
時為董事、高級管理人員及相關僱員安排董事責任、
持續專業發展以及合規類培訓，持續、及時地學習不
斷更新的監管要求以及專業知識，以便更好地履行職
責。
公司將遵循不時更新的上市規則以及其他法律法規的
要求，進一步提升企業管治水平，完善及提升信息披
露內控，增加與投資人等各利益相關方的溝通、聯
繫。
有關董事證券交易的操守守則
本公司已採納有關董事買賣證券之操守守則，守則的
標準不遜於標準守則所規定的標準。經向全體董事作
出具體查詢後，本公司董事於本中期報告所覆蓋的報
告期間經已遵守有關操守守則。
二零二一年中期報告 金蝶國際軟件集團有限公司 15
REPORT OF DIRECTORS
董事會報告
Audit Committee
The audit committee of the Company had reviewed with the management the accounting
principles and practice adopted by the Company and discussed the auditing, internal
controls and financial reporting matters. The audit committee had also reviewed the
Group’s unaudited consolidated results for the six months ended 30 June 2021. The
audit committee was of the opinion that the preparation of such results complied with the
applicable accounting standards and requirements and that adequate disclosures were
made.
Interim Dividend
The Board did not declare an interim dividend for the six months ended 30 June 2021 (six
months ended 30 June 2020: nil).
Appreciation
On behalf of the Board, I would like to express our sincere thanks to all our managements
and staff for their dedication during the reporting period. Also, I would like to thank our
shareholders for their continuous support.
By order of the Board
Kingdee International Software Group Company Limited
Chairman
Xu Shao Chun
Shenzhen, the People’s Republic of China,
18 August 2021
As at the date of this report, the Board comprises Mr. Xu Shao Chun (Chairman of the
Board and Chief Executive Officer) and Mr. Lin Bo (Chief Financial Officer) as executive
Directors; Ms. Dong Ming Zhu and Mr. Zhou Bo Wen as non-executive Directors; and
Mr. Gary Clark Biddle, Mr. Ni Zheng Dong and Mr. Liu Chia Yung as independent non-
executive Directors.
This report, for which the Directors collectively and individually accept full responsibility,
includes particulars given in compliance with the Listing Rules for the purpose of giving
information with regard to the Company. The Directors, having made all reasonable
enquiries, confirm that to the best of their knowledge and belief the information contained
in this report is accurate and complete in all material respects and not misleading
or deceptive, and there are no other matters the omission of which would make any
statement herein or this report misleading.
審核委員會
審核委員會已經和管理層審閱了本集團採納的會計政
策及管理，以及討論審計、內部監控及財務匯報事
宜。審核委員會經已審閱本集團截至二零二一年六月
三十日止六個月的未經審核綜合業績，並認為該等業
績乃遵照適用的會計準則及要求而編製，且已作出充
分披露。
中期股息
董事會並無就截至二零二一年六月三十日止六個月宣
派中期股息（截至二零二零年六月三十日止六個月：
無）。
致謝
本人謹代表董事會感謝全體管理層及員工在期內對本
集團作出的貢獻，亦衷心感激股東對本集團的不斷支
持。
承董事會命
金蝶國際軟件集團有限公司
主席
徐少春
中華人民共和國，深圳
二零二一年八月十八日
於本報告日期，董事會成員包括執行董事徐少春先
生（董事會主席及首席執行官）及林波先生（首席財務
官）；非執行董事董明珠女士及周伯文先生；獨立非
執行董事Gary Clark Biddle 先生、倪正東先生及劉家雍
先生。
本報告的資料乃遵照上市規則而刊載，旨在提供有關
本公司的資料；各董事願就本公告的資料共同及個別
地承擔全部責任。各董事在作出一切合理查詢後，確
認就其所知及所信，本報告所載資料在各重要方面均
為準確完備，沒有誤導或欺詐成分，且並無遺漏任何
事項，足以令致本報告或其所載任何陳述產生誤導。
Kingdee International Software Group Company Limited Interim Report 202116
BUSINESS REVIEW AND OUTLOOK
業務回顧及展望
1. Group Financial Results
In the first half of 2021, the Group continued to develop the Cloud subscription
services. The Group’s Cloud service business achieved % yoy growth in
revenue, accounting for approximately % of total revenue. Annual Recurring
Revenue (ARR) of Kingdee Cloud subscription was approximately
billion, an increase of % yoy. Meanwhile, subscription related contract
liabilities achieved growth of % yoy.
For the six months ended 30 June 2021, the Group recorded total revenue
of RMB1,872,399,000, representing an increase of approximately % as
compared to the same period in 2020 (1H2020: RMB1,387,445,000). Revenue
from the ERP and other businesses achieved growth of % yoy.
For the six months ended 30 June 2021, loss attributable to owners of the
Company for the same period was approximately RMB248,108,000 (1H2020: a
loss of approximately RMB224,025,000 attributable to owners of the Company).
The loss expansion was mainly due to the increased investment in product
research and development of Kingdee Cloud Cosmic and Constellation.
Basic loss per share attributable to owners of the Company amounted to
approximately cents. (1H2020: basic loss per share of approximately
cents).
Net cash outflow from operating activities of the Company was approximately
RMB96,513,000 (1H2020: net cash outflow of approximately RMB81,581,000).
2. Group Strategy Review
Kingdee adheres to the strategy of “Platform + Finance & HR & Tax + Ecosystem”,
takes “wholeheartedly serve enterprises and enlight every enterprise” as its
mission, being committed to becoming “the most trustworthy enterprise service
platform” and creating an environment of co-creation and win-win.
The main strategies of the Group include:
1. Platform: Cosmic PaaS platform, built on the cloud-native platform with
KDDM as its core of technology, continues to enhance the technological
capabilities such as low-code development, integration, master data
management, process management and RPA, build unified low-code
platform, unleash and develop productivity, help enterprises quickly
respond to the ever-changing market demands, and build resilience
system of enterprises.
一. 公司財務表現
二零二一年上半年，本集團持續發展雲訂閱
服務，助力集團雲業務實現收入同比增長
%，收入佔比約%。金蝶雲訂閱服務年
經常性收入(ARR)約為人民幣億元，同比增
長%，同時雲訂閱服務相關的合同負債實
現同比增長%。
截至二零二一年六月三十日止六個月，本集團
錄得收入約人民幣1,872,399,000元，較二零二零
年同期增長約%（二零二零年同期：人民幣
1,387,445,000元），企業資源管理計劃及其他業
務收入同比增長%。
截至二零二一年六月三十日止六個月，本
公司權益持有人當期應佔虧損約為人民幣
248,108,000元（二零二零年同期本公司權益持有
人應佔虧損約人民幣224,025,000元）。上述增幅
主要系加大金蝶雲•蒼穹和金蝶雲•星瀚的產品
研發投入所致。
本公司權益持有人應佔當期虧損之每股基本虧
損約人民幣分。（二零二零年同期： 每股基
本虧損約人民幣分）。
本公司來自經營活動產生的淨現金流出約人民
幣96,513,000元。（二零二零年同期淨現金流出
約人民幣81,581,000元）。
二. 公司戰略摘要
金蝶始終堅持「平台+人財稅+生態」戰略，以
「全心全意為企業服務，讓陽光照進每一個企
業」為使命，致力於成為「最值得託付的企業服
務平台」，旨在幫助企業構建共生、共贏的生
態。
集團主要戰略舉措包括：
1. 平台：蒼穹PaaS平台構建於雲原生架構
之上，以動態領域模型(KDDM)為技術核
心，持續增強低代碼開發、集成、主數
据管理、流程管理、RPA等技術能力，
打造一體化低代碼平台，持續釋放開發
生產力，幫助企業快速响應瞬息萬變的
市場需求，構築企業韌性體系。
二零二一年中期報告 金蝶國際軟件集團有限公司 17
BUSINESS REVIEW AND OUTLOOK
業務回顧及展望
2. Group Strategy Review (Continued)
2. Finance & HR & Tax: Facing the large, medium and small markets,
Kingdee continues to launch various solution plans and products, applies
design and service mindset to help customers to solve problems of
finance, HR and taxation under the background of new-era, and helps
customers achieve benefits from management with digital digitalization.
3. Ecosystem: Kingdee is committed to building a mutual benefit, co-
built and win-win ecological environment. With the help of diversified
ecological forces such as consultation, products, implementation and
development, channels, and services, Kingdee will better reach and serve
customers. Besides, Kingdee will continue to invest in Kingdee Cloud
Cosmic, application market to build an ecological empowerment and
development system so that our ecological partners can focus on their
advantageous fields and enjoy the shared benefit of digital economy.
4. Customer Success: Through the implementation of the mission of
“wholeheartedly serve enterprises”, Kingdee accelerates the construction
of customer success methodology, customer success system and
customer success cloud to provide customers with a new generation of
whole-process customer success service and enable enterprises and its
personnel to succeed, grow and make achievements.
3. Group Business Review
Since the cloud transformation in 2014 and evolving from ERP to EBC (Enterprise
Business Capability), Kingdee has assisted more and more enterprises to boost
“enterprise capability”. Through persistent exploration in cloud services area
and gaining customer trusts, Kingdee was well recognised by global research
institutions including the following “only” awards: 1) the only Chinese enterprise
SaaS vendor ranked top-five market share in Garnter’s 2020 Application Platform
Software; 2) the only Chinese enterprise SaaS vendor selected into Gartner’s
Global Market Guide for Cloud ERP; 3) the only Chinese vendor won IDC’s 2020
Global SaaS Customer Satisfaction Award, ranked in ERP SaaS customer
satisfaction; 4) the only Chinese vendor selected into IDC’s 2021 Asia Pacific
Manufacturing ERP SaaS MarketScape, as a Contender; 5) the only company
ranked market share in IDC’s China’s Enterprise SaaS ERM market for four
consecutive years; 6) the only company ranked market in IDC’s growth
enterprise application software market for seventeen consecutive years.
二. 公司戰略摘要（續）
2. 人財稅：金蝶面向大、中、小微市場，
持續推出多樣的解決方案和產品，以設
計與服務思維幫助客戶面對全新時代背
景下的人、財、稅管理的問題，幫助客
戶實現用數字戰鬥力向管理要效益。
3. 生態：金蝶致力於構建一個共商、共
建、共生的大生態。借助諮詢、產品、
實施與開發、渠道、服務等多樣化的
生態力量，金蝶將更好地觸達及服務
客戶。金蝶亦將持續投資於蒼穹PaaS平
台、應用市場，構建生態賦能與發展體
系，使能生態夥伴專注於其優勢的領
域，共享數字經濟盛宴。
4. 客戶成功：貫徹「全新全意為企業服務」
的使命，金蝶加速構建客戶成功方法
論、客戶成功架構及客戶成功雲，為客
戶提供全新一代的全旅程的客戶成功服
務，使能企業及企業人員成功、成長、
成就。
三. 公司業務摘要
自2014年雲轉型，金蝶從ERP到EBC(Enterprise
Business Capabilities)，已幫助越來越多企業提升
「數字戰鬥力」。金蝶在雲服務領域的持續探
索，不僅獲得廣泛客戶信賴，更屢獲國內外知
名研究機構認可，並獨攬六項「唯一」殊榮：1)
唯一躋身Gartner 2020年應用平台軟件前五的中
國企業級SaaS廠商；2)唯一入選Gartner雲ERP全
球市場指南(Market Guide)的中國企業級SaaS廠
商；3)唯一榮獲IDC 2020年度SaaS客戶滿意度大
獎的中國廠商，獲ERP SaaS客戶滿意度排名第
一；4)唯一入選IDC 2021亞太區製造ERP SaaS競
爭力象限的中國廠商，位居挑戰者(Contenders)
象限；5)唯一連續4年獲得IDC中國企業應用SaaS
ERM市場佔有率第一廠商；6)唯一連續17年穩居
IDC中國成長型企業應用軟件市場佔有率第一
廠商。
Kingdee International Software Group Company Limited Interim Report 202118
BUSINESS REVIEW AND OUTLOOK
業務回顧及展望
3. Group Business Review (Continued)
Cloud Business Review
During the Reporting Period, revenue from the cloud business grew by
approximately % yoy from RMB798,376,000 in the same period in 2020 to
RMB1,238,258,000, accounting for % of the total revenue.
(1) Remarkable growth in Large Enterprise market, and milestone
achievement with model customers.
As a new generation of self-innovative enterprise-class PaaS platform,
Kingdee Cloud Cosmic officially released Version in May, continuing
to consolidate its advantages in high-barrier technology with 186
patent applications in total. Cosmic platform combined enterprise-class
cloud-native technology and KDDM, passed the online concurrent tests
of enterprise-level scenarios of millions and obtained certification from
Huawei; Focusing on Xinchuang (Information Technology Application
Innovation) ecosystem, it has won the Digital Ecological Compatibility
certification from CAICT of MIIT, and the first batch of general capability
evaluation certification of low-code development platform, the collective
award of empowerment service for digital transformation, and Infosec
compatibility certification from Huawei, GWT and Fei teng. Meanwhile,
Kingdee Cloud Cosmic became the only SaaS+PaaS player of CNCF
in China, fully integrating into the global cloud-native technology. In
addition, Cosmic ISV continuously develop ecological partnership, and
the total number of Cosmic ecological partners amounted to nearly 800.
During the Reporting Period, there were new ISV application products in
respect of pharmaceutical distribution, MES, WMS, and CRM.
In May, the SaaS application of Kingdee Cloud Cosmic became an
independent new brand Kingdee Cloud Constellation, as the EBC Cloud
for large enterprise market. It aims to encapsulate Kingdee’s over 20-year
management experience, solutions and industry practice as a large
enterprise to provide mature, assemblable and expandable enterprise
business capabilities for large enterprises, and realize the leap from
ERP to EBC (Enterprise Business Capability). So far, Constellation has
provided more than 200 SaaS applications such as Finance Cloud,
Taxation Cloud, Human Resources Cloud, Coordination Cloud, Project
Cloud, Supply Chain Cloud, Procurement Cloud, Marketing Cloud and
Manufacturing Cloud, and the solutions are becoming more optimized.
三. 公司業務摘要（續）
雲服務業務
報告期內，雲業務同比增長約%，從二零
二零年同期的人民幣798,376,000元增加至人民
幣1,238,258,000元，雲收入佔比約%。
(1) 大型企業市場持續發力，標杆客戶實現
里程碑式突破
金蝶雲•蒼穹平台作為自主創新的新一
代企業級PaaS平台，5月正式發佈版
本，繼續鞏固高壁壘技術優勢，累計申
請專利186項。蒼穹平台結合企業級雲原
生技術及動態領域模型(KDDM)，通過企
業級場景百萬在線併發測試並獲得華為
認證證書；圍繞信創生態，榮獲工信部
信通院數字生態兼容性認證，及首批低
代碼開發平台通用能力評估認證、數字
化轉型賦能服務集體獎，華為、長城、
飛騰等信安兼容性認證。同時，金蝶
雲•蒼穹成為CNCF（雲原生計算基金會）
中國唯一SaaS+PaaS廠商，全面融入全球
雲原生技術生態。此外，蒼穹ISV開發夥
伴生態持續發展，蒼穹應用市場生態夥
伴數量累計近800家。期內新增ISV應用
包括醫藥流通、MES（製造執行系統）、
WMS（倉儲管理系統）、CRM（客戶關係管
理系統）等產品。
5月，金蝶雲 •蒼穹的 SaaS應用獨立
為新品牌金蝶雲•星瀚 (K ingdee C loud
Constellation)，是大型企業的SaaS管理
雲，旨在將金蝶逾20年大企業管理經
驗、解決方案及行業實踐沉澱封裝，為
大企業提供成熟的、可組裝、可拓展的
企業業務能力，實現從ERP到EBC（企業業
務能力，Enterprise Business Capability）的跨
越。截止目前，星瀚可提供財務雲、稅
務雲、人力雲、協同雲、項目雲、供應
鏈雲、採購雲、營銷雲及製造雲等超過
200個SaaS應用，解決方案日臻完善。
二零二一年中期報告 金蝶國際軟件集團有限公司 19
BUSINESS REVIEW AND OUTLOOK
業務回顧及展望
3. Group Business Review (Continued)
Cloud Business Review (Continued)
(1) Remarkable growth in Large Enterprise market, and milestone
achievement with model customers. (Continued)
During the Reporting Period, Cosmic and Constellation model clients
made steady progress and completed a milestone breakthrough, officially
launching Phase 1 of Huawei global human resources project. The
two parties, Huawei and Kingdee, will make joint effort to build digital
competencies face the future. China Tobacco Yunnan’s integrated ERP
based on Kingdee Cloud Cosmic was officially launched on 1 January
2021, which operated stably and replaced 3 sets of original systems, and
achieved a new breakthrough in domestic self-controllable technology. In
respect of Hisense Group’s business middle office and data middle office,
which is based on Kingdee Cloud Cosmic, it serves as the fundamental
platform for information integration in the future. In the second phase,
multiple modules of Kingdee Cloud Constellation were launched, greatly
improving the efficiency of invoice management and the accuracy of
capital management, and increasing efficiency of sharing large-scale
operation.
During the Reporting Period, Kingdee Cloud Cosmic and Constellation
recorded RMB160 million in revenue, an increase of % yoy. In the
first half in 2021, Kingdee Cloud Cosmic and Constellation signed 142
new customers in total, including certain head and industry clients such as
China Huaneng Group, Shagang Group, HPGC Renmintongtai, Guang Xi
Bei Tou, Hengfeng Paper and German Continental AG.
三. 公司業務摘要（續）
雲服務業務 （續）
(1) 大型企業市場持續發力，標杆客戶實現
里程碑式突破（續）
期內，蒼穹星瀚樣板客戶穩步推進並實
現里程碑式突破，華為全球人力資源項
目一期已正式上線，金蝶與華為將持續
推進，共建面向未來的數字戰鬥力；雲
南中煙基於金蝶雲•蒼穹上構建的一體
化ERP於2021年1月1日正式上線，系統穩
定運行，替換了3套原有系統，實現了國
產自主可控新的突破；海信集團規劃業
務中台、數據中台雙中台架構，基於金
蝶雲•蒼穹構建業務中台，作為未來信
息化整合的基礎平台，二階段多個金蝶
雲•星瀚的模块上線，實現發票管理效
率和資金計劃準確性大幅提升，共享規
模化運營提效。
報告期內，金蝶雲•蒼穹和金蝶雲•星瀚
總計錄得收入人民幣約億元，同比增
長%。上半年蒼穹和星瀚共新簽客
戶142家，新簽中國華能集團、沙鋼集
團、哈藥同泰、廣西北投、恒豐紙業、
德國大陸集團馬牌輪胎等行業頭部客
戶。
Kingdee International Software Group Company Limited Interim Report 202120
BUSINESS REVIEW AND OUTLOOK
業務回顧及展望
3. Group Business Review (Continued)
Cloud Business Review (Continued)
(2) Favored by star high-growth Enterprises in Medium Market,
and in-depth exploration in industry verticals.
Kingdee Cloud Galaxy has accumulated successful experience in
digitalization and corporate management wisdom in the industry, helping
high-growth enterprises to develop steadily. It can provide solutions
such as financial cloud, manufacturing cloud, supply chain cloud,
omni-channel marketing cloud, new retail cloud, PLM R&D cloud,
data service cloud, low-code development cloud and Amoeba mode of
operating management, as well as the industry-leading “PLM+ERP+MES”
integrated solution. As the EBC cloud service for high-growth enterprises,
Kingdee Cloud Galaxy focused on industry vertical capabilities, and
grew with the booming industry leaders and unicorns, including high-
tech industries such as Phytium, Sensoro, IntelliFusion and EV Power;
life and health companies such as PharmaBlock Sciences, Angelalign,
Smartee and Mednovogroup; leading manufacturing enterprises such as
HMNTech, Huanghe, Cheersson and Sunny Precision. It continued to
consolidate the manufacturing, food daily chemical, catering and other
years of deep cultivation in the industry, helping to build best practices,
and realizing the common refinement and individual adaptation of major
industry solutions. In addition, Kingdee Cloud Galaxy has won the
China Smart Manufacturing Recommended Products in 2020 (Intelligent
Manufacturing Cloud, PLM Cloud) and the Outstanding Supplier of
Intelligent Management Solutions. Kingdee Cloud Galaxy’s HMNTech
project has been included in “Typical Case of Innovative Solutions for
Information Technology Applications in 2020” by MIIT, continued to
upgrade the cloud delivery platform, realized rapid launch, promoted
the ecological operation of partners and industries, and helped partners
realize service transformation.
During the Reporting Period, Kingdee Cloud Galaxy maintained steady
growth and achieved revenue of approximately RMB680 million, an
increase of over % yoy, maintained its dollar retention at %,
and accumulated over 22,800 customers. Kingdee Cloud Galaxy
continued to deepen the industry layout, and successively signed well-
known enterprises such as KINGSEMI, Sillumin Semiconductor, Tong
Hua Dong Bao Group, Sanyou Medical, ZET, CHIOPT Optics, Huaxin
Optoelectronics and Kanhoo Industry. As industry solutions mature and
service delivery and direct signatures to partners, Kingdee Cloud Galaxy’s
profitability has increased significantly.
三. 公司業務摘要（續）
雲服務業務（續）
(2) 中型企業市場深耕行業佈局，獲得高成
長型明星企業青睞
金蝶雲•星空沉澱行業數字化成功經驗
和企業管理智慧，助力高成長型企業穩
步發展，可提供財務雲、製造雲、供應
鏈雲、全渠道營銷雲、新零售雲、PLM
研發雲、數據服務雲、低代碼開發雲以
及阿米巴經營管理等解決方案，同時擁
有行業領先的「PLM+ERP+MES」一體化解
決方案。金蝶雲•星空作為面向高成長
型企業的SaaS管理雲，聚焦行業建設，
與行業明星和獨角獸共同成長，例如飛
騰公司、升哲科技、雲天勵飛、依威
能源等高科技行業；藥石科技、時代天
使、正雅齒科、邁得諾醫療等生命健康
企業；華海通信、黃河信產、瑞瑪工
業、舜宇精工等先進製造企業；並持續
鞏固製造、食品日化、餐飲等多年深耕
行業，助力構建最佳實踐，實現了各大
行業解決方案的共性提煉、個性應變。
此外，金蝶雲•星空榮獲2020年度中國
智慧智造推薦產品（智慧製造雲，PLM
雲）、智慧管理解決方案傑出供應商；金
蝶雲•星空的華海通信項目入選工信部
「2020年信息技術應用創新解決方案典型
案例」。持續升級雲交付平台，實現快速
上線，並推動夥伴行業生態經營，助力
夥伴服務轉型。
報告期內，金蝶雲•星空持續保持穩定
增長，實現收入約億元，同比增長超
過%，客戶續費率%，累計客戶
超過萬家。金蝶雲•星空持續深化行
業佈局，陸續簽下芯源微電子、數明半
導體、通化東寶藥業、三友醫療、中藍
電子、長步道光學、華鑫光電、科恒股
份等知名企業。隨著行業方案成熟和夥
伴交付直簽，金蝶雲•星空盈利能力顯
著提升。
二零二一年中期報告 金蝶國際軟件集團有限公司 21
BUSINESS REVIEW AND OUTLOOK
業務回顧及展望
3. Group Business Review (Continued)
Cloud Business Review (Continued)
(3) Rapid growth in Small & Micro enterprise market, and
constructing the finance & tax service ecosystem
Kingdee Cloud Stellar was positioned to meet the need of the growing
small business and retail enterprises, created standardized business
process, achieved high-efficiency internal and external business
coordination and improved the efficiency of fiscal and taxation
management and management decision-making. Kingdee Cloud
Stellar and Ding Talk jointly launched a data standard co-build plan
based on the integration of business and finance, promoted the data
interconnection among SaaS in the industry in order to realize one-stop
digital management of business and finance. Kingdee launched the first
product based on full data of small enterprises: the digital enterprise
capability index. The SME business monitoring and analysis project,
carried out in cooperation with the Ministry of Industry and Information
Technology based on the basic data of the index, gained recognition of
the Ministry of Industry and Information Technology.
During the Reporting Period, cloud business in the small enterprises
market achieved rapid growth with a yoy revenue increase of %. The
revenue of Kingdee Cloud Stellar and Jingdou Cloud increased by %
yoy; The revenue of Kingdee KIS Cloud increased by % yoy and the
dollar retention rate was about % by promoting the old customers of
KIS on-premise products to upgrade the cloud subscription service.
(4) Advance in the ecosystem strategy, to achieve a Win-Win for
Kingdee and Partners
During the Reporting Period, Kingdee actively laid out ecosystem,
strategically invested in Shanghai i-search, carried out product
integration innovation, enhanced Cosmic platform through RPA (Robot
Process Automation) technology, jointly created intelligent, efficient and
innovative application products, and assisted enterprises to reconstruct
business capabilities. Meanwhile, Kingdee owns majority share of Beijing
Infosin and provides full-life-cycle product solutions for the tobacco
industry.
三. 公司業務摘要（續）
雲服務業務（續）
(3) 小微企業市場營收高速增長，打造財稅
雲服務生態
金蝶雲•星辰定位滿足成長期的小型商
貿及零售企業，建立規範化業務流程，
實現高效內外業務協同，提升財稅管理
及經營決策效率。金蝶雲•星辰攜手釘
釘以業務財務一體化為切入點發起數據
標準共建計劃，推動行業SaaS之間的數
據互通，實現一站式業財數字化管理。
金蝶建立首個基於小微企業客戶全量數
據的產品：企業數字戰鬥力指數，基於
指數基礎數據與工信部合作開展的中小
企業經營監測分析項目，獲得了工信部
認可。
報告期內，小微企業市場雲業務實現高
速增長，收入同比增長%，其中金蝶
雲•星辰和精斗雲收入同比增長%；
金蝶KIS雲通過推動KIS端產品老客戶升級
雲訂閱服務，收入同比增長%，續
費率約%。
(4) 加速生態戰略佈局，與合作夥伴共創共
贏
報告期內，金蝶持續佈局生態，戰略投
資藝賽旗，進行產品融合性創新，以
RPA（機器人流程自動化）技術強化蒼穹平
台，共同打造智慧、高效、創新的應用
產品，助力企業構建業務能力。同時，
金蝶控股雲基物宇，為煙草行業提供全
生命週期產品解決方案。
Kingdee International Software Group Company Limited Interim Report 202122
BUSINESS REVIEW AND OUTLOOK
業務回顧及展望
3. Group Business Review (Continued)
Cloud Business Review (Continued)
(4) Advance in the ecosystem strategy, to achieve a Win-Win for
Kingdee and Partners (Continued)
In terms of strategic ecosystem, Kingdee actively deepened partnership
with domestic and foreign consulting and delivery partners such as
KPMG, iSoftStone, Chinasoft International, and explored ecological
services cooperation. Kingdee introduced solution plans for the industry
with IaaS players such as Huawei Cloud, Alibaba Cloud, Tencent Cloud.
Through active layout to integrate Xinchuang ecosystem, Kingdee Cloud
Cosmic and other products have passed the adaptation certificate with 11
products of domestic Xinchuang partners such as Huawei Kunpeng, DM
Database, KYLINSOFT, etc.
(5) Focused on core industry, and built the potential energy of the
industry
In respect of the steel industry, combing with the experience of working
for hundreds of enterprises in the steel, nonferrous metals and coal
chemical industry, Kingdee has provided solutions in line with the
characteristics of the metallurgical industry for enterprise including
Delong Steel, Tsinghan Holding and Shandong Zhaojin. During the
period, Kingdee signed with well-known enterprises progressively
including Shagang Group and Huayin Aluminum.
In respect of the tobacco industry, based on the framework of Kingdee
Cloud Cosmic, Kingdee has gradually developed modules with the
characteristic of tobacco industry such as Raw Material Cloud, Process
Cloud, Marketing Cloud and Project Cloud, and those modules have
been extensively applied in China Tobacco Yunnan project, which have
been under stable operation.
In respect of the construction industry, our products covered the whole
life cycle of investment, construction, sales, operation and service of
urban space development and operation projects, and helped the digital
transformation of enterprises in the construction industry. During the
period, Kingdee signed with major real-estate enterprise including
Aoyuan Group, China Overseas Grand Oceans, CCCG Real Estate
Group, and construction enterprises including Power China and Guangxi
Liugong.
三. 公司業務摘要（續）
雲服務業務（續）
(4) 加速生態戰略佈局，與合作夥伴共創共
贏（續）
戰略生態方面，金蝶積極與國內外諮詢
交付類夥伴如KPMG、軟通動力、中軟
國際等深化合作關係，探索生態服務合
作；與華為雲、阿裡雲、騰訊雲等IaaS
廠商共創行業解決方案。金蝶積極佈局
融入信創生態，金蝶雲•蒼穹等產品已
經與華為鯤鵬、達夢數據庫、麒麟軟
件等11家國產信創夥伴產品完成適配認
證。
(5) 聚焦核心行業，打造產業勢能
鋼鐵行業，結合為上百家鋼鐵、有色、
煤化工企業服務的行業積累，先後為包
括德龍鋼鐵、青山控股、山東招金等企
業提供符合冶金行業特色的解決方案。
期內，相繼簽約沙鋼集團、華銀鋁業等
知名企業。
煙草行業，基於金蝶雲•蒼穹架構，已
逐步開發出煙草行業特色的原料雲、工
藝雲、營銷雲、項目雲等模块，已在雲
南中煙項目上廣泛應用，目前該項目已
經進入穩定運行期。
房地產建築行業，產品覆蓋城市空間開
發與運營項目的投資、建設、銷售、運
營、服務全生命週期，助力建築與房地
產行業企業數字化轉型。期內簽約奧園
集團、中海宏洋地產、中交地產等大型
房地產企業；中國電建、廣西柳工等建
築施工企業。
二零二一年中期報告 金蝶國際軟件集團有限公司 23
BUSINESS REVIEW AND OUTLOOK
業務回顧及展望
3. Group Business Review (Continued)
Cloud Business Review (Continued)
(5) Focused on core industry, and built the potential energy of the
industry (Continued)
Subsidiaries in various industries continued to make efforts in their
industries: Through Asset Management Services Cloud and Property
Services Cloud, Wojia Cloud served over 3,000 projects, covering over
170 cities nationwide. During the period, Wojia Cloud signed with major
property asset management enterprises including GZYXPMC and Onewo
Technology. Kingdee Guanyi Cloud built the new generation of retail EBC
based on Kingdee Cloud Cosmic platform. During the period, it signed
with the Playboy Group, Red Star Macalline Group, Maxim’s Cateres and
Hotata. Kingdee Internet Finance reached cooperation in digital supply
chain and financial technology with well-known enterprises including
Oriental BJ, 361 Degrees and Tecon Biology.
(6) Internal Reform motivated by Xu Shaochun’s WeChat Public
Account, to enable customer success
Introduction of “Xu Shaochun’s WeChat Public Account” aims to promote
the culture of “wholeheartedly serving the enterprise customers” across
the Group, and has become a major force driving Kingdee’s cloud
transformation. In the first half of 2021, the Public Account received
nearly 5,000 effective consultations, also received over 240 customer
apprisals, representing an increase of 110% yoy. Customer complaints
also declined by 40% yoy. The Public Account has notably pushed
forward internal reforms based on the feedbacks, and has built direct
customer services and customer success model.
ERP Business and others
During the Reporting Period, revenue from enterprise resource management
plans and other businesses grew about % yoy, from RMB589,069,000 in the
same period last year to RMB634,141,000, of which EAS Cloud license revenue
increased by % yoy. Kingdee signed with new customers including Xiangyu
Real Estate, Bei da huang Grain Group, Jinhui Wine Group and Shenzhen Bus
Group.
三. 公司業務摘要（續）
雲服務業務（續）
(5) 聚焦核心行業，打造產業勢能（續）
各行業子公司在所處行業持續發力：我
家雲通過資產服務雲、物業服務雲，
累計服務超過3000+項目，覆蓋全國170
多個城市，期內簽約廣州越秀物業、萬
物雲科技等大型物業資管企業；金蝶管
易雲基於金蝶雲•蒼穹平台構建新一代
零售EBC，期內相繼簽約花花公子、紅
星美凱龍、美心食品、好太太等知名企
業；金蝶互聯網金融與東方雨虹、361
度、天康生物等知名企業達成數字化供
應鏈金融科技合作。
(6) 大力推動內部運營變革，助力實現客戶
成功
「徐少春個人號」自設立以來，樹立了「全
心全意為企業服務」的文化，已然成為了
促進金蝶數字化轉型的一個重要抓手。
上半年，個人號共收到近5,000個有效諮
詢；收到客戶表揚超過240次，同比增長
超過110%，客戶投訴同比下降近40%。
個人號已顯著推動內部運營變革，加速
金蝶雲轉型，直達並成就客戶。
企業資源管理計劃業務及其他
報告期內，企業資源管理計劃業務及其他業
務收入同比增長約%，從去年同期的人民幣
589,069,000元至人民幣634,141,000元。其中，EAS
Cloud許可收入同比增長%，新簽客戶包括
象嶼地產、北大荒糧食集團、金徽酒集團、深
圳巴士集團等。
Kingdee International Software Group Company Limited Interim Report 202124
BUSINESS REVIEW AND OUTLOOK
業務回顧及展望
3. Group Business Review (Continued)
Business of investment properties operation
As of 30 June 2021, the Group had carrying amount of investment properties
of RMB1,650,971,000 (31 December 2020: RMB1,650,971,000). During the
Reporting Period, the Group fully used and leased available space in software
parks in Beijing, Shanghai and Shenzhen. The Group generated rental income
of RMB35,915,000 during the period (30 June 2020: RMB38,634,000). The
decrease in rental income was due to the increase in the self-use area of the
properties.
三. 公司業務摘要（續）
投資性物業經營業務
截至二零二一年六月三十日，本集團持有投資
性物業共計人民幣1,650,971,000元（二零二零年
十二月三十一日：人民幣1,650,971,000元）。在
報告期內，本集團完全善用並出租部分北京金
蝶軟件園，上海金蝶軟件園及深圳金蝶軟件
園。因此，集團業績期內租金收入為人民幣
35,915,000元（二零二零年六月三十日：人民幣
38,634,000元），租金收入下降系物業自用面積
增加所致。
二零二一年中期報告 金蝶國際軟件集團有限公司 25
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
1. Major Financial Information
Revenue
For the year ended 30 June 2021, the Group recorded total revenue of
RMB1,872,399,000, representing a year-on-year growth of % (1H2020:
RMB1,387,445,000). Revenue from the Cloud Services increased by %
yoy to RMB1,238,258,000 (1H2020: RMB798,376,000). Revenue from the ERP
business and others amounted to RMB634,141,000 (1H2020: RMB589,069,000),
increased by % year-on-year.
For the six months ended 30 June
六月三十日止六個月
2021 2020
二零二一年 二零二零年
RMB’000 RMB’000
人民幣千元 人民幣千元
Cloud business 雲服務業務 1,238,258 798,376
Enterprise cloud services 企業雲服務 868,670 567,835
Small & Micro business finance cloud services 小微財務雲服務 218,403 126,744
Industry cloud services 行業雲服務 151,185 103,797
ERP business and others 企業資源管理計劃業務及其他 634,141 589,069
Revenue from sales of software and hardware products 軟件及硬件產品銷售的收入 254,664 206,479
Revenue from rendering of software
implementation, maintenance services, and others
提供軟件安裝、運維服務
及其他的收入 379,477 382,590
1,872,399 1,387,445
The above mentioned increase in revenue from cloud services business was
mainly attributable to the increase in revenue from Kingdee Cloud products.
1. 主要財務資料
營業額
截至二零二一年六月三十日止，本集團錄得
總營業額人民幣1,872,399,000元，同比增長
%（二零二零年同期：人民幣1,387,445,000
元）。來自雲服務收入同比增長%至人民
幣1,238,258,000元（二零二零年同期：人民幣
798,376,000元）。企業資源管理計劃業務及其他
的收入為人民幣634,141,000元（二零二零年同
期：人民幣589,069,000元），同比增長%。
上述雲服務業務的收入增加主要由於金蝶雲產
品的訂閱服務收入增加。
Kingdee International Software Group Company Limited Interim Report 202126
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
1. Major Financial Information (Continued)
Gross profit
The Group recorded gross profit of RMB1,174,133,000 (1H2020 restated:
RMB890,494,000), increased by % yoy. The gross profit margin decreased
by percentage points yoy to approximately % (1H2020 restated:
approximately %). The decrease was mainly due to the year-on-year increase
in outsourcing costs for the implementation of benchmarking projects in the large
enterprise market.
Selling and marketing expenses
During the Reporting Period, selling and marketing expenses amounted to
approximately RMB887,846,000 (1H2020 restated: RMB725,916,000). This
represented a yoy increase of %. As a percentage of revenue, the percentage
of selling and marketing expenses decreased from % in the first half of 2020
to % in the first half of 2021.
Administrative expenses and net impairment losses on
financial assets and contract assets
During the Reporting Period, administrative expenses and net impairment losses
on financial assets and contract assets were RMB235,255,000 in aggregate,
representing a yoy increase of % (1H2020: RMB210,764,000). In terms
of revenue percentage, the percentage of administrative expenses and net
impairment losses on financial assets and contract assets decreased from %
in the first half of 2020 to % in the first half of 2021.
Research and development expenses
During the Reporting Period, the Group continued to focus on Platform +
Finance & HR & Tax + Ecosystem” and increased R&D investment in Kingdee
Cloud Cosmic. Total research and development costs were RMB667,911,000,
representing a yoy increase of % (1H2020: RMB389,755,000), of which,
during the Reporting Period, the R&D capitalization rate dropped to %
(1H2020: %), the capitalized amount was RMB228,722,000, decreased
by % yoy (1H2020: RMB243,397,000). Amortisation of research and
development costs was RMB185,554,000, representing a yoy decrease of %
(1H2020: RMB212,038,000), and the research and development costs recognised
in the consolidated income statement was RMB624,743,000, increased by %
yoy (1H2020: RMB358,396,000).
1. 主要財務資料（續）
毛利
本集團錄得毛利為人民幣1,174,133,000元（二零
二零年同期經重述：人民幣890,494,000元），同
比增長約%。毛利率較二零二零年同期下
降個百分點，約為%（二零二零年同期經
重述：約%）。毛利率下降主要系大企業市
場標杆項目的實施外包成本同比增長所致。
銷售及推廣費用
報告期內，銷售及推廣費用合計約人民幣
887,846,000元（二零二零年同期經重述：人民幣
725,916,000元），同比增長%。銷售及推廣
費用佔營業額百分比由二零二零年上半年的
%下降至二零二一年上半年的%。
行政費用及金融資產及合同資產減值損
失淨額內的費用
報告期內，行政費用及金融資產及合同資產
減值損失淨額內的費用合計人民幣235,255,000
元，同比增加%（二零二零年同期：人民幣
210,764,000元）。佔營業額百分比由二零二零
年上半年的%下降至二零二一年上半年的
%。
研究及開發費用
報告期內，本集團繼續圍繞「平台+人財稅+生
態」，加大對金蝶雲•蒼穹的研發投入。研究及
開發成本總額為人民幣667,911,000元，同比增
加%（二零二零年同期：人民幣389,755,000
元）。研發資本化率下降至%（二零二零年同
期：%），已資本化金額為人民幣228,722,000
元，同比下降%（二零二零年同期：人民幣
243,397,000元）。報告期內研究及開發成本攤銷
額為人民幣185,554,000元，同比減少%（二
零二零年同期：人民幣212,038,000元），而於
合併損益表確認之研究及開發成本為人民幣
624,743,000元，同比增加%（二零二零年同
期：人民幣358,396,000元）。
二零二一年中期報告 金蝶國際軟件集團有限公司 27
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
1. Major Financial Information (Continued)
Other income and gains - net
During the Reporting Period, other income and gains-net was RMB219,127,000,
representing a yoy increase of % (1H2020: RMB151,020,000), mainly due to
the increase in fair value of the investment in FXiaoKe.
Operating loss
As at 30 June 2021, the Group recorded an operating loss of RMB354,584,000
(1H2020: operating loss was RMB253,562,000), due to the fact that the Group
continued to develop cloud subscription service, and increased the R&D
investment in cloud products mainly Kingdee Cloud Cosmic and Kingdee Cloud
Constellation. ERP business and others’ operating profit was approximately
RMB42,724,000 (1H2020: loss of RMB10,259,000). Cloud business’
operating loss increased by % to RMB433,223,000 (1H2020: loss of
RMB281,937,000). Investment properties operating business’ operating profit
declined by % yoy to RMB35,915,000 (1H2020: RMB38,634,000), due to the
increase in self-use area of the Group’s properties.
Finance income-net
During the Reporting Period, the finance income-net value amounted to
RMB21,975,000. In the same period of 2020, the finance income-net value
was RMB4,633,000, mainly due to the increase in finance income during the
Reporting Period.
Income tax credit
During the Reporting Period, the income tax credit amounted to RMB38,679,000
(1H2020: income tax credit amount to RMB9,181,000), mainly due to the loss of
the Group and the increase of R&D costs during the Reporting Period.
1. 主要財務資料（續）
其他收入及利得－淨額
報告期內，其他收入及利得－淨額為人民幣
219,127,000元，同比增加%（二零二零年同
期：人民幣151,020,000元），主要系紛享銷客公
允價值變動收益增加所致。
經營虧損
截至二零二一年六月三十日止，本集團錄得
經營虧損人民幣354,584,000元（二零二零年同
期：經營虧損人民幣253,562,000元），由於本集
團持續發展雲訂閱服務，加大金蝶雲•蒼穹和
金蝶雲•星瀚等雲產品研發投入所致。企業資
源管理計劃業務及其他的分部經營利潤約人
民幣42,724,000元（二零二零年同期： 虧損人民
幣10,259,000元）;雲服務業務的分部經營虧損增
長%至約虧損人民幣433,223,000元（二零二
零年同期：虧損人民幣281,937,000元）。同時
集團的投資物業業務貢獻同比下降%至約
人民幣35,915,000元（二零二零年同期：人民幣
38,634,000元），主要是集團物業的自用面積增
加所致。
財務收益－淨額
報告期內，財務收益－淨額為人民幣21,975,000
元，二零二零年同期財務收益－淨額為人民幣
4,633,000元，主要由於報告期內財務收益增加
所致。
所得稅沖回
報告期內，所得稅沖回為人民幣38,679,000元，
二零二零年同期：所得稅沖回人民幣9,181,000
元，主要由於報告期內集團虧損及研發費用大
幅增加所致。
Kingdee International Software Group Company Limited Interim Report 202128
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
1. Major Financial Information (Continued)
Net loss and basic loss per share
As at 30 June 2021, the current loss attributable to owners of the Company
was RMB248,108,000 (1H2020: loss of approximately RMB224,025,000). Net
loss margin attributable to owners of the Company was % (1H2020: net
loss margin of %). Basic loss per share was approximately cents
(1H2020: basic loss per share of cents).
Financial assets and derivative instruments at fair value
through profit or loss
As at 30 June 2021, the Group’s financial assets and derivative instruments at
fair value through profit or loss amounted to RMB1,076,439,000, representing
a decrease of RMB544,496,000 as compared with 31 December 2020,
including the non-current portion of RMB825,885,000 (31 December 2020:
RMB622,739,000) and the current portion of RMB250,554,000 (31 December
2020: RMB998,196,000).
1. 主要財務資料（續）
虧損及每股虧損
截止二零二一年六月三十日止，本集團權益持
有人佔當期虧損約人民幣248,108,000元（二零二
零年同期：虧損約人民幣224,025,000元），歸屬
於母公司的淨虧損率約為%（二零二零年同
期：淨虧損率約%），每股基本虧損約人民
幣分（二零二零年同期：每股基本虧損約人
民幣分）。
以公允價值計量且其變動計入損益的金
融資產及衍生金融工具
截至二零二一年六月三十日，本集團以公允價
值計量且其變動計入損益的金融資產及衍生金
融工具為人民幣1,076,439,000元，較二零二零
年十二月三十一日減少人民幣544,496,000元，
包括非流動部分人民幣825,885,000元（二零二零
年：人民幣622,739,000元）及流動部分人民幣
250,554,000元（二零二零年：人民幣998,196,000
元）。
二零二一年中期報告 金蝶國際軟件集團有限公司 29
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
1. Major Financial Information (Continued)
Financial assets and derivative instruments at fair value
through profit or loss (Continued)
Financial assets and derivative instruments at fair value through profit or loss
included the following:
30 June 2021 31 December 2020
二零二一年
六月三十日
二零二零年
十二月三十一日
RMB’000 RMB’000
人民幣千元 人民幣千元
Investments designated at fair value through
profit or loss
指定公允價值變動進入損益的
投資
Wealth management products (i) 資產管理產品 (i) 173,254 993,656
Listed equity investment 上市股權投資 73,467 –
Unlisted equity investment 非上市股權投資 825,885 622,739
Derivative financial instruments 衍生金融工具 3,833 4,540
1,076,439 1,620,935
Less: non-current portion 減：非流動部分 (825,885) (622,739)
Current portion 流動部分 250,554 998,196
(i) This represented the Group’s investments in various wealth management products
issued by commercial banks and state-owned financial institutions. These products
have a term ranging from 1 months to 12 months. They have an expected annual
return rate ranging from % to %. No single wealthy management product
investment accounted for over 5% of the Group’s total assets. The fair values of
these investments were determined based on income approach.
1. 主要財務資料（續）
以公允價值計量且其變動計入損益的金融資
產及衍生金融工具（續）
以公允價值計量且其變動計入損益的金融資產
及衍生金融工具包括以下項目：
(i) 這表示本集團對商業銀行和國有金融機構發行
的各種財富管理產品的投資。這些產品的有效
期為1個月至12個月。他們的預期年回報率在
%至%之間。沒有一項理財產品投資佔
集團總資產的5%以上。這些投資的公允價值是
基於收入法確定的。
Kingdee International Software Group Company Limited Interim Report 202130
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
1. Major Financial Information (Continued)
Investments in associates
The changes in the book value of investments in associates during the six months
ended 30 June 2021 are as follows:
For the six months ended 30 June
六月三十日止六個月
2021
二零二一年
RMB’000
人民幣千元
Opening amount 期初金額 403,032
Additions 增添 –
Disposal(a) 處置(a) (15,585)
Share of profit of associates 享有聯營投資的盈利 7,473
Closing amount 期末金額 394,920
(a) The Group has disposed of all of its 5% interest in Shenzhen Fast
Learning Education Development Co., Ltd (“Fast Learning Education”) in
May 2021 to an independent third party.
Contract assets
During the Reporting Period, the contract assets of the Group were
RMB356,079,000 as at 30 June 2021 and RMB356,658,000 as at 31 December
2020.
1. 主要財務資料（續）
聯營投資
聯營投資的帳面價值在截至二零二一年六月
三十日止六個月內變動如下：
(a) 本集團處置深圳快學教育發展有限公
司（以下簡稱「快學教育」）5%股權。二零
二一年五月，集團將其在快學教育5%的
股份全部出售給獨立第三方。
合同資產
報告期內，於二零二一年六月三十日，本集團
的合同資產為人民幣356,079,000元，於二零二
零年十二月三十一日的相應合同資產為人民幣
356,658,000元。
二零二一年中期報告 金蝶國際軟件集團有限公司 31
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
1. Major Financial Information (Continued)
Loans to related parties
During the Reporting Period, the Group provided a loan of RMB200,000,000 to
CITIC Consumer Finance Co., Ltd. for a period of 182 days from 25 January 2021
to 26 July 2021 at an annual interest rate of 5%.
For six months ended 30 June
六月三十日止六個月
2021 2020
二零二一年 二零二零年
RMB’000 RMB’000
人民幣千元 人民幣千元
Loans to an associate 給予聯營企業貸款
At 1 January 於一月一日 – –
Loans from related parties 關聯方借款 200,000 270,000
Repayment from related parties 關聯方還款 – (270,000)
Interest accrued 應收利息 250 –
At 30 June 於六月三十日 200,250 –
Contract liabilities
During the Reporting Period, the Group’s contract liabilities amounted to
RMB1,690,768,000 as at 30 June 2021. The corresponding contract liabilities
amounted to RMB1,483,943,000 as at 31 December 2020. The increase in
contract liabilities during the year was mainly due to the growth of the Group’s
cloud service business.
1. 主要財務資料（續）
給予關連方貸款
報告期內，本集團向中信消費金融提供人民幣
200,000,000元的貸款，為期182天，由二零二一
年一月二十五日起至二零二一年七月二十六日
止，年利率為5%。
合同負債
報告期內，於二零二一年六月三十日，本集團
的合同負債為人民幣1,690,768,000元。於二零二
零年十二月三十一日的相應合同負債為人民幣
1,483,943,000元。年內合同負債增加主要是由於
本集團雲服務業務增長所致。
Kingdee International Software Group Company Limited Interim Report 202132
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
1. Major Financial Information (Continued)
Liquidity, financial and capital resources
As at 30 June 2021, the Group recorded a total cash and bank deposits of
RMB3,668,508,000 (31 December 2020: RMB4,046,980,000). As at 30 June
2021, the Group held asset management products of RMB173,254,000 (31
December 2020: RMB993,656,000). A substantial part of the Group’s cash,
bank deposit and wealth management products were denominated in RMB
and the RMB-equivalent of the part denominated in foreign currencies were
RMB764,663,355 as at 30 June 2021 (31 December 2020: RMB1,813,457,000),
which were mainly denominated in US dollar and Hong Kong dollar.
As at 30 June 2021, the Group’s net current assets amounted to approximately
RMB2,226,998,000 (31 December 2020: RMB3,584,825,000). As at 30 June
2021, the current ratio of current assets to current liabilities is approximately ,
a slightly decrease from as at 31 December 2020.
As at 30 June 2021, the Group’s borrowings amounted to RMB Nil (31 December
2020: RMB120,000,000), representing a yoy decrease of 100％. Gearing ratio
is calculated as net debt (representing total borrowings less cash and cash
equivalents) over total capital (representing total equity plus net debt). The Group
has no net debt ratio at the end of the Reporting Period.
Cash flow and fair value interest rate risk
The Group’s exposure to changes in interest rates is mainly attributable to its
borrowings. Borrowings carried at floating rates expose the Group to cash flow
interest-rate risk whereas those carried at fixed rates expose the Group to fair
value interest-rate risk.
The Group currently does not use any interest rate swaps to hedge its exposure
to interest rate risk. However, the Group will consider hedging significant interest
rate exposure should the need arise.
1. 主要財務資料（續）
現金流量、財務及資本資源
於二零二一年六月三十日，本集團錄得現金及
銀行存款總額人民幣3,668,508,000元（二零二零
年十二月三十一日：人民幣4,046,980,000元）。
於二零二一年六月三十日，本集團持有資產管
理產品人民幣173,254,000元（二零二零年十二月
三十一日：人民幣993,656,000元）。本集團的現
金、銀行存款及財產管理產品大部分以人民幣
計值，而外幣計值部分於二零二一年六月三十
日的人民幣等值約為人民幣764,663,355元（二零
二零年十二月三十一日：人民幣1,813,457,000
元），主要以美元及港元計值。
於二零二一年六月三十日，本集團的流動資
產淨值約為人民幣2,226,998,000元（二零二零年
十二月三十一日：人民幣3,584,825,000元）。於
二零二一年六月三十日，流動資產比流動負
債的流動比率約為，較二零二零年十二月
三十一日的略有下降。
於二零二一年六月三十日，本集團的借款為人
民幣零元（二零二零年十二月三十一日：人民
幣120,000,000元），同比減少100%。淨負債比率
按淨債務（即總借款減現金及現金等價物）除以
總資本（即總權益加淨負債）計算。本集團在報
告截止日沒有淨負債比率。
現金流和公允價值利率風險
本集團對利率變動的風險敞口主要來自借款。
以浮動利率計息的借款使本集團面臨現金流利
率風險，而以固定利率計息的借款使本集團面
臨公允價值利率風險。
本集團目前不使用任何利率掉期來對沖其利率
風險敞口。不過，如果有需要，該集團將考慮
對沖巨大的利率風險敞口。
二零二一年中期報告 金蝶國際軟件集團有限公司 33
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
1. Major Financial Information (Continued)
Foreign exchange risk
The functional currency of the Company and its major subsidiaries is RMB. The
majority of the revenues of the Group are derived from operations in the PRC.
Foreign exchange risk is the risk of loss resulting from changes in foreign
currency exchange rates. Fluctuations in exchange rates between RMB and other
currencies in which the Group conducts business may affect its financial position
and results of operations. The foreign exchange risk facing the Group mainly
comes from movements in the US dollars/RMB and Hong Kong dollars/RMB
exchange rates.
The Group does not have a foreign currency hedging policy. However, the
management of the Group monitors foreign exchange exposure and will consider
hedging significant foreign currency exposure should the need arise.
Credit risk
Credit risk arises from cash and cash equivalents, contractual cash flows of debt
instruments carried at amortised cost, at fair value through profit or loss (FVPL)
and deposits with banks and financial institutions, as well as credit exposures to
customers, including outstanding receivables.
The management manages the credit risk of cash and cash equivalents, pledged
and short-term bank deposits, long-term bank deposits and wealth management
products (classified as financial assets at FVPL) by transacting with state-owned
financial institutions and reputable commercial banks which are all high-credit-
quality financial institutions in the PRC and Hong Kong.
In relation to trade receivables and contract assets, the Group has two kinds of
distribution channels, one is sales to distributors and the other is sales to end
customers.
For distributors, the Group has assessed the credit quality of the distributors,
taking into account their financial position, past experience and other factors.
Individual risk limits are set based on internal or external ratings in accordance
with limits set by the board. The compliance with credit limits by distributors is
regularly monitored by management.
1. 主要財務資料（續）
匯兌風險
本公司及主要子公司的功能貨幣為人民幣。本
集團主要的收入來源於在中華人民共和國的經
營。
匯兌風險是外匯匯率變化導致損失的風險。集
團進行業務時人民幣與其他幣種之間的匯率波
動會影響其財務狀況和經營成果。集團面臨的
匯兌風險主要來自美元兌人民幣和港幣兌人民
幣的匯率。
本集團無外幣套期保值政策。然而，本集團管
理層會對外匯風險進行監控，並且在需要時對
重大外幣風險採取套期保值。
信貸風險
信用風險源於現金及現金等價物、以攤餘成本
計量的債務工具合同現金流量、以公允價值計
量且其變動計入損益的債務工具合同現金流
量、銀行和其他金融機構存款以及未收應收款
在內的客戶信用風險。
為管理來自現金及現金等價物、抵押存款、短
期銀行存款、長期銀行存款及理財產品（歸類
為以公允價值計量且其變動計入損益的金融資
產）的信用風險，本集團管理層僅與中國國有
或信譽良好的中國大陸及香港的財務機構進行
交易。
對於應收賬款及合同資產，本集團有兩種銷售
渠道，一種是銷售給經銷商，另一種是銷售給
最終客戶。
對於銷售給經銷商，本集團評估經銷商的信用
品質會考慮其財務狀況、信用歷史記錄及其他
因素。根據評估的信用品質設定相應的信用額
度。管理層亦採取一定的監控程式確保經銷商
在信用額度內採購。
Kingdee International Software Group Company Limited Interim Report 202134
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
1. Major Financial Information (Continued)
Credit risk (Continued)
For sales to end customers, the Group has no significant concentration of credit
risk in trade receivables since the balance of trade receivables is composed of
numerous individual small items and the exposure spreads over a large number
of customers.
The Group’s investments in debt instruments, including loans to the third
parties and related parties as well as entrust loans are considered to be low
risk investments. The credit ratings of the investments are monitored for credit
deterioration.
For other receivables, the management considers the possibility of default when
assets are initially recognized and whether the credit risk increased significantly
on an ongoing basis. The directors of the Company believe that there is no
material credit risk inherent in the Group’s outstanding balances of other
receivables.
Fund and working capital management
Our funds and liquidity management are centrally carried out by our fund
management department. Our fund management department is generally
responsible for overall management and implementation of funds, including
formulating the capital management policy for our Group, guiding, coordinating
and standardizing the fund management of regional companies, making annual
funding plans, reviewing and summarizing annual capital budget, overseeing and
assessing fund management of each regional company. Our finance departments
of regional companies are committed to implementing the fund management
policies formulated by our headquarters and are responsible for making funding
plans and executing capital operations at subsidiary level. We have also adopted
sophisticated fund management policies and implemented a set of rules and
guidelines on fund management, such as the Group Capital Internal Control
Management Measures (《集團資金基礎內控管理辦法》) and Fund
Settlement Of Branch Offices Management Measures (《分支機構資金結算
管理辦法》), to enhance the effectiveness and efficiency of fund management,
thereby ensuring our financial security and reducing cost of capital.
1. 主要財務資料（續）
信貸風險（續）
對於銷售給最終客戶，因應收賬款非常零星且
分佈於大量的消費者中，本集團於應收賬款並
無集中的信貸風險。
本集團的債務工具投資，包括給予第三方的貸
款，給予關聯方的貸款及委託貸款，被判定為
低風險投資。為了防止信貸惡化，這些投資的
信用評級收到了檢測。
對於其他應收款項，管理層考慮初始確認資產
時出現違約的可能性以及它們是否在持續的基
礎上顯著增加了信用風險。本公司董事認為，
本集團其他應收款項的未清償餘額不存在重大
的內在信用風險。
資金及營運資金管理
資金及流動資金由資金管理部統一管理。資金
管理部一般負責資金的整體管理及實施，包括
制定本集團資金管理政策、指導、協調及規範
地區公司資金管理、制定年度資金計劃、檢討
及總結年度資本預算、監督及評估各地區公司
資金管理。地區公司的財務部致力實施總部制
定的資金管理政策，負責於附屬公司層面制定
資金計劃和執行資金營運。我們亦採取精細資
金管理政策及實施一套資金管理規則和指引，
例如《集團資金基礎內控管理辦法》與《分支機
構資金結算管理辦法》，以提高資金管理的效
果及效率，從而確保財政安全和減少資金成
本。
二零二一年中期報告 金蝶國際軟件集團有限公司 35
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
1. Major Financial Information (Continued)
Fund and working capital management (Continued)
To manage our idle cash on hand, we purchase and redeem wealth management
products using them as our “cash pool” from which we could readily access cash
as needed and generate higher yield than bank deposits. The underlying financial
assets of the wealth management products in which we invested primarily consist
of the low- risk wealth management products issued by financial institutions. The
amount of the purchase will be determined based on our surplus funds. Our main
treasury policy on fund management is the Wealth Management Administration
Solution (《資金理財管理辦法》). We consistently comply with our treasury
policy during the procedures of purchasing the wealth management products
and managing the relevant departments, as well as in conducting business,
accounting and filing.
We are committed to safeguarding overall financial security and maintaining a
strong cash position and a healthy debt profile with strong repayment ability. By
adopting a full, reasonable and professional assessment mechanism, preparing
annual and monthly funding plans, we have established disciplined fund
management principal, which allows us to efficiently manage market risks.
For budget management, we have established a monthly, quarterly and annual
budget management system, then seek approval from our chief financial officer.
The capital budget plans should be made based on the objective basis of the
Group’s business plans, project schedules, and contractual payment terms to
ensure that the plan accurately matches the actual business needs.
2. Employee and Remuneration Policy
During the Reporting Period, total number of employees in the Group reached
10,589. Based on core value of “Acting in all Conscience, with Integrity
and Righteousness”, the Group was committed to implementing Kingdee
Philosophy, continuously recognized product technological innovation and
quality construction, encouraged front-line organizations to innovate based on
scenarios of users, and consolidated the culture of “customer-centric, long-term
professionalism”. During the period, the Group implemented the matrix, platform,
systematization and intelligence of the organizations. Meanwhile, the Group
continued to implement the strategy to attract leading and elite talents, top-class
professionals and graduates for cloud transformation so as to promote younger,
hierarchization, more professional and echelon talents.
1. 主要財務資料（續）
資金及營運資金管理（續）
為了管理庫存閒置現金，我們購買及贖回理財
產品作「現金池」，我們可在需要時從中取得現
金，獲得較銀行存款高的收益。我們投資的理
財產品的相關金融資產主要包括金融機構發行
的低風險理財產品。購買金額將根據盈餘資金
釐定。我們以《資金理財管理辦法》作為對基金
管理的主要財務政策。我們購買理財產品和管
理相關部門的程式與進行業務、會計及備案的
過程一直遵守財務政策。
我們致力保障全面的財務安全，並且維持良好
的現金水準和穩健的負債結構，有充足的償付
能力。通過全面、合理及專業的評審機制，我
們制定年度與每月資金規劃，已建立一套嚴謹
的資金管理原則，可以有效管理市場風險。
預算管理方面，我們已建立每月、每季及全年
預算管理制度，由首席財務官審批。資本預算
計劃應基於本集團的業務計劃、項目時間表及
合約付款期而制訂，以確保準確配合實際業務
需要
2. 雇員及薪酬政策
報告期內，集團員工人數達10,589人。本集團
以「致良知、走正道、行王道」為核心價值觀，
落實貫徹《金蝶哲學》，持續表彰產品技術創新
與品質建設，加大鼓勵一線組織基於使用者場
景的創新，鞏固了「以客戶為中心、長期堅持
專業主義」的文化。期內，集團落實組織的矩
陣化、平台化、體系化與智慧化，同時繼續部
署雲轉型領軍人才，持續引進高級人才和一流
應屆畢業生，推動實現人才年輕化、職級化、
專業化、梯隊化。
Kingdee International Software Group Company Limited Interim Report 202136
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
3. Social Responsibility
Kingdee actively work with universities to develop academic training and
practical teaching, so as to convey high-level digital and intellectual talents
for the development of the information industry. During the period, Kingdee
signed school-enterprise cooperation agreements with 11 universities including
Southern University of Science and Technology, Chengdu University and Hubei
University to help universities train digitalized and intelligent talents. Through
providing internship training and other ways, Kingdee helped to cultivate over
200 graduates for the industry. During the pandemic, Kingdee combined on-site
guidance and distance teaching mode to provide teaching support for over 60
universities including Central University of Finance and Economics, Southwest
Petroleum University and Hubei University of Economics, benefiting a total of
nearly 10,000 students.
During the Reporting Period, Kingdee set up digital classroom to share
digital management strategy and digital leadership with more than 300 senior
executives such as CEO and CIO of Chinese enterprises to promote the digital
transformation of Chinese enterprises, and provide an engine for accelerating
digital transformation of Chinese enterprises and industries.
Kingdee contributed to the China Management Model 50, a public forum for
promoting theoretical and practical dialogues, communication and cooperation.
Kingdee, management experts and entrepreneurs jointly advanced enterprise
management in China. Meanwhile, Kingdee was very concerned about the basic
education in areas where education resources are scarce, practiced welfare
undertakings and took various measures to support students at different levels in
different places including Sichuan, Hunan and Jiangsu to realize their dreams.
4. Outlook
Kingdee will continue to unswervingly transform to the cloud subscription
service model, fully execute the strategy of “Platform + Finance & HR & Tax
+ Ecosystem”, and continuously improve the user experience of products and
services. In the next three years, a new Kingdee with subscription business
model will be created. Committed to the philosophy of “Putting customers at the
center, Insisting professionalism in the long-run; Regarding hardworking as the
foundation, Keeping a pure heart and pure mind for a long time”, Kingdee has
always been with every customer side by side to achieve digital transformation,
helps enterprises in all industries resolve challenges and realise consistent
growth.
3. 社會責任
金蝶積極與高校開展學術培養及實踐教學，為
信息化產業發展輸送高水準的數智化人才。報
告期間，與南方科技大學、成都大學、湖北大
學等 11 家院校新簽署校企合作協定，幫助高
校培養數智化人才。通過實習培訓等方式為行
業輸送 200 多人。疫情期間，採用現場指導與
遠端授課相結合模式，為中央財經大學、西南
石油大學、湖北經濟學院等約60 餘家高校提供
授課支援，共計近萬名在校學生學習。
報告期內，金蝶成立數字學堂，面向超過300
位中國企業CEO、CIO等高管分享數字化管理戰
略與數字化領導力，助力中國企業數字化轉
型，為中國企業，行業的數字化轉型的步伐行
業提供引擎。
公司繼續支援「中國管理 50 人」公益論壇，促進
管理理論與實踐的對話、交流與合作，攜手管
理學者與企業家，共同推動企業管理進步。同
時，金蝶關注教育資源匱乏地區的基礎教育，
持續踐行公益事業，以不同形式支援包括四
川、湖南、江蘇等地不同層次學子實現成長夢
想。
4. 未來展望
金蝶將繼續堅定不移地向雲訂閱服務模式轉
型，全面貫徹「平台+人財稅+生態」戰略，不斷
提升產品和服務用戶體驗。未來三年，用訂閱
模式再造一個金蝶。秉承「以客戶為中心，長
期堅持專業主義；以奮鬥者為本，長期堅持明
心淨心」的金蝶哲學，金蝶將始終與每一位客
戶同心同行、並肩作戰，幫助各行各業的企業
數字化轉型，應對挑戰，持續成長。
二零二一年中期報告 金蝶國際軟件集團有限公司 37
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
簡明綜合中期財務狀況表
As at 30 June 2021
於二零二一年六月三十日
The board (the “Board”) of directors (the “Directors”) of Kingdee International Software
Group Company Limited (the “Company”) hereby announces the unaudited condensed
consolidated interim results of the Company and its subsidiaries (the “Group”) for the six
months ended 30 June 2021 are as follows:
Unaudited Audited
未經審核 經審核
30 June 31 December
2021 2020
二零二一年
六月三十日
二零二零年
十二月三十一日
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
Assets 資產
Non-current assets 非流動資產
Property, plant and equipment 不動產、工廠及設備 7 802,073 746,148
Right-of-use assets 使用權資產 8 210,713 181,920
Intangible assets 無形資產 7 879,358 785,500
Investment properties 投資性物業 1,650,971 1,650,971
Investments in associates 聯營投資 9 394,920 403,032
Deferred income tax assets 遞延所得稅資產 22,400 11,380
Financial assets at fair value through profit
or loss
以公允價值計量且其變動計入
損益的金融資產 10 825,885 622,739
Trade and other receivables 應收賬款及其他應收款 11 225,244 49,526
Loans to third parties 給予第三方貸款 11 38,467 57,449
Long-term bank deposits 長期銀行存款 595,000 30,000
5,645,031 4,538,665
Current assets 流動資產
Inventories 存貨 17,732 18,922
Trade and other receivables 應收賬款及其他應收款 11 318,772 333,712
Loans to related parties 給予關連方貸款 11 200,250 –
Loans to third parties 給予第三方貸款 11 304,845 316,666
Contract assets 合同資產 356,079 356,658
Contract obtaining costs 合同取得成本 187,500 142,280
Financial assets at fair value through
profit or loss
以公允價值計量且其變動計入
損益的金融資產 10 246,721 993,656
Derivative financial instruments 衍生金融工具 10 3,833 4,540
Pledged bank deposits 已質押銀行存款 37,941 27,206
Short-term bank deposits 短期銀行存款 1,714,279 1,236,143
Cash and cash equivalents 現金及現金等價物 1,321,288 2,753,631
4,709,240 6,183,414
Total assets 總資產 10,354,271 10,722,079
金蝶國際軟件集團有限公司（「本公司」）董事會（「董事
會」）謹此公佈本公司及其附屬公司（「本集團」）截至二
零二一年六月三十日止六個月之未經審核簡明綜合中
期業績如下：
Kingdee International Software Group Company Limited Interim Report 202138
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
簡明綜合中期財務狀況表
As at 30 June 2021
於二零二一年六月三十日
Unaudited Audited
未經審核 經審核
30 June 31 December
2021 2020
二零二一年
六月三十日
二零二零年
十二月三十一日
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
Liabilities 負債
Non-current liabilities 非流動負債
Lease liabilities 租賃負債 8 58,610 22,320
Deferred income tax liabilities 遞延所得稅負債 140,316 142,693
198,926 165,013
Current liabilities 流動負債
Trade and other payables 應付帳款及其他應付款 13 615,135 794,603
Contract liabilities 合同負債 1,690,768 1,483,943
Borrowings 借款 14 – 120,000
Lease liabilities 租賃負債 8 27,087 28,712
Current income tax liabilities 當期所得稅負債 16,650 39,671
Deferred income 遞延收入 132,602 131,660
2,482,242 2,598,589
Total liabilities 總負債 2,681,168 2,763,602
Net assets 淨資產 7,673,103 7,958,477
Equity 權益
Equity attributable to owners of the
Company
公司所有者權益
Share capital 股本 12 83,439 83,331
Share premium 股本溢價 12 5,027,044 5,052,514
Other reserves 其他儲備 762,313 732,002
Retained earnings 留存收益 1,673,676 1,921,784
7,546,472 7,789,631
Non-controlling interests 非控制性權益 126,631 168,846
Total equity 總權益 7,673,103 7,958,477
二零二一年中期報告 金蝶國際軟件集團有限公司 39
CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT
簡明綜合中期損益表
For the six months ended 30 June 2021
截至二零二一年六月三十日止六個月
Unaudited
未經審核
Six months ended 30 June
六月三十日止六個月
2021 2020
二零二一年 二零二零年
RMB’000 RMB’000
人民幣千元 人民幣千元
Restated
經重述
Notes (Note 3)
附註 （附註3）
Revenue from contracts with customers 與客戶之間的合同產生的收入 15 1,872,399 1,387,445
Cost of sales 銷售成本 16 (698,266) (496,951)
Gross profit 毛利 1,174,133 890,494
Selling and marketing expenses 銷售及推廣費用 16 (887,846) (725,916)
Administrative expenses 行政費用 16 (207,553) (189,203)
Net impairment losses on financial assets
and contract assets
金融資產及合同資產減值損失
淨額 16 (27,702) (21,561)
Research and development costs 研究及開發成本 16 (624,743) (358,396)
Other income and gains – net 其他收入及利得－淨額 17 219,127 151,020
Operating loss 經營虧損 (354,584) (253,562)
Finance income 財務收益 25,724 8,323
Finance costs 財務費用 (3,749) (3,690)
Finance income – net 財務收益－淨額 21,975 4,633
Share of profit/(loss) of associates 享有聯營投資的盈利╱（虧損）份額 7,473 (1,952)
Loss before income tax 扣除所得稅前虧損 (325,136) (250,881)
Income tax credit 所得稅沖回 18 38,679 9,181
Loss for the period 當期虧損 (286,457) (241,700)
Loss attributable to: 虧損歸屬於：
Owners of the Company 本公司權利持有人 (248,108) (224,025)
Non-controlling interests 非控制性權益 (38,349) (17,675)
(286,457) (241,700)
Loss per share for loss attributable
to owners of the Company
(expressed in RMB cents per share)
本公司權益持有人
應佔虧損的每股虧損
（以每股人民幣分計）
– Basic － 基本 19 () ()
– Diluted － 稀釋 19 () ()
Kingdee International Software Group Company Limited Interim Report 202140
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
簡明綜合中期綜合收益報表
For the six months ended 30 June 2021
截至二零二一年六月三十日止六個月
Unaudited
未經審核
Six months ended 30 June
截至六月三十日止六個月
2021 2020
二零二一年 二零二零年
RMB’000 RMB’000
人民幣千元 人民幣千元
Loss for the period 期內虧損 (286,457) (241,700)
Items that may be reclassified to profit or loss 期後可能會重分類至損益的項目
– Currency translation differences － 外幣折算差額 1,006 2,855
Other comprehensive income for the period,
net of tax
當期其他綜合收益
1,006 2,855
Total comprehensive loss for the period 本年度總綜合虧損 (285,451) (238,845)
Total comprehensive loss attributable to: 總綜合虧損歸屬於：
– Owners of the Company － 本公司所有者 (247,102) (221,170)
– Non-controlling interests － 非控制性權益 (38,349) (17,675)
(285,451) (238,845)
二零二一年中期報告 金蝶國際軟件集團有限公司 41
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
簡明綜合中期權益變動表
For the six months ended 30 June 2021 (All amounts in Renminbi thousands unless otherwise stated)
截至二零二一年六月三十日止六個月（除非另有說明，否則所有金額按人民幣千元列示）
Unaudited
未經審核
Attributable to owners of the Company
本公司權益持有人應佔
Notes
Share
capital
Share
premium
Other
reserves
Retained
earnings Total
Non-
controlling
interests
Total
equity
附註 股本 股本溢價 其他儲備 留存收益 合計
非控制性
權益 總權益
Balance at 1 January 2021 二零二一年一月一日結餘 83,331 5,052,514 732,002 1,921,784 7,789,631 168,846 7,958,477
Loss for the period 年度虧損 – – – (248,108) (248,108) (38,349) (286,457)
Other comprehensive income 其他綜合盈利
Currency translation differences 外幣折算差額 – – 1,006 – 1,006 – 1,006
Total comprehensive (loss)/income 綜合總盈利╱（虧損） – – 1,006 (248,108) (247,102) (38,349) (285,451)
Transactions with owners 與權益持有者的交易
Employees share option scheme: 職工股份股權計劃：
– Proceeds from shares issued － 發行股份所得款 12 108 9,112 – – 9,220 – 9,220
Share award plan: 股份獎勵計劃：
– Value of employee services received － 職工服務價值 12 – 52,106 2,638 – 54,744 – 54,744
– Transfer shares to the awardees upon vesting － 於 歸屬時將股份轉移
給獲獎勵人 12 – (86,688) 20,802 – (65,886) – (65,886)
Transactions with non-controlling interests 與非控制性權益的交易 – – 5,865 – 5,865 (3,866) 1,999
Total transactions with owners 全部與權益持有者的交易 108 (25,470) 29,305 – 3,943 (3,866) 77
Balance at 30 June 2021 二零二一年六月三十日 83,439 5,027,044 762,313 1,673,676 7,546,472 126,631 7,673,103
Kingdee International Software Group Company Limited Interim Report 202142
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
簡明綜合中期權益變動表
For the six months ended 30 June 2021 (All amounts in Renminbi thousands unless otherwise stated)
截至二零二一年六月三十日止六個月（除非另有說明，否則所有金額按人民幣千元列示）
Unaudited
未經審核
Attributable to owners of the Company
本公司權益持有人應佔
Notes
Share
capital
Share
premium
Other
reserves
Retained
earnings Total
Non-
controlling
interests
Total
equity
附註 股本 股本溢價 其他儲備 留存收益 合計
非控制性
權益 總權益
Balance at 1 January 2020 二零二零年一月一日結餘 80,037 2,963,096 686,532 2,257,263 5,986,928 158,743 6,145,671
Loss for the period 年度虧損 – – – (224,025) (224,025) (17,675) (241,700)
Other comprehensive income 其他綜合盈利
Currency translation differences 外幣折算差額 – – 2,855 – 2,855 – 2,855
Total comprehensive (loss)/income 綜合總盈利╱（虧損） – – 2,855 (224,025) (221,170) (17,675) (238,845)
Transactions with owners 與權益持有者的交易
Employees share option scheme: 職工股份股權計劃：
– Proceeds from shares issued － 發行股份所得款 12 232 28,961 – – 29,193 – 29,193
Share award plan: 股份獎勵計劃：
– Value of employee services received － 職工服務價值 12 – 55,547 – – 55,547 – 55,547
– Tr ansfer shares to the awardees
upon vesting
－ 於 歸屬時將股份轉移給獲
獎勵人 12 – (99,486) 64,921 – (34,565) – (34,565)
Dividend declared 宣告股息 20 – (36,756) – – (36,756) – (36,756)
Total transactions with owners 全部與權益持有者的交易 232 (51,734) 64,921 – 13,419 – 13,419
Balance at 30 June 2020 二零二零年六月三十日 80,269 2,911,362 754,308 2,033,238 5,779,177 141,068 5,920,245
二零二一年中期報告 金蝶國際軟件集團有限公司 43
CONDENSED CONSOLIDATED INTERIM CASH FLOW STATEMENT
簡明綜合中期現金流量表
For the six months ended 30 June 2021
截至二零二一年六月三十日止六個月
Unaudited
未經審核
Six months ended 30 June
六月三十日止六個月
2021 2020
二零二一年 二零二零年
RMB’000 RMB’000
人民幣千元 人民幣千元
Cash flows from operating activities: 經營活動的現金流量：
Cash generated from operations excluding net cash
outflow in loans to third parties from the
micro-credit business
經營產生的現金
（不包括小貸業務經營
現金流出） (89,747) 51,330
Net cash (outflow)/inflow in loans to third parties
from the micro-credit business
小額信貸業務向第三方貸款
的淨現金（流出）╱流入 964 (115,733)
Interest paid 已付利息 (1,849) (5,567)
Income tax paid 已付所得稅 (5,881) (11,611)
Net cash outflow from operating activities 經營活動所用淨現金 (96,513) (81,581)
Cash flows from investing activities: 投資活動的現金流量：
Purchases of property, plant and equipment 購買不動產、工廠及設備 (145,400) (7,824)
Proceeds from disposals of property, plant and equipment 出售不動產、工廠及設備所得款 471 41
Purchases of intangible assets 購買無形資產 (232,556) (247,050)
Payment for acquisition of a subsidiary 收購子公司而支出的現金淨額 (80,311) –
Pledged and short-term bank deposits
(paid)/withdrawn – net
質押銀行存款以及短期銀行
存款取出－淨額 (1,053,871) 296,038
Interest received 已收利息 5,311 9,945
Purchases of financial assets at fair value through
profit or loss
購買以公允價值計量且變動
計入損益的金融資產 (849,383) (1,870,122)
Proceeds from disposal of financial assets
at fair value through profit or loss
出售以公允價值計量且變動
計入損益的金融資產 1,345,739 1,567,457
Investments in associates 聯營公司投資 – (125,000)
Loans provided to related parties 提供給關聯方的貸款 (200,000) (270,000)
Repayments received from related parties 關聯公司償還貸款 – 270,000
Proceeds from disposal of investments in associates 處置聯營公司所得款 15,000 –
Net cash outflow from investing activities 投資活動所用淨現金 (1,195,000) (376,515)
Kingdee International Software Group Company Limited Interim Report 202144
CONDENSED CONSOLIDATED INTERIM CASH FLOW STATEMENT
簡明綜合中期現金流量表
For the six months ended 30 June 2021
截至二零二一年六月三十日止六個月
Unaudited
未經審核
Six months ended 30 June
六月三十日止六個月
2021 2020
二零二一年 二零二零年
RMB’000 RMB’000
人民幣千元 人民幣千元
Cash flows from financing activities: 融資活動的現金流量：
Proceeds from share options exercised 股份行權所得款 9,220 29,193
Proceeds from borrowings 借款所得款 – 120,000
Repayments of borrowings 償還借款 (120,000) (85,625)
Repayments of lease liabilities 支付租賃負債 (15,654) (12,132)
Dividends paid 分派股息 – (36,715)
Acquisition of non-controlling interests in subsidiaries 收購子公司非控制性權益 – (3,175)
Net cash (outflow)/inflow from financing activities 融資活動（所用）╱產生淨現金 (126,434) 11,546
Net decrease in cash and cash equivalents 現金及現金等價物淨減少 (1,417,947) (446,550)
Effect of exchange rate changes on cash and
cash equivalents
現金及現金等價物外幣折算
差額 (14,396) 4,279
Cash and cash equivalents at beginning of the period 期初之現金及現金等價物 2,753,631 1,898,770
Cash and cash equivalents at end of the period 期終現金及現金等價物 1,321,288 1,456,499
二零二一年中期報告 金蝶國際軟件集團有限公司 45
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION
簡明合併中期財務資料的選取附註
1. General information
Kingdee International Software Group Company Limited (the “Company”) was
incorporated in the Cayman Islands in 1999 as an exempted company with
limited liability. The address of its office is Kingdee Software Park, 2 Keji 12th
Road South, Hi-Tech Industrial Park, Nanshan District, Shenzhen, Guangdong
Province, the People’s Republic of China (the “PRC”).
The Company is an investment holding company. The Company and its
subsidiaries (together the “Group”) are principally engaged in the cloud services,
including enterprise cloud services, Small & Micro business finance cloud
services, and industry cloud services; and enterprise resource planning (“ERP”)
business and others, including development and sales of software products, sales
of hardware products, provision of implementation services, software solution
consulting services, maintenance services, upgrade services, other supporting
services, and others.
The company has its primary listing on the Stock Exchange of Hong Kong Limited
since 15 February 2001.
These unaudited condensed consolidated interim financial statements are
presented in thousands of Renminbi (RMB’000), unless otherwise stated. These
unaudited condensed consolidated interim financial statements have been
approved for issue by the Board of Directors on 18 August 2021.
This condensed consolidated interim financial information has not been audited.
2. Basis of preparation
This unaudited condensed consolidated interim financial information for the
six months ended 30 June 2021 has been prepared in accordance with IAS 34,
‘Interim financial reporting’. The unaudited condensed consolidated interim
financial information should be read in conjunction with the annual financial
statements for the year ended 31 December 2020 which have been prepared in
accordance with International Financial Reporting Standards (“IFRS”).
1. 一般資料
金蝶國際軟件集團有限公司（「本公司」）於
一九九九年在開曼群島註冊成立為獲豁免有
限公司。其辦事處地址為中華人民共和國（「中
國」）廣東省深圳市南山區高新技術產業園科技
南十二路2號，金蝶軟件園。
本公司為一家投資控股公司。本公司及其附屬
公司（統稱「本集團」）的主要業務包括雲服務，
包括企業雲服務、小微財務雲服務及行業雲服
務；以及企業資源管理計劃業務及其他，其中
包括：軟件產品的研發與銷售及硬件產品的銷
售、安裝服務、軟件諮詢服務、維修服務、升
級服務、其他支援服務及其他。
本公司的股份於二零零一年二月十五日在香港
聯合交易所有限公司（「聯交所」）上市。
除另有註明外，本簡明合併中期財務資料以人
民幣千元列報。本簡明合併中期財務報表已經
由董事會在二零二一年八月十八日刊發。
本簡明合併中期財務資料未經審核。
2. 呈報基準
截至二零二一年六月三十日止六個月的該等未
經審核簡明合併中期財務報表已根據國際會計
準則第34號「中期財務報告」編製。該等未經審
核簡明合併中期財務報表應與截至二零二零年
十二月三十一日止年度的年度財務報表一併閱
覽﹐該財務報表是根據國際財務報告準則編製
的。
Kingdee International Software Group Company Limited Interim Report 202146
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION
簡明合併中期財務資料的選取附註
3. Prior year adjustments
For the six months ended 30 June 2020, the Group recorded certain outsourcing
service fees in relation to ERP and cloud implementation in “selling and
marketing expenses”. During the six months ended 30 June 2021, the Group
reassessed the nature of the above outsourcing service and considered that
these service fees charged by outsourcers are directly related to ERP and cloud
implementation services rendered by the Group to its customers, thus they should
be accounted for as and recorded in “cost of sales”. Adjustments have been made
to reclassify outsourcing service fees of RMB134,154,000 which were previously
recorded in “selling and marketing expenses” for the six months ended 30 June
2020 to “cost of sales” to conform with the current reporting period presentation.
These changes have been applied retrospectively in accordance with IAS 8 and
there were no net impact on the loss for the six months ended 30 June 2020 and
the financial position as at 30 June 2020.
The impact on the consolidated income statement for the six months ended 30
June 2020 is presented as below:
Six months ended
30 June 2020
截止二零二零年
六月三十日止六個月
RMB’000
人民幣千元
Increase in cost of sales 銷售成本增加 134,154
Decrease in gross profit 毛利減少 (134,154)
Decrease in selling and marketing expenses 銷售及推廣費用的減少 (134,154)
3. 以前年度調整
於二零二零年
