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China's leading enterprise resource planning (ERP) and cloud business-management software provider.
China's leading enterprise resource planning (ERP) and cloud business-management software provider.
Is shifting from selling software licences once to charging cloud subscriptions, which makes revenue recurring but means customers pay less at the start. Its products cover small firms through to large groups, and founder Xu Shaochun remains chairman.
In one line: China's SAP/Workday for ERP software.
Moat: narrow (switching costs, installed base, brand). Deep enterprise-workflow integration creates switching costs once a company's ERP system is deployed, plus a leading domestic brand.
Headquarters: Shenzhen, China · Founded: 1993 · Employees: 11,294
Size Kingdee International Software (0268.HK) is a Hong Kong Information Technology company (Packaged Software) with a market value of $4.16B, the 288th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$9.29 on 6 Nov 2026.
Performance Over six months the shares gained 3.4%, against +7.5% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 7th lowest of 20 in its peer set.
Growth Revenue grew 17.0% over the last twelve months (peer median +14.5%); the operating margin is 2.0% (peer median 7.8%).
Valuation It trades at 65.4× forward earnings against a peer median of 20.8× (2nd most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 45% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +30 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 7.7 points below its cost of capital (10.0% WACC).
Next results Next results expected around 22 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$8.31B | HK$7.60B | HK$6.78B | HK$6.28B | HK$5.66B |
| Revenue growth | — | +12% | +8% | +11% | — |
| Gross profit | HK$5.05B | HK$4.42B | HK$3.79B | HK$3.50B | HK$3.02B |
| EBITDA | HK$945M | HK$660M | HK$241M | -HK$42.4M | -HK$421M |
| Net income | HK$271M | HK$101M | -HK$154M | -HK$232M | -HK$453M |
| Free cash flow | HK$1.28B | HK$1.20B | HK$923M | HK$308M | HK$38.9M |
| Capital expenditure | HK$710M | HK$636M | HK$738M | HK$991M | HK$1.03B |
| Total debt | n/a | HK$46.3M | HK$270M | HK$927M | HK$599M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Kingdee International Software 0268.HK | $4.16B | +3% | +17% | 2% | 65.4× | 45.4% |
| Sap SAP.DE | $276B | +49% | +8% | 29% | 29.8× | 14.9% |
| Yonyou Network Technology 600588.SS | $4.72B | -21% | +4% | -16% | n/a | n/a |
| Oracle ORCL | $351B | -41% | +22% | 34% | 13.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0268.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +26.0% | +7.2% | highest of 21 |
| 6-month return | +3.4% | +7.5% | 7th lowest of 20 |
| Distance from 52-week high | -45.5% | -22.8% | 5th lowest of 21 |
| Revenue growth (TTM) | +17.0% | +14.5% | 10th highest of 21 |
| Operating margin | 2.0% | 7.8% | 9th lowest of 21 |
| Forward P/E | 65.4× | 20.8× | 2nd most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 45.4% | 12.9% | 2nd most demanding of 14 |
| Growth delivered (Del g) | +15.0% | +20.6% | 6th lowest of 14 |
| Hurdle (Req g minus delivered) | +30.3 pp | -4.6 pp | 2nd most demanding of 14 |
| ROIC minus cost of capital | -7.7 pp | -4.2 pp | 6th lowest of 20 |
| EV / EBITDA | 31.1× | 16.3× | 4th most expensive of 12 |
| Net debt / EBITDA | -3.4× | 0.0× | 2nd least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kingdee International Software 0268.HK | Hong Kong | $4.16B | +3% | +17% | 2% | 65.4× | 45.4% | +15.0% |
| Talkweb Information System 002261.SZ | China | $4.11B | -39% | +9% | 1% | n/a | n/a | n/a |
| OPENLANE OPLN | United States | $4.22B | -9% | +13% | 17% | 20.7× | 11.1% | -2.4% |
| China National Software & Service 600536.SS | China | $4.22B | -20% | -16% | 0% | 131.0× | 49.7% | -7.3% |
| Sportradar SRAD | United States | $4.22B | +4% | +25% | 13% | 30.2× | 11.3% | +25.8% |
| Sega Sammy 6460.T | Japan | $4.28B | +46% | +24% | 10% | 17.8× | -2.3% | +11.9% |
| First Advantage FA | United States | $4.04B | +47% | +33% | 11% | 17.4× | 20.8% | +25.3% |
| Momenta Global 6880.HK | Hong Kong | $4.02B | n/a | +82% | -32% | n/a | n/a | n/a |
| Kinaxis KXS.TO | Canada | $4.01B | +35% | +16% | 18% | 30.9× | 12.9% | +20.6% |
| HUB24 HUB.AX | Australia | $4.39B | -4% | +23% | 29% | 42.6× | 35.6% | +35.7% |
| DLocal DLO | United States | $3.94B | +2% | +57% | 18% | 14.4× | 2.4% | +60.0% |
| Magnite MGNI | United States | $3.93B | +94% | +8% | 16% | 20.9× | 31.9% | +26.4% |
| Tenable TENB | United States | $4.40B | +93% | +10% | 5% | 17.8× | 30.1% | +17.8% |
| Kingsoft 3888.HK | Hong Kong | $4.46B | +4% | 0% | 14% | 15.1× | -5.8% | +10.8% |
| Life360 LIF | United States | $3.86B | +8% | +34% | 1% | 33.9× | n/a | n/a |
| BILL BILL | United States | $4.50B | +25% | +13% | 1% | 13.7× | 36.5% | +47.3% |
| Maase MAAS | United States | $4.51B | +7% | -84% | -16% | n/a | n/a | n/a |
| Thunder Software Technology 300496.SZ | China | $3.83B | -13% | +40% | 6% | 40.0× | n/a | n/a |
| CCC Intelligent Solutions CCC | United States | $4.54B | +50% | +11% | 18% | 15.1× | 11.2% | +10.8% |
| RXO RXO | United States | $4.55B | +27% | +10% | 0% | 53.0× | n/a | n/a |
| HeartFlow HTFL | United States | $4.56B | +15% | +40% | -34% | n/a | n/a | n/a |