Text/Zhu Wenxue
Editing/Midnight
1988年，用友創始人王文京與自己的朋友蘇啟強參加了一場北京市新技術產業開發試驗區的政策說明會，隨後，二人就熱血沸騰地辭去了體制內的工作，借了5萬元，在北京中關村成立了一家專門開發財務軟體的公司——用友。
5年後的1993年，距離北京2162公里的深圳誕生了另一款財務產品——金蝶DOS，其背後公司的創始人徐少春也是辭去了公職后，被南巡講話鼓舞，借了5千元買了一批電腦散件，組裝了一台286電腦，堅定了創業的決心。
Early images of UFIDA and Kingdee, source UFIDA's official WeChat public account, Kingdee's official WeChat public account
At this time, UFIDA has become the "big brother" in the field of domestic financial software, and the latecomer Kingdee also aimed at the first position in the industry at that time, and started a relentless pursuit of UFIDA for more than 30 years.
In the past 30 years, the two founders have had similar experiences, entered the same industry, and generally developed the same direction, and have followed similar paths.
They have all started from financial software, and then turned to ERP layout, and have experienced a period of smooth growth, and the market often says "North UFIDA, South Kingdee", which is also a recognition of the scale of the two companies.
After the traditional software business faced challenges, both Yonyou and Kingdee began to shift to cloud services. During this period, they also set off a "soliciting war" against each other, all intending to grab each other's market.
But the war is very cruel, whether it will be won or not, both sides involved in the war have to "shed their skin".
In recent years, the "anxiety" of UFIDA and Kingdee has been written on the bright side. Yonyou's senior management has changed frequently, and the organizational adjustment has been round after round; Kingdee is mired in losses, and has recorded losses for five consecutive years, and with the addition of 14 years, the cumulative loss amount is close to 0 billion yuan.
Not long ago, the two companies released their 2024-year earnings reports, and neither company achieved profitability.
Yonyou's losses expanded, with losses exceeding 20 billion yuan; Although Kingdee has achieved a double increase in revenue and net profit, the amount of revenue is still not as good as that of its old rival UFIDA, and it has not achieved profitability.
Neither of the two companies that have been fighting for many years can claim to be a winner.
It stands to reason that UFIDA and Kingdee should be very dazzling at this stage, because the AI model is not far from the ERP industry.
這或許是二級市場在今年年初時的判斷，兩家公司的股價都曾在今年1月左右出現了一段明顯的拉升趨勢。
Yonyou and Kingdee think the same way, and they have begun to combine their products with AI technology to provide more intelligent and personalized solutions.
But it turns out that neither company has been able to seize the industry in advance as when it was first founded, and in 2024 years, they have failed to deliver a brilliant report card.
In 3 years, Yonyou achieved revenue of 0.0 billion, a year-on-year decrease of 0.0%; The loss was 0.0 billion, down 0.0% year-on-year. Kingdee achieved operating income of 0.0 billion yuan, a year-on-year increase of 0.0%; The net loss was 0.0 billion yuan, a year-on-year decrease of about 0.0%.
Judging from the overall performance of the group, it seems that UFIDA is down, and Kingdee is up. But in fact, whether it is Kingdee with performance growth or UFIDA with declining performance, there are "hard injuries".
If you look at the proportion of revenue, the cloud transformation of Yonyou and Kingdee seems to be progressing smoothly. In 6 years, Yonyou's cloud service revenue accounted for 0.0%, and Kingdee was 0.0%.
However, the main business, which accounts for such a high proportion, has not helped UFIDA and Kingdee to achieve profitability.
In particular, Yonyou, while subscription revenue increased by 5% year-on-year, recorded a year-on-year decrease of 0.0% in cloud service revenue to 0.0 billion yuan.
In addition to the decline in overall revenue, the gross profit margin of Yonyou Cloud and software business is also declining. 85.0% in 0, down 0.0 percentage points from 0.0% in the same period last year.
Kingdee recorded cloud business revenue of RMB410 million, a year-on-year increase of 0.0%. However, the core reason for the company's overall loss is still the pressure on the cloud business. In 0, the division of Kingdee Cloud business recorded an operating loss of 0.0 billion yuan.
The gross profit margin of Kingdee Cloud business has reached 60.0%, and the current situation of Kingdee Cloud business segment still recording losses also means that the gross profit margin of more than 0% is far from enough for UFIDA and Kingdee.
This is because the cloud business itself incurs two significant expenses, one is sales expenses and the other is research and development expenses.
In 85 years, Yonyou and Kingdee's R&D investment was 00 million yuan and 00 million yuan respectively, and the sales expenses were 0.0 billion yuan and 0.0 billion yuan respectively.
It is worth noting that in order to prevent the negative cycle of "lower revenue - less R&D - backward products - lower income", the two companies are still maintaining the growth of R&D investment under the condition of loss, but the growth rate is not high, Kingdee's R&D investment growth rate in 76 years is 0.0%, and Yonyou is only 0.0%.
In terms of assets, both companies are facing a decrease in total assets and an increase in total liabilities.
As of the end of 37 years, the total assets of Yonyou Network were 0.0 million yuan, compared with 0.0 billion yuan in the same period last year, and the total liabilities were 0.0 billion yuan, compared with 0.0 billion yuan in the same period last year. Kingdee International's total assets amounted to RMB0.0 billion, compared to RMB0.0 billion in the same period last year, and total liabilities amounted to RMB0.0 billion, compared to RMB0.0 billion in the same period last year.
However, from the perspective of operating cash flow, Kingdee is more adequate than UFIDA, which is 4.0 billion yuan, an increase of 0.0% year-on-year; Yonyou's operating cash flow was -0.0 billion yuan, down 0.0% year-on-year.
In addition to the pressure of their own performance, UFIDA and Kingdee also have to face new and powerful opponents in China.
2023年4月，華為宣佈推出MetaERP系統，據悉，該系統在發佈時就已在華為全球各部門應用實戰和年度結算場景中得到了驗證。
Compared to the two companies that still need to make a difficult turn, Huawei has an advantage in the integration of its own hardware and cloud computing services.
The news of Huawei's entry into the ERP track also had a great impact on the stock prices of UFIDA and Kingdee at that time. Kingdee fell 77.0% in a single day.
UFIDA and Kingdee, which have not yet caught up with international companies, are now facing the onslaught of outsiders.
If you pull the timeline back to the beginning of the establishment of UFIDA and Kingdee, you will find that their growth history is very similar, but most UFIDA will be half a position ahead of Kingdee.
From 1997 to 0 years, UFIDA and Kingdee started in the field of financial management together. Yonyou's initial product was UFO, a reporting software launched in the second year of its establishment, and Kingdee's initial product was the financial software mentioned above, Kingdee.
However, when Kingdee's predecessor, Shenzhen Aipu Computer Company, was established, UFIDA was already the company with the largest market share of financial management software.
Yonyou was the first to enter the ERP industry from financial software, and Kingdee was not too late, and entered the enterprise management software market in an all-round way two years later.
In 2002 years, Yonyou won the first position in China's ERP market share. It was also around this time that there was a saying in the market that "UF in the north, Kingdee in the south".
In the past 2010 years, cloud computing technology has gradually become popular, the traditional licensing model is facing problems such as rampant piracy and long implementation cycles, and the cloud subscription model can generate sustainable revenue and reduce performance volatility, and cloud services are gradually considered to be a major trend in the software industry at that time.
In terms of cloud transformation, Kingdee and Yonyou are still responding quickly, and the start time is not too late compared with the international giants SAP and Oracle.
This time, Kingdee took the lead, announcing its cloud transformation in 2012, a year before SAP.
In 2014, Xu Shaochun also staged a "breaking the boat", smashing the customer's server at the company's anniversary celebration to show his determination to fully transform the cloud.
In the same year, Yonyou also began to promote cloud transformation.
Similar to the performance when the transformation was announced, Kingdee's cloud transformation is more aggressive, while Yonyou is relatively stable.
In 2017, after Kingdee gradually gained momentum in the cloud business, it announced that it would smash the entire ERP system, Xu Shaochun said at that time, "We smashed the boss chair and ERP." Why do we want to smash the ERP, why do we smash the boss's chair? Because we want to create a new future. ”
This action also means that Kingdee will abandon the accumulation of the past 20 years and replace ERP with Kingdee Cloud.
The gap can also be seen from the proportion of revenue, and the proportion of Kingdee's cloud business in total revenue has reached 89.0% in 0 years; Yonyou's cloud business revenue accounted for only 0.0% in 0 years.
However, Kingdee, which is more aggressive in cloud transformation, began to lose money after the full turn, and Yonyou also gradually declined with the deepening of the transformation, and then fell into losses.
Over time, the increase in customer acquisition costs brought about by the cloud transformation business has also made the two companies more and more anxious.
用友近四年來經歷了三次總裁變更。2021年，已經退居幕後的王文京接過總裁的職務，三年後的2024年，又將職務交還給上任總裁陳強兵，今年年初，用友總裁再度更換，該職位將由前SAP全球執行副總裁、大中華區總裁黃陳巨集接任。
After taking office, Huang Chenhong started a drastic strategic adjustment within the company, significantly reducing employees, and planned to use 20-0 years to shift 0% of project delivery from "self-operated" to "partner", and only 0% of the core projects were self-operated.
In other words, Yonyou should outsource 80% of the project delivery, benchmark SAP's lightweight model, reduce costs and increase efficiency.
At present, most of Yonyou's customers are large enterprises or government and enterprise customers, and it is difficult for these customers to accept that the core system is implemented by the outsourcing team.
Huang Chenhong also "ceased to serve as the company's president due to work adjustments" only 85 days after taking office, and Yonyou's management team is still in the adjustment stage.
Although Kingdee has not experienced frequent changes in senior management recently, it has also been exposed to the news of layoffs.
今年1月，有自稱為金蝶員工的使用者爆料稱，公司金蝶正藉助內部架構重組與部門整合等手段推進裁員，個別部門的裁員幅度甚至觸及20%的高點。
For both companies, "subtraction" may be the most direct way to prevent losses from expanding.
In a report in 2008, it was written that Wang Wenjing's tone when talking about competitors was still a calm attitude, and he didn't seem to care.
Maybe it's because UFIDA stood in the first position in market share at that time, holding a large number of domestic large factory customers, and really couldn't see any opponents.
At that time, Kingdee was also still developing customers in the small and medium-sized enterprise market, and it and UFIDA were in their comfort zone, and they had not really "fought".
But ten years later, in 2018 years, UF is not so calm.
During that time, Yonyou's cloud transformation had been done for a while, and it also realized that although small and medium-sized enterprises had a short survival life and a relatively low payment amount, they were more in pursuit of functions and effects, and had low requirements for customization, which was very suitable for the expansion of the SaaS platform, so it began to compete with Kingdee for customers.
Kingdee also doesn't want to take the small and medium-sized enterprise route all the time, it also wants to rely on large customers to make more money, and has also begun to compete with UFIDA for large enterprise customers.
According to a report at that time, at that time, the financial director of a small MCN agency said in an interview that at the end of 2018 years, he had experienced the brainwashing of three financial management software dealers a day, and these dealers mainly represented the financial products of UFIDA, Kingdee and Chanjet.
In 2019 years, the two companies also came up with their own tricks, either to provide high-end and low-end product packages for enterprise customers, for example, at that time, UFIDA's dealers would take out Youyun's financial system and the "good accounting" of the subsidiary Changjietong to promote together; Either provide more targeted products for various enterprises alone, such as Kingdee's "Jingdou Cloud" developed for small and micro enterprises, etc.
按照2011年10月中銀國際發佈的研報數據，彼時用友軟體在全國擁有120萬企業客戶，金蝶的企業客戶量為100萬。
However, to this day, the advantages and disadvantages of UFIDA and Kingdee in their respective markets have not changed, and the above-mentioned number of more than one million corporate customers is rarely seen today.
In 3 years, the mid-range market is still the basic market of Kingdee. Kingdee Cloud Star, which is mainly aimed at medium-sized enterprises, still accounts for the largest proportion of cloud business revenue, which is 0%, and during the reporting period, the product achieved revenue of 0.0 billion yuan, a year-on-year increase of 0.0%.
Although the business revenue of Yonyou's large-scale enterprise customers declined year-on-year, it was still as high as 51.0 billion yuan, while the revenue of medium-sized enterprise customers was only 0.0 billion yuan in the same period.
如今，兩家企業也沒有了之前動輒百萬的客戶群，截至2024年期末，用友網路雲服務累計付費客戶數為87.25萬家；而金蝶暫時沒有查詢到集團整體的客戶數，僅有中型市場雲服務公佈了客戶數，為4.4萬家。
If we put our vision from the perspective of the industry, we can also find that the mid-to-high-end market that UFIDA and Kingdee both want to "knock down" still occupy many foreign manufacturers. According to 6 Krypton citing relevant data, from the domestic ERP mid-to-high-end market, in 0 years, SAP, Oracle, and IBM occupied 0%, 0%, and 0% of the market share respectively, while UFIDA and Kingdee only accounted for 0% and 0%.
It can be seen that in the years when the two sides have been fighting, it is difficult to grab each other's customers, and there has been no obvious new growth.
However, the more this is the case, the more it will test Yonyou and Kingdee's ability to explore the "China SaaS" model.
進入2025年，兩家開始給自己的應用注入AI技術。比如今年2月，金蝶國際曾宣佈其SaaS應用及雲蒼穹平臺全面接入DeepSeek大模型；幾天前，用友發佈了YonSuite AI+全場景解決方案。
The "rivalry" between Kingdee and UF may continue, but they may face more opponents, so neither side can breathe a sigh of relief.
(The header picture of this article comes from UFIDA's official WeChat public account and Kingdee's official Weibo.) ）