19 Aug 2024 CMB International Global Markets | Equity Research | Company Update Kingdee (268 HK) Macro headwinds weighed on growth; loss reduction on track Kingdee reported its 1H24 results: revenue was up 11.9% YoY (1H23: 16.8% YoY) to RMB2.87bn, 2% shy of Bloomberg consensus, which in our view can be attributed to a lengthened deal cycle and softer-than-expected growth amid macro headwinds (especially small and micro enterprises, whose YoY revenue growth slowed to 9% YoY in 1H24 from 19% in 1H23), while t ...