2024 年 05 月 25 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 《剑网 》全平台版上线在即， 稳步开 3 WPS AI 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 尹芮 S0350522110001 启商业化 yinr@ghzq.com.cn ——金山软件（ ） 财报点评 3888.HK 2024Q1 最近一年走势 事件 : 5月22日，公司公告2024Q1季报，实现营收21.37亿元（YoY+8.5%， QoQ-7.5%），营业利润6.02亿元，净利润5.22亿元，归母净利润2.85 亿元。 我们的观点：  1、主要财务指标分析：2024Q1 实现营业收入 21.37 亿元 （YoY+8.5%，QoQ-7.5%），其中办公软件及服务业务12.25亿元 相对恒生指数表现 2024/05/24 （YoY+16.5%，QoQ-4.7%），网络游戏及其他业务 9.12 亿元 表现 1M 3M 12M （YoY-0.8%，QoQ-11.0%）。毛利润 17.41 亿元（YoY+7.1%， 金山软件 -0.6% 17 ...

计算机/软件开发 公 司 研 金山软件（03888.HK） 游戏增速有望回升，WPS AI 商业化进展顺利 究 2024年05月24日 ——港股公司信息更新报告 投资评级：买入（维持） 吴柳燕（分析师） 李祎晗（联系人） wuliuyan@kysec.cn liyihan@kysec.cn 日期 2024/5/23 证 书编号：S0790521110001 证书编号：S0790123080037  游戏业务增速有望于2024Q2回升，WPS AI进展顺利有利平台估值提升 港 当前股价(港元) 25.950 考虑到游戏业务增速超出我们此前预期，我们上调 2024-2026 净利润预测至 股 一年最高最低(港元) 35.150/18.400 公 9.23/11.66/15.83 亿元（前值 7.86/11.59/15.76 亿元），同比增速分别为 司 总市值(亿港元) 347.51 91.0%/26.3%/35.8%，对应2024-2026年摊薄后EPS 0.7/0.9/1.2元，当前股价对应 信 流通市值(亿港元) 347.51 息 2024-2026年34.3/27.2/20.0倍PE。游戏盈利改善、WPS ...

[Table_Page] 公告点评|软件与服务 证券研究报告 [【Table广_Title发] 计算机&海外】金山软件（03888.HK） [公Tab司le_评Inve级st] 买入 当前价格 25.95港元 《尘白禁区》超预期，关注 WPS AI 商业化 合理价值 38.73港元 前次评级 买入 [ 核Tab 心le_S 观umm 点ary ：] 报告日期 2024-05-24 ⚫ 公司披露24Q1业绩公告，游戏稳健、办公维持高增，盈利能力提升。 [相Tab对le_P市icQ场uote表] 现 收入同比+8.5%至21.37亿元，运营利润率同比+4.8pct至28.2%，归 母净利大幅增至2.85亿元，主要是销售费用率下降及金山云减亏。 40% 24% ⚫ 游戏：《剑网3》稳健，《尘白禁区》超预期。24Q1 收入同比-0.8%至 8% 9.12 亿元，《剑网 3》整体稳健；《尘白禁区》Q1 DAU 和流水环比显 -8%03/23 05/23 07/23 09/23 11/23 01/24 03/24 著增长，截至目前在iOS免费/畅销榜最高排到第2/4位，助力公司打 -24% 开二次元赛道。储备游戏：《剑网 ...

计算机/软件开发 公 司 研 金山软件（03888.HK） 游戏增速有望回升，WPS AI 商业化进展顺利 究 2024年05月24日 ——港股公司信息更新报告 投资评级：买入（维持） 吴柳燕（分析师） 李祎晗（联系人） wuliuyan@kysec.cn liyihan@kysec.cn 日期 2024/5/23 证 书编号：S0790521110001 证书编号：S0790123080037  游戏业务增速有望于2024Q2回升，WPS AI进展顺利有利平台估值提升 港 当前股价(港元) 25.950 考虑到游戏业务增速超出我们此前预期，我们上调 2024-2026 净利润预测至 股 一年最高最低(港元) 35.150/18.400 公 9.23/11.66/15.83 亿元（前值 7.86/11.59/15.76 亿元），同比增速分别为 司 总市值(亿港元) 347.51 91.0%/26.3%/35.8%，对应2024-2026年摊薄后EPS 0.7/0.9/1.2元，当前股价对应 信 流通市值(亿港元) 347.51 息 2024-2026年34.3/27.2/20.0倍PE。游戏盈利改善、WPS ...

Financial Data and Key Metrics - Revenue for Q1 2024 reached RMB 2,137 million, a YoY increase of 8.45% and a QoQ decrease of 7.50% [2] - Net profit attributable to shareholders was RMB 285 million, a YoY increase of 47.95% and a QoQ increase of 38.52% [2] - Adjusted net profit attributable to shareholders (excluding share-based compensation costs) was RMB 329 million, compared to RMB 236 million in the same period last year and RMB 257 million in Q4 2023 [2] - Monthly active devices for the company's office software products reached 602 million, a YoY increase of 2.21% and a QoQ increase of 0.67% [2] Business Line Data and Key Metrics - Online games and other revenue was RMB 912 million, a YoY decrease of 0.78% and a QoQ decrease of 11.02%, accounting for 42.66% of total revenue [3] - Office software and services revenue was RMB 1,225 million, a YoY increase of 16.52% and a QoQ decrease of 4.69%, accounting for 57.34% of total revenue [3] - The growth in office software revenue was driven by domestic personal and institutional subscription services, as well as institutional licensing, partially offset by a decline in advertising revenue [3] Market Data and Key Metrics - The company's flagship game "JX3" maintained steady growth, while the mobile version "JX3: Beyond Boundaries" is expected to launch in June 2024, offering a multi-platform gaming experience [7] - The sci-fi mecha game "Xianji" received a license in March 2024 and is undergoing testing and optimization in both domestic and overseas markets [7] Company Strategy and Industry Competition - The company is focusing on its "multi-screen, cloud, content, collaboration, AI" strategy, with continuous investment in AI and collaboration product development [7] - WPS AI began initial commercialization in March, and the upgraded WPS 365 platform was launched in April, providing a comprehensive AI office solution [7] - The company remains confident in its competitive position against Microsoft's Copilot, citing strong user loyalty and a solid foundation in the domestic market [9] Management Commentary on Operating Environment and Future Outlook - The company achieved steady financial performance in Q1 2024, with operating profit reaching RMB 601.6 million, a YoY increase of 31% [7] - Management emphasized the importance of user feedback and long-term operational strategies, particularly in the gaming segment [8] - The company is optimistic about the growth potential of its AI-driven office solutions and expects further advancements in both C-end and B-end markets [8] Other Important Information - The company's gross margin for Q1 2024 was 81.46%, a YoY decrease of 1.04 percentage points and a QoQ decrease of 0.62 percentage points [4] - R&D expenses increased by 7.83% YoY to RMB 713 million, driven by continued investment in AI and collaboration products [4] - Sales and marketing expenses decreased by 25.59% YoY to RMB 261 million, primarily due to reduced promotional spending in the gaming segment [4] Q&A Summary Q1: Sustainability of "Chen Bai" and WPS AI progress - The company is confident in the sustained growth of "Chen Bai" due to its deep expertise in the niche market and has raised its full-year revenue guidance for the game [8] - WPS AI's C-end testing met expectations, and the company is focusing on model optimization and B-end integration with existing clients [8] Q2: Breakdown of gaming growth and share repurchase plans - "Chen Bai" is expected to contribute significantly to gaming revenue growth, while "JX3: Beyond Boundaries" will drive user base expansion [8] - The company has a share repurchase plan of up to HKD 1 billion, with flexibility based on market conditions [8] Q3: AI competition and cost impact - The company views the reduction in AI model costs as beneficial and is considering lowering membership fees for WPS AI [9] - Management is not concerned about competition from Microsoft's Copilot, citing strong user loyalty and a solid domestic market presence [9]

Investment Rating - The report upgrades the rating for Kingsoft Corporation (3888 HK) to **Buy** with a target price of HKD 30 00, implying a potential upside of 17 2% from the current price of HKD 25 60 [1][2][3] Core Views - **Q1 2024 Performance**: Kingsoft reported Q1 2024 revenue of RMB 2 14 billion, up 8% YoY but 4% below expectations Game revenue declined 1% YoY to RMB 910 million, while WPS revenue grew 17% YoY to RMB 1 23 billion Adjusted operating profit increased 27% YoY to RMB 678 million, 8% above expectations, driven by reduced game marketing expenses [1][2] - **Game Business**: The game segment saw stable performance with *JX Online 3* maintaining steady results and *Whiteout Survival* showing improved popularity and revenue The new version of *Whiteout Survival* launched in mid-April is expected to contribute ~15% to Q2 game revenue, with estimated revenue of RMB 100-200 million in the following 30 days [2] - **WPS Growth**: WPS revenue growth was driven by a 25% YoY increase in personal subscriptions and a 14% YoY increase in institutional subscriptions The launch of WPS 365, an AI-powered productivity platform, is expected to boost subscription revenue with AI-enabled services priced at double the traditional subscription rate [2] - **Future Outlook**: The report forecasts a 12% growth in game revenue for 2024, up from the previous estimate of 9%, supported by the upcoming launch of *JX Online 3: Infinite* in June 2024 and the potential of *Whiteout Survival* and *JX Online 3* cross-platform integration [2] Financial Projections - **Revenue and Profit**: The report slightly adjusts revenue forecasts and raises 2024 net profit estimates by 4% The target price is increased to HKD 30 00, based on a 13x 2024 P/E for the game business (up from 10x) and a 25x P/E for WPS [2] - **Valuation**: The valuation is supported by the expected double-digit growth in game revenue and the positive impact of *Whiteout Survival* on Q2 performance [2] Industry Context - The report highlights Kingsoft's position in the gaming and office software sectors, with a focus on the growth potential of its AI-powered WPS platform and the upcoming game releases [2][3]

证券研究报告·海外公司点评·软件服务(HS) 金山软件（03888.HK） 2024Q1 业绩报点评：《尘白禁区》驱动游戏 2024年 05月 23日 指引上修，积极关注 AI 商业化进展 证券分析师 张良卫 买入（维持） 执业证书：S0600516070001 021-60199793 [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E zhanglw@dwzq.com.cn 证券分析师 周良玖 营业总收入（百万元） 7660 8547 9849 11412 13151 执业证书：S0600517110002 同比(%) 19.86 11.74 15.41 15.87 15.23 021-60199793 归母净利润（百万元） (6,048.19) 483.46 1,147.92 1,299.85 1,592.60 zhoulj@dwzq.com.cn 同比(%) - - 137.44 13.23 22.52 研究助理 陈欣 EPS-最新摊薄（元/股） (4.52) 0.36 0.86 0.97 1.19 执业证书：S0600122070012 P ...

Financial Data and Key Metrics Changes - In Q1 2024, Kingsoft Corporation achieved revenue of RMB 21.37 billion, representing a year-over-year increase of 8.45% but a quarter-over-quarter decrease of 7.50% [2] - The net profit attributable to shareholders for Q1 2024 was RMB 2.85 billion, showing a year-over-year increase of 47.95% and a quarter-over-quarter increase of 38.52% [4] - The adjusted net profit before share-based compensation for Q1 2024 was RMB 3.29 billion, compared to RMB 2.36 billion in the same period last year and RMB 2.57 billion in Q4 2023 [4] Business Line Data and Key Metrics Changes - Revenue from online games and other sources in Q1 2024 was RMB 9.12 billion, a slight year-over-year decrease of 0.78% and a quarter-over-quarter decrease of 11.02%, accounting for 42.66% of total revenue [2] - Revenue from office software and services in Q1 2024 was RMB 12.25 billion, reflecting a year-over-year increase of 16.52% but a quarter-over-quarter decrease of 4.69%, making up 57.34% of total revenue [2] Market Data and Key Metrics Changes - The number of monthly active devices for the main office software products reached 602 million in Q1 2024, representing a year-over-year growth of 2.21% and a quarter-over-quarter growth of 0.67% [5] Company Strategy and Development Direction - Kingsoft is focusing on a strategy centered around "multi-screen, cloud, content, collaboration, and AI," with ongoing investments in AI and collaborative product development [5] - The company aims to enhance product competitiveness through technological innovation and product iteration, while also exploring new game genres and maintaining a strong focus on user feedback [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainable growth of the gaming business, particularly with the success of the game "Dust White Zone," and has adjusted revenue expectations for the year [7] - The company is optimistic about the future of its office software business, driven by the launch of the upgraded WPS 365 platform, which integrates AI solutions for users [5] Other Important Information - The overall gross margin for Q1 2024 was 81.46%, a decrease of 1.04 percentage points year-over-year and 0.62 percentage points quarter-over-quarter [3] - Research and development expenses for Q1 2024 were RMB 7.13 billion, reflecting a year-over-year increase of 7.83% [3] Q&A Session Summary Question 1: What is the outlook for the game "Dust White Zone" and the strategy for future games? - The board believes in the sustainability of "Dust White Zone" growth, with an adjusted revenue forecast for the year indicating a 10% increase, supported by user feedback and operational adjustments [7] Question 2: Can you break down the 10% growth guidance for games and any considerations for stock buybacks? - "Dust White Zone" is expected to contribute significantly to growth, while "Sword Network 3 Unlimited" is anticipated to drive user engagement and growth [7] Question 3: How does management view the competitive landscape in the AI sector and its impact on WPS AI? - The decrease in model costs is seen as beneficial for WPS AI, and management is confident in their competitive position against major players like Microsoft [8]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任 何責任。 Kingsoft Corporation Limited 金 山 軟 件 有 限 公 司 （於開曼群島持續經營的有限公司） （股份代號：03888） （可換股債券代號：40210） 截 至 二 零 二 四 年 三 月 三 十 一 日 止 三 個 月 業 績 公 告 金山軟件有限公司（「本公司」）董事（「董事」）會（「董事會」）公佈本公司及其附屬公司（「本 集團」或「金山」）截至二零二四年三月三十一日止三個月未經審計的業績。 財務資料摘要 截至下列日期止三個月 二零二四年 二零二三年 二零二三年 三月 三月 十二月 三十一日 三十一日 三十一日 同比變動 環比變動 人民幣千元 人民幣千元 人民幣千元 % % （未經審計）（未經審計）（未經審計） ...

Financial Performance - Total revenue for 2023 reached RMB 8,533.6 million, a 12% year-on-year increase[11] - Office software and services revenue grew to RMB 4,556.5 million, up 17% year-on-year[11] - Online games and other business revenue increased to RMB 3,977.1 million, a 6% year-on-year growth[11] - Operating profit for 2023 was RMB 2,226.9 million, a 19% year-on-year increase[11] - Gross profit for 2023 was RMB 7,030.3 million[10] - Net profit attributable to owners of the parent company for 2023 was RMB 483.5 million[10] - Proposed final dividend for 2023 is RMB 171.4 million[10] - Total revenue for 2023 was RMB 8,533.6 million, a 12% YoY increase, with office software and services contributing 53% and online games and others contributing 47%[21] - Revenue from office software and services grew 17% YoY to RMB 4,556.5 million, driven by domestic personal and institutional subscription growth[21] - Revenue from online games and other businesses increased 6% YoY to RMB 3,977.1 million, supported by strong performance of "JX3" and new game launches[21] - Revenue cost in 2023 was RMB 1,503.3 million, a 3% YoY increase, driven by server and bandwidth costs due to business expansion, partially offset by reduced channel costs for online games[22] - Gross profit in 2023 was RMB 7,030.3 million, a 14% YoY increase, with a gross margin of 82%, up by 1 percentage point YoY[22] - Operating profit before share-based compensation costs in 2023 increased by 19% YoY to RMB 2,540.8 million[27] - Net profit attributable to the parent company in 2023 was RMB 483.5 million, compared to a loss of RMB 6,049.4 million in the previous year[31] - Annual profit for 2023 was RMB 1,215,188 thousand, a significant improvement from a loss of RMB 5,341,887 thousand in 2022[111] - Total assets increased to RMB 35,194,712 thousand in 2023 from RMB 31,887,955 thousand in 2022[111] - Total liabilities rose to RMB 8,621,455 thousand in 2023 from RMB 7,731,488 thousand in 2022[111] - The company's loss attributable to owners of the parent for the year ended December 31, 2023, was RMB 483.5 million[104] Expenses and Costs - Research and development costs for 2023 were RMB 2,683.6 million[10] - Sales and distribution expenses for 2023 were RMB 1,470.5 million[10] - Administrative expenses for 2023 were RMB 661.4 million[10] - R&D costs in 2023 were RMB 2,683.6 million, a 5% YoY increase, primarily due to increased employee-related expenses and efforts to optimize AI and collaboration products[23] - Sales and distribution expenses in 2023 were RMB 1,470.5 million, an 18% YoY increase, mainly due to higher marketing expenditures[24] - Administrative expenses in 2023 were RMB 661.4 million, a 7% YoY increase, driven by higher employee-related costs[25] - Employee costs (including directors and senior management salaries) were RMB 3,765.5 million in 2023, up from RMB 3,486.7 million in 2022[108] Product and Business Updates - WPS AI, based on large language models, was launched in Q4 2023, targeting AIGC, Copilot, and Insight, and has entered public testing in China[12] - WPS 365 was upgraded for organizational clients, offering content creation, collaboration, and digital asset management, with a focus on government and enterprise scenarios[13] - Domestic third-party commercial advertising business was officially shut down in December 2023, while overseas business continued to grow, especially in desktop and large-screen users[14] - Flagship game "JX3" achieved record annual revenue in 2023, with new content updates and a global launch of the sci-fi game "Jie Xian Ji"[15] - In 2023, the company's core business advanced steadily, with a focus on digital economy opportunities and product innovation around "multi-screen, cloud, content, collaboration, and AI"[16] - Monthly active devices for WPS Office and Kingsoft PowerWord reached 598 million in December 2023, a 4% YoY increase[17] - Cumulative paying users reached 35.49 million by the end of 2023, an 18% YoY increase[17] Corporate Governance and Leadership - Zou Tao, aged 48, serves as the Executive Director, CEO, and a member of the Environmental, Social, and Governance Committee of the company. He is also the Chairman of Kingsoft Office and the Acting CEO of Kingsoft Cloud[40] - Lei Jun, aged 54, is the Non-Executive Director, Chairman of the Board, and a member of the Remuneration Committee. He co-founded Xiaomi Corporation and serves as its Chairman and CEO[41] - Qiu Bojun, aged 59, is a Non-Executive Director and a co-founder of Kingsoft. He was instrumental in developing WPS 1.0 and has held various leadership roles within the company[42] - Yao Leiwen, aged 41, is a Non-Executive Director and a member of the Nomination Committee. He is also the Deputy General Manager of the Investment Department at Tencent Holdings[43] - Wang Shunde, aged 63, is an Independent Non-Executive Director and serves as the Chairman of the Nomination Committee and the Remuneration Committee. He has extensive experience in financial management and has held key positions at Alibaba Group and Xiaomi Corporation[44][45] - Chen Zuotao, aged 53, is an Independent Non-Executive Director and has served as an independent director at Kingsoft Office. He holds multiple leadership roles in various energy and investment companies[46] - Chen has extensive investment and management experience in strategic emerging industries such as energy conservation, environmental protection, new energy, and new materials, with notable investments including Xiaomi Group (listed on HKEX in July 2018, stock code: 1810) and others[47] - Chen has received multiple awards and recognitions, including the "EY Entrepreneur Of The Year 2020 China" award in December 2020 and the "Golden Quality - Outstanding Entrepreneur" award in December 2021[48] - Wu Wenjie holds a Ph.D. in Finance from the University of Hong Kong, a Master's in Finance from the Hong Kong University of Science and Technology, and is a CFA charterholder since 2004[50] - Guo Weiwei, Senior Vice President and CEO of Seasun Holdings Limited, has been with the company since 2004 and is the producer of the "JX Online 3" series[51] - Li Yi, acting CFO and Vice President, has been responsible for the company's financial affairs since joining in 2007 and has extensive experience in financial management and investment[52] - Gong Daojun, Vice President, joined Kingsoft in 2004 and has held various positions including Vice President of Seasun and Company Secretary[52] - Peng Bo, Assistant President and Legal Director, has been with the company since 2004 and oversees legal compliance, intellectual property, and human resources[53] - Sun Hongyin, Vice President, joined Kingsoft in 1998 and has been responsible for the development and operation of multiple classic game products[53] - The company maintains high corporate governance standards, with quarterly updates to the Board on performance, status, and prospects, ensuring effective communication among directors and management[55] - The Board reviews and monitors the company's corporate governance policies, compliance with laws and regulations, and the training and development of directors and senior management[55] - The company focuses on innovation and R&D to improve products and services, emphasizing long-term business growth over short-term returns[56] - The company has established anti-corruption and whistleblowing policies, encouraging employees to report unethical behavior[56] - All directors confirmed compliance with the standard code for securities transactions during the fiscal year ending December 31, 2023[57] - The board of directors consists of 7 members, including 1 executive director, 3 non-executive directors, and 3 independent non-executive directors[60] - Independent non-executive directors constitute one-third of the board and provide professional opinions on the company's long-term development[60] - Directors have access to legal counsel and independent professional advice at the company's expense[61] - All directors participated in continuous professional development during the fiscal year to enhance their knowledge and skills[62] - The company secretary completed at least 15 hours of relevant professional training during the fiscal year[62] - The company held a total of 8 board meetings and 1 shareholders' meeting in 2023, with all directors attending 4 out of 4 board meetings and 1 out of 1 shareholders' meeting, except for Mr. Deng Yuanjun who resigned on April 20, 2023, and attended 1 out of 4 board meetings and 0 out of 1 shareholders' meeting[65] - The company's board of directors adopted a diversity policy, with 14% female representation on the board and 33% female representation among all employees[68] - The audit committee consists of three independent non-executive directors, including Ms. Wu Wenjie (Chair), Mr. Wang Shunde, and Mr. Chen Zuotao, all of whom have appropriate professional accounting qualifications or relevant financial management expertise[69] - The audit committee's responsibilities include providing opinions on the appointment, reappointment, and removal of external auditors, approving their remuneration and engagement terms, and reviewing the effectiveness of the company's financial reporting system, risk management, and internal control systems[70][71] - The audit committee held 4 meetings in 2023, with members attending all sessions except for Mr. Deng Yuanjun who attended 1 out of 4 meetings before resigning on April 20, 2023, and Mr. Chen Zuotao who attended 3 out of 4 meetings after being appointed on the same date[73] - The remuneration committee reviewed and approved the service contracts and remuneration packages (including year-end bonuses, incentive shares, and share options) for executive directors and senior management, and assessed the performance of executive directors[75] - The remuneration committee held 1 meeting in 2023, with all members attending except for Mr. Chen Zuotao who did not attend any meetings after being appointed on April 20, 2023[76] - The nomination committee recommended candidates for the position of independent non-executive directors and reviewed the board's structure, size, and composition[78] - The nomination committee held 1 meeting in 2023, with all members attending[79] - The environmental, social, and governance (ESG) committee reviewed the company's ESG policies and practices, and monitored the appropriateness and effectiveness of the overall risk management and internal control systems related to ESG[82] - The ESG committee held 1 meeting in 2023, with all members attending except for Mr. Chen Zuotao who did not attend any meetings after being appointed on April 20, 2023[83] Shareholder and Investor Relations - The company's senior management actively communicated with investors through various activities, including global analyst meetings, webcasts, and investor roadshows[95] - The company's investor relations team is dedicated to maintaining open and continuous communication with shareholders, investors, and analysts[95] - The company's website provides up-to-date information on business operations, financial data, corporate governance, annual reports, interim reports, announcements, and press releases[94] - The company proposed a final dividend of HK$0.14 per ordinary share for the year ended December 31, 2023, totaling approximately HK$189.1 million (2022: HK$176.6 million)[102] - The company's distributable reserves as of December 31, 2023, were RMB 6,161.3 million[105] - The company's total charitable and other donations for the year ended December 31, 2023, amounted to RMB 9.8 million (2022: RMB 1.4 million)[106] - The company's share registrar will suspend share registration services from May 17, 2024, to May 22, 2024, and from June 4, 2024, to June 7, 2024[103] Share Options and Incentive Plans - The 2021 Share Option Plan allows for the issuance of up to 137,020,371 shares, representing approximately 9.63% of the issued shares as of the report date[123] - The 2011 Share Option Plan expired on December 8, 2021, with 2,529,800 shares still available for issuance, representing approximately 0.19% of the issued shares[123] - The maximum number of shares that may be issued upon the exercise of all stock options granted shall not exceed 40,000,000 ordinary shares of Xishanju, unless otherwise approved by the company and Xishanju shareholders at the general meeting[124] - Under the 2011 Stock Option Plan, the maximum number of shares that may be issued to any eligible participant within any 12-month period is limited to 1% of the company's issued shares at any time. Any additional stock options exceeding this limit require shareholder approval at the general meeting[125] - The vesting period for the 2021 Stock Option Plan ranges from 1 to 5 years from the offer date, subject to early termination provisions as stipulated in the plan or determined at the discretion of the board[125] - The exercise price for stock options under the 2011 Stock Option Plan is determined by the board and cannot be lower than the highest of: (i) the closing price of the company's shares on the stock exchange on the offer date, (ii) the average closing price of the company's shares on the stock exchange for the five trading days immediately preceding the offer date, and (iii) the par value of the shares[127] - The 2011 Stock Option Plan expired on December 8, 2021, and no stock options were available for grant under this plan as of January 1, 2023, or December 31, 2023[128] - As of December 31, 2023, there were 2,529,800 unexercised stock options under the 2011 Stock Option Plan held by executive director Zou Tao, with an exercise price of HK$20.25 per share[128] - The total number of unexercised stock options under the 2011 Stock Option Plan as of December 31, 2023, was 2,529,800, with 600,000 stock options exercised during the period[128] - The weighted average closing price of the company's shares immediately before the exercise date of stock options under the 2011 Stock Option Plan (March 23, 2023) was HK$30.5[128] - The number of share options available for grant under the 2021 Share Option Scheme as of January 1, 2023, and December 31, 2023, was 131,520,371[129] - The number of shares available for future grants under the Share Award Plan as of January 1, 2023, and December 31, 2023, was 87,081,807 and 86,450,807, representing approximately 6.39% and 6.33% of the total issued shares, respectively[131] - The total number of unexercised share options under the 2021 Share Option Scheme as of December 31, 2023, was 5,500,000[129] - The total number of unexercised share awards under the Share Award Plan as of December 31, 2023, was 4,182,220[133] - The total number of unexercised share awards for the five highest-paid employees as of December 31, 2023, was 2,080,000[133] - The share price immediately before the grant date of share options on July 4, 2022, was HKD 30.60[129] - The share price immediately before the grant date of share awards on March 25, 2022, July 1, 2022, and July 19, 2022, was HKD 24.2, HKD 30.6, and HKD 27.9, respectively[133] - The total number of share awards granted to other employees during 2023 was 2,079,400[133] - The total number of share awards that expired during 2023 was 637,340[133] - The total number of share awards that vested during 2023 was 3,259,500[133] - The weighted average closing price of the company's shares before the vesting dates of the reward shares under the share reward plan in 2022 was HKD 27.86[134] - The weighted average closing price of the company's shares before the vesting dates of the reward shares under the share reward plan in 2023 was HKD 31.97[134] - The fair value of the reward shares granted under the share reward plan in 2023 totaled RMB 52,420,000, calculated based on the closing prices on the respective grant dates[134] - The number of shares that may be issued under all plans during the reporting period divided by the weighted average number of issued shares during the reporting period was approximately 0.00%[136] - The maximum number of shares authorized to be issued under the 2021, 2022, and 2023 Kingsoft Office Share Reward Plans was 870,000, 1,000,000, and 1,000,000 shares, respectively, accounting for 0.19%, 0.22%, and 0.22% of the total issued shares as of December 31, 2023[138] - The total number of shares that may be issued under the 2021, 2022, and 2023 Kingsoft Office Share Reward Plans divided by the weighted average number of issued shares during the reporting period was 0.22%[138] - The grant prices for the restricted shares under the 2021, 2022, and 2023 Kingsoft Office Share Reward Plans were RMB 45.86, RMB 45.86, and RMB 150.00, respectively[139] - The weighted average closing price of Kingsoft Office shares before the exercise dates of the restricted shares under the 2021 Kingsoft Office Share Reward Plan in 2023 was RMB 383.37[140] - During the reporting period, 279,873 restricted shares were vested, of which 248,523 were