格隆汇9月9日丨福昕软件(688095.SH)公布，北京鸿文系一家专注于流式文档软件核心技术研发的厂 商，致力于为企业提供全面、专业的流式文档解决方案。其创始团队成员皆拥有资深的流式文档领域工 作背景，沉淀了丰富的流式文档研发经验。在创始团队带领下，北京鸿文已形成了独立自主的研发能力 和良好的流式文档核心技术储备。 基于公司聚焦自身版式文档业务所需以及双方在文档领域的协同性考虑，公司拟以非货币性资产，即福 昕流式文档相关技术的知识产权出资，向北京鸿文投资人民币710.00万元，认购其新增注册资本18.8291 万元，对应北京鸿文增资完成后12.1575%的股权。 截至本公告披露日，福昕流式文档相关技术已集成到PDFSDK产品中对市场发布，开发者调用PDFSDK 接口能够实现流式文档转换为版式文档，转换的版面一致性达到较高水平。上述业务共计使用募集资金 525.61万元。 公司本次对北京鸿文增资系基于聚焦自身版式文档业务所需以及双方在文档领域的协同性考虑，通过知 识产权导入和资源支持，推动北京鸿文持续开展流式文档相关业务研发，进一步强化其在流式文档内核 上的技术优势，促进双方在流式文档与版式文档的协作与融合中实 ...

资料显示，福建福昕软件开发股份有限公司位于福建省福州市鼓楼区软件大道89号福州软件园G区5号 楼，成立日期2001年9月29日，上市日期2020年9月8日，公司主营业务涉及PDF电子文档核心技术的研 发、应用、销售与服务。主营业务收入构成为：版式文档通用产品及服务88.94%，智能文档处理平台 及应用11.01%，其他(补充)0.03%，其他业务及服务0.01%。 福昕软件所属申万行业为：计算机-软件开发-横向通用软件。所属概念板块包括：基金重仓、AIGC概 念、增持回购、百度概念、人工智能等。 截至6月30日，福昕软件股东户数7688.00，较上期减少12.58%；人均流通股11893股，较上期增加 14.39%。2025年1月-6月，福昕软件实现营业收入4.23亿元，同比增长25.20%；归母净利润-487.96万 元，同比减少107.81%。 分红方面，福昕软件A股上市后累计派现1.69亿元。近三年，累计派现9403.94万元。 9月8日，福昕软件盘中下跌2.09%，截至10:38，报79.30元/股，成交7485.71万元，换手率1.02%，总市 值72.51亿元。 资金流向方面，主力资金净流出802 ...

Group 1: Gold Market Analysis - Recent surge in gold prices, with London gold reaching nearly $3580 per ounce on September 3, 2025, after a four-month period of high volatility [12][10] - Under neutral assumptions, the gold price midpoint for the second half of the year is projected at $3627 per ounce, with an optimistic scenario suggesting a rise to $3816 per ounce [12][10] - Key drivers for the recent price increase include a shift in investment from long-term US and European bonds to gold due to concerns over debt risks, particularly in Europe [12][11] Group 2: International Beauty Market Trends - The global beauty market is expected to grow at a rate of 4.5% in 2024, down from 8% in 2023, with significant regional disparities [13][13] - The European market outperformed the global average with a 7.5% year-on-year growth, while the North Asia market saw a decline of 2% [13][13] - Major international beauty brands are adapting to the competitive landscape in China by embracing new online channels and local partnerships, leading to a slight recovery in market performance [13][13] Group 3: Fourth Paradigm Company Overview - The company is projected to achieve revenues of 68.52 billion, 88.19 billion, and 112.26 billion yuan from 2025 to 2027, with year-on-year growth rates of 30%, 29%, and 27% respectively [17][17] - The company is expected to turn a profit by 2025, with net profits forecasted at 0.55 billion, 2.83 billion, and 5.68 billion yuan for the same period [17][17] - The company's strategy focuses on standardization, which is anticipated to drive rapid industry expansion and maintain long-term competitiveness [14][14]

Core Viewpoint - The stock of Foxit Software has experienced fluctuations, with a year-to-date increase of 19.96% but a recent decline of 11.14% over the past five trading days [1] Group 1: Stock Performance - As of September 5, Foxit Software's stock price was 80.21 CNY per share, with a market capitalization of 7.334 billion CNY [1] - The stock has seen a trading volume of 80.99 million CNY and a turnover rate of 1.09% [1] - Year-to-date, the stock has increased by 19.96%, while it has decreased by 11.14% in the last five trading days [1] Group 2: Financial Performance - For the first half of 2025, Foxit Software reported a revenue of 423 million CNY, representing a year-on-year growth of 25.20% [2] - The company recorded a net profit attributable to shareholders of -4.88 million CNY, a decrease of 107.81% compared to the previous period [2] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Foxit Software was 7,688, a decrease of 12.58% from the previous period [2] - The average number of circulating shares per shareholder increased by 14.39% to 11,893 shares [2] - The company has distributed a total of 169 million CNY in dividends since its A-share listing, with 94.04 million CNY distributed over the past three years [3] Group 4: Major Shareholders - As of June 30, 2025, Hong Kong Central Clearing Limited was the second-largest circulating shareholder, holding 3.4186 million shares, an increase of 1.6865 million shares from the previous period [3] - The third-largest shareholder, Xingquan Helun Mixed A, held 3.0289 million shares, a decrease of 1.0633 million shares [3] - New shareholder, Fortune New Industry Stock A/B, entered the top five circulating shareholders with 2.0278 million shares [3]

Core Viewpoint - Foxit Software's 2025 mid-year report indicates a strong revenue growth driven by its core business and a successful transition to a subscription model, despite a significant drop in net profit due to project-based revenue recognition delays [1][2]. Financial Performance - In the first half of 2025, Foxit achieved revenue of 4.23 billion yuan, a year-on-year increase of 25.20%, while the net profit attributable to shareholders was -0.05 billion yuan, marking a 107.81% decline [1]. - The second quarter alone saw revenue of 2.20 billion yuan, up 30.62% year-on-year, with a net profit of 0.01 billion yuan, down 98.70% [1]. Business Transformation - The company is transitioning from a perpetual licensing model to a subscription model, with subscription revenue reaching 2.47 billion yuan, a 60% increase year-on-year, accounting for 59% of its original business [2]. - The annual recurring revenue (ARR) from subscriptions reached 4.99 billion yuan by the end of the second quarter, with a renewal rate exceeding 90% [2]. Cost Management and Profitability - Foxit has effectively controlled costs, with traditional core business turning profitable in the first half of the year, generating 1.83 billion yuan from channel revenues, a 40% increase [2][3]. - The gross margin for the first half was 92.00%, slightly down by 2.10 percentage points year-on-year, while the expense ratios for sales, management, and R&D decreased [3]. AI and Product Development - The company continues to enhance its AI capabilities, launching the AI-Powered Research Agent and various vertical applications in law and education [5][6]. - Foxit's IDP (Intelligent Document Processing) technology is being utilized to create structured knowledge assets from large volumes of unstructured documents, exemplified by a collaboration with the Beijing People's Procuratorate [6]. Future Outlook - Projections for net profit attributable to shareholders are 0.35 billion yuan in 2025, 0.81 billion yuan in 2026, and 1.31 billion yuan in 2027, with corresponding PE ratios of 225, 98, and 60 [7][9].

Group 1 - Renowned private equity firm Chongyang Investment recently conducted research on two listed companies [1][2] - Changchun High New Technology achieved breakthrough progress in designing highly alkaline single-domain antibodies using AI large models, successfully completing the development of a protein product that has entered 5000-liter scale production [1] - Foxit Software's AI assistant has integrated the DeepSeek large model, enhancing document processing capabilities for academic research, report writing, and daily office tasks [2] Group 2 - Foxit Software released the latest version of its overseas cloud product PDF Editor Cloud, which integrates AIGC technology to provide intelligent document services such as PDF summarization, content rewriting, and real-time Q&A [2] - Chongyang Investment, established in 2001 and restructured in 2009, focuses on sustainable asset management and aims to achieve long-term compound growth through effective risk control and research-driven investment strategies [3]

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant revenue growth driven by a dual transformation strategy of "subscription + channel" [1][2] Financial Performance - In 1H2025, the company achieved revenue of 423 million yuan, a year-on-year increase of 25.20% [1] - The company recorded a non-GAAP net profit of -22 million yuan, reducing losses by 42 million yuan year-on-year [1] - In Q2 2025, revenue reached 220 million yuan, reflecting a year-on-year growth of 30.62% [1] - The non-GAAP net profit for Q2 was -8 million yuan, a reduction in losses by 35 million yuan year-on-year [1] - The company's subscription Annual Recurring Revenue (ARR) reached 499 million yuan, a year-on-year increase of 53.43% [1] - Subscription revenue amounted to 247 million yuan, growing by 59.82% year-on-year, accounting for 59.15% of the original business, up from 49% in 2024 [1] Business Transformation - The company is benefiting from a dual transformation strategy of "subscription + channel," leading to sustained high growth in subscription business [1] - Contract liabilities increased significantly, with a year-on-year growth of 102%, indicating accelerated cash inflow from core business [1] - The company achieved positive net cash flow from operating activities in Q2 2025, with a cash inflow of 26 million yuan [1] Product Innovation and Market Potential - The company launched the AI-Powered Research Agent in 1H2025 for efficient processing of academic research documents [2] - The introduction of MCP enhances cloud document processing, facilitating the Agent's deployment in the PDF sector [2] - The Intelligent Document Processing (IDP) platform is being utilized in collaboration with the Beijing People's Procuratorate, with potential expansion into more industries [2] Investment Outlook - As a leading domestic PDF provider, the company is expected to continue benefiting from its dual transformation strategy, with projected revenues of 1.097 billion yuan, 1.383 billion yuan, and 1.778 billion yuan for 2025-2027 [2] - Projected net profits for the same period are 31 million yuan, 136 million yuan, and 287 million yuan, with corresponding price-to-sales ratios of 8x, 6x, and 5x [2]

业绩超预期，利润与现金流拐点已现 福昕软件(688095) 证券研究报告 软件开发 / 公司点评 / 2025.08.31 1. 《国产 PDF 龙头，订阅、AI、收购三线 并发》 2025-05-20 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 611 | 711 | 1,097 | 1,383 | 1,778 | | 收入增长率(%) | 5.3 | 16.4 | 54.2 | 26.1 | 28.5 | | 归母净利润(百万元) | -91 | 27 | 31 | 136 | 287 | | 净利润增长率(%) | — | — | 15.3 | 338.3 | 110.4 | | EPS(元) | -1.03 | 0.30 | 0.34 | 1.49 | 3.14 | | PE | — | 221.8 | 265.5 | 60.6 | 28.8 | | ROE(%) | -3. ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a strong performance in H1 2025, with revenue reaching 423 million yuan, a year-on-year growth of 25.20%. The net profit attributable to the parent company is projected to be 45 million yuan for 2025, reflecting a significant recovery from a loss of 5 million yuan in H1 2025 [6][5] - The dual transformation strategy of subscription and channel continues to progress smoothly, with subscription revenue growing by 59.82% to 247 million yuan in H1 2025, accounting for 59.15% of the original business revenue [6] - The company has successfully reduced costs, with sales, management, and R&D expense ratios decreasing significantly in H1 2025 [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 711 million yuan in 2024 to 852 million yuan in 2025, with a year-on-year growth rate of 19.8% [5] - The gross profit margin is expected to remain high, around 94.2% in 2025, indicating strong pricing power and cost control [5] - The company anticipates a net profit of 45 million yuan in 2025, increasing to 119 million yuan in 2026 and 139 million yuan in 2027, demonstrating a robust growth trajectory [5][6]

Core Viewpoint - Recent financial results from Foxit Software (688095) show a mixed performance with a significant increase in revenue but a substantial decline in net profit, indicating potential challenges in profitability and cash flow management [1][3]. Financial Performance - For the first half of 2025, the company reported total revenue of 422 million yuan, a year-on-year increase of 25.2% [1]. - The net profit attributable to shareholders was -4.88 million yuan, reflecting a year-on-year decline of 107.81% [1]. - In Q2 2025, total revenue reached 220 million yuan, up 30.62% year-on-year, while net profit was 953,400 yuan, down 98.7% [1]. - The gross margin was 92.0%, a decrease of 2.24% compared to the previous year, and the net margin was -4.76%, down 126.59% [1]. Accounts Receivable and Debt - Accounts receivable increased significantly, with a year-on-year growth of 95.1%, reaching 186 million yuan [1]. - Interest-bearing liabilities surged by 362.93%, totaling 203 million yuan [1]. Cost Structure - Total selling, administrative, and financial expenses amounted to 287 million yuan, accounting for 67.86% of revenue, a decrease of 11.87% year-on-year [1]. - The company’s operating cash flow per share was -0.65 yuan, an improvement of 23.75% year-on-year [1]. Investment Returns - The company's return on invested capital (ROIC) was 0.06% last year, indicating weak capital returns [3]. - Historical data shows a median ROIC of 9.81% since the company went public, with a notable low of -3.87% in 2023 [3]. Market Sentiment - Analysts expect the company's performance in 2025 to yield a net profit of 18 million yuan, with an average earnings per share of 0.2 yuan [4]. - The largest fund holding Foxit Software is Guoxin Guozheng New Sharp A, with a current scale of 137 million yuan and a recent net value of 1.722 [5].