中国深圳市南山区前海大道前海嘉里商务中心 T2 栋 1401A 室 邮政编码 518054 电话:（86-755）2155-7000 传真:（86-755）2155-7099 北京市竞天公诚（深圳）律师事务所 关于福建福昕软件开发股份有限公司 致：福建福昕软件开发股份有限公司 北京市竞天公诚（深圳）律师事务所（以下简称"本所"）接受福建福昕软 件开发股份有限公司（以下简称"公司"）的委托，指派谢美婷律师、钟嘉欣律 师（以下合称"本所律师"）出席公司2024年年度股东大会（以下简称"本次股 东大会"），对本次股东大会进行见证并就相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的有关召开本次股东大会相 关文件的原件或影印件，包括但不限于： 年年度股东大会会议资料》（以下简称"《股东大会资料》"）； 召开 2024 年年度股东大会的通知》（以下简称"《股东大会通知》"）； 届董事会第二十三次会议决议公告》（以下简称"《董事会决议》"），以及《福 建福昕软件开发股份有限公司第四届监事会第二十二次会议决议公告》； 本法律意见书仅供本次股东大会之合法目的使用，未经本所同意，本法律意 见书不得用于其他 ...

中国深圳市南山区前海大道前海嘉里商务中心 T2 栋 1401A 室 邮政编码 518054 电话:（86-755）2155-7000 传真:（86-755）2155-7099 北京市竞天公诚（深圳）律师事务所 关于福建福昕软件开发股份有限公司 2024 年年度股东大会的法律意见书 致：福建福昕软件开发股份有限公司 北京市竞天公诚（深圳）律师事务所（以下简称"本所"）接受福建福昕软 件开发股份有限公司（以下简称"公司"）的委托，指派谢美婷律师、钟嘉欣律 师（以下合称"本所律师"）出席公司2024年年度股东大会（以下简称"本次股 东大会"），对本次股东大会进行见证并就相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的有关召开本次股东大会相 关文件的原件或影印件，包括但不限于： 1. 公司于 2025 年 5 月 10 日刊载的《福建福昕软件开发股份有限公司 2024 年年度股东大会会议资料》（以下简称"《股东大会资料》"）； 2. 公司于 2025 年 4 月 29 日刊载的《福建福昕软件开发股份有限公司关于 召开 2024 年年度股东大会的通知》（以下简称"《股东大会通知》"）； 3. 公 ...

证券代码：688095 证券简称：福昕软件 公告编号：2025-024 福建福昕软件开发股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 19 日 （二） 股东大会召开的地点：福建省福州市鼓楼区软件大道 89 号福州软件园 G 区 5 号楼公司会议室。 2、 公司在任监事3人，出席3人； 3、 公司董事会秘书出席了本次会议；部分高管列席了本次会议。 二、 议案审议情况 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 48 | | --- | --- | | 普通股股东人数 | 48 | | 2、出席会议的股东所持有的表决权数量 | 41,425,137 | | 普通股股东所持有表决权数量 | 41,425,137 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的 ...

Investment Rating - The investment rating for Foxit Software is "Buy" with a target price of RMB 92.92, indicating a potential upside of 38% from the closing price of RMB 67.21 as of May 15, 2025 [7]. Core Views - Foxit Software's dual transformation strategy is progressing smoothly, leading to an expected acceleration in revenue growth in 2025. The company's revenue for 2024 is projected at RMB 711.14 million, representing a year-on-year growth of 16.44%, while the net profit attributable to shareholders is expected to reach RMB 26.96 million, a significant increase of 129.64% [1][5]. Revenue and Profitability - Subscription revenue reached RMB 351 million in 2024, a year-on-year increase of 62.33%, contributing to 49% of total revenue, up 14 percentage points from the previous year. The annual recurring revenue (ARR) from subscriptions is projected at RMB 411 million, reflecting a growth of 64.42% [2]. - The overall renewal rate for core products is approximately 90%, indicating strong customer retention [2]. - Revenue from sales channels grew by 40.49% to RMB 292 million, accounting for 41% of total revenue, which is a 7 percentage point increase year-on-year [2]. Cost Management and Efficiency - The sales, management, and R&D expense ratios for 2024 were 53.85%, 23.64%, and 32.67%, respectively, with a notable decrease in the R&D expense ratio attributed to efficiency gains from AI integration [3]. - The company has enhanced its product suite with AI capabilities, improving its market competitiveness [3]. Global Expansion - Revenue growth in 2024 across different regions was robust, with North America, Europe (including the Middle East), Asia-Pacific, and China experiencing year-on-year growth rates of 9.41%, 24.02%, 53.42%, and 18.00%, respectively [3]. - The separation of domestic and international operations is expected to accelerate Foxit's globalization efforts, particularly in the Asia-Pacific market [3]. Financial Forecasts - Revenue forecasts for Foxit Software are adjusted upwards, with expected revenues of RMB 865.28 million, RMB 1,054 million, and RMB 1,285 million for 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is projected to be RMB 31.50 million, RMB 71.93 million, and RMB 126.16 million for the same years [5][11].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown a recovery in demand in the first quarter, which enhances the annual expectations, and the counter-cyclical adjustment brings new opportunities for domestic software [1] - The company is a global leader in the PDF sector, maintaining a significant market share [2] - The subscription transformation is gradually showing results, with the new subscription plan effectively reducing user decision costs and enhancing the subscription transition process [3] Financial Performance - In Q1 2025, the company achieved revenue of 202 million yuan, a year-on-year increase of 19.78%, and a net profit attributable to the parent company of -6 million yuan, compared to -11 million yuan in the same period last year [1] - For the full year 2024, the company expects total revenue of 711 million yuan, a growth rate of 16.4%, and a net profit attributable to the parent company of 27 million yuan, a significant turnaround from a loss of 91 million yuan in 2023 [5] - The subscription business is projected to generate 411 million yuan in Annual Recurring Revenue (ARR) in 2024, reflecting a 64.42% increase year-on-year [3] Market Performance - The company has seen strong revenue growth across various regions, with the Asia-Pacific market growing by 53.42%, Europe (including the Middle East) by 24.02%, and North America by 9.41% [3] - The North American market accounted for 53% of total revenue, while the Chinese market showed an 18% increase following the acquisition of Foxit Kunpeng [3] Research and Development - The company maintains high R&D investment levels, with a comprehensive AI empowerment strategy being fully implemented in 2024 [3] - New AI features have been added to traditional editing tools, enhancing document processing efficiency [3] Earnings Forecast - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.60 yuan, 1.21 yuan, and 1.45 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 118.97, 58.60, and 48.87 [4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown a recovery in demand in the first quarter, which enhances the expectations for the entire year, presenting new opportunities for domestic software due to counter-cyclical adjustments [1] - The company reported a revenue of 711 million yuan for 2024, a year-on-year increase of 16.44%, and a net profit attributable to shareholders of 27 million yuan, compared to a loss of 91 million yuan in the same period last year [1][5] - The subscription transformation is gradually showing effects, with the annual recurring revenue (ARR) from subscription business expected to reach 411 million yuan in 2024, a growth of 64.42% year-on-year [3] - The company has maintained high R&D investment, fully implementing its AI empowerment strategy, which includes new features in traditional editing tools and the launch of the Intelligent Document Processing platform [3] Financial Performance - In Q1 2025, the company achieved a revenue of 202 million yuan, a year-on-year increase of 19.78%, with a net profit attributable to shareholders of -6 million yuan, improving from -11 million yuan in the same period last year [1] - The company’s total revenue is projected to grow from 611 million yuan in 2023 to 1.205 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 19.8% [5] - The gross profit margin is expected to remain high, with estimates of 94.8% in 2023, gradually decreasing to 91.8% by 2027 [5] Market Performance - The company has seen significant revenue growth in various regions, with the Asia-Pacific market showing a remarkable increase of 53.42% year-on-year in 2024 [3] - The North American market accounted for 53% of total revenue, but its growth rate was slower at 9.41% year-on-year due to the impact of emerging markets and subscription transformation [3] - The company’s subscription revenue is expected to constitute 49.31% of total revenue in 2024, reflecting a year-on-year growth of 62.33% [3]

Core Insights - The report highlights a selection of stocks for May, including companies like SF Holding and Guizhou Moutai, indicating potential investment opportunities in various sectors [1] Industry Overview - The pharmaceutical industry faced challenges in 2024 and Q1 2025, with a slight decrease in revenue and net profit. However, R&D expenses continue to rise, and the impact of centralized procurement and anti-corruption measures is gradually weakening, suggesting a potential recovery in revenue and profit as innovative products are launched [2][7][8] - In 2024, the pharmaceutical sector's total revenue was CNY 2.47 trillion, down 1.53% year-on-year, with a net profit of CNY 122.83 billion, down 8.07%. In Q1 2025, revenue was CNY 603.70 billion, down 6.14%, and net profit was CNY 42.82 billion, down 15.66% [8][9] Company Performance - Anji Technology reported a revenue of CNY 1.835 billion in 2024, a year-on-year increase of 48.24%, with a net profit of CNY 534 million, up 32.51%. In Q4 2024, revenue reached CNY 523 million, up 53.90% year-on-year [3][12] - Foxit Software achieved a revenue of CNY 711 million in 2024, a 16.44% increase, and turned a profit with a net income of CNY 27 million. The company’s subscription business showed strong growth, with an annual recurring revenue (ARR) of CNY 411 million, up 64.42% [17][18] Market Trends - The semiconductor CMP polishing materials market is projected to grow, with Anji Technology increasing its global market share from approximately 7% to 11% over three years. The global market size for CMP polishing materials is expected to reach USD 4.4 billion by 2028, with a CAGR of 5.6% from 2024 to 2028 [14] - The functional wet electronic chemicals segment saw a revenue increase of 78.91% in 2024, indicating strong demand and market expansion [15] R&D and Innovation - The pharmaceutical sector's R&D expenditure reached CNY 138.33 billion in 2024, a 1.25% increase from 2023, with significant investments in chemical pharmaceuticals and medical consumables [10] - Foxit Software's dual transformation strategy focusing on subscription and channel prioritization has shown positive results, with a notable increase in subscription revenue contributing to overall growth [17][19]

Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 71.20 and a sector rating of "Outperform" [1] Core Views - The company is expected to turn profitable in 2024, driven by the success of its "subscription business" and "channel-first" dual transformation strategy [1][5] - The company reported a revenue of RMB 711 million in 2024, representing a year-on-year growth of 16.44%, and a net profit attributable to shareholders of RMB 27 million, marking a turnaround from losses [3][5] Financial Performance Summary - For 2024, the company achieved a revenue of RMB 711 million, with a growth rate of 16.4% compared to 2023 [7] - The net profit for 2024 was RMB 27 million, a significant recovery from a loss of RMB 91 million in 2023, indicating a growth rate of 5,114.8% [7] - The earnings per share (EPS) for 2024 is projected at RMB 0.29, with further increases expected in subsequent years [5][7] Subscription Business Growth - The company launched a new subscription plan in 2024, leading to an Annual Recurring Revenue (ARR) of RMB 411 million, which is a 64.42% increase year-on-year [8] - Subscription revenue accounted for 49.31% of total revenue in 2024, demonstrating the effectiveness of the subscription-first strategy [8] Channel Development - The company has made significant progress in channel development, particularly in the Asia-Pacific and Middle East regions, with revenue growth of 53.42% and 24.02% respectively [8] - Channel revenue for 2024 reached RMB 292 million, representing 41.05% of total revenue [8] Future Projections - Revenue projections for 2025, 2026, and 2027 are RMB 807 million, RMB 904 million, and RMB 1,008 million respectively, with corresponding net profits of RMB 45 million, RMB 65 million, and RMB 93 million [5][7] - The company is expected to maintain a strong growth trajectory with a focus on subscription and channel strategies [5][8]

Core Viewpoint - The annual shareholder meeting of Fujian Foxit Software Development Co., Ltd. is scheduled for May 19, 2025, focusing on the company's operational performance, financial reports, and strategic initiatives for 2024 and beyond [1][6]. Group 1: Meeting Procedures - The company has established a meeting service team to ensure the orderly conduct of the shareholder meeting, with the board secretary responsible for procedural arrangements [1]. - Attendees must sign in 30 minutes before the meeting and present required documentation, including shareholder account cards and identification [2]. - Shareholders have the right to speak, inquire, and vote, with a structured process for managing discussions and questions during the meeting [3][4]. Group 2: Voting and Resolutions - Voting will be conducted through a combination of on-site and online methods, with results published in a resolution announcement [5]. - The meeting agenda includes the review of several key proposals, including the 2024 annual report, financial budget for 2025, and profit distribution plan [6][7]. Group 3: Financial Performance - The company reported a 15.66% increase in revenue for 2024, reaching approximately 711.14 million yuan, and a net profit of 26.96 million yuan, a significant recovery from a loss in the previous year [9][10][28]. - The annual recurring revenue (ARR) from subscription services grew by 64.42%, indicating strong growth in this segment [10]. - The company’s total assets increased by 2.25% to approximately 3.08 billion yuan, while total liabilities rose by 20.12% [29]. Group 4: Strategic Initiatives - The company is focusing on a dual transformation strategy, emphasizing subscription and channel sales, which has shown initial success in revenue growth [10][32]. - Research and development expenditures increased by 6.37% to approximately 251 million yuan, reflecting the company's commitment to innovation [10]. - The company aims to enhance its governance and operational efficiency, with plans for independent operations of its international and domestic business units [18].

福建福昕软件开发股份有限公司 2024 年年度股东大会会议资料 福建福昕软件开发股份有限公司 2024 年年度股东大会 会 议 资 料 中国·福州 二○二五年五月 1 福建福昕软件开发股份有限公司 2024 年年度股东大会会议资料 目 录 | 福建福昕软件开发股份有限公司 | 年年度股东大会会议须知 3 2024 | | --- | --- | | 福建福昕软件开发股份有限公司 | 年年度股东大会会议议程 5 2024 | | 议案一：关于公司 2024 | 年年度报告及摘要的议案 7 | | 议案二：关于公司 2024 | 年度董事会工作报告的议案 8 | | 议案三：关于公司 2024 | 年度监事会工作报告的议案 16 | | 议案四：关于公司 2024 | 年度财务决算报告的议案 21 | | 议案五：关于公司 2025 | 年度财务预算报告的议案 26 | | 议案六：关于公司 2024 | 年度利润分配方案的议案 28 | | 议案七：关于续聘公司 2025 | 年度财务审计机构及内控审计机构的议案 29 | | 议案八：关于开展金融衍生品套期保值业务的议案 30 | | 2 福建福昕软件开发股份 ...