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]

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 ...

证券代码：688095 证券简称：福昕软件 公告编号：2025-023 福建福昕软件开发股份有限公司 关于参加 2025 年福建辖区上市公司投资者网上集体接待日 活动暨召开 2024 年度和 2025 年第一季度业绩说明会的公告 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： 会议召开时间：2025 年 5 月 14 日（星期三）下午 15:30-17:00 会议召开方式：网络文字互动 会议召开地点：投资者可登录"全景路演"网站（http://rs.p5w.net），或 关注微信公众号"全景财经"，或下载全景路演 APP，参与互动交流。 投资者可于 2025 年 5 月 13 日（星期二）16：00 前将相关问题通过福建 福昕软件开发股份有限公司（以下简称"公司"）邮箱 boardoffice@foxitsoftware.cn 进行提问，公司将在本次集体接待日活动暨业绩说明会中对投资者普遍关注的问 题进行回答。 公司已于 2025 年 4 月 29 日在上海证券交易所网站披露了公司《2024 年年 度报告》和 ...

Investment Rating - The report maintains a "Strong Buy" rating for Foxit Software [2][13]. Core Views - Foxit Software achieved a turnaround in profitability for 2024, with a revenue of 7.11 billion yuan (up 16.44% year-on-year) and a net profit attributable to shareholders of 0.27 billion yuan (a significant increase of 129.64% year-on-year) [3][6]. - The company is transitioning from perpetual licensing to a subscription model, with subscription revenue reaching 3.51 billion yuan in 2024 (up 62% year-on-year) [4][5]. - The split of domestic and international operations is aimed at capturing opportunities in the domestic market, particularly in high-value sectors such as government and healthcare [5][6]. Revenue and Profitability - In 2024, Foxit Software's revenue and net profit were 7.11 billion yuan and 0.27 billion yuan, respectively, while the first quarter of 2025 saw revenue of 2.02 billion yuan [3][4]. - The company's gross margin for 2024 was 93.41%, indicating strong profitability despite a slight decline [6][14]. - The report forecasts net profits of 0.33 billion yuan, 0.64 billion yuan, and 1.31 billion yuan for 2025, 2026, and 2027, respectively [13][14]. Market Expansion - Foxit Software has expanded its market presence in the Asia-Pacific region, with revenue growth rates of 53% and 56% for 2024 and the first quarter of 2025, respectively [4][5]. - The company has successfully integrated its acquisition of Foxit Kunpeng, enhancing its capabilities in document technology [5][6]. Financial Projections - The report projects a revenue growth rate of 19.12% for 2025 and 22.70% for 2026, with a long-term growth trajectory expected to continue [14]. - The company's PE ratios are projected to be 180, 93, and 45 for 2025, 2026, and 2027, respectively, reflecting strong future earnings potential [13][14].

2025年，福建福昕软件开发股份有限公司（以下简称"福昕软件"）发布了2024年年度报告。报告显示， 公司在营业收入、净利润等关键指标上呈现出复杂态势，其中经营活动现金流净额下降70.82%，投资 收益增长765.73%，这些显著变化值得投资者深入关注。 财务指标解读 营收增长态势向好 2024年福昕软件实现营业收入711,135,372.43元，较上年同期增长16.44%。从季度数据来看，各季度营 收分别为168,790,139.13元、168,765,478.25元、171,646,495.10元、201,933,259.95元，同比增长率分别为 16.87%、19.13%、9.73%、20.03%。公司订阅转型成效初显，订阅业务ARR达41,129.65万元，较上年期 末增长64.42%，订阅收入为35,056.26万元，占营业收入的49.31%，同比增长62.33%。渠道转型也成果 显著，通过渠道实现的收入达29,181.74万元，占营业收入的41.05%，较去年同期增长40.49%。 费用控制与结构变化销售费用：销售费用为382,963,772.00元，较上年增长12.70%，主要因销售人员薪 酬、 ...

公 司 报 告 计算机 2025年04月30日 福昕软件(688095.SH) 订阅指标强劲助力主业增长，一横多纵布局开拓国内市场 推荐 ( 维持) 股价:64.94元 主要数据 | 行业 | 计算机 | | --- | --- | | 公司网址 | www.fuxinsoft.cn | | 大股东/持股 | 熊雨前/39.82% | | 实际控制人 | 熊雨前 | | 总股本(百万股) | 91 | | 流通A股(百万股) | 91 | | 流通B/H股(百万股) | | | 总市值(亿元) | 59 | | 流通A股市值(亿元) | 59 | | 每股净资产(元) | 27.92 | | 资产负债率(%) | 22.3 | 行情走势图 相关研究报告 YANLEI511@pingan.com.cn 黄韦涵 投资咨询资格编号 S1060523070003 HUANGWEIHAN235@pingan.com.cn 【平安证券】福昕软件（688095.SH）*首次覆盖报 告*PDF+OFD版式软件领军者，双转型战略驱动成长 *推荐20241120 证券分析师 闫磊 投资咨询资格编号 S1060517070006 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved a total revenue of 711 million yuan in 2024, representing a year-on-year growth of 16.44%, and turned a profit with a net profit of 27 million yuan, a significant increase of 129.64% compared to the previous year [7] - The company is undergoing a dual transformation strategy focusing on subscription and channel sales, with subscription revenue reaching 351 million yuan in 2024, accounting for 49.31% of total revenue, and growing by 62.33% year-on-year [7] - The company has split its operations into "Foxit International" and "Foxit China" to enhance its global presence, with notable revenue growth in emerging markets such as the Asia-Pacific region, which saw a year-on-year increase of 53.42% [7] Financial Data and Profit Forecast - The company forecasts total revenue of 852 million yuan for 2025, with a year-on-year growth rate of 19.8%, and a net profit of 45 million yuan, reflecting a growth rate of 68.3% [6] - The company's gross margin is projected to remain high at around 94.3% for 2025, indicating strong profitability [6] - The return on equity (ROE) is expected to improve significantly, reaching 1.7% in 2025 and 4.5% in 2026 [6]

Investment Rating - The investment rating for the company is "Buy" with a target price of 92.92 RMB [8][9] Core Views - The company achieved a revenue of 711 million RMB in 2024, representing a year-on-year increase of 16.44%, and a net profit attributable to shareholders of 26.96 million RMB, which is a significant increase of 129.64% year-on-year [1][5] - The dual transformation strategy and AI upgrades are expected to accelerate overall revenue growth in 2025 [1][2] - Subscription revenue reached 351 million RMB in 2024, up 62.33% year-on-year, accounting for 49% of total revenue [2] - The company has seen a strong performance in its channel strategy, with channel revenue increasing by 40.49% year-on-year to 292 million RMB, contributing 41% to total revenue [2] - The company is focusing on AI product upgrades, which have enhanced product competitiveness and led to a decrease in R&D expense ratio [3] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 202 million RMB, a year-on-year increase of 19.78%, with a net loss of 5.83 million RMB, showing improvement compared to the previous year [4] - The revenue forecast for 2025-2027 is adjusted to 865 million, 1,054 million, and 1,285 million RMB respectively, with corresponding net profits of 31.50 million, 71.93 million, and 126.16 million RMB [5][7] Market Position and Strategy - The company’s subscription business has a strong annual recurring revenue (ARR) of 411 million RMB, with a renewal rate of approximately 90% [2] - The company is benefiting from the operational separation of domestic and international businesses, which is expected to accelerate global business growth, particularly in the Asia-Pacific market [3] Valuation Metrics - The company is valued at a price-to-sales (PS) ratio of 9.8x for 2025, with a target price of 92.92 RMB based on comparable company analysis [5][13]