兴业证券股份有限公司 关于福建福昕软件开发股份有限公司 放弃对子公司的优先增资权暨涉及部分募投项目间接转让的核查意见 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）作为福建福昕软件开发 股份有限公司（以下简称"福昕软件"或"公司"）首次公开发行股票并上市持续督导阶段的 保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号——上市公司 募集资金管理和使用的监管要求》《上海证券交易所科创板上市公司自律监管指引第 1 号—— 规范运作》《上海证券交易所科创板股票上市规则》《科创板上市公司持续监管办法（试行）》 等有关法律法规和规范性文件的要求，对福昕软件拟放弃对子公司的优先增资权暨涉及部分 募投项目间接转让的事项进行了审慎核查，具体核查情况如下： 一、本次交易概述 公司 100%控股的子公司 iDox.ai Corp.（以下简称"iDox 公司"）主营人工智能驱动数据 隐私合规解决方案相关业务，其技术与市场主要位于欧美地区。为了驱动其核心技术的持续 发展与创新，促进相关业务在欧美市场的快速发展，并提高资金使用效率、降低创新业务的 投入风险，公司拟引入外部资金方进行增资。同时，为了吸 ...

证券代码：688095 证券简称：福昕软件 公告编号：2024-086 福建福昕软件开发股份有限公司 关于 2022 年限制性股票激励计划首次授予部分第二个归属 期及预留授予部分第一个归属期第一批次归属结果公告 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： 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司有关业务规则的规定，福建福昕软件开发股份有限公司（以下 简称"公司"）于近日收到中国证券登记结算有限责任公司上海分公司出具的《过 户登记确认书》，公司完成了 2022 年限制性股票激励计划首次授予部分第二个 归属期及预留授予部分第一个归属期第一批次的股份登记工作。现将有关情况公 告如下： 一、本次限制性股票归属的决策程序及相关信息披露 1、2022 年 8 月 19 日，公司召开第三届董事会第三十五次会议，会议审议 通过了《关于公司〈2022 年限制性股票激励计划（草案）〉及其摘要的议案》 《关于公司〈2022 年限制性股票激励计划实施考核管理办法〉的议案》以及《关 于提 ...

关于实施回购股份注销暨股份变动的公告 证券代码：688095 证券简称：福昕软件 公告编号：2024-085 福建福昕软件开发股份有限公司 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： 福建福昕软件开发股份有限公司（以下简称"公司"）本次将注销回购专 用证券账户中的 50,000 股已回购股份，占注销前公司总股本 91,489,524 股的比 例为 0.05%。本次注销完成后，公司的总股本将由 91,489,524 股变更为 91,439,524 股。 公司本次注销部分回购股份将涉及注册资本减少，根据《中华人民共和国公 司法》等相关法律、法规的规定，公司于 2024 年 9 月 27 日在上海证券交易所网 站（www.sse.com.cn）披露了《关于注销公司部分回购股份并减少注册资本暨通 知债权人的公告》（公告编号：2024-078），上述债权申报期限已于 2024 年 11 月 10 日届满，申报期间公司未收到任何相关债权人要求公司提前清偿债务或提供 相应担保的通知。 回购股份注销日：2024 年 11 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [4] Core Views - The company has shown robust revenue growth, with subscription revenue exceeding half of total revenue in Q3 2024, indicating a successful transition to a subscription model [2][4] - The company is expected to release profits in the medium term due to clear cost control measures and a strong growth trajectory supported by artificial intelligence [4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 5.09 billion yuan, a year-on-year increase of 15.07%, with a net profit attributable to shareholders of 0.39 billion yuan, marking a return to profitability [1] - In Q3 alone, the company reported revenue of 1.72 billion yuan, a 9.73% increase year-on-year, although net profit showed a loss of 0.24 billion yuan, which was a wider loss compared to the previous year [1] Revenue Composition - Subscription revenue reached 0.90 billion yuan in Q3 2024, a significant year-on-year growth of 62.36%, accounting for 52.52% of total revenue [2] - The Annual Recurring Revenue (ARR) as of the end of Q3 stood at 3.66 billion yuan, reflecting a 46.30% increase from the end of 2023 [2] Cost Management - The gross margin for the first three quarters was 93.71%, slightly down by 1.08 percentage points year-on-year, indicating a strong foundation for future profit release [3] - The company has set clear cost control expectations, focusing on limiting new project investments and controlling personnel increases to enhance long-term profitability [3] Growth Opportunities - The introduction of a separately priced AI assistant is expected to create new growth avenues, with the potential for product price increases due to enhanced features [4] - The company is actively integrating its offerings in the domestic software market, particularly in document solutions, which is anticipated to contribute significantly to profit growth due to low marginal investment [4] Profit Forecast - The company is projected to have net profits of -0.52 billion yuan, -0.26 billion yuan, and 0.54 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of -120, -239, and 116 times [4][10]

Financial Performance - Revenue for the first three quarters reached approximately 509 million yuan, a year-on-year increase of 15.07% [2] - Q3 revenue was approximately 172 million yuan, a year-on-year increase of 9.73% [2] - Net profit for the first three quarters was 38.6741 million yuan, turning a loss into a profit due to a 103.3217 million yuan investment gain from Fuxin Kunpeng [2] - Non-GAAP net profit after excluding share-based payments was -84.3387 million yuan [2] - Subscription business revenue for the first three quarters was approximately 245 million yuan, accounting for 48.07% of total revenue, a year-on-year increase of 65.77% [6] - Q3 subscription revenue was 90.1545 million yuan, accounting for 52.52% of total revenue, a year-on-year increase of 62.36% [6] - Subscription-related contract liabilities were approximately 213 million yuan, a year-on-year increase of 32.02% [6] - Subscription business ARR was approximately 366 million yuan, a year-on-year increase of 46.30% [6] - Core product subscription renewal rate was approximately 93% [6] Regional Performance - Europe and Asia-Pacific markets led growth in Q3 [8] - North American market growth slowed due to a large revenue base and subscription transformation [8] - Chinese market experienced seasonal fluctuations [8] Channel Performance - Channel revenue for the first three quarters was approximately 195 million yuan, accounting for 38.21% of total revenue, a year-on-year increase of 33.64% [7] - Q3 channel revenue was approximately 64 million yuan, accounting for 37.42% of total revenue, a year-on-year increase of 17.90% [7] - DELL accounted for 10%-12% of total revenue and approximately 25% of channel revenue [12] - Q3 revenue from DELL decreased due to seasonal fluctuations and internal organizational adjustments [12] - Revenue from other channels grew by nearly 40% year-on-year in Q3 [13] Subscription Transformation - Subscription transformation is progressing, with subscription revenue accounting for 48.07% of total revenue in the first three quarters [6] - Subscription ARR growth was driven by high renewal rates and a focus on ARR growth strategies [8] - Sales expenses increased due to subscription transformation, but are expected to normalize as the transformation completes [9] R&D and Management Expenses - R&D expenses are expected to be controlled by re-evaluating new projects with unclear commercial prospects [9] - Management expenses increased due to IT and ERP system upgrades, but future growth is expected to slow as efficiency improves [9] Geopolitical Risks - The company is actively managing geopolitical risks, including operational separation between domestic and international markets [9] - The company is preparing for potential impacts from the US election, including tariff policies [9] AI and Future Strategies - AI assistant subscription pricing has been well-received, with initial user growth exceeding expectations [10] - The company is exploring additional marketing investments for AI subscriptions based on user adoption [10] - In the domestic market, the company is expanding into areas that align with local demand, including partnerships and capital operations [10] - The company is optimistic about the future of the Xinchuang market, expecting significant revenue growth and profitability [11] Market and Channel Strategies - The company is focusing on increasing new customer contributions to ARR, with new customers accounting for over 90% of ARR growth in the first three quarters [12] - The company is actively training new sales personnel at DELL and conducting targeted marketing activities to improve Q4 performance [12] - Channel transformation is progressing well, with new partnerships driving growth and traditional distributors forming a positive cycle [13]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to 81.16 CNY from the previous 62.71 CNY [6][12][24]. Core Insights - The company's subscription transformation is progressing smoothly, with a continuous increase in revenue share. The optimization of the commercial revenue model, combined with solid advancements in overseas markets, suggests that future performance growth may exceed expectations [4][12]. - For the first three quarters of 2024, the company achieved a revenue of 509 million CNY, representing a year-on-year growth of 15.07%. After adjusting for currency fluctuations, the growth rate is approximately 14.02% [12]. - The company's net profit attributable to shareholders for the first three quarters was 38.67 million CNY, a significant increase of 163.07% year-on-year, although adjusted figures indicate a loss due to integration challenges from recent acquisitions [12][19]. Summary by Sections Financial Performance - The company reported a revenue of 5.09 billion CNY for the first three quarters of 2024, with a notable increase in subscription revenue, which reached 2.45 billion CNY, accounting for 48.07% of total revenue, up 65.77% year-on-year [12][19]. - The annual revenue forecast for 2024-2026 is projected at 6.75 billion CNY, 7.85 billion CNY, and 8.95 billion CNY respectively, with net profits expected to be -0.11 billion CNY, 0.27 billion CNY, and 0.67 billion CNY [19][20]. Business Model and Strategy - The core product lines, particularly the PDF editor and reader, are expected to maintain a revenue contribution of over 70%. The company is focusing on integrating cloud services and enhancing its product offerings, which is anticipated to drive revenue growth [18][22]. - The subscription model is showing positive results, with the annual recurring revenue (ARR) reaching 366 million CNY, a growth of approximately 46.30% compared to the previous year [12][19]. Market Position and Valuation - The report suggests a valuation based on EV/Sales and PS methods, with a target price of 81.16 CNY, reflecting the company's strong market position in the PDF and related software sector [24][27]. - The company is positioned as a leader in the domestic PDF market, with significant growth potential in subscription revenue and channel transformation efforts [24][27].

福建福昕软件开发股份有限公司 2022 年限制性股票激励计划 首次授予部分第二个归属期及 预留授予部分第一个归属期归属条件成就 证券简称：福昕软件 证券代码：688095 上海荣正企业咨询服务（集团）股份有限公司 关于 之 独立财务顾问报告 2024 年 10 月 | 一、 释义 3 | | --- | | 二、声明 4 | | 三、基本假设 5 | | 四、独立财务顾问意见 6 | | （一）本次限制性股票激励计划的审批程序 6 | | （二）本次限制性股票激励计划首次授予部分第二个归属期归属条件的成就 | | 情况 8 | | （三）本次限制性股票激励计划预留授予部分第一个归属期归属条件的成就 | | 情况 10 | | （三）本次归属的具体情况 11 | | （四）结论性意见 13 | 一、 释义 3/13 1. 上市公司、公司、福昕软件：指福建福昕软件开发股份有限公司。 2. 股权激励计划、限制性股票激励计划、本激励计划：指《福建福昕软件开发 股份有限公司 2022 年限制性股票激励计划（草案）》。 3. 限制性股票、第二类限制性股票：符合激励计划授予条件的激励对象，在满 足相应的获益条件后分次获得并 ...

证券代码：688095 证券简称：福昕软件 公告编号：2024-080 福建福昕软件开发股份有限公司 第四届董事会第十八次会议决议公告 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。 一、董事会会议召开情况 福建福昕软件开发股份有限公司（以下简称"公司"）第四届董事会第十八 次会议通知于 2024 年 10 月 25 日以电子邮件方式发出，于 2024 年 10 月 29 日在 福州市鼓楼区软件大道 89 号福州软件园 G 区 5 号楼公司会议室以现场结合通讯 的方式召开。会议应到董事 7 名，实际出席董事 7 名，公司监事、高级管理人员 列席本次会议。本次会议由公司董事长熊雨前先生主持，会议的召开符合《中华 人民共和国公司法》《中华人民共和国证券法》等法律、法规、规范性文件及《公 司章程》的有关规定。 二、董事会会议审议情况 公司本次作废处理 2022 年限制性股票激励计划部分限制性股票符合有关法 律、法规及公司《2022 年限制性股票激励计划（草案）》的相关规定，不存在损 害股东利益的情况，董事会同意公司此次作废处理部分 ...

深圳市南山区前海大道前海嘉里商务中心四期 2 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 2022 年限制性股票激励计划首次授予部分第二个归属期 和预留授予部分第一个归属期符合归属条件 及作废部分已授予尚未归属的限制性股票的 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，就公司 2022 年限制性股票激励 计划（以下简称"本次激励计划"）首次授予部分第二个归属期和预留授予部分第 一个归属期符合归属条件（以下简称"本次归属"）及作废部分已授予尚未归属的 限制性股票（以下简称"本次作废"，与本次归属合称"本次归属及作废"）事宜担 任专项法律顾问，并出具《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 2022 年限制性股票激励计划首次授予部分第二个归属期和 预留授予部分第一个归属期符合归属条件及作废部分已授予尚未归属的限制性 ...

证券代码：688095 证券简称：福昕软件 公告编号：2024-082 福建福昕软件开发股份有限公司 关于作废部分已授予尚未归属的限制性股票的公告 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。 福建福昕软件开发股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日召开的第四届董事会第十八次会议和第四届监事会第十八次会议，审议通过了 《关于作废部分已授予尚未归属的限制性股票的议案》。现将有关事项公告如下： 一、本次股权激励计划已履行的相关决策程序 1、2022 年 8 月 19 日，公司召开第三届董事会第三十五次会议，会议审议 通过了《关于公司<2022 年限制性股票激励计划（草案）>及其摘要的议案》《关 于公司<2022 年限制性股票激励计划实施考核管理办法>的议案》以及《关于提 请股东大会授权董事会办理 2022 年限制性股票激励计划相关事宜的议案》等议 案。公司独立董事就本激励计划相关事项发表了同意的独立意见。 同日，公司召开第三届监事会第三十次会议，审议通过了《关于公司<2022 年限制性股票激励计划（ ...