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].

Meeting Overview - The board meeting of Fujian Foxit Software Development Co., Ltd. was held on August 28, 2025, with all 7 directors present, complying with relevant laws and regulations [1][2]. Resolutions Passed - The board approved the 2025 semi-annual report and its summary, which was reviewed by the audit committee [2]. - The board approved the special report on the storage and use of raised funds for the first half of 2025, which complies with regulatory requirements [2][3]. - The board approved the use of up to RMB 450 million of temporarily idle raised funds for cash management, ensuring that these funds will not be pledged or used for securities investment [3]. - The board approved the use of self-owned funds to pay for project costs during the implementation of fundraising projects, with plans to replace these with raised funds later [4]. - The board approved the semi-annual evaluation report of the "Quality Improvement and Efficiency Enhancement Return Action Plan" for 2025, aimed at optimizing operations and enhancing investor returns [5].

证券代码：688095 证券简称：福昕软件 公告编号：2025-034 福建福昕软件开发股份有限公司 第四届监事会第二十四次会议决议公告 本公司监事会及全体监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、 监事会会议召开情况 二、 监事会会议审议情况 经与会监事认真审议，本次会议以记名投票表决方式表决形成以下决议： （一）审议通过了《关于公司 2025 年半年度报告及摘要的议案》 公司监事会认为： 规范性文件、《公司章程》和公司内部管理制度的有关规定。 证券交易所的各项规定，所包含的信息能从各个方面真实地反映出公司 2025 年 半年度的经营成果和财务状况。 及摘要的编制和审议的人员存在违反保密规定的行为。 完整，所载资料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、准确性和完整性承担个别连带责任。 表决结果：赞成 3 票，反对 0 票，弃权 0 票，表决通过。 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的《福 建福昕软件开发股份有限公司 2025 年半年度报告》及《福建福昕软件开发股 ...

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 使用部分暂时闲置募集资金进行现金管理的核查意见 在确保不影响募集资金投资计划正常进行的前提下，公司计划使用不超过人民币 45,000 万元的暂时闲置募集资金进行现金管理，决议有效期为自董事会审议通过之日起 12 个月，在 不超过上述额度及决议有效期内，资金可循环滚动使用。 （三）资金来源 根据中国证券监督管理委员会出具的《关于同意福建福昕软件开发股份有限公司首次公 开发行股票注册的批复》（证监许可[2020]1749 号），公司获准向社会公开发行人民币普通股 （A 股）1,204 万股，每股发行价格 238.53 元，募集资金总额为人民币 2,871,901,200.00 元， 扣除发行费用人民币 285,422,606.33 元（不含税），实际募集资金净额为人民币 2,586,478,593.67 元。上述募集资金经华兴会计师事务所（特殊普通合伙）验证，并于 2020 年 9 月 4 日出具了 华兴所（2020）验字 G-003 号《验资报告》。为规范公司募集资金管理，保护投资者权益，公 司设立了相关募集资金专项账户，对募集资金实施专项存储，并与保荐机 ...

证券之星消息，8月29日软件开发板块较上一交易日下跌1.56%，鼎捷数智领跌。当日上证指数报收于 3857.93，上涨0.37%。深证成指报收于12696.15，上涨0.99%。软件开发板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301378 | 通达海 | 38.50 | 20.01% | 22.12万 | | 8.20亿 | | 688201 | 信安世纪 | 14.71 | 15.37% | 43.77万 | | 6.27亿 | | 831832 | 科达自控 | 27.00 | 14.94% | 17.66万 | | 4.49亿 | | 688095 | 福昕软件 | 90.27 | 12.56% | 9.63万 | | 8.38亿 | | 688168 | 安博通 | 108.88 | 10.48% | 5.78万 | | 6.06亿 | | 688692 | 达梦数据 | 285.99 | 10.40% | 5.09万 | | 13.93亿 ...