Group 1 - The cloud office concept declined by 2.98%, ranking among the top declines in the concept sector, with *ST Pengbo hitting the limit down, and companies like Runjian Co., Zero Point You Shu, and Kingsoft Office experiencing significant declines [1][2] - Among the cloud office sector, only two stocks saw price increases, with ST Shuyuan and Ruijie Network rising by 1.21% and 0.57% respectively [1][2] - The cloud office sector experienced a net outflow of 563 million yuan in capital, with 28 stocks seeing net outflows, and six stocks having outflows exceeding 30 million yuan [2][3] Group 2 - Kingsoft Office had the largest net outflow of 232 million yuan, followed by Runjian Co. with 87.9 million yuan and Jinqiao Information with 64.3 million yuan [2][3] - The stocks with the highest net inflows included Wanxing Technology, Ruijie Network, and Yilian Network, with net inflows of 70.8 million yuan, 32.4 million yuan, and 19.0 million yuan respectively [2][3] - The trading volume for Kingsoft Office was 1.53%, while Runjian Co. had a turnover rate of 8.57% [2][3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 400.43 RMB [8][9]. Core Insights - The company achieved a revenue of 1.301 billion RMB in Q1 2025, representing a year-over-year growth of 6.22%, and a net profit of 403 million RMB, up 9.75% year-over-year. The growth is attributed to the continuous expansion of WPS personal and WPS 365 businesses, with profit improvement driven by optimized gross margin levels [1]. - The report highlights the potential acceleration of AI commercialization due to product positioning advantages and AI feature upgrades, leading to sustained improvement in profitability [1]. - The WPS personal business generated 857 million RMB in revenue in Q1 2025, reflecting a year-over-year increase of 10.86%, primarily due to growth in user base and paid users. The global monthly active devices for WPS Office reached 647 million, up 7.92% year-over-year [2]. - WPS 365 business revenue reached 151 million RMB in Q1 2025, marking a significant year-over-year growth of 62.59%, driven by increased coverage of private enterprises and local state-owned enterprises [3]. - The overall gross margin for the company in Q1 2025 was 85.96%, an increase of 1.16 percentage points year-over-year, benefiting from a higher proportion of standardized high-margin products [4]. - The report slightly adjusts revenue forecasts for 2025-2027 to 6.176 billion, 7.568 billion, and 9.458 billion RMB respectively, while slightly increasing profit forecasts with expected EPS of 4.09, 5.09, and 6.86 RMB for the same years [5]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 1.301 billion RMB and a net profit of 403 million RMB, with year-over-year growth rates of 6.22% and 9.75% respectively [1]. - The gross margin improved to 85.96%, reflecting a strategic shift towards higher-margin products [4]. Business Segments - WPS personal business revenue was 857 million RMB in Q1 2025, up 10.86% year-over-year, driven by user growth [2]. - WPS 365 business revenue surged to 151 million RMB, a 62.59% increase year-over-year, supported by expanding enterprise coverage [3]. Profitability and Valuation - The report projects EPS for 2025-2027 at 4.09, 5.09, and 6.86 RMB, with a target price of 400.43 RMB based on a 30x PS valuation [5][8].

Core Viewpoint - The company reported a revenue of 1.301 billion yuan for the first quarter, representing a year-on-year growth of 6.22%, and a net profit attributable to the parent company of 403 million yuan, up 9.75% year-on-year [5] Financial Performance - The company achieved a revenue of 1.301 billion yuan, a 6.22% increase compared to the previous year [5] - The net profit attributable to the parent company was 403 million yuan, reflecting a year-on-year growth of 9.75% [5] - The net profit after deducting non-recurring gains and losses was 390 million yuan, which is a 10.72% increase year-on-year [5] Business Segments - WPS personal business revenue reached 857 million yuan, growing by 10.86% year-on-year, driven by an increase in AI active users and a stable growth in domestic operations [5] - The overseas WPS personal business saw rapid growth due to localized operations and differentiated features [5] - WPS 365 business revenue was 151 million yuan, marking a significant increase of 62.59% year-on-year, supported by digital office solutions for organizational clients [5] User Engagement - As of March 31, 2025, the global monthly active devices for WPS Office reached 647 million, a year-on-year increase of 7.92% [5] - The monthly active devices for WPS Office PC version were 301 million, up 11.30% year-on-year, while the mobile version had 346 million active devices, growing by 5.14% year-on-year [5] Challenges - The WPS software business revenue was 262 million yuan, showing a decline of 20.99% year-on-year, attributed to new procurement processes impacting the business [6]

点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/ 杨本鸿/ 陈鑫/张旭光/杨海盟/桂杨 数据来源:Wind,兴业证券经济与金融研究院整理 图 2、计算机行业的标准配置比例 4. 98 4. 58% 5% 3. 86% . 57% 4 4. 11% 3. 57% 4. 18% 4. 04% 3. 36% 56% 3. 54% 23% 4% 3. 3.52% 3, 2. 919 2. 86! 3.09 2. 68% 2- 71 67% 3% 2. 19% 2. 29% 2. 60% 2. 50% 2. 08% 1_38% 1. 65% 2% 1.4 1. 44% 1. 36% 1. 29% 1% 14% 13. 36% 11. 52% 12% 11. 30% 10% 8. 97% 8. 84% 7. 88% 7.72% 8% 7. 50% 6. 3 6. 75% 6. 119 6. 51% 696 4. 67% 5. 00% 4. 80% 4. 35% 4. 8RW 01% 4 496 4. 29% 4. 44% 3.64% A 149 3.78% 3.19% 3. 24% 2. 72% 2. 6 ...

Core Insights - The company reported a revenue of 1.301 billion yuan in Q1, representing a year-on-year growth of 6.22% [2][6] - Net profit attributable to shareholders was 402.81 million yuan, reflecting a year-on-year increase of 9.75% [2][6] - The WPS software business experienced a decline in revenue, amounting to 262 million yuan, down 20.99% year-on-year, attributed to the new procurement processes under the "Xin Chuang 2025" initiative [3] Revenue Performance - Total revenue for the reporting period was 1.301 billion yuan, up from 1.225 billion yuan in the same period last year, marking a growth of 6.22% [2][6] - The personal business segment saw a revenue increase of 10.86%, contributing nearly two-thirds of total revenue [3] - WPS 365, a new business segment, achieved impressive revenue growth of 62.59%, reaching 151 million yuan [3] Profitability Metrics - Net profit attributable to shareholders was 402.81 million yuan, an increase of 9.75% compared to the previous year [2][6] - The net profit excluding non-recurring items was 389.84 million yuan, reflecting a growth of 10.72% [2][6] - Basic and diluted earnings per share were both 0.87 yuan, up 10.13% year-on-year [2][6] Cash Flow and R&D Investment - The net cash flow from operating activities was 35.22 million yuan, a significant decline of 77.05% year-on-year, primarily due to seasonal fluctuations in customer payments and increased employee-related cash expenditures [4] - R&D expenditure reached 470 million yuan, representing a year-on-year increase of 16.17%, with R&D investment accounting for 36.13% of total revenue, up 3.10 percentage points [4] Device Coverage and User Engagement - As of March 2025, the number of monthly active devices for WPS Office reached 647 million, a year-on-year increase of 7.92% [4] - The monthly active devices for the PC version were 301 million, up 11.30%, while the mobile version had 346 million, reflecting a growth of 5.14% [4]

海外业务方面，WPS个人业务通过本地化运营及差异化功能，本期收入也实现了高速增长。 4月23日晚间，金山办公发布了2025年一季报。报告期内，金山办公营收、利润均保持增长态势：营业 收入13.01亿元，同比增长6.22%；归母净利润4.03亿元，同比增长9.75%；归母扣非净利润3.90亿元，同 比增长10.72%。 个人业务营收占比近七成 主营业务方面，金山办公一季度个人业务收入8.57亿元，同比增长10.86%。 近年来，金山办公不断丰富产品体验和会员权益，积极适应市场环境变化，将提升AI活跃用户数作为 核心目标，推动用户基数及付费用户数持续增长，带动国内WPS个人业务稳健增长。 2023年，金山办公推出智能办公助手WPS AI，2025年2月，WPS AI数据助手升级，增添深度思考能 力，并结合金山办公自主研发的文档图片识别与理解、图表引擎、跨格式数据融合等技术，接入WPS 智能表格、WPS多维表格、WPS表格，成为国内办公软件赛道首个支持表格类产品深度思考的AI应 用。2025年4月，金山办公首次公开PPT文生图模型，持续推动WPS AI在智能办公领域的技术突破。 IDC最新数据显示，今年一季度，中国 ...

证券代码：688111 证券简称：金山办公 公告编号：2025-019 北京金山办公软件股份有限公司 第三届监事会第二十二次会议决议公告 本公司监事会及全体监事保证本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、准确性和完整性承担法律责任。 一、 监事会会议召开情况 北京金山办公软件股份有限公司（以下简称"公司"）第三届监事会第二十 二次会议通知于 2025 年 4 月 18 日以邮件方式发出送达全体监事，会议于 2025 年 4 月 23 日以现场会议结合通讯表决方式召开。本次会议应参加表决监事 3 人， 实际参加表决监事 3 人。本次会议的召集、召开和表决情况符合法律、行政法规、 部门规章、规范性文件以及《北京金山办公软件股份有限公司章程》（以下简称 "《公司章程》"）、《北京金山办公软件股份有限公司监事会议事规则》的相 关规定。 二、 监事会会议审议情况 （一） 审议通过《关于公司 2025 年第一季度报告的议案》 具体内容详见同日刊载于上海证券交易所网站（www.sse.com.cn）的《金山 办公 2025 年第一季度报告》。 表决情况：3 票同意；0 票反对；0 票弃权 ...

证券代码：688111 证券简称：金山办公 公告编号：2025-018 北京金山办公软件股份有限公司 第三届董事会第二十四次会议决议公告 本公司董事会及全体董事保证本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、准确性和完整性承担法律责任。 一、 董事会会议召开情况 北京金山办公软件股份有限公司（以下简称"公司"）第三届董事会第二十 四次会议通知于 2025 年 4 月 18 日以邮件方式发出送达全体董事，会议于 2025 年 4 月 23 日以现场会议结合通讯表决方式召开。本次会议应出席的董事 9 人， 实际出席会议的董事 9 人。本次会议的召集、召开和表决情况符合《公司法》等 有关法律、法规、规章以及《北京金山办公软件股份有限公司章程》（以下简称 "《公司章程》"）《北京金山办公软件股份有限公司董事会议事规则》的相关 规定。 二、 董事会会议审议情况 （一） 审议通过《关于公司 2025 年第一季度报告的议案》 具体内容详见同日刊载于上海证券交易所网站（www.sse.com.cn）的《金山 办公 2025 年第一季度报告》。 本议案已经公司独立董事专门会议、董事会审计委员会审 ...

重要内容提示： 证券代码：688111 证券简称：金山办公 公告编号：2025-020 股权激励方式：限制性股票（第二类限制性股票） 股份来源：公司向激励对象定向发行公司 A 股普通股股票或公司从二级 市场回购的 A 股普通股股票 北京金山办公软件股份有限公司 《北京金山办公软件股份有限公司 2025 年限制性股票激励计划（草案）》 （以下简称"本激励计划"或"本计划"）拟向激励对象授予不超过 346.00 万股 限制性股票，约占本激励计划草案公告时公司股本总额 46,267.4004 万股的 0.75%。 其中首次授予部分不低于本次授予权益总额的 80.66%，对应首次授予股数为 279.10 万股，约占本激励计划草案公告时公司股本总额的 0.60%；预留部分不超 过本次授予权益总额的 19.34%，对应预留授予股数为 66.90 万股，约占本激励计 划草案公告时公司股本总额的 0.14%。 2025 年限制性股票激励计划（草案）摘要公告 本公司董事会及全体董事保证本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、准确性和完整性承担法律责任。 一、本激励计划的目的 （一）本激励计划 ...

证券代码：688111 证券简称：金山办公 公告编号：2025-022 北京金山办公软件股份有限公司 关于 2023 年限制性股票激励计划首次授予部分第二个归属 期符合归属条件的公告 本公司董事会及全体董事保证本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、准确性和完整性承担法律责任。 重要内容提示： 一、股权激励计划批准及实施情况 （一）本次股权激励计划的主要内容 1、股权激励方式：第二类限制性股票。 2、授予数量：2023 年限制性股票激励计划（以下简称"本激励计划"）拟 向激励对象授予不超过 100.00 万股限制性股票，约占本激励计划草案公告时公 司股本总额 46,126.499 万股的 0.22%。其中首次授予部分不低于本次授予权益总 额的 80.00%，对应首次授予股数为 80.04 万股，约占本激励计划草案公告时公司 股本总额的 0.18%；预留部分不超过本次授予权益总额的 20.00%，对应预留授 予股数为 19.96 万股，约占本激励计划草案公告时公司股本总额的 0.04%。 3、授予价格（调整后）：148.39 元/股。 4、归属期限及归属安排如下： 本激励计划 ...