证券代码：688111 证券简称:金山办公 公告编号：2024-069 北京金山办公软件股份有限公司 关于 2022 年限制性股票激励计划预留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：2022 年限制性股票激励计划（以下简称"本次激励计划"） 拟向激励对象授予 100.00 万股限制性股票，约占本次激励计划草案公告时公司 股本总额 46,100.00 万股的 0.22%。其中首次授予 80.00 万股，约占本次激励计划 草案公告时公司股本总额的 0.17%，首次授予部分占本次授予权益总额的 80.00%；预留 20.00 万股，约占本次激励计划草案公告时公司股本总额的 0.04%， 预留部分占本次授予权益总额的 20.00%。 3、授予价格（调整后）：43.55 元/股。 4、归属期限及归属安排如下： 根据岗位职责及激励需求不同，在综合考虑了公司股 ...

北京金山办公软件股份有限公司 监事会关于 2021 年限制性股票激励计划预留授予部分第三 个归属期、2022 年限制性股票激励计划预留授予部分第二个 归属期及 2023 年限制性股票激励计划预留授予部分第一个 归属期归属名单的核查意见 北京金山办公软件股份有限公司（以下简称"公司"）监事会依据《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管理 办法》"）、《科创板上市公司自律监管指南第 4 号——股权激励信息披露》等 相关法律、法规及规范性文件和《北京金山办公软件股份有限公司章程》（以下 简称"《公司章程》"）的有关规定，对公司 2021 年限制性股票激励计划预留 授予部分第三个归属期、2022 年限制性股票激励计划预留授予部分第二个归属 期及 2023 年限制性股票激励计划预留授予部分第一个归属期归属名单进行审核， 发表核查意见如下： 经核查，2021 年限制性股票激励计划预留授予激励对象中，本次拟归属的 7 名激励对象绩效考核结果合规、真实，不存在虚假、故意隐瞒等相关情况，符合 《公司法》《证券法》等法 ...

北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 8519-1300 传真：(86-10) 8519-1350 junhebj@junhe.com 北京市君合律师事务所 关于 北京金山办公软件股份有限公司 2024 年限制性股票激励计划相关事项 之 法律意见书 二零二四年十二月 关于北京金山办公软件股份有限公司 2024 年限制性股票激励计划相关事项 之法律意见书 致：北京金山办公软件股份有限公司 北京市君合律师事务所（以下简称"本所"）为在北京市司法局注册设立并 依法执业的律师事务所。 本所受北京金山办公软件股份有限公司（以下简称"公司""上市公司"或 "金山办公"）的委托，担任金山办公 2024 年限制性股票激励计划（以下简称 "本次激励计划"）的专项法律顾问，依据《中华人民共和国公司法》（以下简 称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上市 公司股权激励管理办法》（以下简称《管理办法》）、《上海证券交易所科创板 股票上市规则》（以下简称《上市规则》）、《科创板上市公司自律监管指南第 4 号——股权激励信息披露》（以下简称《自律监管指南》）以 ...

Investment Rating - The report maintains a "Buy" rating for Kingsoft Office (688111) with a 2025 PE ratio of 78x, compared to the industry average of 108x [6][74] Core Views - Kingsoft Office is benefiting from the deepening localization of China's IT infrastructure (信创), with WPS gaining market share as domestic operating systems rise [3][22] - The company's institutional business is thriving, with SaaS-based WPS 365 driving growth in enterprise subscriptions, which grew from 13.6% of revenue in 2021 to 21.0% in 2023 [4][44] - AI capabilities, particularly WPS AI 2.0, are enhancing user experience and creating new business opportunities, especially in the enterprise and government sectors [5][64] Market Trends - The domestic IT localization market is expected to grow from 1.43 trillion yuan in 2021 to 2.66 trillion yuan in 2026, with a CAGR of 17.5% [25] - Government policies, including 1 trillion yuan in special bonds and 6 trillion yuan in local debt restructuring, are expected to further support the localization trend [29][30] Product Development - WPS 365, launched in 2023, integrates document processing, AI, and collaboration tools, serving over 18,000 major enterprise clients [40][43] - The company has upgraded WPS AI to version 2.0, offering tailored solutions for personal, enterprise, and government users [64][65] - WPS AI's enterprise version helps companies build private knowledge bases, leveraging internal data assets [69] Financial Projections - Revenue is expected to grow from 52.44 billion yuan in 2024 to 79.25 billion yuan in 2026, with a CAGR of 22.8% [6][73] - Net profit attributable to shareholders is projected to increase from 15.49 billion yuan in 2024 to 23.69 billion yuan in 2026, with a CAGR of 23.8% [6][73] - Institutional subscription revenue is forecasted to grow at a CAGR of 21.2% from 2024 to 2026, reaching 16.87 billion yuan by 2026 [72][73] Competitive Landscape - Kingsoft Office is positioned as a leader in China's office software market, with WPS Office monthly active devices reaching 271 million on PC and 328 million on mobile as of June 2024 [32] - The company's compatibility with domestic CPUs and operating systems gives it an edge in the localization trend [37][38]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [2] Core Views - The report highlights that Kingsoft Office is positioned to benefit from the acceleration of domestic institutional authorization business and the promotion of AI technology, which is expected to enhance user dependency and willingness to pay for office software [4][5][7] Summary by Sections Market Performance - Kingsoft Office's stock has shown a relative performance of -57% compared to the CSI 300 index as of November 2023 [3] - The absolute growth rates for the company are projected at 13.98% for 1 month, 32.77% for 2 months, and 61.76% for 3 months [3] Business Development - In Q3 2024, the domestic institutional authorization business generated revenue of 143 million yuan, marking a year-on-year growth of 8.97%, reversing a decline of 10.14% in the first half of 2024 [4] - The company is focusing on the government and industry sectors, anticipating significant growth in institutional authorization business as the 2025 critical period for domestic innovation approaches [4] AI Integration - The company’s personal office service subscription revenue reached 762 million yuan in Q3 2024, reflecting a year-on-year increase of 17.24% [5] - The introduction of WPS AI 2.0, which includes various AI tools, has improved user engagement and conversion rates [5] International Expansion - Kingsoft Office is expanding its B2B business into overseas markets, leveraging partnerships with Amazon Web Services to enhance its AI capabilities [6] - The company has accumulated 200 million monthly active users overseas, indicating a solid foundation for growth [6] Financial Projections - Revenue projections for 2024-2026 are 5.245 billion yuan, 6.585 billion yuan, and 8.315 billion yuan respectively, with net profits expected to be 1.475 billion yuan, 1.841 billion yuan, and 2.401 billion yuan [7] - The report anticipates an EPS of 3.19 yuan, 3.98 yuan, and 5.19 yuan for the same period [7]

Investment Rating - The investment rating for the company is "Buy" [2]. Core Views - The company is rapidly opening up the market space for private enterprises, with potential annual revenue estimated between 14.99 billion to 44.97 billion [2][12]. - The company’s products are attractive to private enterprises due to their higher cost-performance ratio compared to competitors like Microsoft and Feishu, which can reduce digital transformation costs [12][18]. - The integration of AI into the company's products enhances office efficiency, combining content creation tools with collaborative office functions [12][18]. - The potential number of paying users in the private enterprise sector is estimated to be between 37.57 million to 112.71 million annually, with a future average revenue per user of 399 yuan per year [12][29]. - The company is transitioning its product offerings from one-time licensing to subscription models, which is expected to increase customer payment amounts significantly [13][34]. Summary by Sections Private Enterprise Market Potential - The company has made significant progress in expanding its market share among private enterprises, with revenue contributions from local state-owned and private enterprises increasing rapidly [12][27]. - The estimated potential revenue from private enterprises is between 14.99 billion to 44.97 billion yuan annually, based on different penetration rate scenarios of 20%, 40%, and 60% [22][31]. Institutional Business Growth - The domestic institutional business potential is estimated at approximately 20.50 billion yuan per year, driven by the increasing demand for domestic software solutions [13][33]. - The company is shifting its focus from one-time licensing to subscription services, which is expected to enhance revenue from state-owned enterprises significantly [34][39]. C-end User Growth - The company has seen a steady increase in personal user payment rates, with potential revenue from the C-end estimated at 10.97 billion yuan annually [14][47]. - As of mid-2024, the personal user payment penetration rate reached 14%, with a total of 38.15 million annual paying users [14][47]. - The company’s personal subscription business has shown a year-on-year growth of 17.24%, indicating strong user acceptance of AI-enhanced features [14][47]. Overall Revenue Potential - The total revenue potential for the company is projected to reach between 46.5 billion and 76.4 billion yuan under different market conditions, with a current net profit margin of around 30% [15][22]. - Future net profit estimates under various revenue scenarios are expected to be between 16.26 billion and 26.76 billion yuan [15][22].

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company is rapidly opening up the market space for private enterprises, with potential annual revenue estimated between 14.99 billion to 44.97 billion [2][12] - The company’s products are attractive to private enterprises due to their higher cost-performance ratio compared to competitors like Microsoft and Feishu, which can lower digital transformation costs [12][18] - The integration of AI into the company's products enhances office efficiency, combining content creation tools with collaborative office functions [12][18] - The potential number of paying users in the private enterprise sector is estimated to be between 37.57 million to 112.71 million annually, with a future average revenue per user of 399 yuan per year [12][29] - The company is transitioning its product offerings from one-time licensing to subscription models, which is expected to increase customer payment amounts significantly [13][34] Summary by Sections Private Enterprise Market Potential - The company has shifted its focus from state-owned enterprises and government clients to actively expanding into the private enterprise market, achieving significant revenue contributions from this sector [12][17] - The estimated potential revenue from private enterprises is between 14.99 billion to 44.97 billion yuan annually, based on varying penetration rate assumptions of 20%, 40%, and 60% [22][31] Domestic Institutional Business Growth - The domestic institutional business is projected to have a potential revenue space of approximately 20.50 billion yuan per year, driven by the increasing demand for domestic software solutions [13][33] - The company is enhancing its product offerings to adapt to domestic hardware and software systems, which is expected to boost revenue from government and state-owned enterprises [34][39] Consumer Market Growth - The consumer segment is also showing growth, with an expected potential revenue of 10.97 billion yuan per year, supported by increasing user payment rates and the introduction of new AI features [14][47] - The company’s personal user payment penetration rate reached 14% as of mid-2024, with a total of 38.15 million annual paying users [14][47] Overall Revenue Projections - The company anticipates total revenue potential under different scenarios to be 46.5 billion, 61.5 billion, and 76.4 billion yuan, with net profit projections of 16.26 billion, 21.51 billion, and 26.76 billion yuan respectively [15][15] - The company’s net profit margin is currently around 30%, with expectations to increase to 35% as the subscription model matures [15][15]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][3][12] Core Views - The company has shown a recovery in revenue growth in Q3, with total revenue for the first three quarters reaching 3.627 billion yuan, an increase of 10.90% year-on-year. The net profit attributable to the parent company was 1.040 billion yuan, up 16.41% [2][8] - The company is increasing its R&D investment, with R&D expenses growing by 17.26% year-on-year, while sales and management expenses have decreased [2][8] - The personal subscription business is experiencing steady growth, driven by AI applications and the recovery of the domestic market [2][12] Summary by Relevant Sections Financial Performance - For Q3, the company reported revenue of 1.214 billion yuan, a year-on-year increase of 10.53%, and a net profit of 318 million yuan, up 8.33% [2][8] - The cash flow for Q3 was strong, with cash receipts of 1.409 billion yuan, an increase of 23.60% [2][8] Business Segments - Domestic personal subscription revenue reached 762 million yuan, growing by 17.24%, supported by new AI features in WPS AI 2.0 [2][12] - The company is expanding its presence in the government and institutional sectors, with institutional subscription revenue at 248 million yuan, a slight increase of 0.02% [2][12] Future Outlook - The company has adjusted its revenue forecasts for 2024-2026 to 5.114 billion, 6.216 billion, and 7.606 billion yuan, respectively, with net profits projected at 1.506 billion, 1.871 billion, and 2.317 billion yuan [12][5] - The current price-to-earnings (PE) ratios are projected to be 90, 73, and 59 for the years 2024, 2025, and 2026, respectively [12][5]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][3][12] Core Views - The company has shown a recovery in revenue growth in Q3, with total revenue for the first three quarters reaching 3.627 billion yuan, an increase of 10.90% year-on-year. The net profit attributable to shareholders was 1.040 billion yuan, up 16.41% year-on-year [2][8] - The company is increasing its R&D investment, with R&D expenses growing by 17.26% year-on-year, while sales and management expenses have decreased [2][8] - The personal subscription business is experiencing robust growth, driven by AI applications and the recovery of the domestic market. The revenue from domestic personal subscriptions reached 762 million yuan, a year-on-year increase of 17.24% [2][8] - The company has launched WPS AI 2.0, which includes several new features that enhance user engagement and conversion rates [2][8] Financial Performance Summary - For Q3, the company reported revenue of 1.214 billion yuan, an increase of 10.53% year-on-year, and a net profit of 318 million yuan, up 8.33% year-on-year [2][8] - The cash flow performance in Q3 was strong, with cash receipts of 1.409 billion yuan, a 23.60% increase, and net cash flow from operating activities of 451 million yuan, up 31.10% [2][8] - The company expects revenue for 2024-2026 to be 5.114 billion, 6.216 billion, and 7.606 billion yuan, respectively, with net profits of 1.506 billion, 1.871 billion, and 2.317 billion yuan [12][5]

证券代码：688111 证券简称：金山办公 公告编号：2024-062 北京金山办公软件股份有限公司 关于全资子公司签订关联交易合同的公告 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： 北京金山办公软件股份有限公司（简称"公司"）全资子公司 Kingsoft Office Software Corporation Limited（简称"金山办公香港"）拟与 Xiaomi Technologies Singapore Pte. Ltd.（简称"小米新加坡"）签署《Advertisement Service Agreement》（简称"广告服务协议"），通过在 WPS Office 海外安卓版 App 为 小米新加坡提供在线广告服务，双方就小米新加坡通过该广告获得的收入进行分 成，预计交易金额约为 697 万美元。 本次关联交易已经第三届董事会第二十一次会议及第三届独立董事专门 会议 2024 年第六次会议审议通过，无须提交股东大会审议。 一、关联交易概述 公司全资子公司金山办公香港与小米新加坡签署广告服务协议， ...