证券代码：688111 证券简称：金山办公 公告编号：2024-064 北京金山办公软件股份有限公司 关于公司及子公司涉及诉讼的结果公告 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: 案件所处的诉讼阶段：二审（终审）已判决 上市公司所处的当事人地位：被上诉人（一审被告） 判决结果：驳回上诉，维持原判 是否会对上市公司损益产生负面影响：终审法院判决结果为驳回原告冠 群公司的全部诉讼请求，案件受理费由原告冠群公司负担。本次诉讼对 公司本期利润和期后利润不存在影响。 一、本次诉讼的基本情况 北京冠群信息技术股份有限公司（以下简称"冠群公司"）因与北京金山办公 软件股份有限公司（以下简称"公司"）、北京数科网维技术有限责任公司（以 下简称"数科公司"）的侵害计算机软件著作权纠纷向北京知识产权法院提起诉 讼。2024 年 6 月，公司收到北京知识产权法院出具的《民事判决书》[（2023） 京 73 民初 755 号]，并披露了一审判决内容：驳回原告冠群公司的全部诉讼请求， 案件受理费由原告冠群公司负担。具体情况详见公司 ...

第三届监事会第十九次会议决议公告 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。 证券代码：688111 证券简称：金山办公 公告编号：2024-061 北京金山办公软件股份有限公司 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"）第三届监事会第十九次 会议通知于 2024 年 11 月 14 日以邮件方式发出送达全体监事，会议于 2024 年 11 月 19 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》《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《关于公司全资子公司签订关联交易合同的议案》 具体内容详见同日刊载于上海证券交易所网站（www.sse.com.cn）和指定媒 体的《金山办公关于全资子公司签订关联交易合同的公告》（公告编号： 2024-062）。 表决情况：3 票同意；0 ...

证券代码：688111 证券简称：金山办公 公告编号：2024-063 北京金山办公软件股份有限公司 一、 说明会类型 关于召开 2024 年第三季度业绩说明会的公告 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： 投资者可于 2024 年 11 月 21 日（星期四）至 11 月 27 日（星期三）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 Ir@wps.cn进 行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 北京金山办公软件股份有限公司（以下简称"公司"）已于 2024 年 10 月 26 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 11 月 28 日下午 16:00-17:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][13]. Core Insights - The company has shown a recovery in revenue growth in Q3, with a year-on-year increase of 10.53%, and a net profit growth of 8.33% [2]. - The introduction of new AI features in WPS AI has enhanced user engagement and conversion rates, contributing to a 17.24% increase in revenue from personal office services [3]. - The B-end subscription business has performed well, driven by SaaS and domestic institutional subscriptions, indicating a positive turning point for the company's performance [4]. Financial Data Summary - Revenue (in million CNY): - 2022: 3,884.96 - 2023: 4,555.97 - 2024E: 5,220.20 - 2025E: 6,475.42 - 2026E: 8,095.29 - Revenue Growth Rate (%): - 2022: 18.44 - 2023: 17.27 - 2024E: 14.58 - 2025E: 24.05 - 2026E: 25.02 [7][9] - Net Profit (in million CNY): - 2022: 1,117.53 - 2023: 1,317.74 - 2024E: 1,515.58 - 2025E: 1,968.55 - 2026E: 2,573.80 - Net Profit Growth Rate (%): - 2022: 7.33 - 2023: 17.92 - 2024E: 15.01 - 2025E: 29.89 - 2026E: 30.75 [7][9] - Earnings Per Share (CNY): - 2022: 2.42 - 2023: 2.85 - 2024E: 3.28 - 2025E: 4.26 - 2026E: 5.56 [7][9] - Price-to-Earnings Ratio (P/E): - 2022: 116.92 - 2023: 99.16 - 2024E: 86.21 - 2025E: 66.38 - 2026E: 50.77 [7][9] - Price-to-Book Ratio (P/B): - 2022: 14.98 - 2023: 13.13 - 2024E: 11.66 - 2025E: 10.39 - 2026E: 9.10 [7][9] - EV/EBITDA: - 2022: 45.57 - 2023: 50.04 - 2024E: 75.37 - 2025E: 58.42 - 2026E: 44.29 [7][9]

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Insights - The company reported a revenue of 3.627 billion yuan (+10.90%) and a net profit of 1.04 billion yuan (+16.41%) for the first three quarters of 2024, with a significant increase in operating cash flow [1]. - The personal subscription business continues to grow steadily, while the "Xin Chuang" (信创) business shows signs of recovery, particularly in the domestic personal office service subscription segment [1][2]. - The company is increasing its R&D investment to enhance product competitiveness, with a gross margin of 85.47% in Q3 2024 [2]. - Active user metrics are accelerating, with a total of 618 million monthly active devices as of September 30, 2024, reflecting a year-on-year growth of 4.92% [2]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 1.214 billion yuan (+10.53%) and a net profit of 318 million yuan (+8.33%) [1]. - The projected revenues for 2024-2026 are 5.177 billion yuan, 6.204 billion yuan, and 7.741 billion yuan, representing year-on-year growth rates of 13.63%, 19.85%, and 24.77% respectively [2]. - The expected net profits for the same period are 1.518 billion yuan, 1.825 billion yuan, and 2.247 billion yuan, with growth rates of 15.18%, 20.22%, and 23.16% respectively [2].

Investment Rating - The report maintains a "Buy" rating for the company [1][6][9] Core Views - The company continues to show steady growth in Q3, with a focus on AI integration and subscription model development [1][4][6] - The personal subscription business is experiencing robust growth, supported by new AI features that enhance user engagement and conversion [4][5] - The institutional subscription business has seen a slowdown in growth, but the company is actively expanding into the public cloud market to improve revenue streams [5][6] Financial Performance - For the first three quarters, the company achieved revenue of 36.27 billion yuan, a year-over-year increase of 10.90%, and a net profit of 10.40 billion yuan, up 16.41% year-over-year [1][4] - In Q3 alone, the company reported revenue of 12.14 billion yuan, a year-over-year increase of 10.53%, and a net profit of 3.18 billion yuan, up 8.33% year-over-year [4][5] - Research and development expenses reached 12.62 billion yuan, accounting for 34.78% of revenue, reflecting a year-over-year increase of 17.26% [1][4] Subscription Business Insights - The domestic personal office service subscription revenue for Q3 was 7.62 billion yuan, representing a year-over-year growth of 17.24% [4][5] - Monthly active users increased, with the main product's active device count reaching 618 million, a year-over-year growth of 4.92% [4][5] - The institutional subscription revenue for Q3 was 2.48 billion yuan, showing minimal growth of 0.02% year-over-year, indicating a need for strategic adjustments [5][6] Future Projections - The company forecasts revenues of 53.05 billion yuan, 65.72 billion yuan, and 82.72 billion yuan for 2024, 2025, and 2026 respectively, with year-over-year growth rates of 16.44%, 23.89%, and 25.86% [5][7] - Net profit is projected to reach 15.00 billion yuan, 18.54 billion yuan, and 23.51 billion yuan for the same years, with corresponding growth rates of 13.86%, 23.59%, and 26.78% [5][7]

Investment Rating - The report maintains a "Buy" rating for Kingsoft Office with a target price raised to 351.46 CNY, reflecting a slight adjustment based on the company's latest financial results and comparable company valuations [3][10][18]. Core Views - Kingsoft Office has demonstrated steady revenue and profit growth, with subscription revenue reaching a record high. The acceleration of AI commercialization and the recovery of demand in the "Xinchuang" sector are expected to drive the company's business beyond expectations [9][10]. - The company reported a revenue of 3.627 billion CNY for the first three quarters of 2024, representing a year-on-year growth of 10.90%, and a net profit attributable to shareholders of 1.04 billion CNY, up 16.41% year-on-year [10]. - The subscription business has seen a significant increase, with individual subscription revenue growing by 20.50% year-on-year, driven by enhancements in AI features that have improved payment rates and average revenue per user [10][14]. Financial Summary - Revenue and profit forecasts for 2024-2026 are as follows: - Revenue: 5.103 billion CNY (-9.32%), 6.472 billion CNY (-13.74%), 8.074 billion CNY (-15.99%) - Net profit: 1.542 billion CNY (-1.78%), 1.956 billion CNY (-2.90%), 2.518 billion CNY (-2.98%) - Earnings per share (EPS): 3.33 CNY (-0.39), 4.23 CNY (-0.63), 5.44 CNY (-0.65) [15][16]. - The company’s gross margin is expected to stabilize, with projections of 84.90%, 85.09%, and 85.22% for 2024-2026 [15][16]. Business Segments - The domestic personal office service subscription business is projected to grow at rates of 21.90%, 25.40%, and 24.30% for 2024-2026, with gross margins improving slightly [14][17]. - The institutional subscription and service business is expected to face pressure in 2024 but is projected to rebound significantly in 2025 and 2026, with growth rates of 5.00%, 28.00%, and 25.00% respectively [14][17]. - The institutional authorization business is anticipated to decline in 2024 but recover in subsequent years, with growth rates of -3.00%, 30.00%, and 26.00% for 2024-2026 [14][17]. Valuation - The report uses a PE valuation method, indicating that Kingsoft Office is a leading player in the domestic office software sector. The average PE ratio of comparable companies for 2025 is estimated at 83.11, leading to a target price of 351.46 CNY per share [18][19].

证券代码：688111 证券简称：金山办公 1 北京金山办公软件股份有限公司 机构投资者调研活动记录表 编号：2024-003 | --- | --- | --- | |---------------------------------|-------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Strong Buy" rating for Kingsoft Office (688111.SH) [2][5] Core Views - The company's performance in Q3 2024 met expectations, with a revenue of 3.627 billion yuan, a year-on-year increase of 10.90%, and a net profit attributable to shareholders of 1.04 billion yuan, up 16.41% year-on-year [2][3] - The report highlights the steady growth of various business segments, particularly the subscription business, which saw a revenue increase of 17.24% year-on-year in the domestic personal office service segment [3][4] - The company is leveraging AI capabilities to enhance user experience and is expanding its B-end business by targeting large private enterprises and local state-owned enterprises, contributing to stable growth in subscription services [3][4] Summary by Sections Financial Performance - For the first three quarters, the gross profit margin was 85.10%, a slight decrease of 0.55 percentage points year-on-year, indicating strong cost control capabilities [4] - The company achieved a net profit of 1.314 billion yuan in 2023, with projections for net profits of 1.561 billion yuan, 2.145 billion yuan, and 2.781 billion yuan for 2024, 2025, and 2026 respectively [5][10] Business Segments - The subscription business for personal office services generated 762 million yuan, reflecting a growth of 17.24% year-on-year, while institutional subscription and service revenue remained stable with a slight increase [3][4] - The company is capitalizing on the trend of "Xinchuang" (信创) to stabilize and recover its institutional licensing business, particularly in local state-owned enterprises [3][4] User Growth - As of September 30, the company's main products had 618 million monthly active users, a year-on-year increase of 4.92%, with WPS Office's PC and mobile monthly active devices growing by 6.95% and 3.36% respectively [4] Profitability Forecast - The report forecasts earnings per share (EPS) of 3.38 yuan, 4.65 yuan, and 6.02 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 76.49, 55.65, and 42.93 [5][9]

Investment Rating - The report maintains a "Buy-A" rating for Kingsoft Office (688111.SH) [1][2] Core Views - The personal subscription business shows steady growth, while the institutional subscription business faces short-term pressure due to the ongoing SaaS transformation [2][3] - The company reported a revenue of 3.627 billion yuan for the first three quarters of 2024, a year-on-year increase of 10.90%, and a net profit of 1.04 billion yuan, up 16.41% year-on-year [1][2] Summary by Sections Financial Performance - For Q3 2024, the company achieved a 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% year-on-year [1][2] - The personal office service subscription revenue for Q3 2024 was 762 million yuan, a year-on-year increase of 17.24%, driven by continuous upgrades of WPS AI 2.0 [2] - Institutional subscription and service revenue for Q3 2024 was 248 million yuan, showing a slight increase of 0.02% year-on-year, attributed to the limited revenue recognition during the SaaS transformation [2] - The company’s gross margin for Q3 2024 was 85.47%, an increase of 0.66 percentage points year-on-year [2] Research and Development - R&D expenses reached 454 million yuan in Q3 2024, a year-on-year increase of 26.54%, reflecting the company's commitment to enhancing AI and collaborative office solutions [2][3] Future Earnings Forecast - The report adjusts the earnings per share (EPS) forecast for 2024-2026 to 3.22, 3.96, and 4.88 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 80.30, 65.35, and 52.96 [2][3]