上海荣正企业咨询服务（集团）股份有限公司 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（草案） 之 证券简称：金山办公 证券代码：688111 独立财务顾问报告 | 一、释义 3 | | --- | | 二、声明 4 | | 三、基本假设 5 | | 四、本次限制性股票激励计划的主要内容 6 | | （一）激励对象的范围及分配情况 6 | | （二）激励方式、来源及数量 7 | | （三）限制性股票的有效期、授予日、归属安排及禁售期 8 | | （四）限制性股票的授予与归属条件 11 | | （五）限制性股票授予价格和授予价格的确定方法 15 | | （六）激励计划其他内容 16 | | 五、独立财务顾问意见 17 | | （一）对限制性股票激励计划是否符合政策法规规定的核查意见 17 | | （二）对公司实行股权激励计划可行性的核查意见 18 | | （三）对激励对象范围和资格的核查意见 18 | | （四）对股权激励计划权益授出额度的核查意见 19 | | （五）对上市公司是否为激励对象提供任何形式的财务资助的核查意见 19 | | （六）对股权激励计划授予价格定价方式和定价方法合理 ...

Revenue and Profit Growth - Revenue for the first quarter of 2024 reached 1,225,297,495.19 yuan, a year-on-year increase of 16.54%[4] - Net profit attributable to shareholders of the listed company was 367,017,201.69 yuan, up 37.31% year-on-year[4] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 352,094,578.62 yuan, an increase of 40.56% year-on-year[4] - Revenue for the quarter reached 1,225.3 million yuan, a year-on-year increase of 16.54%[12] - Net profit attributable to the parent company was 367.02 million yuan, up 37.31% year-on-year[12] - Total revenue for Q1 2024 reached 1,225,297,495.19 RMB, a 16.5% increase compared to 1,051,441,001.94 RMB in Q1 2023[19] - Net profit attributable to the parent company increased by 8.96% to 4,460,080,011.39 RMB in Q1 2024 from 4,093,062,809.70 RMB in Q1 2023[18] - Operating income grew by 16.5% to 1,225,297,495.19 RMB in Q1 2024 from 1,051,441,001.94 RMB in Q1 2023[19] - Operating profit for Q1 2024 reached 388.66 million RMB, compared to 281.86 million RMB in the same period last year[20] - Net profit attributable to parent company shareholders was 367.02 million RMB, up from 267.29 million RMB in Q1 2023[20] - Revenue from sales of goods and services reached 1.22 billion RMB, up from 1.03 billion RMB in Q1 2023[22] Earnings Per Share and Cash Flow - Basic earnings per share (EPS) were 0.79 yuan, up 36.21% year-on-year[4] - Diluted earnings per share (EPS) were 0.79 yuan, up 36.21% year-on-year[5] - Net cash flow from operating activities was 153,444,865.17 yuan, a year-on-year increase of 21.99%[4] - Basic and diluted earnings per share for Q1 2024 were 0.79 RMB, compared to 0.58 RMB in the previous year[21] - Cash flow from operating activities increased to 153.44 million RMB, up from 125.79 million RMB in Q1 2023[22] - Cash flow from investing activities showed a net outflow of 1.47 billion RMB, an improvement from the 3.38 billion RMB outflow in the same period last year[23] - Total cash and cash equivalents at the end of Q1 2024 stood at 2.11 billion RMB, compared to 3.75 billion RMB at the end of Q1 2023[23] R&D and Operational Expenses - Total R&D investment was 404,747,538.82 yuan, accounting for 33.03% of revenue, a decrease of 0.75 percentage points year-on-year[5] - R&D expenses rose to 404,747,538.82 RMB in Q1 2024, up 13.9% from 355,216,409.25 RMB in Q1 2023[19] - Payments for goods and services increased to 238.73 million RMB, compared to 180.65 million RMB in the previous year[22] - Employee compensation and benefits payments rose to 729.34 million RMB, up from 663.37 million RMB in Q1 2023[22] - Tax payments increased to 123.56 million RMB, compared to 103.13 million RMB in the same period last year[22] Assets and Liabilities - Total assets at the end of the reporting period were 14,084,304,390.86 yuan, an increase of 0.79% compared to the end of the previous year[5] - Equity attributable to shareholders of the listed company was 10,337,150,408.81 yuan, an increase of 3.90% compared to the end of the previous year[5] - Total assets grew to 14,084,304,390.86 RMB as of March 31, 2024, compared to 13,974,021,307.95 RMB at the end of 2023[18] - Total equity attributable to the parent company increased to 10,337,150,408.81 RMB as of March 31, 2024, up 3.9% from 9,948,797,727.75 RMB at the end of 2023[18] - Total liabilities decreased to 3,677,970,244.69 RMB as of March 31, 2024, down 7% from 3,954,415,069.13 RMB at the end of 2023[18] - Cash and cash equivalents decreased to 2,111,399,370.51 RMB as of March 31, 2024, down 39.3% from 3,478,159,254.52 RMB at the end of 2023[16] - Contract liabilities stood at 1,822,708,169.79 RMB as of March 31, 2024, a 3.7% decrease from 1,891,874,143.93 RMB at the end of 2023[17] - Accounts receivable decreased slightly to 552,990,667.46 RMB as of March 31, 2024, compared to 566,940,348.12 RMB at the end of 2023[16] Shareholder and Equity Information - Kingsoft WPS Corporation Limited holds 238,387,351 shares, representing a significant portion of the company's equity[10] - The top 10 shareholders collectively hold a substantial portion of the company's shares, with significant changes in shareholding due to margin trading and securities lending activities[11] - The weighted average return on equity (ROE) was 3.62%, an increase of 0.61 percentage points year-on-year[5] Product and Market Performance - Monthly active devices for the main products reached 602 million, a 2.21% increase compared to the same period last year[13] - WPS Office PC version monthly active devices reached 270 million, a 7.14% year-on-year increase[13] - Domestic personal office service subscription revenue was 734.46 million yuan, up 24.80% year-on-year[13] - Domestic institutional subscription and service revenue was 242.14 million yuan, a 13.57% increase year-on-year[13] - Domestic institutional licensing revenue was 193.94 million yuan, up 6.31% year-on-year[13] - International and other business revenue was 54.72 million yuan, a decrease of 18.44% year-on-year[13]

公司报告 | 年报点评报告 金山办公（688111） 证券研究报告 2024年04月 14日 投资评级 B/C 端双订阅维持高增长，AI 商业化正式开启 行业 计算机/软件开发 6个月评级 买入（维持评级） 当前价格 295.99元 公司发布 2023 年年报，个人订阅与机构订阅保持双高增，合同负债增长 超预期，信创业务仍待翻转 目标价格 元 2023年，金山办公国内个人办公服务订阅业务收入为26.53亿元，同比增 基本数据 长29.42%，国内机构订阅及服务业务收入9.57 亿元，同比增长 38.36%， A股总股本(百万股) 461.82 保持了高速渗透态势，机构授权领域，公司实现收入6.55亿元，同比下降 21.6%。截止23年底，公司合同负债为18.92亿元（同比+9.28%），其它非 流通A股股本(百万股) 461.82 流动负债6.13亿元（同比+93.09%）。 A股总市值(百万元) 136,693.29 流通A股市值(百万元) 136,693.29 用户数来看，截至2023年底，公司主要产品月活为5.98亿，同比增长4.36%， 每股净资产(元) 21.55 其中PC 版月活2.65亿，同比增 ...

公司研究 | 动态跟踪 金山办公 688111.SH WPS 365 全新升级，助力企业新质生产力 增持 （维持） 股价（2024年04月11日） 287.76元 提升 目标价格 321.20元 52周最高价/最低价 529.63/198.5元 总股本/流通A股（万股） 46,182/46,182 A股市值（百万元） 132,893 核心观点 国家/地区 中国 行业 计算机 ⚫ WPS 365发布，提供一站式AI办公平台。4月9日下午，公司举办金山办公生产 报告发布日期 2024年04月12日 力大会，正式发布了面向企业的一站式AI办公平台WPS 365。WPS 365涵盖了 WPS Office套件、WPS AI企业版和WPS协作三大块，并针对每一部分的产品都 1周 1月 3月 12月 进行了面向企业端的升级。WPS Office支持桌面端集成金山文档和多维表传统表的 绝对表现% 0.97 2.57 12.1 -33.17 共同处理；WPS AI企业版则推出了AI Hub、AI Docs、Copilot Pro三大功能，帮助 相对表现% 2.75 4.94 5.77 -18.64 企业实现AI能力的开箱即用 ...

证券研究报告 公 2024年04月11日 司 报 告 金山办公(688111) │ 行 业： 计算机/软件开发 公 投资评级： 司 当前价格： 287.76元 点 WPS 365 全新发布，一站式 AI 办公推动生产力提升 目标价格： 评 研 事件： 究 基本数据 2024年4月9日，金山办公举行生产力大会，发布WPS 365办公新质生产 总股本/流通股本(百万股) 461.82/461.82 力平台，包含：WPS Office、WPS AI企业版、WPS协作，公司以多屏、内 流通A股市值(百万元) 132,892.53 容、云、协作、AI为发展核心目标，进一步推动AIToB端应用。 每股净资产(元) 21.55 ➢ WPS Office升级，三产品升级提升办公效率。 资产负债率(%) 28.30 WPS Office升级包含文档、智能表格、AI三方面升级，进一步提升办公效 一年内最高/最低(元) 530.50/198.50 率。WPS 文档：桌面文档一键转换成多人协作的状态，可以同时完成桌面 文档编辑和在线文档的写作。WPS智能表格：可融合多维表格（数据库）和 股价相对走势 传统电子表格，引用AI函数进行智 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 11 日 金 山办公(688111.SH) 证券研究报告 AI 助力办公新质生产力平台进军 B 端市场 云软件服务 投资评级 买入-A 事件概述： 维持评级 4月9 日，金山办公生产力大会在北京召开，公司正式发布了 WPS 365 6个月目标价 349.30元 办公新质生产力平台，并围绕面向 B 端组织和企业的一站式 AI 办公 股价 (2024-04-11) 287.76元 进行了战略解读和客户分享。 交易数据 强调 B 端战略，与大模型厂商协作共生 总市值(百万元) 132,892.53 金山办公 CEO章庆元首先做了战略分享，强调了政企业务始终是 WPS 流通市值(百万元) 132,892.53 发家的根基之一。自成立以来，公司的政企业务稳健发展，已累计服 总股本(百万股) 461.82 务了97 家央企客户、127家金融头部客户、135家大型民营企业和超 流通股本(百万股) 461.82 过17000 家大型企业客户。过去几年，聚焦多屏、内容、云、协作和 12个月价格区间 209.86/517.0元 AI五大方向， ...

证券研究报告·公司点评报告·软件开发 金山办公（688111） 跟踪点评：AI 助力产品客户边界升维 2024年 04月 09日 买入（维持） 证券分析师 王紫敬 [Table_EPS] 执业证书：S0600521080005 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 021-60199781 营业总收入（百万元） 3,885 4,556 5,711 7,745 10,168 wangzj@dwzq.com.cn 同比 18.44% 17.27% 25.35% 35.62% 31.29% 证券分析师 李康桥 归母净利润（百万元） 1,118 1,318 1,700 2,438 3,213 执业证书：S0600523050004 同比 7.33% 17.92% 29.03% 43.40% 31.79% likq@dwzq.com.cn EPS-最新摊薄（元/股） 2.42 2.85 3.68 5.28 6.96 股价走势 P/E（现价&最新摊薄） 137.33 116.47 90.26 62.94 47.76 [关Ta键bl词e_：Ta#g新] 产品、新技术、新客户 金山办公 ...

证券代码：688111 证券简称：金山办公 公告编号：2024-022 北京金山办公软件股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案首次披露日 | 年 月 2024 | 2 | 日 1 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 月 | 1 | 31 | 日~2025 | 年 | 1 | 月 | 30 | 日 | | 预计回购金额 | 50,000,000 | | | 元~100,000,000 | | 元 | | | | | 回购用途 | | | 用于员工持股计划或股权激励 | | | | | | | | 累计已回购股数 | 138,688 | 股 | | | | | | | | | 累计已回购股数占总股本比例 | 0.03% | | | | | | | | | | 累计已回购金额 | 3 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 横向通用软件 ＃investSuggestion＃ ＃ ＃d金yCo山mpa办ny＃公 （ 688111 ） investSug 增持 ( 维ges持tionC）h 688111 业绩稳健增长，＃ 订title＃ 阅业务占比提升 ange＃ ＃createTime1＃ 2024年03月 25日 投资要点 公 ＃市场ma数rk据etData＃ ＃summary＃  事件： 2023年，公司实现营业收入45.56亿元，同比增长17.27%；归属于 司 市场数据日期 2024-03-22 母公司所有者净利润13.18亿元，同比增长17.92%；归属于母公司所有者扣 点 收盘价（元） 329.74 除非经常性损益净利润12.62亿元，同比增长34.45%。 评 总股本（百万股） 461.82  Q4业绩提速，订阅业务收入占比提升。公司23Q4实现收入12.86亿元，同 报 流通股本（百万股） 461.82 比增长17.99%，实现归母净利润4.24亿，同比增长39.44%，实现扣非净利 净资产（百万元） 9948.8 告 润4.02亿 ...

Investment Rating - The investment rating for the company is "Buy" with an expected return exceeding 10% relative to the CSI 300 index over the next six months [4][14]. Core Insights - The company achieved a revenue of 4.556 billion yuan in 2023, representing a year-on-year growth of 17.27%, and a net profit of 1.318 billion yuan, up 17.92% [2][3]. - The subscription revenue has shown rapid growth, with personal office service subscription revenue reaching 2.653 billion yuan, an increase of 29.42% [3][6]. - The company has upgraded its membership structure, enhancing user conversion rates and average revenue per user, which is expected to drive future growth in subscription services [3][8]. - The WPS AI product series is positioned for scalable commercial application, potentially providing long-term growth opportunities for the company [7][8]. Financial Performance - The company reported a net operating cash flow of 2.058 billion yuan, reflecting a 28.36% increase, indicating a strong recovery in cash flow performance [6]. - The financial expenses showed a significant positive gain, attributed to improved interest income management strategies [6]. - The company has maintained a healthy balance sheet with a debt-to-asset ratio of 25.76% and a return on equity of 9.44% [4][6]. Revenue Breakdown - Domestic personal office service subscription revenue accounted for nearly 80% of total revenue, indicating a robust growth trajectory [3][6]. - The company has also seen substantial growth in its public cloud services, with the number of paying enterprise users increasing by 83% year-on-year [3][6]. - The revenue from domestic institutional subscription and service business reached 957 million yuan, up 38.36%, while the internet advertising and other business revenue declined by 6.05% due to the cessation of third-party advertising services [3][6]. Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 5.694 billion yuan, 7.353 billion yuan, and 9.561 billion yuan respectively, with corresponding net profits of 1.582 billion yuan, 2.016 billion yuan, and 2.612 billion yuan [12][13]. - The company is expected to continue benefiting from its strategic focus on AI and subscription services, which are anticipated to enhance user engagement and retention [7][8].