北京金山办公软件股份有限公司 章 程 二〇二五年三月 | | | 第一章 总 则 第八条 董事长为公司的法定代表人。 第九条 公司全部资产分为等额股份，股东以其所持股份为限对公司承担责 任，公司以其全部资产对公司的债务承担责任。 第一条 为维护北京金山办公软件股份有限公司（以下简称"公司"）、股东 和债权人的合法权益，规范公司的组织和行为，根据《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》"）、 《上市公司章程指引》、《上海证券交易所科创板股票上市规则》和其他法律、 法规、规范性文件，制订本章程。 第二条 公司经上海证券交易所（以下简称"上交所"）审核并经中国证券监 督管理委员会（以下简称"中国证监会"）于 2019 年 10 月 23 日同意注册，首次 向社会公众发行人民币普通股 101,000,000 股，均为向境内投资人发行的以人民 币认购的内资股，并于 2019 年 11 月 18 日在上交所科创板上市。 第三条 公司系依照《公司法》和其他有关法律法规的规定成立的股份有限 公司。 公司是在北京金山办公软件有限公司的基础上，依法整体变更设立的股份有 ...

北京金山办公软件股份有限公司 2024 年度独立董事述职报告（王宇骅） 我作为北京金山办公软件股份有限公司（以下简称"公司"）的独立董事，2024 年度我严格按照《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"）、《上市公司独立董事管理办法》《上海 证券交易所科创板股票上市规则》《北京金山办公软件股份有限公司章程》（以 下简称"《公司章程》"）等相关法律、法规、规章的规定和要求，诚实、勤勉、 独立地履行职责，积极出席相关会议，认真审议董事会各项议案，切实维护公司 和全体股东尤其是中小股东的合法权益，促进公司规范运作，充分发挥了独立董 事及各专门委员会的作用。 现将 2024 年度履行独立董事职责的情况报告如下： 一、独立董事的基本情况 （一）独立董事人员情况 公司第三届董事会由 9 名董事组成，其中独立董事 3 人，占董事会人数三分 之一，符合相关法律法规及公司制度的规定。 （二）独立董事任职董事会专门委员会的情况 战略委员会委员：方爱之、王宇骅 审计委员会委员：马一德、方爱之、王宇骅 提名委员会委员：马一德、方爱之、王宇骅 薪酬与考核委员会委员：马一德、方爱之、 ...

北京金山办公软件股份有限公司 2024 年度独立董事述职报告（方爱之） 我作为北京金山办公软件股份有限公司（以下简称"公司"）的独立董事，2024 年度我严格按照《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"）、《上市公司独立董事管理办法》《上海 证券交易所科创板股票上市规则》《北京金山办公软件股份有限公司章程》（以 下简称"《公司章程》"）等相关法律、法规、规章的规定和要求，诚实、勤勉、 独立地履行职责，积极出席相关会议，认真审议董事会各项议案，切实维护公司 和全体股东尤其是中小股东的合法权益，促进公司规范运作，充分发挥了独立董 事及各专门委员会的作用。 现将 2024 年度履行独立董事职责的情况报告如下： 一、独立董事的基本情况 （一）独立董事人员情况 公司第三届董事会由 9 名董事组成，其中独立董事 3 人，占董事会人数三分 之一，符合相关法律法规及公司制度的规定。 （二）独立董事任职董事会专门委员会的情况 战略委员会委员：方爱之、王宇骅 审计委员会委员：马一德、方爱之、王宇骅 提名委员会委员：马一德、方爱之、王宇骅 薪酬与考核委员会委员：马一德、方爱之、 ...

北京金山办公软件股份有限公司 舆情管理制度 第一章 总 则 （一）报刊、电视、网络等媒体对公司进行的负面报道、不实报道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）已经或可能影响公众投资者投资取向，造成公司股价异常波动的信息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生 较大影响的事件信息。 第二章 舆情管理的组织体系及其工作职责 第三条 公司应对各类舆情实行统一领导、统一组织、快速反应、协同应对， 注重职能部门的响应与协作，提高防范声誉风险和处置声誉事件的能力和效率。 第四条 公司成立应对舆情管理工作领导小组（以下简称"舆情工作组"）， 由公司董事会秘书/总经理任组长，其他成员由公司其他高级管理人员及相关职 能部门负责人组成。 第五条 舆情工作组是公司应对各类舆情（尤其是媒体质疑信息）处理工作 的领导机构，统一领导公司应对各类舆情的处理工作，就相关工作做出决策和部 署，根据需要研究决定公司对外发布信息，主要工作职责包括： （一）决定启动和终止各类舆情处理工作的相关事宜； 第一条 为了提高北京金山办公软件股份有限公司（以下简称"公司"）应 对各类舆情的能力，建立快 ...

北京金山办公软件股份有限公司 （二）独立董事任职董事会专门委员会的情况 战略委员会委员：方爱之、王宇骅 审计委员会委员：马一德、方爱之、王宇骅 提名委员会委员：马一德、方爱之、王宇骅 2024 年度独立董事述职报告（马一德） 本人作为北京金山办公软件股份有限公司（以下简称"公司"）的独立董事， 2024 年度我严格按照《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"）、《上市公司独立董事管理办法》 《上海证券交易所科创板股票上市规则》《北京金山办公软件股份有限公司章程》 （以下简称"《公司章程》"）等相关法律、法规、规章的规定和要求，诚实、勤 勉、独立地履行职责，积极出席相关会议，认真审议董事会各项议案，切实维护 公司和全体股东尤其是中小股东的合法权益，促进公司规范运作，充分发挥了独 立董事及各专门委员会的作用。 现将 2024 年度履行独立董事职责的情况报告如下： 一、独立董事的基本情况 （一）独立董事人员情况 公司第三届董事会由 9 名董事组成，其中独立董事 3 人，占董事会人数三分 之一，符合相关法律法规及公司制度的规定。 薪酬与考核委员会委员：马一德、方爱 ...

Investment Rating - The report indicates a shift from strong beta to strong alpha in the computer industry, suggesting a focus on sectors with significant growth potential such as AI applications, cloud computing, and domestic innovation [4][6][7]. Core Insights - The report emphasizes the importance of AGI (Artificial General Intelligence) expectations, highlighting that the release of Manus has intensified market interest in AGI, which could lead to a significant evolution in technology companies and AI applications [7][8]. - The RISC-V open-source ecosystem is rapidly developing, with a projected compound annual growth rate (CAGR) of over 40% for RISC-V based SoCs, expected to reach 20 billion units by 2024 and over 200 billion by 2031 [9][11]. - The report suggests focusing on companies within the RISC-V ecosystem and those involved in AI, cloud computing, and domestic innovation, such as Haiguang Information, Keda Information, and others [8][19]. Summary by Sections Industry Overview - The computer industry index rose by 6.46% from March 2 to March 8, outperforming the ChiNext index by 4.85 percentage points [21][22]. - The report notes that the current momentum in the computer industry is comparable to the upward trend observed from 2018 to 2020, but with stronger potential this time [4][6]. RISC-V Ecosystem - RISC-V architecture is rapidly evolving, characterized by its modularity and open-source nature, which allows for high scalability and low energy consumption [11][12]. - The domestic RISC-V ecosystem is thriving, with major companies like Alibaba and Huawei actively participating, and the RISC-V International Foundation has over 4000 members from 52 countries [9][14]. - Investment recommendations include companies like Haiguang Information, Cambrian, and Loongson Technology, which are positioned to benefit from the increasing penetration of domestic software and hardware [19][20]. Market Performance - The report highlights that the computer industry has shown strong performance, with significant weekly gains and a notable increase in trading volume [21][22]. - Specific stocks such as Xinkai Pu and Hengfeng Information have seen substantial weekly increases, indicating strong market interest [23]. Major News - The report covers significant developments in AI, including the launch of the QwQ-32B model by Alibaba, which demonstrates competitive performance with significantly fewer parameters compared to existing models [36]. - The report also notes the increasing deployment of AI technologies in the financial sector, with multiple institutions adopting the DeepSeek model for various applications [44].

Summary of Kingsoft Office (688111 CH) Research Report Company Overview - **Company**: Kingsoft Office - **Ticker**: 688111 CH - **Sector**: Software - **Market Cap**: CNY 164,664 million (USD 22,603 million) [7][15] Key Financial Highlights - **4Q24 Preliminary Results**: - Revenue: CNY 1,494 million, up 16% year-over-year (y-o-y) [19] - Net Profit: CNY 605 million, up 43% y-o-y [19] - **Earnings Estimates**: - 2025 Revenue: CNY 6,071 million (up 3% from previous estimates) [4][21] - 2025 Net Profit: CNY 2,156 million (up 10% from previous estimates) [4][21] - **Target Price**: Raised to RMB 388.00 from RMB 318.00, implying a 9% upside [5][29] Core Insights - **AI Monetisation**: - Enhanced AI capabilities through DeepSeek-R1 are expected to accelerate monetisation efforts [2][3] - Strong demand for AI functions in enterprise software is anticipated to support revenue growth [3][11] - **SaaS Transition**: - A smoother transition to standard Software as a Service (SaaS) is expected, driven by improved WPS AI functions [2][5] - **Localisation Demand**: - Increased orders for office software localisation from local government entities are projected, with completion expected by 2027 [3][21] Revenue and Profit Growth - **Revenue Growth**: - Expected CAGR of 18.4% from 2024 to 2026 [28] - 2026 Revenue Estimate: CNY 7.2 billion [29] - **Net Profit Growth**: - 2025-26 net profit estimates are 14-15% higher than Wind consensus [2][4] Risks and Challenges - **Budget Constraints**: - Potential lower-than-expected budgets for office software localisation from government entities could impact demand [36] - **Competition**: - Increased competition from both internet giants and traditional office software manufacturers may pressure pricing and sales [36] - **User Conversion**: - Slower-than-expected conversion of individual subscription users could hinder revenue growth [36] Valuation Metrics - **Price-to-Sales (PS) Ratio**: - Target PS raised to 25x from 21x based on improved revenue growth expectations [5][28] - **Earnings Per Share (EPS)**: - 2025 EPS estimate: CNY 4.67, reflecting a 9.5% increase from previous estimates [8][12] Conclusion - **Investment Recommendation**: Maintain Buy rating due to expected solid earnings growth and a positive outlook on AI monetisation and software localisation demand [5][11]

计算机/软件开发 金山办公（688111.SH） 业绩超预期，携手 Deepseek 开启认知智能新范式 2025 年 03 月 02 日 投资评级：买入（维持） | 日期 | 2025/2/28 | | --- | --- | | 当前股价(元) | 346.19 | | 一年最高最低(元) | 408.68/167.18 | | 总市值(亿元) | 1,601.22 | | 流通市值(亿元) | 1,601.22 | | 总股本(亿股) | 4.63 | | 流通股本(亿股) | 4.63 | | 近 3 个月换手率(%) | 75.81 | 股价走势图 -60% -40% -20% 0% 20% 40% 60% 2024-03 2024-07 2024-11 金山办公 沪深300 数据来源：聚源 考虑公司业绩超预期，我们略上调公司 2024-2026 年归母净利润预测为 16.45、 20.64、25.42 亿元（原预测为 15.41、19.25、24.16 亿元），对应 EPS 分别为 3.56、 4.46、5.50 元/股，当前股价对应 PE 为 97.3、77.6、63.0 倍。考虑公司 WPS ...

Investment Rating - The investment rating for Kingsoft Office (688111.SH) is maintained at "Buy" [1] Core Views - The company has exceeded market expectations with its performance, leading to an upward adjustment in the net profit forecast for 2024-2026 to 1.645 billion, 2.064 billion, and 2.542 billion yuan respectively, with corresponding EPS of 3.56, 4.46, and 5.50 yuan per share [4][5] - The continuous upgrade of the WPS AI product is expected to open up new growth opportunities, reinforcing the "Buy" rating [4] Financial Performance Summary - For the year 2024, the company is expected to achieve a revenue of 5.121 billion yuan, representing a year-on-year growth of 12.4%, and a net profit of 1.645 billion yuan, up 24.84% [5] - The fourth quarter alone is projected to generate a revenue of 1.494 billion yuan, a 16.2% increase year-on-year, and a net profit of 605 million yuan, reflecting a 42.7% growth [5] - The company’s gross margin is expected to remain stable around 85%, with a net margin projected to increase to 32.1% in 2024 [8] Product Development and Market Position - The integration of WPS AI 2.0 with Deepseek marks a shift from "assistive tools" to "cognitive partners," enhancing user engagement and conversion rates [6] - New features such as AI writing assistant, AI reading assistant, and AI data assistant are expected to significantly improve user experience and retention [6] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected at 97.3, 77.6, and 63.0 respectively, indicating a favorable valuation trend as earnings grow [8] - The projected return on equity (ROE) is expected to rise to 14.6% in 2024 and further to 16.8% by 2026 [8]

Financial Performance - Total revenue for 2024 reached RMB 5,120,838,798.82, representing a year-on-year increase of 12.40%[3] - Net profit attributable to shareholders of the parent company was RMB 1,645,080,509.02, up 24.84% compared to the previous year[3] - The net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, was RMB 1,556,392,879.84, reflecting a growth of 23.30% year-on-year[3] - Basic earnings per share increased to RMB 3.56, a rise of 24.48% from the previous year[3] - The weighted average return on equity improved to 15.52%, an increase of 1.34 percentage points[3] - Total assets at the end of the reporting period were RMB 15,912,888,756.23, up 13.87% from the beginning of the period[3] - Equity attributable to shareholders of the parent company rose to RMB 11,355,557,559.61, marking a 14.14% increase[3] Business Strategy and Operations - The company focused on enhancing its product system in the fields of collaboration and AI, driving innovation and market competitiveness[5] - The company reported steady growth in its main business revenues, supported by improved operational efficiency and increased investment income[5] Reporting and Auditing - The financial data presented is preliminary and unaudited, with final figures to be confirmed in the 2024 annual report[6]