证券代码：688111 证券简称：金山办公 公告编号：2025-002 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 148,361 股。 本次股票上市流通总数为 148,361 股。其中，2021 年限制性股票激励计划预 留授予激励对象第三个归属期归属 32,300 股，2022 年限制性股票激励计划首 次授予第二类激励对象第二个归属期归属 2,145 股，2022 年限制性股票激励 计划预留授予激励对象第二个归属期归属 62,568 股，2023 年限制性股票激励 计划预留授予激励对象第一个归属期第一批次归属 51,348 股。 本次股票上市流通日期为 2025 年 3 月 5 日。 根据中国证监会、上海证券交易所、中国证券登记结算有限责任公司上海分公 司有关业务规则的规定，北京金山办公软件股份有限公司（以下简称"公司"）于近 日收到中国证券登记结算有限责任公司上海分公司出具的《证券变更登记证明》， 公司已完成 2021 年限制性股票激励 ...

Summary of Conference Call Notes Company and Industry - The discussion primarily revolves around Kingsoft Office and its position within the AI and cloud collaboration industry [1][4]. Core Points and Arguments - **AI Investment in Beijing**: There is an anticipated increase in AI investment from the Beijing government, which is expected to significantly benefit Kingsoft Office due to its strong performance in application development and a monthly active user base of 600 million [1]. - **Business Model**: Kingsoft Office operates on a dual business model consisting of subscription and licensing. The advertising business was shut down in December 2023 [1]. - **Subscription Growth Trends**: - Personal and institutional subscription growth rates have been declining since last year. However, it is projected that by 2025, subscription growth will stabilize at a normal level [2]. - Institutional subscriptions have seen increased demand from small and medium-sized enterprises (SMEs) due to economic conditions, with a shift of some revenue to liabilities last year, which is expected to rebound this year [2]. - **Research and Development**: The company has increased its R&D efforts significantly since the introduction of large models in 2023, although the overall operational capacity is expected to remain stable [3]. - **Deepfake Technology**: Kingsoft Office has integrated deepfake models into its applications, enhancing the effectiveness of tools like PPT generation. The company anticipates improved performance and higher conversion rates due to this upgrade [4]. - **Opportunities from HarmonyOS**: The HarmonyOS platform is seen as a potential avenue for expanding into new commercial markets beyond existing offerings [4]. Financial Projections - **Revenue Forecast for 2025**: Projected revenue is estimated at 6.45 billion, with institutional subscription growth expected at 7%, institutional licensing growth turning positive, and institutional subscription growth at 21%. Personal subscription growth is projected at 28% [5]. - **Profit Expectations**: The net profit for 2025 is anticipated to be close to 1.9 billion [5]. - **Valuation Benchmarking**: The valuation is benchmarked against leading Chinese software companies and AI firms [5]. Additional Important Content - **Government Support for Innovation**: Since late August of the previous year, there have been supportive policies and funding from the central government aimed at promoting innovation at the regional level [3]. - **Market Dynamics**: The overall economic situation is influencing the willingness of SMEs to invest in annual service subscriptions, which is a critical factor for institutional subscription growth [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - Kingsoft Office is a leading domestic office software provider, leveraging WPS to capture the office scenario entry point. With the integration of DeepSeek R1 large model, the commercialization of AI applications is expected to exceed expectations. As of June 30, 2024, the monthly active devices for Kingsoft Office's main products reached 602 million, with a cumulative annual paid user count of 38.15 million. The enhanced WPS product experience after integrating DeepSeek is anticipated to further boost both monthly active and paid user numbers [1][2][3]. Summary by Sections Exceeding Expectations Logic - Market expectations suggest that Kingsoft Office primarily benefits from the trend of domestic office software localization, with current penetration rates for products like WPS being relatively high, limiting exponential growth potential. However, the DeepSeek model, as a leading open-source AI large model, is expected to significantly drive the penetration and application of AI in China, marking a "GPT moment" for the country. Kingsoft Office, as one of the four major AI application sectors (office, finance, healthcare, education), is well-positioned to utilize DeepSeek's text capabilities, enhancing the WPS AI experience [2][3]. Verification Metrics and Catalysts - Key metrics for verification include the company's monthly active users (MAU), AI product user count, overseas user count, payment rate, and average revenue per user (ARPU). Financial performance indicators such as revenue growth rate, gross margin, and net margin will also be monitored. Potential catalysts include advancements in domestic foundational large models, the launch of new features in WPS based on the DeepSeek model, and a decrease in AI inference costs [4]. Research Value - A unique perspective is presented, countering the market view that Kingsoft Office lacks leading AI large model technology and cannot establish technological barriers based on AI. The company's products primarily target individual users, where user perception and reputation form a core moat, while AI can enhance market capacity. Progress in foundational large models is expected to increase user willingness to pay and enrich application scenarios. As a leading domestic office software provider, Kingsoft Office is poised to benefit from the widespread adoption of DeepSeek's advanced large model capabilities [5][11].

证券代码：688111 证券简称：金山办公 公告编号：2025-001 北京金山办公软件股份有限公司 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 办公关于公司及子公司涉及诉讼的进展公告》（公告编号：2024-044）、《金山 办公关于公司及子公司涉及诉讼的结果公告》（公告编号：2024-064）。 关于公司及子公司涉及诉讼的结果进展公告 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: 北京金山办公软件股份有限公司（以下简称"公司"）与子公司北京数科网 维技术有限责任公司（以下简称"数科网维"）于近日收到最高人民法院（2025） 最高法民申 166 号《应诉通知书》。现将具体情况公告如下： 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、北京数科网维技术有限责任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。北京知识产权法院于 2024 年 6 月作出一审 判决，驳回原告冠群公司的全部诉讼请求，案件受 ...

Group 1 - On February 5, a total of 2,490 stocks received net financing purchases, with 42 stocks having net purchases exceeding 100 million yuan [1] - Among these, 7 stocks had net financing purchases exceeding 200 million yuan [2] - The stock with the highest net financing purchase was Zhongji Xuchuang, with a net purchase of 405 million yuan [2] Group 2 - Other notable stocks with significant net financing purchases include Kingsoft Office, China Ping An, CATL, Runhe Software, Inspur Information, and Kweichow Moutai, with net purchases of 321 million yuan, 304 million yuan, 238 million yuan, 232 million yuan, 212 million yuan, and 201 million yuan respectively [2]

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The report highlights that Kingsoft Office is a core player in the domestic software market, benefiting from the trends of domestic innovation (信创) and AI applications. The company is expected to see accelerated procurement of domestic office software by government sectors by 2025, driven by improved fiscal policies [1][27] - The AI application field is anticipated to experience explosive growth by 2025, with advancements in large model technology and successful commercialization of products like Notion AI and Microsoft 365 Copilot serving as benchmarks for domestic AI office products [1][28] - Kingsoft Office has a solid competitive advantage, being the only domestic office software provider that can compete with Microsoft in terms of functionality and user base. The company's SaaS business model ensures stable cash flow, and the promotion of the HarmonyOS system is expected to open new business opportunities [2][42] Summary by Sections Company Overview - Kingsoft Office is the leading domestic office software provider, having transitioned into the AI application phase. The company has a large user base and a strong network effect, which creates a solid barrier to competition [14][45] - The main products include WPS Office, WPS AI, and cloud collaboration services, which cater to various customer needs through a tiered approach [18][21] Industry Insights - The report indicates that the domestic innovation (信创) sector is entering a deep implementation phase, with government procurement of domestic office software expected to accelerate by 2025. This is supported by favorable fiscal policies aimed at alleviating funding challenges for local governments [27][31] - The AI application landscape is rapidly evolving, with significant advancements in large model technologies leading to accelerated industry applications. The report notes that domestic AI applications are expected to catch up with international counterparts in terms of commercialization [36][41] Financial Forecast and Valuation - The company is projected to achieve revenues of 52.44 billion, 64.51 billion, and 79.25 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 15.11%, 23.01%, and 22.84% [4][11] - The net profit attributable to shareholders is expected to be 15.49 billion, 18.55 billion, and 23.69 billion yuan for the same years, with growth rates of 17.58%, 19.74%, and 27.71% [4][11] - The report maintains a price-to-earnings (PE) ratio of 70 for 2025, compared to a peer average of 103, reinforcing the "Buy" rating [4][5]

《科创板日报》1月7日讯（记者 郭辉） ChatGPT横空出世以来，AI已渗透至经济、社会与生活的方方面面。刚刚过去的2024年，中外AI及大模 型在技术与产业落地上取得了令人瞩目的进展。新的2025年，AI必将继续成为推动各行业变革的关键 力量。 在2025新年来临之际，作为中国最大的财经媒体平台财联社携手旗下《科创板日报》，推出"AI领先者 心声・2025"新年特别报道。邀请中外人工智能领军者与行业精英一同回顾过去一年AI领域突破与创 新；同时，展望新岁，深入探讨AI及其产业应用在未来的机遇与挑战。 金山办公CEO章庆元向《科创板日报》记者表示： 章庆元"AI领先者心声・2025"全文如下： 值得自豪的是，金山办公在AI的道路上找到了正确的方向。从技术层面审视，生成式人工智能发展之 迅猛，令金山办公意识到自身在大模型技术积累上并不占优势。然而，庞大的用户基础提醒我们，应当 在应用层面发挥专长，因为未来AI大模型一定是通过应用落地的。因此，金山办公决定与各家大模型 厂商展开合作，并希望通过投资参与其中，学习并跟进AI技术的发展，而非成为技术竞争的主导者。 回顾这一决策，对于金山办公而言无疑是明智的。倘若当时 ...

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 ...

证券代码：688111 证券简称:金山办公 公告编号：2024-068 北京金山办公软件股份有限公司 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：2021 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 87.00 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 0.19%。其中首次授予 70.00 万股，约占本次激励计划草 案公告时公司股本总额的 0.15%，首次授予部分占本次授予权益总额的 80.46%； 预留 17.00 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 19.54%。 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： 3、授予价格（调整后）：42.95 元/股。 4、归属期限及归属安排如下： 本次激励计划首次授予的限制性股票的归属期限和归 ...

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 二次会议通知于 2024 年 12 月 22 日以邮件方式发出送达全体董事，会议于 2024 年 12 月 27 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《关于调整限制性股票激励计划授予权益价格并作废处理 部分已获授尚未归属的限制性股票的议案》 根据《上市公司股权激励管理办法》、公司《2023 年限制性股票激励计划 （草案）》的相关规定，由于 2023 年限制性股票激励计划的 21 名预留授予激励 对象中 1 名激励对象第一个归属期考核评价结果为"未达标"，本期个人层面归 属比例为 0，其获授的预留授予部分第一个归属期对应的 660 股限制性股票作废 失效。 证券代码：688111 证券简称：金山办公 公告编号：2024-065 ...