Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that AI is expected to drive a long-term revaluation of the company's growth potential, with optimistic projections for revenue and profit growth in the coming years [9] Financial Performance Summary - Total revenue for 2023 was 45.56 billion yuan, representing a year-on-year increase of 17.27% [2] - Net profit attributable to shareholders for 2023 was 13.18 billion yuan, with a year-on-year growth of 17.92% [2] - Subscription revenue reached 36.1 billion yuan in 2023, accounting for 79.24% of total revenue, with a year-on-year increase of 31.66% [2] - The company's Q4 2023 revenue was 12.84 billion yuan, showing a year-on-year increase of 17.9% [2] C-end Subscription Insights - C-end subscription revenue for 2023 was 26.53 billion yuan, up 29.42% year-on-year, with Q4 revenue reaching a historical high of 7.51 billion yuan [3] - The number of paid users increased to 35.49 million, reflecting an 18.41% year-on-year growth [3] - The company is undergoing a membership system transformation, which is expected to enhance user retention and revenue per user (ARPU) [3] B-end Subscription Insights - B-end subscription revenue grew to 9.57 billion yuan in 2023, marking a 38.36% year-on-year increase, with Q4 revenue at 2.9 billion yuan [3] - The company has successfully served over 17,000 government and enterprise clients with its WPS 365 service [3] Future Outlook - The report anticipates that the new membership system, AI applications, and the recovery of the domestic market will contribute to upward trends in revenue and profit margins starting in 2024 [9] - Revenue forecasts for 2024, 2025, and 2026 are set at 57.11 billion yuan, 77.45 billion yuan, and 101.7 billion yuan respectively [9] - Net profit forecasts for the same years are 17.00 billion yuan, 24.38 billion yuan, and 32.1 billion yuan respectively [9]

业绩简评 2024 年 3 月 20日，公司发布2023 年报，全年营业收入 45.56亿 元，同比增长17%；毛利率为85.3%，同比微增0.3pct；归母净 利润 13.18 亿元，同比增长18%；扣非归母净利润12.62 亿元， 同比增长34%；报告期内，公司持续保持稳健的经营态势，“多屏、 云、内容、协作、AI”战略推进顺利，持续投入协作和 AI 领域研 发，通过技术创新、产品迭代、性能提升等举措，不断增强产品竞 争力，进一步夯实了公司的竞争壁垒，实现新质生产力在办公领域 的切实落地。 单 Q4 公司经营业绩回暖明显，营业收入 12.86 亿元，同比增长 17.99%；环比 Q3 增长加速 8.59pct；归母净利润为4.245亿元， 人民币(元) 成交金额(百万元) 同比增长39.44%，环比Q3 大幅增长。 545.00 5,000 4,500 经营分析 489.00 4,000 分业务而言，23 年公司WPS会员体系升级赋能个人订阅增长， 433.00 3,500 3,000 WPS AI 开启公测并加快商业化落地。报告期内，国内个人办公服 377.00 2,500 2,000 务订阅业务收入 ...

计算机 | 证券研究报告 — 调整盈利预测 2024 年 3 月 21 日 688111.SH 金山办公 新质生产力平台拓客成效显著，AI 能力加速落地 近期，公司发布 2023 年年报，全年实现营业收入 45.6 亿元（同比+17.3%）， 归母净利 13.2 亿元（同比+17.9%），扣非后归母净利 12.6 亿元（同比+34.5%）。 公司新质生产力平台拓客成效显著，带动机构订阅高速增长。维持买入评级。 支撑评级的要点 ◼ 付费率与客单价双驱动，AI 能力有望加速落地。23 年公司国内个人订阅 业务收入 26.5 亿元（同比+29.4%），在国内手机和 PC 出货量趋于稳定 的情况下，公司通过持续优化用户体验并对会员体系进行升级，带动个人 用户付费转化率及客单价提升。公司发布了基于大语言模型的智能办公 应用 WPS AI，可实现自动生成内容、分析并提炼长文重点信息等功能， 用户体验进一步提升，WPS AI 在办公场景落地进程有望加快。 ◼ 新质生产力平台拓客成效显著。23 年公司国内机构订阅及服务业务收入 9.6 亿元（同比+38.4%）。一方面，受益于政企用户降本增效、数字化转 型需求增加，另一方面， ...

证券研究报告 | 年报点评报告 2024年03月21日 金山办公（688111.SH） 双订阅转型加速推进，WPS AI 打开成长空间 事件：3月20日，公司发布《2023年年度报告》，实现营业收入45.60亿 买入（维持） 元，同比增长 17.27%；实现归母净利润 13.18 亿元，同比增长 17.92%， 股票信息 与前期业绩快报相符。 行业 软件开发 个人订阅保持快增，月活、付费数稳健提升。1）报告期内，国内个人办公 前次评级 买入 服务订阅业务收入为 26.53 亿元，同比增长 29.42%，符合市场预期。2） 3月20日收盘价(元) 332.32 从用户数来看，截至 2023 年12月 31日，公司主要产品月活为 5.98亿， 总市值(百万元) 153,471.11 同比增长4.36%；其中PC 版月活2.65亿，同比增长 9.50%；移动版月活 总股本(百万股) 461.82 3.30亿，同比增长0.61%。伴随基数扩大，公司用户数或将逐步趋于稳定。 其中自由流通股(%) 100.00 3）从付费数来看，截至 2023年 12月 31日，公司累计年度付费个人用户 30日日均成交量(百万股) 4. ...

Financial Performance - The company's revenue for 2023 reached CNY 4,555,968,287.39, representing a 17.27% increase compared to CNY 3,884,959,481.38 in 2022[16]. - Net profit attributable to shareholders for 2023 was CNY 1,317,737,042.69, up 17.92% from CNY 1,117,529,482.04 in the previous year[16]. - The net cash flow from operating activities increased by 28.36% to CNY 2,057,547,079.30 in 2023, compared to CNY 1,602,924,775.80 in 2022[16]. - The company's total assets at the end of 2023 were CNY 13,974,021,307.95, a 15.89% increase from CNY 12,057,676,594.66 in 2022[17]. - The basic earnings per share for 2023 was CNY 2.86, reflecting an 18.18% increase from CNY 2.42 in 2022[18]. - The company reported a net profit of CNY 424,464,518.85 in Q4 2023, showing a strong performance compared to previous quarters[20]. - The net profit attributable to shareholders for Q3 2023 was CNY 293,954,535.50, indicating a consistent growth trend throughout the year[20]. Dividend and Profit Distribution - The proposed profit distribution plan for 2023 is to distribute a cash dividend of 8.8 yuan (including tax) for every 10 shares, totaling approximately 406,291,755.76 yuan (including tax) to all shareholders[5]. - The cash dividend policy stipulates that at least 10% of the distributable profit for the year must be distributed in cash, and the cumulative distribution over the last three years must be at least 30% of the average annual distributable profit[157]. - The net profit attributable to ordinary shareholders for the reporting period was ¥1,317,737,042.69, with a cash dividend amounting to 30.83% of this profit[159]. Research and Development - Research and development expenses accounted for 32.32% of revenue, a decrease of 1.95 percentage points from the previous year[18]. - R&D investment reached 1.472 billion yuan, a year-on-year increase of 10.60%, with a R&D expense ratio of approximately 32%[33]. - The company applied for a total of 153 invention patents in 2023, with 114 patents granted, bringing the cumulative total to 1,180 applications and 452 granted patents[62]. - The company is investing 200 million RMB in R&D for new technologies, focusing on AI integration within its software products[134]. Market and User Growth - The cumulative number of annual paying individual users reached 35.49 million, an increase of 18.43% compared to the previous year[29]. - The number of monthly active devices for major products reached 598 million, representing a growth of 4.36% year-on-year[28]. - The user base expanded to 80.62 million, reflecting a growth of 7.4% year-over-year[129]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[1]. Corporate Governance and Compliance - The board of directors has confirmed the authenticity, accuracy, and completeness of the annual report, ensuring compliance with regulatory standards[2]. - The company has not reported any non-operational fund occupation by controlling shareholders or related parties, indicating financial integrity[6]. - The company has not disclosed any special arrangements for corporate governance, suggesting standard practices are in place[7]. - The company emphasizes the importance of internal control management and governance, ensuring compliance with relevant laws and regulations[122]. Environmental and Social Responsibility - The total greenhouse gas emissions for 2023 amounted to 17,107.54 tons of CO2 equivalent[172]. - The company has established a three-tier governance structure for sustainable development, involving the board's strategic committee and relevant management departments[170]. - The company actively engages in social responsibility initiatives, including supporting rural revitalization and sponsoring non-profit organizations[185]. - The company promotes a paperless office environment, significantly reducing greenhouse gas emissions from business travel and meetings[181]. Strategic Initiatives and Future Outlook - The company plans to continue exploring key technological innovations and strengthen its R&D talent pool to support long-term business development[79]. - The future outlook includes a continuous evolution towards open and shared intelligent office models, driven by advancements in AI technology[51]. - The company aims to enhance its product and technology capabilities by focusing on collaboration and AI as key growth drivers, with a commitment to improving R&D efficiency and product quality[120]. - The company is exploring potential mergers and acquisitions to enhance its product offerings and market presence[130].

证券代码：688111 证券简称：金山办公 公告编号：2024-011 北京金山办公软件股份有限公司 第三届董事会第十六次会议决议公告 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。 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"）第三届董事会第十六次 会议通知于 2024 年 3 月 10 日以邮件方式发出送达全体董事，会议于 2024 年 3 月 20 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》（以下简称"《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《关于公司 2023 年度董事会工作报告的议案》 表决情况：9 票同意；0 票反对；0 票弃权。 此议案尚需提交股东大会审议。 （二）审议通过《关于公司 2023 年度独立董事述职报 ...

北京金山办公软件股份有限公司 2023 年度 非经营性资金占用及其他关联资金往来的 AIE Rlack & En Hua Mancia lo 8. Chaovanamen Beidain onachena District, Beiling 专项说明 | 索引 | 贡码 | | --- | --- | | 专项说明 1-2 | | | 1-2 非经营性资金占用及其他关联资金往来情况汇总表 | | 北京市东城区朝阳门北大街 胜意电话 8 自己 化十 周 / 顾 Q 目 关于北京金山办公软件股份有限公司 2023 年度非经营性资金占用及其他关联资金往来的专项说明 XYZH/2024BJAI2F0009 北京金山办公软件股份有限公司 北京金山办公软件股份有限公司全体股东: 我们按照中国注册会计师审计准则审计了北京金山办公软件股份有限公司(以下简 称金山办公)2023年度财务报表,包括 2023年12月 31日的合并及母公司资产负债表、 2023 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司股东权益变 动表以及财务报表附注,并于 2024年3月20日出具了 XYZH/2024BJAI2B0015 号 ...

2023 Environmental, Social and Governance Report Contents Chairman's Statement 01 About Kingsoft Office 02 Empowering Users and il Reshaping the Office I Experience Products Achieve Value | Innovation-Driven Development | 19 | | --- | --- | | Fostering Trust through Security | 25 | | Brand Shaping through Service | 32 | Join Hands with Employees to Build a Harmonious Enterprise | Protecting Employee Rights | 47 | | --- | --- | | Supporting Employee Development | 49 | | Conveying Employee Care | 58 | | Key E ...

北京金山办公软件股份有限公司 2023 年度 募集资金年度存放与使用情况鉴证报告 +86 (010) 8554 7100 资金年度存放与使用情况鉴证报告 XYZH/2024BJAI2F0008 北京金山办公软件股份有限公司 北京金山办公软件股份有限公司全体股东: | 索引 | 贡码 | | --- | --- | | 鉴证报告 | 1-2 | | 关于募集资金 2023 年度存放与使用情况的专项报告 | 1-9 | 北京市东城区朝阳门北大街 胖系曲话: 8 号宫华大厦 A 座 9 层 9/F. Block A. Fu Hua Mansion No.8. Chaovangmen Beidaile Donachena District, Beiling 100027. P.R.China 我们对后附的北京金山办公软件股份有限公司(以下简称金山办公)关于募集资金 2023 年度存放与使用情况的专项报告(以下简称募集资金年度存放与使用情况专项报告) 执行了鉴证工作。 金山办公管理层的责任是按照上海证券交易所相关规定编制募集资金年度存放与 使用情况专项报告。这种责任包括设计、实施和维护与募集资金年度存放与使用情况专 项 ...

证券代码：688111 证券简称：金山办公 公告编号：2024-018 近日，公司已完成工商变更登记手续并取得了北京市海淀区市场监督管理局 换发的《营业执照》，公司住所已变更为"北京市海淀区小营西路 33 号 2 层 02 层"，注册资本已变更为"46,172.0522 万元"，相关信息如下： －1－ 公司名称：北京金山办公软件股份有限公司 统一社会信用代码：91110108587665983J 北京金山办公软件股份有限公司 关于股本增加完成工商变更登记并换发营业执照的公告 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。 北京金山办公软件股份有限公司（以下简称"公司"）分别于 2023 年 3 月 21 日、2023 年 8 月 22 日召开公司第三届董事会第八次会议、第三届董事会第十 一次会议，审议通过了《关于修订<北京金山办公软件股份有限公司章程>部分 条款的议案》，以上议案分别于 2023 年 6 月 6 日、2023 年 9 月 15 日召开的 2022 年年度股东大会、2023 年第一次临时股东大会审议通过，同意公司 ...