Core Viewpoint - Kingsoft Office (688111.SH) has achieved record-high performance, with shareholders inquiring about transferring equity [2][5] Group 1: Shareholder Equity Transfer - Shareholders, including Tianjin Qiwen Yiwei Enterprise Management Consulting Partnership, are transferring a total of 7.76 million shares, accounting for 1.68% of the total share capital, at a price of 267.5 CNY per share, totaling 2.076 billion CNY [2][3] - The transfer has attracted 19 institutional investors, with a total effective subscription of 12.264 million shares, resulting in a subscription multiple of approximately 1.6 times [3] Group 2: Financial Performance - Kingsoft Office reported record-high revenues of 5.121 billion CNY and net profits of 1.645 billion CNY for 2024, representing year-on-year growth of 12.4% and 24.84% respectively [5][6] - The company’s revenue and net profit for the years 2021 to 2023 were 3.280 billion CNY, 3.885 billion CNY, and 4.556 billion CNY, and 1.041 billion CNY, 1.118 billion CNY, and 1.318 billion CNY respectively, with significant year-on-year growth rates [5] Group 3: Research and Development Investment - Kingsoft Office has maintained high R&D investment, with cumulative R&D expenses of 5.581 billion CNY from 2021 to 2024, and an R&D expense ratio of 33.14% [7] - The company plans to further integrate AI as a core technology in its products over the next five years [7] Group 4: New Headquarters in Wuhan - Kingsoft Office announced the relocation to a new headquarters in Wuhan with a total investment of 4 billion CNY, aimed at enhancing technology R&D and talent cultivation [8][9] - The new campus will serve as the largest R&D base for Kingsoft Group, with plans to expand the workforce to 10,000 [9]

Investment Rating - The report maintains an "Outperform" rating for the industry [2]. Core Insights - The AI chip and CPU sectors are moving towards self-sufficiency, with significant growth potential in domestic chip production as companies like Alibaba, Tencent, and Huawei increase their investments in chip development [3][10]. - The domestic software industry is expected to accelerate, with the foundational software market projected to grow from approximately 153.8 billion RMB in 2023 to 432.76 billion RMB by 2025, reflecting a compound annual growth rate (CAGR) of about 48% [48]. - The autonomous driving chip market is also seeing a shift towards domestic production, with a notable increase in the output of domestic chips as the new energy vehicle industry expands [3][10]. Summary by Sections 01: AI Hardware: AI Chips + CPUs - The U.S. has added several Chinese AI companies to its entity list, increasing the difficulty of importing related components, which emphasizes the need for self-sufficiency in the AI industry [5]. - In 2024, China's AI chip shipments are estimated at 2.7 million units, with domestic brands accounting for only 30% of the market, indicating a significant reliance on imports [15]. - The market for AI chips in China is projected to grow rapidly, with a CAGR of 66.4% from 2020 to 2024, reaching a market size of approximately 1.412 trillion RMB in 2024 [15]. 02: Accelerated Development of the Trustworthy Computing Industry - The trustworthy computing industry is expected to grow significantly, with a market size projected to reach 3.38 trillion RMB by 2025, driven by increased domestic demand and government support [48]. - The foundational software market is anticipated to see rapid growth, with key segments such as operating systems and databases showing substantial potential for domestic replacement [48][51]. 03: Domestic Autonomous Driving Chips - In 2024, the output of domestic autonomous driving chips is expected to increase, with domestic manufacturers gradually catching up in terms of technology and production capacity [3][10]. - The market for intelligent cockpit chips is also expanding, with domestic chips currently accounting for only 10% of the market, indicating significant room for growth [3][10]. 04: Investment Recommendations - The report suggests actively monitoring the trustworthy computing industry chain due to the ongoing U.S. trade policies and technology restrictions, which are likely to drive domestic production and innovation [3].

Investment Rating - The report maintains a "Recommendation" rating for the industry [5] Core Viewpoints - The emphasis on "technology domestic demand" is highlighted, with a focus on self-reliance and control as a core theme in the context of major power competition [3][10][22] - The report suggests that the domestic computing demand and self-reliance will be the main drivers for investment opportunities in the technology sector [3][22] - The report identifies key areas of focus including domestic AI computing, national software innovation (信创), military information technology, and the Harmony OS ecosystem [3][22] Summary by Sections Market Review - The Shanghai Composite Index fell by 1.37%, the SME Index by 2.93%, and the ChiNext Index by 2.95% during the week of March 31 to April 3 [30] Industry News - The report discusses the release of the national measurement list which is expected to accelerate the domestic innovation industry [14] - It notes the importance of the Harmony OS as a significant new player in the domestic operating system market, particularly in PCs [15] Company Dynamics - Highwei Technology plans to reduce its shareholding by up to 4,400,000 shares, accounting for 1% of the total share capital [27] - The report mentions that Lai Si Information has completed the registration and filing procedures for changing its legal representative [27] Investment Suggestions - The report recommends focusing on companies involved in domestic AI computing, national software innovation, military information technology, and key players in the Harmony OS ecosystem [22] - Specific companies highlighted include Haiguang Information, Cambrian, Inspur Information, China Software, and others across various segments [22][21]

"数"说科创板 2025年3月 总体情况 截至2025年3月底，科创板上市公司共计586家。其中，集成电路领域公司总数 达119家，占A股同类上市公司的"半壁江山"，涵盖上游芯片设计、中游晶圆代工及 下游封装测试，形成上下游链条完整、产业功能齐备的发展格局；生物医药领域上 市公司总数112家，重点介入癌症、艾滋病、乙肝、丙肝等治疗领域，已成为美国、 香港之外全球主要上市地；新能源领域，已有17家光伏企业，20家动力电池产业链 公司，绿色经济发展势头良好；工业机器人、轨道交通等产业链也已初具规模。 01 地区分布情况 截至3月底，科创板上市公司已覆盖全国23省（自治区、直辖市），家数排名前五的省市为江苏 省113家，上海93家，广东省91家，北京76家，浙江省51家，合计424家，占比72%。长三角三省一市 合计281家，占比48%。 02 募集资金情况 科创板586家公司合计首发募集资金总额9,207.82亿元。科创板公司平均募集资金金额为15.74亿 元，最大值为中芯国际532.3亿元，中位数为9.90亿元。 科创板公司募集资金前五名 科创板公司募集资金分布情况 | 证券代码 | 证券简称 | 募资总额 | ...

中国国际金融股份有限公司 关于北京金山办公软件股份有限公司股东 向特定机构投资者询价转让股份的核查报告 中国国际金融股份有限公司（以下简称"中金公司""组织券商"）受北京金 山办公软件股份有限公司（以下简称"金山办公""上市公司"）股东天津奇文 一维企业管理咨询合伙企业（有限合伙）（以下简称"奇文一维"）、天津奇文二 维企业管理咨询合伙企业（有限合伙）（以下简称"奇文二维"）、天津奇文三维 企业管理咨询合伙企业（有限合伙）（以下简称"奇文三维"）、天津奇文四维企 业管理咨询合伙企业（有限合伙）（以下简称"奇文四维"）、天津奇文五维企业 管理咨询合伙企业（有限合伙）（以下简称"奇文五维"）、天津奇文六维企业管 理咨询合伙企业（有限合伙）（以下简称"奇文六维"）、天津奇文七维企业管理 咨询合伙企业（有限合伙）（以下简称"奇文七维"）、天津奇文九维企业管理咨 询合伙企业（有限合伙）（以下简称"奇文九维"）、天津奇文十维企业管理咨询 合伙企业（有限合伙）（以下简称"奇文十维"）（以上股东合并简称"奇文 N 维" "转让方"）托，组织实施本次金山办公首次公开发行股票并在科创板上市前股 东向特定机构投资者询价转让（以下简 ...

Group 1 - Kingsoft Office disclosed the results of a shareholder inquiry transfer report, indicating a share transfer price of 267.50 CNY per share for 7,761,767 shares [1] - After the transfer, the shareholding of Qiwenn Wei decreased from 7.57% to 5.89%, holding a total of 27,269,747 shares [1] - The transfer will not result in a change of the company's controlling shareholder or actual controller [2] Group 2 - Kingsoft Office was listed on the STAR Market on November 18, 2019, with an initial offering price of 45.86 CNY per share, raising a total of 463.186 million CNY [2] - The actual net fundraising amount exceeded the original plan by 240.92774 million CNY, with funds allocated for various development projects [2] - The total issuance costs (excluding tax) amounted to 17.24573 million CNY, with underwriting fees of 15.03186 million CNY [3] Group 3 - The lead underwriter for Kingsoft Office is China International Capital Corporation (CICC), with specific representatives assigned [4] - CICC's subsidiary received an allocation of 2,180,549 shares, representing 2.16% of the total shares issued, with a total allocation amount of approximately 100 million CNY [4]

Group 1 - The core index of the software sector, the CSI All Share Software Index, opened lower but experienced a slight increase of 0.67%, closing at 14,174.3 points with a trading volume of 20.589 billion yuan [1] - Over the past month, the CSI All Share Software Index has decreased by 6.92%, while it has increased by 5.78% over the past three months and year-to-date [2] - The index is composed of publicly listed companies involved in software development, reflecting the overall performance of this sector [2] Group 2 - The top ten weighted companies in the CSI All Share Software Index include: iFlytek (10.46%), Kingsoft Office (8.08%), Tonghuashun (7.06%), Hang Seng Electronics (4.95%), Runhe Software (4.83%), 360 (4.3%), Yonyou Network (3.6%), Tuwei Information (3.37%), Sangfor Technologies (3.02%), and China Software (3.01%) [2] - The index's holdings are primarily listed on the Shenzhen Stock Exchange, accounting for 58.79%, while the Shanghai Stock Exchange accounts for 41.21% [2] - The index is entirely composed of companies in the information technology sector, with a 100% allocation [3] Group 3 - The CSI All Share Software Index undergoes adjustments every six months, with the next adjustment scheduled for the second Friday of June and December [3] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers and acquisitions [3] - Public funds tracking the software index include various ETFs and fund products from Guotai, Zhaoshang, and Huatai [3]

Mergers and Acquisitions - Anyuan Coal Industry's controlling shareholder plans to swap 57% of Jiang Jinhui's magnetic separation shares with the company's coal business, which is expected to constitute a significant asset restructuring [1] - *ST Zhongji intends to acquire 100% equity of New Energy Chemical [1] Equity Transfer, Buyback, and Increase - Kingsoft Office's shareholder is inquiring about the transfer of 7.7618 million shares [2] - Shenhuo Co. plans to repurchase shares for between 250 million to 450 million yuan [2] - Glodon Company intends to repurchase shares for between 105 million to 210 million yuan [2] - Lite Optoelectronics plans to repurchase shares for between 50 million to 100 million yuan [2] - Hengtong Group, the controlling shareholder of Hengtong Co., plans to increase its stake by 150 million to 300 million yuan [2] External Investment and Daily Operations - Jinlongyu plans to invest 1.2 billion yuan in the construction of a solid-state battery material project [3] - Guangxin Materials' fundraising project "11,300t/a self-made resin and 7,000t/a inner layer ink" has begun trial production [3] - WuXi AppTec sold 50.8 million shares of WuXi AppTec Holdings, with an investment return of approximately 1.847 billion yuan [3] - Shanghai Environment intends to acquire 50% equity of Shanghai Chengbo Lian Industrial Co., Ltd. for 582 million yuan [3] - Taicheng Light signed a global patent licensing agreement with US Conec Ltd., allowing for mass production and sales of MDC fiber optic connectors [3] Performance Changes - New Hope expects a year-on-year net profit growth of 122.23% to 125.85% in the first quarter of 2025, with a reduction in losses from pig farming and an increase in both volume and profit in the feed business [4] - Haili Heavy Industry anticipates a year-on-year net profit growth of 50.00% to 65.00% in the first quarter of 2025, driven by improved order quality and a higher proportion of high-margin product orders, resulting in increased sales gross margin [4]

Core Viewpoint - The rise of artificial intelligence (AI) is significantly transforming the education sector in China, with Kingsoft Office establishing partnerships with over 1,000 higher education institutions, positioning itself to capture a substantial market share in this domain [1][4]. Group 1: AI Empowerment in Education - Kingsoft Office is leveraging AI technology to create a closed-loop management system for teaching, research, and administrative processes, enhancing efficiency and effectiveness in educational settings [2]. - The AI applications developed by Kingsoft Office assist teachers in lesson planning, assignment design, and personalized student guidance, thereby improving teaching quality and student performance [2]. - The company addresses common issues in higher education, such as fragmented systems and data silos, by providing robust data collection and processing capabilities, facilitating data interconnectivity across various campus scenarios [2]. Group 2: Industry-Academia Integration - Kingsoft Office's "industry-academia integration" model is a core competitive advantage, fostering deep collaborations with over 100 universities to enhance digital literacy education through co-created textbooks and practical training [3]. - The company has published numerous foundational computer textbooks in collaboration with over 200 universities, providing training services to more than 30,000 university educators [3]. - Kingsoft Office's WPS Office software is increasingly becoming the preferred choice in the education sector, with its integration into basic education curricula and significant participation in national computer proficiency exams [3]. Group 3: International Expansion - While expanding rapidly in the domestic market, Kingsoft Office is also exporting its educational digitalization experience internationally through textbook exports, training collaborations, and educational aid projects [5]. - The company has collaborated with Vietnamese institutions to introduce localized educational materials, reflecting its commitment to sharing Chinese educational practices abroad [5]. - Kingsoft Office is actively involved in international training initiatives, offering over 500 WPS application skill courses globally to enhance digital skills among users in developing countries [5]. Group 4: Future Outlook - Kingsoft Office is poised to capture a significant portion of the Chinese higher education market, with ongoing growth in partnerships with educational institutions [4].

Core Points - The preliminary transfer price for the shares in the inquiry transfer is set at 267.50 yuan per share [3][5] - A total of 19 institutional investors participated in the inquiry transfer, with a total effective subscription of 12.264 million shares, resulting in a subscription multiple of approximately 1.6 times [5] - The total number of shares to be transferred is 7,761,767, with 16 preliminary designated transferees [5] Group 1 - The transfer price was determined based on inquiries from institutional investors [5] - The participating institutional investors include fund management companies, insurance companies, securities companies, qualified foreign investors, and private fund managers [5] - The shares acquired through the inquiry transfer cannot be transferred by the transferees within six months [4] Group 2 - The transfer does not involve a change in company control and will not affect the company's governance structure or ongoing operations [7] - The company guarantees that the information provided by the transferring shareholders is accurate and complete [1][2]