领军者，AI 赋能未来可期 2024-02-07 万兴科技（ [Table_StockNameRptType] 300624） 公司点评 前三季度成本上升、AI 投入加大致业绩承压 | --- | --- | |-------------------------------------|--------------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： | 2024-10-25 | | [Table_BaseData] 收盘价（元） | 61.99 | | 近 12 个月最高 / 最低（元） | 124.04/37.92 | | 总股本（百万股） | 193 | | 流通股本（百万股） | 171 | | 流通股比例（ % ） | 88.57 | | 总市值（亿元） | 120 | | 流通市值（亿元） | 106 | [公司价格与沪深 Table_Chart] 300 走势比较 -42% -18% 6% 30% 54% 10/23 1/24 4/24 7/24 10/24 万兴科技 沪深300 [Table_Author] 分析师：金荣 执业证书号：S0 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company experienced a slowdown in revenue growth and profit pressure, with a 7.9% year-over-year decline in revenue for Q3 2024, totaling 348 million RMB, and a 3.9% decline for the first three quarters of 2024, totaling 1.053 billion RMB [2] - The net profit attributable to shareholders turned from profit to loss, with a net loss of 29.988 million RMB in Q3 2024 and a total net loss of 54.973 million RMB for the first three quarters [2] - The company is focusing on enhancing its algorithm capabilities and product innovation, with new product launches such as Edraw.AI and SelfyzAI, while also increasing its intangible assets by 54.02 million RMB due to new computing power purchases [2] Summary by Sections Revenue and Profit - Q3 2024 revenue was 348 million RMB, down 7.9% year-over-year; total revenue for the first three quarters was 1.053 billion RMB, down 3.9% year-over-year [2] - Q3 2024 net profit attributable to shareholders was -29.988 million RMB, and for the first three quarters, it was -54.973 million RMB [2] - The comprehensive gross margin for the first three quarters of 2024 was 93.7%, a decrease of 1.5 percentage points year-over-year [2] Expenses - R&D expense ratio for the first three quarters of 2024 was 29.1%, up 1.6 percentage points year-over-year; sales expense ratio was 55.7%, up 5.9 percentage points; management expense ratio was 11.4%, down 0.2 percentage points [2] - The total number of employees in the first half of 2024 was 1,562, a decrease of 12 from the previous year [2] Product Development - The company launched new products including Edraw.AI and SelfyzAI, and saw a 49.5% year-over-year increase in contract liabilities, totaling approximately 37.825 million RMB [2] Profit Forecast and Valuation - Revenue forecasts for 2024, 2025, and 2026 are 1.482 billion RMB, 1.669 billion RMB, and 1.851 billion RMB respectively, with net profits of 8 million RMB, 23 million RMB, and 29 million RMB respectively [2] - The current stock price corresponds to a price-to-sales (P/S) valuation of 8.1, 7.2, and 6.5 times for 2024, 2025, and 2026 respectively [2]

万兴科技集团股份有限公司 关于继续开展外汇衍生品交易业务的可行性分析报告 一、开展外汇衍生品交易业务的背景 近年来受国际政治、经济形势等因素影响，汇率和利率波动幅度不断加大， 外汇市场风险显著增加。因万兴科技集团股份有限公司（以下简称"公司"）业 务持续发展，外币收汇金额逐年增长，为了提高外汇资金使用效率，合理降低财 务费用，降低汇率波动对公司经营的影响，公司及子公司拟基于自身实际业务需 求，适度开展外汇衍生品交易业务。 二、公司开展的外汇衍生品交易业务概述 公司及子公司拟开展的外汇衍生品交易品种均为与基础业务密切相关的外 汇衍生产品或组合，主要包括远期结售汇、外汇套期保值、外汇掉期、外汇期权、 利率互换、利率掉期、利率期权及其他组合产品等。以锁定成本、规避和防范汇 率风险为目的。公司及子公司拟开展的外汇衍生品交易业务与公司业务紧密相关， 且该等外汇衍生品与基础业务在品种、规模、方向、期限等方面相互匹配，以遵 循公司合法、谨慎、稳健的风险管理原则。 三、公司开展外汇衍生品交易业务的必要性和可行性 因公司业务持续发展需要，外币收汇金额逐年增长，公司及子公司收款币种 存在兑换操作，继而会造成公司的外汇风险敞口。为 ...

万兴科技集团股份有限公司 2024 年员工持股计划 （草案修订稿） 万兴科技集团股份有限公司 二〇二四年十月 1 万兴科技集团股份有限公司 2024 年员工持股计划（草案修订稿） 声明 本公司及董事会、监事会全体成员保证，本员工持股计划的内容真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏，并相应承担法律责任。 2 万兴科技集团股份有限公司 2024 年员工持股计划（草案修订稿） 风险提示 一、本员工持股计划须经公司股东会审议通过后方可实施，本员工持股计划 能否获得公司股东会批准，存在不确定性。 二、本员工持股计划能否达到计划规模、目标存在不确定性。本员工持股计 划设立后将由公司自行管理。 三、有关本员工持股计划的具体资金来源、实施方案、回购情况等属初步结 果，能否完成实施，存在不确定性。 四、股票价格受公司经营业绩、宏观经济周期、国际/国内政治经济形势及投 资者心理等多种复杂因素影响。因此，股票交易是有一定风险的投资活动，投资 者对此应有充分准备。 五、公司后续将根据规定披露相关进展情况，敬请广大投资者谨慎决策，注 意投资风险。 3 万兴科技集团股份有限公司 2024 年员工持股计划（草案修订稿） ...

万兴科技集团股份有限公司（以下简称"公司"）监事会根据《中华人民共 和国公司法》《中华人民共和国证券法》《关于上市公司实施员工持股计划试点的 指导意见》（以下简称"《指导意见》"）等法律、法规的相关规定，经认真审阅《万 兴科技集团股份有限公司 2024 年员工持股计划（草案修订稿）》（以下简称"《员 工持股计划（草案修订稿）》"）及其摘要等相关议案、资料，并经监事会充分讨 论与分析，现就调整 2024 年员工持股计划相关事项发表如下审核意见： 万兴科技集团股份有限公司监事会 关于调整 2024 年员工持股计划相关事项的审核意见 监事会 2024年10月24日 综上所述，我们认为：公司调整 2024 年员工持股计划参与人数上限不会损 害公司及全体股东，特别是中小股东的利益，符合公司长远发展的需要。 万兴科技集团股份有限公司 公司本次员工持股计划拟定的新增持有人均符合《指导意见》及其他法律、 法规、规范性文件规定的持有人条件，符合员工持股计划规定的持有人范围，其 作为公司本次员工持股计划持有人的主体资格合法、有效。 ...

证券代码：300624 证券简称：万兴科技 公告编号：2024-069 重要内容提示： 1、交易目的：为了提高外汇资金使用效率，合理降低财务费用，降低汇率 波动对公司经营的影响，不进行单纯以投机为目的的外汇衍生品交易。 2、交易品种及交易工具：公司及子公司开展的外汇衍生品交易，主要包括 远期结售汇、外汇套期保值、外汇掉期、外汇期权、利率互换、利率掉期、利率 期权及其他组合产品等。 3、交易场所：经监管机构批准、有外汇衍生品交易业务经营资格的金融机 构。 4、交易金额：公司及子公司拟继续开展金额不超过 40,000 万元人民币（或 等值外币）的外汇衍生品交易业务，预计动用的交易保证金和权利金上限（包括 为交易而提供的担保物价值、预计占用的金融机构授信额度、为应急措施所预留 的保证金等）不超过人民币 2,000 万元（或等值外币）。 万兴科技集团股份有限公司 关于继续开展外汇衍生品交易业务的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 4、已履行的审议程序：本事项已经公司第四届董事会第二十一次会议和第 四届监事会第十七次会议审议通过，无需提交股东会审议。 ...

万兴科技集团股份有限公司 关于为全资子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、担保情况概述 证券代码：300624 证券简称：万兴科技 公告编号：2024-065 万兴科技集团股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日召开 了第四届董事会第十七次会议和第四届监事会第十四次会议、2024 年 5 月 21 日 召开了 2023 年度股东大会，审议通过了《关于公司及子公司 2024 年度向银行等 金融机构申请综合授信暨有关担保的议案》，同意公司为全资子公司万兴科技（湖 南）有限公司（以下简称"湖南万兴"）提供担保，担保总额度预计不超过人民 币 4 亿元（含本数），担保额度期限自公司 2023 年度股东大会审议通过之日起 十二个月内有效。具体内容详见公司于 2024 年 4 月 27 日、2024 年 5 月 21 日刊 登于巨潮资讯网（http://www.cninfo.com.cn）的相关公告。 二、担保进展情况 近日，公司与中国建设银行股份有限公司长沙芙蓉支行（以下简称"建设银 行"）签署了《最高额保 ...

北京国枫律师事务所 关于万兴科技集团股份有限公司 调整 2024 年员工持股计划相关事项的 法律意见书 国枫律证字[2024]AN125-2 号 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7 层 邮编：100005 电话(Tel)：010－66090088/88004488 传真(Fax)：010－66090016 | 庭 以上 - 2000 - 100 - 100 - 100 - 100 - 100 - 100 - 200 - 200 - 200 - 20 | | --- | | 关于员工持股计划调整的审批程序 | | ı Í 关于员工持股计划调整的内容 | | 三、关于员工持股计划调整的信息披露 | | 四、结论意见 | 释 义 法律意见书 国枫律证字[2024]AN125-2 号 致：万兴科技集团股份有限公司 根据本所与公司签署的律师服务协议，本所接受公司的委托，担任公司本次 员工持股计划的专项法律顾问，并就公司本次员工持股计划调整的事宜出具本法 律意见书。 本所依据《公司法》《证券法》《指导意见》《监管指引 2 号》等有关法律、 法规、规 ...

万兴科技集团股份有限公司 2024 年员工持股计划 （摘要修订稿） 万兴科技集团股份有限公司 二〇二四年十月 1 特别提示 一、万兴科技集团股份有限公司（以下简称"万兴科技"或"公司"或"本公司"） 2024 年员工持股计划（以下简称"本员工持股计划"或"本计划"或"员工持股计划"） 系公司依据《中华人民共和国公司法》《中华人民共和国证券法》《关于上市公 司实施员工持股计划试点的指导意见》《深圳证券交易所上市公司自律监管指引 第 2 号——创业板上市公司规范运作》等有关法律、行政法规、规章、规范性文 件和《万兴科技集团股份有限公司章程》的规定制定。 二、本员工持股计划遵循公司自主决定、员工自愿参加的原则，不存在摊派、 强行分配等强制员工参加的情形。 三、本员工持股计划的参与对象为在集团公司任职的管理干部（M 序列）， 不包括公司董事、监事及高级管理人员。所有参与对象均须在集团公司任职，签 订劳动合同或聘用合同。参与本计划的总人数不超过 150 人，具体参与对象以本 计划的实际执行情况为准。 本员工持股计划的资金来源为公司计提的奖励基金，结合本计划的参与人数、 管理职级等情况，本计划的资金总额不超过 2,500 ...

Financial Performance - The company's revenue for Q3 2024 was ¥347,651,397.29, a decrease of 7.93% compared to the same period last year[2] - Net profit attributable to shareholders was a loss of ¥29,988,107.24, representing a decline of 242.00% year-over-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of ¥35,080,844.70, a decrease of 304.62% compared to the previous year[2] - The basic earnings per share for Q3 2024 was -¥0.16, down 245.45% from ¥0.11 in the same quarter last year[2] - Net profit for Q3 2024 was -¥4,268,934.93, compared to a net profit of ¥78,762,887.46 in Q3 2023, indicating a significant decline[17] - The company's gross profit margin decreased, with operating profit reported at ¥1,994,108.45, down from ¥80,360,786.14 in the previous year[17] - Basic earnings per share for Q3 2024 were -¥0.03, compared to ¥0.34 in Q3 2023, indicating a negative performance shift[17] - The company reported a total profit of ¥1,966,821.22 for Q3 2024, a significant drop from ¥80,679,092.52 in the same quarter last year[17] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,606,277,877.31, a decrease of 4.32% from the previous year[2] - The total current assets decreased from CNY 781.53 million at the beginning of the period to CNY 669.55 million by September 30, 2024, reflecting a decline of approximately 14.3%[14] - The company's total assets decreased from CNY 1.68 billion at the beginning of the period to CNY 1.61 billion, a reduction of about 4.3%[15] - The company's total liabilities decreased from CNY 284.85 million to CNY 261.86 million, a reduction of approximately 8.1%[15] - The company's equity attributable to shareholders increased from CNY 1.33 billion to CNY 1.27 billion, a decrease of about 4.1%[15] Cash Flow - The company's cash flow from operating activities showed a significant decline, with a net amount of ¥7,216,062.28, down 94.22% year-over-year[2] - The net cash flow from operating activities dropped significantly to 7,216,062.28, a decrease of 94.22% compared to the previous period, mainly due to increased cash payments to employees and higher daily cash expenses[7] - Operating cash flow for the current period is 7,216,062.28, a decrease of 94.2% compared to 124,861,892.66 in the previous period[19] - Cash received from operating activities totals 1,086,869,598.57, down from 1,107,088,603.00 in the previous period[19] - Cash paid for employee compensation increased to 483,143,961.89 from 430,373,930.46 in the previous period[19] - The net cash flow from financing activities was -30,119,821.13, a decline of 141.63%, primarily due to stock repurchase payments[7] - Net cash flow from financing activities is -30,119,821.13, worsening from -12,465,185.92 in the previous period[20] Investments and Expenses - Research and development expenses were ¥306,063,266.09, slightly up from ¥300,809,804.58 year-over-year, reflecting continued investment in innovation[16] - The investment income increased by 83.57% to 7,186,627.66, mainly due to gains from the disposal of equity investments[6] - The company reported a significant increase in financial expenses, which amounted to -9,576,610.06, a change of -299.65% due to exchange rate losses[6] - The net cash flow from investing activities improved by 79.65%, amounting to -37,558,851.79, attributed to the recovery of some financial products and new purchases of computing power and related resources[7] Product Development and Market Strategy - The company is focusing on embracing generative AI and enhancing digital creative solutions, aiming for long-term growth despite short-term profit pressures[10] - The company plans to continue investing in R&D and marketing to support brand strength and future development[10] - The company launched the V14 version of its video editing product Filmora on September 28, enhancing its AI capabilities and introducing features like smart short films and AI sound effects[12] - The paid user count and renewal sales for the EdrawMind product increased following the release of its V12 version in August, which added new functionalities[12] - The company’s new AI product SelfyzAI has gained widespread user recognition, leading to continuous growth in user numbers and revenue[12] Market Presence - The company participated in several industry forums and exhibitions to enhance brand visibility, including the 2024 GITEX GLOBAL technology exhibition[13]