东兴计算机｜福昕软件：AI持续赋能，利润释放可期

Core Viewpoint - Foxit Software's 2025 mid-year report indicates a strong revenue growth driven by its core business and a successful transition to a subscription model, despite a significant drop in net profit due to project-based revenue recognition delays [1][2]. Financial Performance - In the first half of 2025, Foxit achieved revenue of 4.23 billion yuan, a year-on-year increase of 25.20%, while the net profit attributable to shareholders was -0.05 billion yuan, marking a 107.81% decline [1]. - The second quarter alone saw revenue of 2.20 billion yuan, up 30.62% year-on-year, with a net profit of 0.01 billion yuan, down 98.70% [1]. Business Transformation - The company is transitioning from a perpetual licensing model to a subscription model, with subscription revenue reaching 2.47 billion yuan, a 60% increase year-on-year, accounting for 59% of its original business [2]. - The annual recurring revenue (ARR) from subscriptions reached 4.99 billion yuan by the end of the second quarter, with a renewal rate exceeding 90% [2]. Cost Management and Profitability - Foxit has effectively controlled costs, with traditional core business turning profitable in the first half of the year, generating 1.83 billion yuan from channel revenues, a 40% increase [2][3]. - The gross margin for the first half was 92.00%, slightly down by 2.10 percentage points year-on-year, while the expense ratios for sales, management, and R&D decreased [3]. AI and Product Development - The company continues to enhance its AI capabilities, launching the AI-Powered Research Agent and various vertical applications in law and education [5][6]. - Foxit's IDP (Intelligent Document Processing) technology is being utilized to create structured knowledge assets from large volumes of unstructured documents, exemplified by a collaboration with the Beijing People's Procuratorate [6]. Future Outlook - Projections for net profit attributable to shareholders are 0.35 billion yuan in 2025, 0.81 billion yuan in 2026, and 1.31 billion yuan in 2027, with corresponding PE ratios of 225, 98, and 60 [7][9].