证券代码：688111 证券简称：金山办公 公告编号：2025-013 北京金山办公软件股份有限公司 股东询价转让计划书 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 拟参与金山办公首发前股东询价转让（以下简称"本次询价转让"）的股 东为奇文 N 维； 出让方拟转让股份的总数为 7,761,767 股，占公司总股本的比例为 1.68%； 本次询价转让为非公开转让，不会通过集中竞价交易方式进行。受让方 通过询价转让受让的股份，在受让后 6 个月内不得转让； 公司实际控制人雷军先生及控股股东 Kingsoft WPS Corporation Limited 不参与本次询价转让。 本次询价转让的受让方为具备相应定价能力和风险承受能力的机构投资 者。 一、拟参与转让的股东情况 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 ...

Core Viewpoint - The article highlights the integration of artificial intelligence in the healthcare sector through the "WPS 365 Medical Solution" developed by Kingsoft Office, aimed at enhancing the efficiency and quality of hospital operations while controlling costs in the digital transformation process [1]. Group 1: WPS 365 Medical Solution Features - The solution integrates document management, AI, multi-terminal collaboration, and comprehensive information security control to support the construction of smart hospitals [1]. - It focuses on a "three-in-one" approach to smart hospital construction, meeting the requirements for software legalization and innovation while enhancing hospital management [1]. - The solution allows hospitals to integrate with existing platforms without overhauling their current systems, facilitating a new office model [1]. Group 2: Application Scenarios - The solution provides practical applications in contract management, light approval processes, mobile office capabilities, document collaboration, and meeting organization [2][3]. - It includes lightweight tools such as intelligent forms and multi-dimensional tables to manage various hospital tasks and fill system gaps [3][4]. - The intelligent forms tool enhances contract review efficiency and risk management, while the multi-dimensional tables tool allows for zero-code system building and data visualization [3][4]. Group 3: Implementation and Impact - The WPS 365 Medical Solution has been implemented in multiple hospitals across the country, significantly improving operational efficiency [6]. - Collaborations with hospitals like Huashan Hospital and Beijing Tongren Hospital have led to enhanced information management and administrative efficiency through AI technology [6]. - The solution supports the maximization of data resources and real-time data synchronization for better management decision-making [6]. Group 4: Company Positioning - Kingsoft Office, as a leader in office software, leverages over 30 years of continuous innovation to provide comprehensive AI office solutions for the healthcare sector [6]. - The company aims to address multiple needs such as software legalization, healthcare innovation, and smart hospital construction, positioning itself as a key player in the digital transformation of healthcare [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [7][11]. Core Insights - The company reported a revenue of 5.12 billion yuan for 2024, representing a year-on-year growth of 12.40%. The net profit attributable to shareholders was 1.65 billion yuan, up 24.84% year-on-year [1]. - The company is focusing on its core strategic areas of "multi-screen, cloud, content, collaboration, and AI," with a significant increase in R&D investment, which reached 1.696 billion yuan in 2024, accounting for approximately 33% of revenue [1]. - The personal business segment showed steady growth, with revenue of 3.283 billion yuan, an 18.00% increase year-on-year, and a global monthly active device count of 632 million [2]. - The WPS 365 business targeting organizational clients saw a remarkable revenue increase of 149.33%, reaching 436.5 million yuan [3]. - The company is actively responding to national policies by focusing on government and enterprise client needs, promoting software legalization and domestic software substitution [3]. Financial Summary - The company forecasts revenues of 6.094 billion yuan, 7.146 billion yuan, and 8.369 billion yuan for 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is projected to be 1.899 billion yuan, 2.287 billion yuan, and 2.753 billion yuan for the same years [4][8]. - The earnings per share (EPS) are expected to be 4.10 yuan, 4.94 yuan, and 5.95 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 75.87, 62.92, and 52.28 [4][8].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [8]. Core Insights - The company achieved a revenue of 5.121 billion yuan in 2024, representing a year-on-year growth of 12.40%, and a net profit of 1.645 billion yuan, which is a 24.84% increase year-on-year [1]. - The growth is driven by two main factors: the personal business segment and the WPS365 service, with a strong focus on AI technology to enhance user experience and expand subscription growth both domestically and internationally [1][3]. - The company is a leading provider of office software in China, with a significant presence in over 220 countries and a monthly active device count exceeding 630 million [3]. Revenue Breakdown - The revenue from different business segments in 2024 is as follows: WPS personal business at 3.283 billion yuan (up 18.00%), WPS365 at 437 million yuan (up 149.33%), software business at 1.268 billion yuan (down 8.56%), and other businesses at 132 million yuan (down 37.17%) [2]. - The gross margins for these segments are 81.19%, 91.16%, 92.72%, and 91.30% respectively, indicating strong profitability in the WPS365 and software segments [2]. AI and Collaboration Focus - The company is focusing on collaboration and AI, with significant investments in R&D to enhance its market competitiveness in smart office solutions [6][7]. - The monthly active users of WPS AI reached 19.68 million, and the number of documents uploaded to the cloud surpassed 260 billion, showcasing the growing user engagement [7]. Financial Forecast - The company forecasts revenues of 6.413 billion yuan, 7.759 billion yuan, and 9.221 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 4.00 yuan, 4.86 yuan, and 5.88 yuan [8][10]. - The projected revenue growth rates are 25.2% for 2025, 21.0% for 2026, and 18.8% for 2027, indicating a robust growth trajectory [9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected stock price performance to exceed the benchmark index by more than 15% [7]. Core Insights - The company reported a revenue of 5.12 billion yuan for 2024, representing a year-on-year growth of 12.40%. The net profit attributable to shareholders was 1.65 billion yuan, up 24.84% year-on-year [1]. - The company is focusing on its core strategic areas of "multi-screen, cloud, content, collaboration, and AI," with a significant increase in R&D investment, which reached 1.696 billion yuan, accounting for approximately 33% of revenue [1]. - The personal business segment showed steady growth, with revenue of 3.283 billion yuan, an 18.00% increase year-on-year, and a global monthly active device count of 632 million, up 6.22% [2]. - The WPS 365 business targeting organizational clients saw a remarkable revenue increase of 149.33%, reaching 436.5 million yuan, driven by the integration of document, collaboration, and AI capabilities [3]. - The company is actively responding to national policies by focusing on government and enterprise client needs, promoting software legalization and domestic software substitution [3]. Financial Summary - The company forecasts revenues of 6.094 billion yuan, 7.146 billion yuan, and 8.369 billion yuan for 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is projected to be 1.899 billion yuan, 2.287 billion yuan, and 2.753 billion yuan for the same years [4]. - The earnings per share (EPS) are expected to be 4.10 yuan, 4.94 yuan, and 5.95 yuan for 2025, 2026, and 2027, with corresponding price-to-earnings (P/E) ratios of 75.87, 62.92, and 52.28 [4][8].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [8]. Core Insights - The company achieved a revenue of 5.121 billion yuan in 2024, representing a year-on-year growth of 12.40%, and a net profit of 1.645 billion yuan, which is a 24.84% increase compared to the previous year [1]. - The growth is driven by two main factors: the personal business segment and the WPS365 service, with a strong focus on AI technology to enhance user experience and expand subscription growth both domestically and internationally [1][3]. - The company is a leading provider of office software in China, with a significant presence in over 220 countries and a monthly active device count exceeding 630 million [3]. Revenue Breakdown - The revenue from different business segments includes: - WPS Personal Business: 3.283 billion yuan, up 18.00% - WPS365 Business: 437 million yuan, up 149.33% - Software Business: 1.268 billion yuan, down 8.56% - Other Business: 132 million yuan, down 37.17% [2]. - The gross margins for these segments are 81.19%, 91.16%, 92.72%, and 91.30% respectively [2]. Strategic Focus - The company is concentrating on collaboration and AI fields, enhancing its product competitiveness in smart office solutions [3][6]. - The WPS365 platform is expanding its market influence, particularly in state-owned enterprises and private sectors, with notable clients including China Resources Group and New Oriental [3]. AI Integration - The integration of AI technology is significantly enhancing the company's business capabilities, with WPS AI reaching 19.68 million monthly active users and over 260 billion documents uploaded to the cloud [7]. - The company is also collaborating with Huawei to launch a WPS version for HarmonyOS, which is expected to broaden its revenue potential [7]. Profit Forecast - The company forecasts revenues of 6.413 billion yuan, 7.759 billion yuan, and 9.221 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 4.00 yuan, 4.86 yuan, and 5.88 yuan [8][9].

Investment Rating - The investment rating for the company is "Buy" with an expected return exceeding 10% relative to the CSI 300 index over the next six months [12]. Core Insights - The company achieved a revenue of 5.121 billion yuan in 2024, representing a growth of 12.40%, and a net profit attributable to shareholders of 1.645 billion yuan, which is an increase of 24.84% [1][3]. - The WPS 365 business showed strong growth with a revenue of 437 million yuan, marking a significant increase of 149.33%, driven by the expansion of AI applications for enterprise clients [2][8]. - The company maintains a robust growth trajectory with a focus on R&D investment, which has increased from 1.331 billion yuan in 2022 to 1.696 billion yuan in 2024, accounting for approximately 33.11% of revenue [3][8]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 5.121 billion yuan and a net profit of 1.645 billion yuan, with a year-on-year growth of 12.40% and 24.84% respectively [1][3]. - The revenue from the WPS personal business reached 3.283 billion yuan, contributing 64.12% to total revenue, with a growth of 18.00% [2]. Business Growth - The WPS 365 business has shown exceptional growth, with a revenue increase of 149.33%, indicating strong demand and successful market penetration [2][8]. - The monthly active user count for WPS AI reached 19.68 million, reflecting the successful integration of AI features into the product suite [2]. R&D and Strategic Focus - The company has committed to significant R&D investments, with a focus on AI and collaborative tools, enhancing its competitive edge in the smart office sector [3][8]. - The strategic direction emphasizes the integration of AI across all products, aiming for substantial growth in the WPS 365 business over the next five years [2][8].

Group 1 - The overall score for Kingsoft Office (688111) is 35.73, indicating a weak performance [1] - The main cost for the day is 311.00 CNY, with a 5-day average cost of 314.07 CNY and a 20-day average cost of 346.78 CNY [1] - The stock has experienced one limit-up in the past year [1] Group 2 - The stock's short-term resistance level is at 339.00 CNY, while the short-term support level is at 309.38 CNY [4] - The net outflow of main funds on March 26, 2025, is 171.55 million CNY, accounting for 18% of the total trading volume [4] - The stock is associated with sectors such as software development (0.52%), domestic software (0.74%), remote office (0.82%), and artificial intelligence (0.71%) [4]

Summary of Kingsoft Office (688111.SS) Earnings Call Company Overview - **Company**: Kingsoft Office - **Ticker**: 688111.SS - **Industry**: Technology, specifically software solutions Key Points Financial Performance - **4Q24 Results**: Revenue increased by 16% YoY to Rmb1,494 million, net income rose by 43% YoY to Rmb605 million, aligning with preliminary results [8][9] - **Operating Performance**: Operating profit (OP) was Rmb425 million, a 35% increase YoY, but missed estimates of Rmb518 million due to higher spending on WPS AI development [8][9] - **Opex Ratio**: Improved to 57% in 4Q24 from 60% in 4Q23, but higher than the expected 51% [8][9] User Growth and Product Development - **WPS AI Users**: Monthly Active Users (MAU) for WPS AI reached 19.7 million by the end of 2024, representing 47% of paying users and 3% of total WPS Office MAU [9][10] - **WPS 365 Growth**: Strong growth in WPS 365 for ToB clients, with a 149% YoY increase in revenues, while ToB WPS software revenues decreased by 9% YoY [8][9] - **Client Penetration**: Notable clients include CRRC, CR Group, and JiangXi Bank, indicating successful market penetration [9][10] Strategic Focus - **AI Strategy**: Management emphasizes deep integration of AI with traditional software functions, aiming to enhance user experience and reduce costs [9][10] - **AI Knowledge Hub**: Plans to release an AI knowledge hub for enterprise clients, providing a closed-loop solution for efficient data utilization [10] Future Outlook - **Revenue Projections**: Revenue expected to reach Rmb5,121 million in 2024, with continued growth projected for 2025-2027 [11] - **Target Price**: Maintained at Rmb491, with a target P/E multiple of 88x based on peer comparisons [14][16] Risks - **Key Risks**: Potential risks include slower-than-expected membership transitions, ToB customer adoption, competitive intensity, and AI monetization challenges [15] Additional Insights - **Market Position**: Despite increasing competition among LLM vendors, Kingsoft Office maintains a competitive edge due to its established office software and cost efficiency [8][9] - **Earnings Revision**: Opex ratios for 2025-2027 revised upwards due to increased R&D and selling expenses related to AI solutions [10][11] This summary encapsulates the critical financial metrics, strategic initiatives, and future outlook for Kingsoft Office, highlighting its position within the technology sector and the software industry.

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 313.42 and an industry rating of "Outperform" [1][4][6]. Core Insights - The company is expected to see steady growth in 2024, with significant revenue increases from WPS 365 and ongoing AI technology enhancements driving product upgrades [1][4]. - For 2024, the company reported revenue of RMB 5.121 billion, a year-on-year increase of 12.4%, and a net profit of RMB 1.645 billion, up 24.8% [4][8]. - The WPS 365 business achieved remarkable growth, with revenue reaching RMB 437 million, a year-on-year increase of 149.3% [9]. - The company is focusing on expanding its customer base, particularly in the government and enterprise sectors, while also enhancing its international business [9]. Financial Summary - Revenue projections for 2025-2027 are RMB 64.3 billion, RMB 77.2 billion, and RMB 91.1 billion, respectively, with net profits expected to be RMB 19.1 billion, RMB 24.1 billion, and RMB 27.9 billion [6][8]. - The earnings per share (EPS) are projected to be RMB 4.13, RMB 5.22, and RMB 6.02 for 2025, 2026, and 2027, respectively [6][8]. - The company’s R&D expenses for 2024 were RMB 1.696 billion, representing a 15.2% increase year-on-year, with a focus on AI technology as a key growth driver [9].