ZWSOFT(688083) 每日经济新闻·2025-04-22 10:29Core Viewpoint - Zhongwang Software announced the termination of its 2022 employee stock ownership plan due to unmet performance conditions across all three vesting periods, reflecting a significant decline in financial performance since its IPO [1][5]. Group 1: Employee Stock Ownership Plan - The 2022 employee stock ownership plan had ambitious revenue growth targets of 30%, 69%, and 119.7% for the years 2022, 2023, and 2024, respectively, with trigger values set at 25%, 56.25%, and 95.31% [2][3]. - The plan's termination was attributed to the failure to meet these performance conditions, with revenue growth rates of -2.86%, 33.76%, and 43.46% from 2021 to 2024 [5]. - Despite the plan's termination, employees participating in the plan still hold shares with a market value exceeding 100% of their purchase price, although the company faces a nearly 30% loss on the repurchased shares used for the plan [6][5]. Group 2: Financial Performance - Zhongwang Software's revenue from 2021 to 2024 was reported as 619 million, 601 million, 828 million, and 888 million yuan, respectively, indicating a decline in 2022 followed by modest recovery [5][7]. - The company reported a net profit of only 600,000 yuan in 2022, a 96.7% decrease year-on-year, while the non-recurring net profit showed losses of 67.41 million yuan, a 167.82% decline [7][8]. - In 2024, the company received over 65 million yuan in government subsidies, which exceeded its net profit of 63.96 million yuan, highlighting reliance on external financial support [7][8]. Group 3: Cost Structure and Profitability - Research and development expenses have been increasing significantly, with amounts rising from 203 million yuan in 2021 to 446 million yuan in 2024, leading to a net profit margin decline from 29.36% to 5.45% [10][11]. - The company has also faced challenges with goodwill impairment, particularly following the acquisition of Beijing Bochao Software, which resulted in a goodwill impairment of 1.67 million yuan [11]. - Despite these challenges, the company maintains a strong cash position, with 1.97 billion yuan in cash and short-term investments, and minimal debt [11]. Group 4: Market Position and Future Outlook - Zhongwang Software operates in a competitive environment with increasing domestic software replacement, yet it has not capitalized on this trend effectively in recent years [9][12]. - The CAD industry has seen a cooling in investment activity since 2024, which may impact future growth prospects for Zhongwang Software [9][12]. - Analysts suggest that the company could benefit from its technological advantages and market position as the industry undergoes a rationalization phase [12].